Skrill is an online payment system that is used to transfer and store money. Initially, it was known as Moneybookers but it rebranded and has been growing at a rapid pace since then. It is now a popular payment method on major online sites.
A Skrill account will enable you to send and receive money as well as use it on numerous online sites. In our Skrill review, we are going to show you how to open a Skrill account, deposit money into your Skrill account and use it to play at an online casino as well as trade on a forex trading platform.
Why Use Skrill?
Online casino gambling and forex trading are becoming increasingly popular across South Africa. Most casino sites and forex trading platforms are competing to provide their customers with the best payment methods to deposit and withdraw funds.
One of the best transfer systems in South Africa is Skrill, a well-established payment processor that has been in operations since 2001. It has a user-friendly interface and is regulated by the Financial Conduct Authority (FCA).
Step 1: Open a Skrill South Africa Account
The process of opening a Skrill South Africa account is very straightforward.
Simply go to its official website and click on the ‘Register’ button. You will be directed to a form that requires you to fill your details such as your name, street address and email account. Make sure to create a strong password to further protect your account. Instead of a single word, you can mix letters, numbers and symbols or use a simple sentence.
Once you have entered your personal information, click on the ‘Register now’ button. You will be asked to state your country of residence and preferred base currency. It is advisable to use your country’s currency to avoid conversion fees.
On the next page, you will be asked to submit information about the payment methods you will use with your Skrill South Africa account. You may also be asked to provide more information about yourself based on the payment methods you indicate.
Step 2: Fund Your Skrill Account
To deposit funds into your Skrill account, click on the ‘Upload’ button to view the available options. If you want to deposit through the bank, click on the ‘Manual bank transfer’ button and then click the ‘Continue’ button. On the following page, you will be prompted to provide your bank account details and reference number. Note that the funds will take between three and five days to reflect in your account.
Alternatively, you can deposit funds in your Skrill wallet through credit/debit cards. Click on the ‘Add a card’ button to provide your card details such as card number, expiring date and security code. Tap on the ‘Save and verify card’ button to continue. A deposit via this method will reflect in your account instantly. However, the card verification process can take a few days to complete.
To make an instant deposit through bank transfer, you need first to register your bank account. Click on the ‘Cards and banks account’ button and then ‘Add bank account’ button. On the next page, indicate your country of residence, bank sort code and the account number. Deposit through this method will reflect in your Skrill account instantly.
Step 3: Select Your Skrill Casino or Forex Broker
We are now going to teach you how to use Skrill on online forex trading platforms and online casinos. Take note that you can use Skrill for a variety of things, but these two are the most popular activities that South Africans engage in.
1. Mansion Casino – Has Generous Welcome Bonuses and Offers
Founded in 2004, Mansion Casino is one of the most established Playtech-powered online casinos. It is regulated by reputable agencies such as the UK Gambling Commission and offers a wide variety of betting products. Also, to safeguard your private information, Mansion Casino uses military-grade 128-bit encryption.
Mansion Casino supports a wide range of payment options such as Skrill. The Skrill payment method remains a top choice for South African players because it is fast, safe and secure. However, transaction costs are high compared to other options.
One of the key features of the Mansion Casino is its match up bonus, which you can easily get when registering a new account and after making a cash deposit. On top of the welcome bonus which can be as high as R90,000 ($5,000), you will get a loyalty club and other offers that can provide you with cash and credits that you use on the casino site. An R900 ($50) refer-a-friend bonus is also available. The only issue is that there are stringent requirements you must meet to withdraw money from your account.
The game selection on Mansion Casino is unmatched, and new releases are added to the site regularly. All the games featured on the site are exciting, including the latest video slots and three-reel games. Since it is a Playtech casino, you will also enjoy the popular Marvel Comic Slot games that feature four random progressive jackpots. In addition, there are numerous table and card games and various versions of blackjack, poker and video poker.
