Skrill: An eWallet to Pay, Shop and Transfer Money from the Philippines
Skrill is a financial platform available to clients in the Philippines, providing payment, shopping and money transfer services. An Online Account with Skrill, in essence, works very similarly to a bank account, allowing you:
to receive money,
to transfer money in a fast and straightforward way, and
to pay for products and services online.
These types of accounts are called e-wallets or electronic wallets. Skrill offers the following services: Online Shopping and Payments. Instant Money Transfers to almost every destination in the world [even to bank accounts] for free. Skrill is a platform widely used by those who operate, work, invest, bet or need to transfer money to a bank account in different countries regularly over the internet. Registration is free, and you complete it 100% online.
Use cases of a Skrill Account
But if the Skrill account works with almost all the features of a traditional bank account and I have a conventional bank account, why do I need an Online account with a company like Skrill? This reasoning is valid; however, specific use cases may be unique and make life easier for a Skrill customer and their family environment. Below is a list [some] of these use cases; however, there are many more:
If you live in a country with some capital restrictions or where international bank transfers are costly.
Suppose two family members have Skrill accounts, and one of them goes on holidays and suffers a sudden accident and requires money quickly. In that case, the other family member can send money online instantly.
Suppose you require an account in a different currency offered by your local bank. Skrill allows accounts in US Dollars, Euros, Pounds Sterling, among many others.
If you need to send money regularly to your relatives while living in a foreign country.
If a cryptocurrency trader needs to deposit and withdraw funds from his trading account regularly.
If you make regular online purchases, Skrill is a much safer option than a traditional bank account. Being it a prepaid account, if the website is a scam or they intend to steal your credit card data, you would be exposed to the available balance on your Skrill account only.
How does Skrill work?
As mentioned before, Skrill accounts work similarly to the online banking app of any traditional bank. It offers a view of the cash balance, transactions, money transfer options, etc. The only difference is that Skrill is an online financial institution. That is, it does not have physical branches to go to, for example, deposit cash. It is an app on the phone designed to offer payment solutions and money transfers to almost everyone globally at a meagre cost compared to traditional banking. In general terms, the operation of a Skrill works as follows:
Download Skrill's App on the phone. Skrill will request personal information to open the account.
Deposit Money. Skrill allows deposits with Credit Cards, bank transfers, and other payment processors such as Neteller, Paysafe, or even Bitcoin.
Receive money from other Skrill accounts or online services (Trading Platforms, Casinos, Payment Services, Shopping) that allow Skrill transfers. Other people or online company can transfer money to the Skrill account in a simple and almost instantaneous way.
Make Payments and Purchases through Skrill Rapid Transfer, which works as an online account and can be used for online purchases.
Low-Cost transfers. Once the account has been funded, you may transfer money locally or internationally at a low cost. Some transfers are free, depending on where the money is being transferred to. For this reason, it is a service widely used by expats to manage money.
Transactions between Skrill accounts are instantaneous. If two users have a Skrill account and one transfers money to the other, the latter has it available to spend or withdraw instantly.
Transactions between Skrill accounts are free.
Transfers to some Bank accounts are free.
Receiving money from a massive list of vendors is free.
How do I transfer money from Skrill to GCash?
Yes! In order to send money from Skrill to GCash, you have to:
Log in to the Skrill mobile app or website and go to ‘Send’.
Choose the 'Money Transfer' option to send to a mobile.
Select 'Philippines' as the country and 'PHP' as the currency.
Enter the amount you want to send.
Select a payment method.
Enter your recipient’s name and GCash-registered mobile number (in the appropriate 09XXXXXXXXX format).
Confirm the amount and send.
The remittance is usually processed within a few minutes and the beneficiary will receive an SMS notification that remittance was sent to his/her GCash wallet and may now be used to buy load, pay bills, shop online and pay QR.
Skrill and its regulation: Is it safe to operate with this eWallet?
Skrill is a platform owned and operated by the Paysafe Group, a global company. Founded in 2001 as Moneybookers, the firm is based in London and has offices in several European countries and the US. In 2010, it was rebranded to Skrill. As mentioned in the first paragraph, Skrill is not a Bank and does not lend customer funds. The firm is subject to electronic money and payment instruments regulation by the British Financial Conduct Authority (FCA), the UK's regulatory entity for financial services.
An important aspect to know is that Skrill is obliged to keep its clients' funds in separate company accounts and save enough money to pay all the clients' balances at the same time (a rule that a traditional Bank could never comply with). The UK's FCA is one of the strictest regulatory entities globally, which is why it is very safe to deposit, transfer and hold money in a Skrill account.
Is it easy to open a Skrill account from Philippines?
Opening an account with Skrill from Philippines is a process that completed 100% online. It only requires scanning your ID Card or Passport and proof of address (e.g. a utility bill or a bank account statement) through Skrill's platform. Skrill takes only a few moments to open the account and allows the customer to log in from any device and deposit funds using the methods described in the following section.
Skrill's fees and depositing methods
Skrill is a company that deals with payments and money transfers, which is why its fees and commissions link to these money movements. When depositing with any of the following methods, Skrill charges 2.5% of the total deposited amount:
American Express Cards
Diners Club International Cards
Global Payment Services: International Bank Transfers, Bitcoin, Fast Bank Transfer, Klarna, Neteller, Paysafecash, Rapid Transfer, Trustly
Skrill does not charge commissions for receiving money. Regarding withdrawals, Skrill charges the following commissions.
Transfers to bank accounts: Free
Online purchases: Free
Send money anywhere in the world: 1.45%, with a minimum of 50 cents.
Skrill adds 3.99% to the average daily rate of the wholesale interbank market for transactions involving currency conversion.