Skrill Canada
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- Minimum Transfer Amount
- CAD$2.69
- Fastest Transfer Speed
- 24 hours
- Receiving Options
- Bank account
Our verdict
Fee-free international money transfers and a range of other payment solutions make this app an attractive option for sending and receiving funds online.
There's not that much going for Skrill until you become a True or VIP Skriller - Skrill's top two tiers. Until then, you'll be charged for moving money from your Skrill account to a bank account, paying an application fee for the physical prepaid card and a fee every time you withdraw cash. Once verified, some fees are waived and you'll also have access to other perks.
Sadly, Skrill adds a hefty markup of up to 3.99% when converting your dollars for overseas transfers. On top of this, US customers have no access to instant transfer support so check the rates and fees carefully before going ahead. Inactivity can also cost you $5 every month but avoid this by making at least one transaction every 12 months. Finally, a host of bad reviews might make you look elsewhere.
Pros
-
Good for sending international money transfers between bank accounts.
Cons
-
Look elsewhere if you want to send free money transfers within the same country or in the same currency.
Details
Product details
| Product Name | Skrill |
| Pay By | Bank transfer |
| Receiving Options | Bank account |
| Customer Service | Phone, Email |
| Available Currencies | AUD, BDT, CAD, EUR, GBP, IDR, INR, KES, LKR, MXN, MYR, NPR, PHP, PKR, PLN, THB, USD, VND |
What is Skrill?
Founded in 2001 and headquartered in London, Skrill is a digital wallet that supports domestic and international money transfers, pay for online purchases, buy and sell cryptocurrency and receive winnings from a number of gaming merchants.
Through the Knect loyalty program, Skrill users can earn cash rewards, bonuses and more for making purchases at participating retailers. Residents of certain countries in Europe can deal in cash using the Skrill card. The company also offers digital payment solutions for businesses.
In 2015, multinational business payment company, Paysafe, acquired Skrill for approximately €1.1 billion. The app is available in Canada, the US, most European countries and other countries around the world.
Pros and cons of Skrill
In our Skrill money transfer review, we looked at fees, features, transfer options and more. Here are the benefits and drawbacks:
Pros
- Free international money transfers between bank accounts
- International transfers arrive within 2 business days (sometimes within minutes)
- Transfers between Skrill accounts are nearly instant
- 24/7 transfers online or via mobile app
- Lots of payment options: debit, credit, bank transfer, Paysafecash, Paysafe Rapid Transfer or Klarna
- Track Skrill’s exchange rates with rate alert notifications
Cons
- Can only send international transfers to bank accounts
- Fee for paying by debit, credit, Paysafecash or Klarna
- Fee for transfers in the same country or same currency
- Fee for sending to other Skrill account holders
How to send and receive money with Skrill
Sending and receiving money with Skrill is pretty easy. To create a Skrill account, you need to provide your first and last name, country and province of residence, primary currency and email address. You also need to create a password.
| Deposits | Withdrawals |
|---|---|
You can deposit funds into your Skrill account from the following sources:
To make your first deposit, login to your account, select Pay online and follow the prompts. | Looking to make a Skrill withdrawal in Canada? You can withdraw funds and transfer funds to the following:
To make a withdrawal, login to your account, select Withdraw from the menu of options and follow the prompts. |
Skrill fees
The following fees apply to personal (non-business) Skrill money transfers:
| Fee type | Fee amount |
|---|---|
| International money transfer between bank accounts | Free |
| International money transfer paid for by credit card | Up to 2.99% of transfer amount |
| International money transfer paid for by any method other than bank transfer | Up to 1% of transfer amount |
| Foreign exchange markup | Up to 4.99% of transfer amount |
| Same-currency international transfer (no foreign exchange) | Up to 4.99% of transfer amount |
| Domestic money transfer (to/from the same country) | Up to 2% of transfer amount |
| Transfer to another Skrill account | 2.99% of transfer amount |
| Receive money | Free |
Skrill transfers: Step by step
How does Skrill work? Here’s what you need to do to send a money transfer.
- Login to Skrill and navigate to the money transfer section of your account.
- Enter the sending and receiving currencies. Skrill’s exchange rate will automatically appear.
- Enter the amount you want either sent or received. When you enter an amount in one currency, the equivalent amount in the other currency will automatically calculate.
- Select your payment method.
- Select Start New Transfer.
- Review the sending amount, receiving amount, transfer speed, fee and total payment amount. Select Continue.