Another reason why Mansion Casino is so popular is because of its reliable customer service. If you encounter any issue, you can contact the support through a live chat, email or phone.
- Wide variety of casino games
- Powered by Playtech
- Welcome bonus and other offers
- Monthly limits on withdrawals
2. eToro – Most User-Friendly Forex Trading Platform
eToro is a well-established and user-friendly online forex broker that began its operations in 2007. Initially known as RetailFX, eToro is popular for pioneering social trading in the forex industry. It is regulated by top-tier regulators such as the FCA, CySEC and ASIC and complies with directives set by MiFID.
The minimum initial deposit amount on the eToro account is R3600 ($200), while subsequent deposits are lower at R900 ($50). Fortunately, eToro has a streamlined payment system with a wide range of payment methods, including Skrill. The downside is that the maximum amount you can deposit using Skrill is only R18,000 ($10,000).
eToro offers a proprietary trading platform with a user-friendly interface and innovative features to enable you to trade forex seamlessly. There is also a mobile trading app that has all the features found on the web-based platform and is compatible with both iOS and Android devices.
It is very transparent in terms of trading costs. Unlike other forex trading platforms, eToro does not charge commissions. You will only be charged spreads on every trade you execute and spreads vary depending on the currency pair you are trading. For instance, the EUR/USD pair is charged two pips, which is slightly higher than the industry average. On top of that, there is a withdrawal fee of R90 ($5) and an inactivity fee of R180 ($10).
In terms of research, eToro offers an economic calendar and a massively informative blog with daily market updates. Its platform also gives you access to a real-time newsfeed where you can ask questions and interact with other forex traders.
Even though eToro offers an ‘Interactive Trading Course’ section for beginners, its educational section is not in-depth and quite limited.
- Social trading feature
- Wide range of currency pairs
- Commission-free trading
- Withdrawal and inactivity fee
Step 4: Fund your Casino and Forex Trading Accounts
To fund your Mansion Casino account, click on the Payment Method icon to start the transaction.
Indicate your deposit amount and submit the required information associated with your Skrill account to complete the payment. This process is quick, and the funds will reflect into your account within a few minutes. Also, since Skrill is an online e-wallet, you will be able to track your spending.
By depositing funds on Mansion Casino, you can qualify for up to R90,000 ($5,000) welcome bonus.
The process of depositing funds on eToro through Skrill is straightforward.
Simply click on the ‘Deposit Funds’ button and choose Skrill as your preferred method. You will be redirected to a page that requires you to log into your Skrill account.
Review the transaction details and click ‘Pay’ once you’ve finalized everything. Your eToro account will be credited within minutes. If ever deposit is not approved for any reason, you will be notified through email.
Step 5: How to Withdraw Your Funds to Skrill
To withdraw funds from your Mansion Casino to your Skrill wallet, go to the Withdrawal tab, choose Skrill as your preferred method and indicate the amount you want to withdraw. The funds will be credited to your wallet immediately.
The process of withdrawing funds from eToro via Skrill is very easy.
Click on the ‘Withdraw funds’ button, choose Skrill as the withdrawal method and enter the amount you want to withdraw. Fill the withdrawal form and click ‘Submit’ to end the process. Note that the withdrawal request will take 1-2 business days.
Step 6: How to Withdraw From Skrill to Your Bank
It is easy to withdraw from your Skrill wallet to your personal bank account.
Go to the ‘Withdraw’ section on your Skrill account and click ‘Withdraw now’ under the ‘Bank account’ section. Choose a bank account and click ‘Next.’ If you have not yet linked your bank account with the Skrill wallet, click ‘Add a bank account’ and submit your bank details.
Enter the amount you want to withdraw and click ‘Next’ to access the summary page. Click ‘Confirm’ to finalize the process.
Skrill Fees And Other Expenses
Skrill is a reliable payment option. However, it has high transaction costs compared to its competitors. On top of the 3.99% conversion fee, you will incur a transfer fee of 1.9% of the total transaction amount, which is capped at R360 ($20).
