Skrill – formerly known as Moneybookers – has quickly become one of the leading payment processing services in the gambling industry. It’s essentially what’s known as an e-wallet and with this comes a number of benefits for a massive range of people around the world.
For those of you who aren’t aware, an e-wallet is a bit like having an online bank account that only you can access. It can be used a hundreds of online gambling sites and other merchants, allowing you to fund your account keeping your bank account details offline.
What is Skrill and how does it work for online gambling?
Skrill is one of many companies that are entering the world of online payments. You may be aware of other companies such as PayPal or Neteller, and Skrill works in much the same way. With Skrill it allows you to fund your account and then be able to use the account to bank at different gambling sites.
You’ll first need to register an account with Skrill, which is free to do. But, bear in mind that they are very strict over the personal details you enter and you’ll have to go through a fairly lengthy registration process when you initially sign up. We think that is actually a massive positive and the steps that they have in place virtually eliminates any chance of fraud occurring.
You can then start to fund your Skrill account by linking it to your bank account. You will be able to deposit and withdraw money, and once your funds are in your Skrill account, you can then distribute them accordingly to the gambling site or merchant of your choice.
The increasing availability of Skrill means that you can now use this option at hundreds of reputable gambling sites.
Benefits of using Skrill
We always seem to mention this, but briefly we just want to say that one of the biggest benefits is the anonymity of using a product such a Skrill. There is no need to put your bank details with any gambling site and also you’ll be able to use the same Skrill account for all your gambling transactions making it not only safe, but also highly convenient.
A nice addition of Skrill is that they offer you the option of taking a pre-paid bank card that links directly to your Skrill account. It’s a MasterCard and can be used anywhere around the world that accepts MasterCard. Basically, you can only spend the amount in your account but you can withdraw it in cash at ATM’s, which we have often found to be cheaper and much faster than getting back into your bank.
Skrill also have some of the cheapest fees of all the e-wallets. It often depends on the amount of money you are moving about, but withdrawals will incur a 1% fee whilst deposits are completely free. The time it takes for funds to hit your bank account is often with 24 hours, again providing a timely turnaround.