Skrill Foreign Bank Account makes it easy for freelancers and small businesses to handle international payments. This service simplifies sending and receiving money in different currencies, without the hassle and high fees of traditional banking.
With a Skrill Foreign Bank Account, businesses can work with clients and partners from around the world. They can also grow their business with ease. Keep reading to find out the benefits Skrill foreign bank account offers, how to open an account, and much more.
What is Skrill Foreign Bank?
Skrill foreign bank account, formerly known as Moneybookers is a popular digital wallet provider that allows users to send and receive payments. It is a key part of Paysafe limited and was established in 2001 to provide efficient money transfer services.
Skrill foreign bank account has expanded its reach to several African countries. Some of these countries include Nigeria, Kenya, Chad, Tanzania, Ghana, Algeria, Central Africa Republic, South Africa, Congo, Egypt, Morocco and Western Sahara.
The Skrill foreign bank account provides its users with amazing benefits. However, there are certain disadvantages you also need to be aware of. One of their pros in that they support multiple currencies. On the other hand, they are not accessible in some African countries and relatively a high conversion and withdrawal fee.
How To Open A Skrill Foreign Bank Account
Here are quick steps to follow to create a Skrill bank account.
- Download the app from the Google Play Store or App Store.
- Open the app and Click on “Register.”
- Input your “Personal information and “Create a password” then click on “Next.”
- You will receive a verification link in your email.
- Go to your email account and click on the “Confirm email.”
- Then click on “Log in.”
- Enable “Fingerprint” or “Pin” for easy login access.
- You have successfully created a Skrill Foreign Bank Account.
How Do I Add My Bank Account To My Skrill Account?
- Firstly, Log in to your Skrill Account.
- Click on “Withdraw.”
- Select “Bank account.”
- Click on the “Add bank account.”
- Input your “Country, account number, account name.”
- Finally, Click on “Add bank account.”
You have successfully added your bank account to your Skrill foreign bank account.
Skrill Foreign Bank Accounts Types
There are three types of Skrill foreign bank accounts you can choose from.
1. Full Merchant Account: This account allows users to send and receive payments to customers. It offers users the opportunity to use the full API-based services. This type of account offers businesses the control over their payment processes. It is also ideal for online providers, ecommerce businesses, and companies with high-volume transactions.
2. Expense Account: This account allows users to only send payments via email address. It is a cost-effective option for only those who want to send money. This type of account is ideal for freelancers and SMEs who need to manage outgoing payments.
3. Wallet To Wallet: This type of account allows you send and receive money from customers or partners using your email address. It offers a user-friendly method of making payments. This account is ideal for freelancers or business owners who are looking for an easy way to transfer money.
How To Receive Money With Skrill Bank Account
You can receive payments from a Skrill account as an individual or a business entity. Below are the ways to receive money.
1. How To Receive Money From Skrill Account
- For an individual, you will need your email address and phone number to receive money into your Skrill account.
- For businesses you can receive payment from any supported site. Receiving payments to business accounts is free but some businesses may include charges to the transaction.
2. How To Receive Money From Bank Account
- Log in to your Skrill bank account
- Click on “Deposit” and select “Bank transfer.”
- Copy the “Bank details” and “Reference number.”
- Make a transfer from your bank account into your Skrill account
- Once that is successful, you will receive the payment in your Skrill Bank Account.
How To Send Money With Skrill Account
You can send payments in various ways.
1. How To Make Payments To Bank
- Log into your Skrill accounts.
- Click on “Send.”
- Select the money transfer option to send money to the bank account.
- Choose a “Country” and “Currency.”
- Choose a Payment Method.
- Input your “Personal details.”
- Input the “Recipient details” and “Amount.”
- Confirm the amount and “Submit.”
2. How To Send Money To Mobile Account
- Log in to your Skrill foreign bank account.
- Select the money transfer option to send to mobile.
- Select “Country” and “Currency.”
- Input “Amount.”
- Choose a “Payment Method.”
- Input your “Recipient’s name and phone number.”
- Confirm the amount and “Send.”
3. How To Send Money By Email Address
- Log into your Skrill account.
- Select the money transfer option to send to “Email address.”
- Input your “Recipient’s email address.”
- Input the “Amount.”
- Compose a message for your recipient if you wish.
- Confirm the amount and “Send.”
Skrill Business Account
SMEs looking for how to expand their international operations can now achieve it, through Skrill business account. By using the Skrill business account, SMEs can efficiently send and receive money and enhance financial flexibility.
How To Open Skrill Business Account
Creating a Skrill business account is simple and fast. Below is a detailed step to follow.
- Go to the “Business registration page.”
- Input your “Email address.”
- Input your “Business information, contact information, and ownership.”
- Click “Submit.”
- Your documents will undergo review.