In addition, there is a withdrawal fee of up to 7.5% and a fixed exchange rate of 3.99%. The combination of these charges can amount to a significant cut on your money. Also, depending on the verification level of your Skrill account, the maximum amount you can transfer vary between R2400 ($135) and R450,000 ($25,000).
If you experience a chargeback, you will be charged R540 ($30). There is also a monthly inactivity fee of R90 ($5) if your Skrill account remains dormant for more than 12 months.
Moreover, always verify the payment details when withdrawing from your Skrill account. If you make a mistake and enter the wrong details, you can contact the support for reversal. However, you will be charged an additional fee, and Skrill does not guarantee that the reversal will be successful.
What If Skrill Blocks My Deposit?
If you have made a deposit and the money does not reflect in your Skrill account, you should first confirm the standard time frame for processing the particular deposit option. You should then contact the customer support to assist you and track the payment if the time has elapsed. However, if you have used a third-party provider, you should first check with the provider before contacting Skrill’s support.
Sometimes if you use a credit/debit card, your deposit status may appear as failed. The reason for the decline might be due to insufficient balance, security issue or restrictions applied by your bank to specific payment types. In such a case, you can contact your bank to seek a solution to the problem and if the problem persists, you can always try a different deposit option.
To make a successful deposit on Skrill, consider the following things.
- Clear cache and cookies and enable the pop-up window of your browser.
- Don’t use a proxy, a VPN or IP masking services.
- Ensure you have a stable internet connection and have the latest version of your web browser.
Bank Deposit Tips
- Use a bank account registered under your name.
- Verify the details before making a deposit.
- Make sure you have sufficient funds in your account.
- Contact the bank to authorize the payment.
Card Deposit Tips
- Ensure that the card details are correct.
- Enter the security code provided by your bank.
- Make sure that your card is funded.
- Verify your card to increase the deposit limits.
How Does Skrill Compare to PayPal and Neteller in South Africa?
Skrill vs. Neteller in South Africa
Both Skrill and Neteller offer a safe and secure way to manage your funds while gambling and trading online. Since they are electronic wallets, they allow you to use your money without providing your personal information, limiting the chances for people to steal your financial details.
In addition, both companies have employed additional safety precaution features. With Skrill, there is a dual verification login option wherein you will receive a one-time-use code. On Neteller, the dual-verification process is optional, as you can choose the secure ID option. This is a separate login method wherein you’ll receive a unique 6-digit code to input each time you are asked to confirm your identity. The two companies are authorized by well-known financial regulators such as the Financial Conduct Authority (FCA).
Both Skrill and Neteller have well-designed websites that are user-friendly. Their FAQs section and knowledgebase section have everything you need to know about their fees breakdown, rewards and offers.
Neteller is easier to access than Skrill, especially when it comes to customer support. The support option is placed on the homepage to give you access to a wide range of support options such as popular topics, FAQs and the option to email and call the support. Skrill also has a comprehensive FAQs section and you can call and email the support. The only issue with Skrill is that the support takes longer to respond.
Deposits and Withdrawals
To use an electronic wallet, you need to fund it. For both Skrill and Neteller, you can easily do it through the website after creating an account.
Skrill supports numerous free options such as bank transfer, Maestro debit card and Swift. There is a 1.9% fixed rate for depositing via credit card as well as conversion and inactivity fees. Neteller has more deposit options compared to Skrill. While it also offers free options such as bank transfer and Trustly, other methods incur a 2.55% fee.
Skrill support various withdrawal options such as credit/debit cards, bank transfer and Skrill card. Bank withdrawals take 2-5 business days and charge R100 ($5.50) while credit card and other withdrawals options are subjected to fees between 1.45% and 5.50%. The easiest and cheapest method of withdrawing funds is the Skrill card that enables you to make a withdrawal instantly at 1.75% of the amount. Neteller provides similar withdrawal options as Skrill but also supports cheque withdrawal. The bank transfer option costs a flat fee of R180 ($10) and takes between 3 and 5 working days.
