Just like most e-commerce companies, Skrill was founded in the United Kingdom at the turn of the century during the first “.com” boom. At the time it became en vogue to buy things or play games online and people needed payment methods that could be used easily and safely without disclosing banking or card details. PayPal, Neteller and Ecopayz were other so-called e-wallets that joined around the same time the race for a piece of the fast-growing online payment processing pie.
Most probably won’t remember but Skrill started out as Moneybookers. The current name wasn’t adopted until 2012 when it went through a complete rebranding process. In its first year of operation, Skrill became the first e-commerce business to be regulated by the UK’s Financial Conduct Authority (FCA) and licensed to offer its services within the European Union. The adherence to the FCA code of conduct means that customers funds are held in separate trust accounts, which guarantees the funds in case of a bankruptcy.
Just 10 years after their launch, Skrill surpassed the 25 million mark in active customers and was also cruising past 100,000 merchants accepting Skrill as payment method. Most prominent among them were and still are Facebook, Ebay and Skype. With the acquisition of Paysafe Card in 2013, Skrill ventured the first time into the prepaid voucher business and added Ukash from the UK to the portfolio in 2015, virtually dominating the market for prepaid payment solutions.
Until 2015, Skrill as it was known by this time changed multiple times its owners before Optimal Payments, the parent company of its main competitor Neteller, stepped up and acquired them for an unprecedented €1.1 billion. Together, they – Skrill, Neteller and Paysafe Card – are the world’s leader in digital payment solutions.
Registering an account with Skrill is simple and can be done in a variety of currencies in just a few minutes. Once verified, customers can send money to merchants, business partners, friends and family around the world. Clients from the SEPA countries ((Single Euro Payments Area) can also acquire a Skrill MasterCard Prepaid Card which can be used at virtually all ATMs and points of sale.
To use a Skrill account, customers simply upload money from their bank account or credit/debit card and are then free to use the available amount for their online purchases or deposits at gaming sites. Any balances in a Skrill account can be either withdrawn via an ATM for those able to acquire one or to a verified bank account.
High-volume clients are enrolled into the Skrill VIP program with four levels – Bronze, Silver, Gold and Diamond. To progress and retain their VIP level, they must transact minimum amounts in a 3-month period. The VIP membership comes a with a range of benefits such as lower upload or currency exchange fees, free bank transfers and dedicated 24/7 VIP care.
To make a deposit at a casino or sports betting site, you can simply select Skrill in the banking section. After entering the amount, you will be asked fro your credentials before you can access your account and complete the transaction. Deposits and withdrawals to and from casinos are instant after the transaction is authorized. E-wallets are in general the fastest method to receive a withdrawal from a gaming site.