Key Data

• Trading Name: Skrill
• Legal Entity: Skrill Limited
  Paysafe Payment Solutions Limited
• Activities: e-Money Institution
• Location: London, UK
• Regulations: authorized by the Financial Conduct Authority (FCA)

Skrill is an FCA-regulated e-Money Institution (reference number 900001) and part of the Paysafe Group (profile).

The company was founded in London in 2001 under the name Moneybookers and launched its service in April 2002. In February 2003, Moneybookers received its license as an e-money institution and has been authorized to issue electronic money since then.

Criticism

In 2017, Skrill was criticized, along with other payment service providers, for collecting too much consumer data without sufficiently informing customers about it.

Offering

Originally, it was a prepaid system, meaning that the customer first had to deposit money to make payments. In the meantime, however, online payments are also possible without first topping up one’s own Skrill account.

Skrill Money Transfer is a payment service that allows customers to send money overseas. Skrill is popular because of its speed and low cost.

There are two options for the receiver. They can receive the money to their bank account, or to their Skrill mobile wallet (more about that later). Skrill makes it easy as you only need the receiver’s account details, address, and name to make a transfer.

The process for you as a sender is also simple. The first step is opening an account with Skrill. Transfer can be sent from transfers.skrill.com or from the Skrill mobile app.

It’s important to use the right service, as Skrill also offers two options for money transfers. The other is the “Skrill to Skrill” option, which many customers have said is slower and less convenient.

Conclusion

We have exposed Skrill as a facilitating payment processor in several broker scams and thus included it in our “Orange Compliance ” list.