- Once you get approved, you will receive a “Merchant ID”. You will need it to connect your e-commerce store to your Skrill business account. So you can start accepting payments immediately.
What Do I Need To Open A Skrill Business Account?
The requirements to open a Skrill business account is straightforward and easy. Here are the the requirements:
- Certificate of business registration.
- Business identification and proof of address.
- Proof of Ownership of the company’s website and associated domain. The website must be in a beta version at the time of your application.
How Much Does It Cost To Open A Skrill Business Bank Account?
Creating a Skrill business account requires no startup fee or charges.
Skrill Fees And Limits
1. Skrill International & Domestic Transfer
- A zero fee will be charged if you send via bank transfer.
- A fee of 1% will be charged when you send money by paysafecard, debit card bank transfer via sofort/klarna. While up to 2.99% will be charged if you send by credit card.
- No fee charge for paying a merchant directly from your Skrill wallet.
- The exchange rate mark-up fee is up to 4.99% per transaction.
- A fee of up to 2% will be charged for domestic transfers.
2. Receiving Money
- Receiving money to your Skrill account doesn’t incur any charge.
3. Service Fee
- No service fee will be charged if you log in or make transactions at once in 6 months. Otherwise, a fee of Eur 5.00 will be charged.
4. Currency Exchange Rate
- The Skrill exchange rates change from time to time. There is no fixed fee for this.
Note: if your Skrill foreign bank account is not in a currency other than Euro, a fee of 1.50% will be charged when a transaction is made using cryptocurrencies service.
5. Prepaid Cards Fees
- Card creation fee is 10 Eur.
- A fee of 10 Eur will be charged as an annual fee.
- Up to 1.75 will be charged for Atm fee.
- No fee will be charged for POS transactions.
- A fee of 22 Eur will be charged for express delivery fee.
- Skrill virtual card application is free, subsequent cards will be charged for 2.5 Eur.
Transaction Limits
The limits for every transaction is visible under the transaction option.
Note: Prices are subject to change, so be sure to check their website for specific details before making any payments.
Reviews On Skrill Foreign Bank Account
Some users of the Skrill foreign bank account shared their experiences on Google Play Store and Trustpilot.
A user on the Google Play Store said:
“Terrible app that restricts your account for anything you do. Want to add a dollar? Restricted! Want to update your contact information? Restricted! Can’t talk to a real person, reply emails to customer support bounce back. As soon as I get my contact information updated, it would be cleared by an incompetent staff that would reject every verification document and get the restriction removed. I am taking my 1 dollar balance and running. I would not trust these guys with any significant amount of money.”
Another user on Trustpilot said:
“If I could give them -10 Stars I would in a heartbeat. it’s the biggest scamming company I have ever come across. I haven’t been able to access my money for nearly a whole month. I’ve had to raise two official complaints and still I’m getting zero progress every time I contact them. Their customer support team is non-existent. I wouldn’t even think about opening an account with these. If you are doing so, I would definitely use alternatives including stripe, PayPal, whatever it may be. stay away from them.”
My Thoughts On Skrill Foreign Bank Account
On the positive side, Skrill foreign bank account offers a convenient and easy way to manage global transactions, making it easier for users to handle their payments across borders. This digital platform is user-friendly and its security measures give me the assurance of the safety of my money.
However, there are a few setbacks, the transaction fees are on the high side which would not be ideal for everyone. Additionally, their customer support service can be slow at times which can be very frustrating when facing difficulties. Despite the area of lack, Skrill foreign bank account is a good option for international transactions.
Conclusion
With Skrill foreign bank accounts Africans can make international transactions in both personal and business accounts. Also, offering benefits like multiple currency, cryptocurrency trading, privacy and fast transfers. As an African freelancer, you can send and receive payments in over 40 currencies.
Additionally, the platform also allows users to send and receive money through bank transfers, email addresses, and phone numbers. This provides a versatile solution for international transactions. This makes Skrill an invaluable tool for freelancers and SMEs.
Frequently Asked Questions
1. Is Skrill Better Than Payoneer?
No, a Skrill foreign bank account is not necessarily better than a Payoneer foreign bank account. Both platforms have their strengths and weaknesses. The better option depends on the individual needs.
2. Does Skrill Offer A Virtual Card?
Yes, they do, but it is only available to countries in European Economic Areas. The Skrill virtual prepaid Mastercard allows you to make payments anywhere Mastercard is accepted.
3. How Long Does It Take Skrill To Transfer Money To A Bank Account?
Money transfers take up to 24 to 72 hours depending on the country and the payment method that was used.
4. Can I Use Skrill Without A Bank Account?
Absolutely! With paysafecard, you can add money to your Skrill wallet. All you need to do is to buy a paysafecard from a local shop and use it to add money to your Skrill account.