- Enter your date of birth (as it appears on your ID), address and phone number. You can also enter a discount code, if you have one. Select Continue.
- If this is your first transfer, you may be asked to confirm your phone number, create a PIN and enter your occupation. This shouldn’t take more than a minute and is done to secure your account and comply with Canada’s anti-fraud laws.
- Select whether you’re sending to your own account, to someone else or to a business.
- Enter the recipient’s information, then select Continue.
- Review the details of your transfers and select Confirm.
- Complete the payment and select Send.
You’ll receive an email and can view a record of past transfers in the My Transfers section of your account. When sending from Canada, the minimum transfer amount is $2.90 CAD.
Is there a Skrill app?
Yes, the Skrill app is available on both Google Play and the App Store. With the app, you can:
- Send and receive money. Transfer money to friends and family with just a few taps.
- Track your transfer. See the status of your transfer with real-time notifications.
- Manage your Skrill Visa card. Check your balance and add more money to your account.
- Check exchange rates anytime, anywhere. Take a look at Skrill’s most current exchange rates.
- Enable biometric login. Both face and fingerprint recognition can be used to log in.
| As of December 27, 2021 | |
|---|---|
| Google Play Store | 4.2 out of 5, based on 133,905 customer reviews |
| Apple App Store | 4.5 out of 5, based on 7,930 customer reviews |
Best international money transfer apps
Compare Skrill to other money transfer services
Is Skrill safe?
Skrill is licensed and regulated by many different countries and federal organizations, including the Electronic Money Regulations 2011 and the Financial Conduct Authority in the UK. Safety features taken to protect Skrill customers include:
- Insuring or guaranteeing users’ deposits. Funds deposited by Skrill users are backed by guarantees or insurance policies held by the company or its own savings. In the unlikely event that Skrill becomes insolvent, users would get their money returned minus administration fees related to handling insolvency.
- Maintaining a financial reserve. Skrill is required to maintain a minimum of €350,000 (which is around CAD $500,000) of its own funds at all times.
- Using multi-factor authentication. Users must create a personal identification number (PIN). They also have the option to enable face and fingerprint recognition to login to the mobile app. Skrill may occasionally add an additional step to the login process like inputting a code texted to the phone number associated with users’ accounts.
- Passing FCA integrity and capability testing. The UK Financial Conduct Authority performs a test on each member of Skrill Limited senior management to test for honesty, integrity, reputation, competence, financial soundness and capability.
- Monitoring and vetting all transactions. To prevent financial crime, Skrill must follow legal requirements to check the identity of customers and monitor transactions to detect money laundering and fraud.
- Reporting system for fraud. Skrill has resources to handle user reports of phishing and fraudulent activity (real or suspected). Users can use an online contact form or fill out a dispute form to get help. (If you’re the victim of fraud, you should also contact the Canadian Anti-Fraud Centre, which collects scam reports across the nation.)
Other Skrill services
Besides sending and receiving money, Skrill users can use their accounts to:
- Pay for online purchases
- Buy, sell and hold 40 cryptocurrencies
- Make payments and receive winnings from participating betting and gaming merchants
- Trade forex (foreign exchange)
Additionally, Skrill offers business payment solutions that allow merchants to:
- Accept credit card payments
- Process international transactions
- Create payment corridors in local currencies globally
How do I contact Skrill?
You can contact Skrill online by logging into your account. You can also reach Skrill support by email, phone and live chat (virtual assistant). Visit Skrill’s support page and search “Contact us” for more details.
Bottom line
Skrill has been gaining ground in the money transfer industry for offering free transfers between bank account, a variety of payment options and relatively quick processing times.
You pay a fee for transferring within the same country or in the same currency, but you may still want to consider opening a Skrill account if you frequently make online purchases, trade cryptocurrency or participate in online gaming or betting.
Check out our guide to international money transfers to compare a wide range of apps for sending money around the world.
Frequently asked questions
- Skrill: Home page, Accessed 27 Dec 2021
- Skrill Support: What is Skrill and how does it work? Accessed 27 Dec 2021
- Paysafe Group press release: Completion of Acquisition of Skrill, 10 Aug 2015
- Skrill Support: Non-serviced Countries, Accessed 27 Dec 2021
- Skrill: Our Fees & Charges, Accessed 27 Dec 2021
- Skrill Support: How is my electronic money protected?, Accessed 27 Dec 2021
Your reviews
Stacie Finder
Associate editor
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