Skrill is a global e-commerce payment system which allows users from different countries to make their payments using the internet. Skrill can be used both by individuals and merchants.
Individual users can enjoy this payment system by using their e-wallet feature or deposit accounts as well as money transfer services at a low cost.
Merchants may also use this internet-based payment system to accept online payments from buyers who use major credit cards and the online accounts of Skrill and other local payment methods.
Skrill was formerly known as Moneybookers. It is operated and owned by, Uk-based firm, Skrill Limited.
Skrill started its operations in 2001. It currently has more than 36 million account holders from 200 countries. It services around 40 currencies as well. Around 156,000 of business establishments also use Skrill as a payment method.
Individual users of this e-commerce payment method must pay EUR 10.00 as an annual fee. Cash withdrawals are also subjected to a charge of EUR 1.80 on top of ATM fees. There are no fees when purchasing for items using Skrill, as well as for pin re-issue, requests for online statements and bank transfers top-up.
Private individuals who send money using Skrill will have to pay one percent of the amount for remittance or 10 Euro depending which is higher.
Merchants who use Skrill will have to pay various fees depending on the sales volume and their location.
For example, a UK-based merchant will have to pay Skrill 2.9 percent of the total sales plus Â£0.20 while other European sellers will have to pay 2.9 percent of the total sales plus Â£0.25 to Skrill.
NonEuropean merchants, on the other hand, will have to pay Skrill 3.9 percent of its total sales made from using Skrill plus â‚¬0.35.
There are also other fees for merchants using Skrill such as chargeback fees, withdrawal fees and sending money fees, among others.