Skrill vs. PayPal in South Africa
Skrill and PayPal are widely accepted by most online casinos and forex trading sites. Both companies employ stringent security and privacy measures to safeguard your personal data.
Skrill uses a combination of external and in-house developed tools to monitor every single payment, analyze account behavior, research patterns and hacking prevention measures for your account. In addition, it uses a secured socket layer (SSL) technology and 128-bit encryption to secure your account login, personal details and transactions. There is also a two-factor authentication for additional security.
PayPal uses security tools such as anti-fraud technology and the latest encryption technology. There is also a two-factor authentication wherein a code will be sent to your phone number. Additionally, you will receive an email confirmation for every transaction you make.
Skrill has reliable customer support. There is a general FAQ section that covers the most common issues faced on the site. Also, you can contact support through email, phone and major social media platforms. On the downside, the support takes too long to respond through email.
PayPal offers various ways to get help in case you face any issue. The community section is very extensive, with thousands of members discussing the latest topics while the resolution center solves transaction issues and more. Also, you can contact the support through email or phone.
Deposits and Withdrawals
Skrill supports a variety of deposit options and works with local payment providers to give you more flexibility. The bank transfer option allows you to deposit directly from your bank account. There is also the cash deposit, credit/debit and e-wallet options. The only disadvantage is that Skrill does not support personal cheques and money orders. The withdrawal processing time depends on the option you are using. For instance, Skrill Mastercard and mobile wallet are instant, while bank transfer can take up to 5 days.
The process of depositing funds on Paypal is straightforward and it accepts a variety of methods such as bank account and credit/debit cards. To add money from your valid bank account, click ‘Add money’ under your PayPal balance. Select the bank account, enter the amount and click on the ‘Add’ button. Also, it is safer and easier to withdraw directly from your First National Bank of South Africa (FNB) bank account. However, you need first to link your Paypal and FNB accounts.
Based on our Skrill review above, it is clear that Skrill is an easy to use payment platform that offers a broad range of financial services. It is a widely accepted payment method on a majority of casinos and forex trading platforms.
The good part is that it supports numerous deposits and withdrawal options that are easily available in South Africa. Overall, Skrill is a compelling payment option with innovative features that South Africans should definitely try.
Our Recommended Skrill South Africa Casino
- R90,000 Casino Welcome Bonus
- Huge Progressive Jackpots
- The Most Extensive Collection of Slot Games
- Supports South African Rand
Our Recommended Skrill South Africa Forex
- Trade Stocks, Forex, Crypto and more
- Only $200 Minimum Deposit
- Fully Regulated
- Easy to Use Trading Platform
Is Skrill a reliable way to send money abroad?
Skrill offers a transparent and efficient way to send money abroad. It is also widely embraced as a deposit and withdrawal option on major sites. However, it charges high transaction fees, making it less desirable when compared to its competitors.
Is it safe to send money overseas using Skrill?
Skrill has been in operation for almost two decades and is fully authorized and regulated by tier-1 agencies such as FCA and FinCEN. This means that it is a safe option to send, receive and store money.
Can I send money from a Skrill account to another Skrill account?
It is possible to send money from one Skrill wallet directly to another Skrill wallet. You only need the recipient's email and the funds will be transferred immediately. However, you will be charged 1.9% of the transaction amount.
How long does it take to withdraw money out of a Skrill wallet?
The time it takes to withdraw funds will depend on the option you use. Skrill Card withdrawals are instant, bank wire transfers take 2 to 5 days while Visa withdrawals take up to 7 days.
What is the Skrill prepaid Mastercard?
Skrill offers a prepaid card that is reloadable and can be used to shop online and mortar stores at millions of locations across the world. The card is linked to your Skrill account to provide instant access to your funds. Also, it can be used to withdraw cash instantly at various ATMs.