top of page

Is Skrill available in Cayman?


Skrill is a financial platform available to clients with residence in Cayman, providing payment, shopping and money transfer services. An Online Account with Skrill, in essence, works very similarly to a bank account, allowing you:


  1. To receive money,

  2. To transfer money in a fast and straightforward way, and

  3. 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]. Skrill is a platform widely used by those who trade, work, invest, bet or need to transfer money to a bank account in different countries regularly. Registration is free, and you complete it online.



How to open a Skrill account from Cayman?


Opening an account with Skrill from Cayman is completed online. It only requires scanning your ID Card or Passport and proof of address (e.g. a utility bill or a bank statement) through Skrill's app.


Skrill will evaluate your documentation, which usually takes a few minutes to a few days. You can then log in from any device and deposit funds using the methods described in the following sections.



Use cases of a Skrill Account


Skrill is a versatile digital wallet that may be used for various purposes. Here are ten potential use cases:


  • Online shopping: Skrill is accepted by numerous online retailers.

  • Money transfers: Skrill allows users to send money to friends and family members, even if they are based in different countries.

  • Gaming: Skrill is a popular payment method for online gaming platforms.

  • Banking hustle: If your bank drives you crazy or charges you astronomical fees.

  • Freelancing: Skrill allows you to receive payments from clients for freelance work, providing a convenient and secure option for freelancers.

  • Forex trading: Forex traders often use Skrill as a payment method and must transfer funds quickly and securely between accounts.

  • Online gambling: Skrill is a widely accepted payment method at casinos and betting sites.

  • Online marketplaces: Skrill can be used to buy and sell goods on online marketplaces like eBay and Amazon.

  • Travel: Skrill can pay for flights, hotel bookings, and other travel expenses. Suppose two family members have Skrill accounts; one goes on holiday, and the other stays in Cayman. If the traveller suffers a sudden accident and requires money quickly, the other family member can send money online instantly.

  • Cryptocurrency trading: Skrill allows users to buy and sell cryptocurrencies, making it a popular choice for crypto traders.

Skrill's mobile application provides users with a simple and intuitive interface for managing their Skrill account. The app is available for download on both Android and iOS devices.

Once the app is installed, users can log in to their Skrill account and access various features and services. The app's main dashboard displays the user's cash balance, recent transactions, and pending transfers. Users can also view their account settings, transaction history, and other account information from the app.

Skrill's mobile application provides users with a simple and intuitive interface for managing their Skrill account. The app is available for download on both Android and iOS devices.

Once the app is installed, users can log in to their Skrill account and access various features and services. The app's main dashboard displays the user's cash balance, recent transactions, and pending transfers. Users can also view their account settings, transaction history, and other account information from the app.

How does Skrill work?


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. In other words, it does not have physical branches to go to, for example, to 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, using a Skrill account works as follows:


  1. Download Skrill's App on your phone. Skrill will request personal information to open the account.

  2. Deposit Money. Skrill allows deposits with Credit Cards, bank transfers, and other payment processors such as Neteller, Paysafe, or even Bitcoin.

  3. Receive money from other Skrill accounts or online services (Trading Platforms, Casinos, Payment Services, Shopping) that allow Skrill transfers. Other people or online companies can instantly transfer money to the Skrill account.

  4. Make Payments and Purchases through Skrill Rapid Transfer is an online account for online purchases.

  5. Low-Cost transfers. Once the account has been funded, you may cheaply transfer money locally or internationally. Some transfers are free, depending on where you send the money. For this reason, it is a service widely used by expats to manage money.



Skrill's 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 is that Skrill must keep its clients' funds in separate company accounts and save enough money to pay all the clients' balances simultaneously (a rule that a traditional Bank could never comply with). The UK's FCA is one of the strictest regulatory entities globally, so depositing, transferring, and holding money in a Skrill account is safe.



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 1% of the total deposited amount:


  • American Express Cards

  • Diners Club International Cards

  • JCB Cards

  • VISA cards

  • Mastercard 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 via bank transfer. However, credit Card deposits are charged at 1%.


Regarding withdrawals and purchases, Skrill charges the following commissions:


  • Online purchases: Free

  • ATM Withdrawals: 1.75%

  • Send money anywhere to a bank account worldwide: 5.5%, 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.

Do you need to transfer money from your Dollar balance to a recipient abroad? Do you need an account in a foreign currency?

This article will provide all the information you need if you're a Caymanian resident looking for a financial platform that offers payment, shopping, and money transfer services. Skrill is an excellent option since an Online Account with Skrill is similar to a bank account without the traditional banking hustle. Skrill allows you to receive and transfer money quickly and easily and pay for products and services online. These accounts are known as e-wallets or electronic wallets.

Registration for Skrill is free; you can complete it 100% online. Overall, Skrill is an efficient and reliable platform that can make your online transactions much more manageable. With Skrill, you can easily manage your finances without any hassle. This article will provide an opinion and a review on how to use Skrill in Cayman.

SKRILL IN CAYMAN: THE ULTIMATE SOLUTION FOR SECURE SHOPPING AND SEAMLESS MONEY TRANSFERS

bottom of page