With an escalation in the number of online business done today, there is no wonder there is fierce competition in the market for viable and convenient payment methods with which to transact. Online gambling, specifically, is a massive digital industry today and it demands the presence of safe and secure means to transfer funds to and from players.
Among the mass influx of innovations and payment types, e-wallets like Skrill, Neteller, PayPal, and ecoPayz have become firm favourites for players everywhere. The most commonly accessible options are Skrill and Neteller, who vie for the attention of Kiwi gamblers, despite being part of the same Paysafe group of companies.
What is Skrill?
Skrill, once known as Moneybookers, is a UK founded company that began its business in 2001. One of the company’s main motivations was to provide a convenient and safe way for gamblers to transact with online casinos, without experiencing too much red-tape. They succeeded in their mission by providing one of the most widely used e-wallets in the betting business.
Skrill is primarily a virtual online wallet that acts as a third-party provider between your bank account and the bank account of the casino. It effectively provides a bridge between accounts, offering an extra layer of security and speedier processing capabilities.
How Does Skrill Work?
Skrill is a stand-alone account that must be opened online via their official website It is free to create and is super easy to get up and going. The initial setup will require you to enter:
- Your name
- Country of Residence
- Currency
- Email Address
- Password
It is linked to either your bank account, credit card, or Neteller wallet for easy top-ups and withdrawals. Follow the prompts to link these accounts to your profile. Despite speedy deposits to the account, withdrawals can take up to 5 days to reflect.
Once your master account is set up, you can download the Skrill app for your Apple or Android mobile device to make payments while gambling from your phone or tablet. You will use the same email and password across all devices to log in.
Fees
Payments and withdrawals to and from online casino merchants are free but the payment solution is not fee-free in general. Take a look at an outline of the costs below.
- A deposit into your Skrill account will cost you 2.5% of the amount you are topping up with.
- Withdrawals from Skrill to a Visa Card will cost you 7.5% the amount you are moving.
- Withdrawal to a bank account via Swift will cost you a flat fee of NZ$8.53.
- Currency conversions cost 3.99% of the wholesale exchange rate.
There are also administration fees levied against certain transactions. These include:
- Provision of incorrect info – up to EUR 150
- Chargeback fee – EUR 25
- Attempted cash upload – EUR 10
- Prohibited transaction – up to EUR 150
- Reversal of the wrong Transaction – up to EUR 25
The best way to avoid charges on transactions is to keep your money in your wallet and to make the purchase you need to make from the wallet without withdrawing the funds.
Limits
There are limits on the transactions you can make on the Skrill account, however, frequent use of the e-wallet can increase these caps. You can only withdraw between NZ$10 and NZ$10,000 at first, though this sort of money is usually sufficient for normal gambling wins. If you hit a Mega Jackpot, you may need to consider a Bank Wire Transfer withdrawal.
Loading up your Casino Account
Using Skrill at an online casino is a simple affair. Follow a few easy steps to secure your deposit in record time.
- Head to the Cashier/Deposit Tab at the top of the screen.
- Select Skrill as your method of choice.
- Select your deposit amount of choice.
- Log in to your account and release the payment for instant gaming pleasure.
Withdrawals are done in a similar way:
- Head to the Cashier/Withdrawal Tab at the top of the screen.
- Stipulate your withdrawal amount.
- Select Skrill as your method of choice.
- Follow the prompts and your withdrawal will go into a pending state. Once the casino releases the funds, they will immediately reflect in the e-wallet.
Is Skrill Secure?
Skrill is very secure. It is backed with Secure Socket Layer encryption software to keep your data private. What is more is that Skrill makes your transactions safer on the casino site, itself.
Due to not entering private banking details on the site, there is no chance that someone could access your details fraudulently.
Benefits of Skrill
While you may have picked up on a few advantages of using Skrill by reading through the article already, here is a summary of the benefits you will get from this product.
- Speed: Gamblers favor e-wallets because of the instant deposit and withdrawal times. In this ‘instant gratification world’ we live in, very few banking methods will satisfy the need for speed as well as an e-wallet like Skrill will.
- Security: Using Skrill means that you don’t have to load your banking details onto the casino site. You, therefore, expose yourself to less risk. It is effectively a second layer of protection for your money.
- Rewards: You might not have known this, but Skrill comes with its own Loyalty Rewards program. The more you spend with this solution, the more points you will rack up for redemption on discounts and more.
- Multiple Funding Avenues: Skrill can be topped up in various ways, offering you great flexibility. Use your credit card, banking account, or Neteller to top-up the account.
These benefits make Skrill well worth the extra effort it takes to open the account. It will save you much frustration in the future.
Disadvantages of Skrill
On the flip side of the coin, there are a few drawbacks for using Skrill over more traditional solutions:
- Bonus and Promotion Restriction: Many online casinos will not allow you to claim bonuses and promotions if you deposit with either Skrill or Neteller. In this case, we advise that Kiwis use their debit or credit cards for instant deposits.
- Withdrawal Fees: While transactional fees to and from vendors are free, the withdrawal levy of 7.5% from your Skrill account back to your credit card is quite steep. We advise that you refund it to your bank account when you are transferring big funds across.
When weighing the pros with the cons, Skrill still remains an advantageous payment solution for online gamblers, especially once you are past the Welcome Bonus stage.
Skrill Casino Round-Up
Skrill is one of the most popular payment methods at hundreds of casinos around the world, and for good reason. The speed of transaction and secure environment it gives you is second to none. When it comes to servicing Kiwis, this PCI-approved payment method receives two thumbs us as far as we are concerned.