Understanding Skrill
Skrill, formerly known as Moneybookers, is an e-commerce business that allows payments and money transfers to be made through the internet. The company is well-regarded for its low-cost international money transfers, making it a popular choice for freelancers, businesses, and individuals who need to send or receive money globally.
Benefits of Using Skrill
- Low Fees: Skrill offers competitive fees for sending money, especially compared to traditional bank transfers.
- Speed: Transfers to bank accounts are usually processed quickly, often within a few hours to a couple of days.
- Security: Skrill employs advanced security measures, including two-factor authentication and encryption, to protect users’ funds and personal information.
- Global Reach: Skrill supports transactions in multiple currencies and countries, making it a versatile option for international money transfers.
Preparing to Transfer Money
Before initiating a transfer from Skrill to a bank account, ensure you have the following:
- Verified Skrill Account: Verification increases your account limits and adds an extra layer of security.
- Bank Account Details: Have the recipient’s bank account number, SWIFT/BIC code, and other necessary banking details.
- Sufficient Funds: Ensure your Skrill wallet has enough funds to cover the transfer amount and any associated fees.
Step-by-Step Guide to Sending Money
1. Log into Your Skrill Account
Begin by logging into your Skrill account. If you don’t have an account yet, you can sign up easily on the Skrill website. Make sure to verify your account to unlock higher transaction limits and additional features.
2. Navigate to the ‘Send Money’ Section
Once logged in, go to the ‘Send Money’ section. This is usually found in the main menu or dashboard of your Skrill account.
3. Choose ‘Send to Bank Account’
Select the option to send money to a bank account. Skrill offers various transfer options, so make sure to choose the correct one.
4. Enter Bank Account Details
You will be prompted to enter the recipient’s bank account details. This typically includes:
- Account Holder’s Name: Ensure the name matches the name on the bank account.
- Bank Account Number: Double-check the account number for accuracy.
- SWIFT/BIC Code: This is a standard format for Bank Identifier Codes (BIC) and is used to identify banks internationally.
- Bank Name and Address: Some transfers may require additional details about the recipient’s bank.
5. Enter the Amount and Currency
Specify the amount you wish to send. Skrill allows you to choose the currency for the transfer, which can be particularly useful for international transactions. Be mindful of currency conversion rates and fees.
6. Review the Fees
Before proceeding, Skrill will display the fees associated with the transfer. These fees vary depending on the destination country, currency, and the amount being transferred. Review these carefully to avoid any surprises.
7. Confirm and Send
Once all details are entered and reviewed, confirm the transaction. Skrill may ask for additional verification, such as a security code sent to your phone or email. After confirming, the money will be sent to the recipient’s bank account.
Potential Pitfalls and How to Avoid Them
1. Incorrect Bank Details
Entering incorrect bank details can lead to delays or even lost funds. Always double-check the recipient’s information before confirming the transfer.
2. Currency Conversion Fees
Skrill’s currency conversion rates might not always be the best available. If possible, compare rates with other services or consider transferring funds in the same currency as your Skrill balance to avoid conversion fees.
3. Transfer Limits
Unverified Skrill accounts have lower transaction limits. Verifying your account not only increases these limits but also enhances security.
4. Bank Processing Times
While Skrill processes transactions quickly, the recipient’s bank might take longer to credit the funds. Inform the recipient about potential delays, especially for international transfers.
Tips for a Smooth Transfer
- Keep Records: Always keep a record of your transaction details, including the transaction ID, date, amount, and recipient’s details.
- Regular Transfers: If you frequently send money to the same bank account, save the recipient’s details in your Skrill account for faster transactions in the future.
- Customer Support: If you encounter any issues, Skrill’s customer support is available to help. Contact them via their website, email, or phone for assistance.
Conclusion
Transferring money from Skrill to a bank account is a straightforward process that offers numerous benefits, including low fees, speed, and security. By following the steps outlined in this guide and being mindful of potential pitfalls, you can ensure your money reaches its destination efficiently and safely.
Whether you are a freelancer receiving payments, a business handling international transactions, or an individual sending money to family abroad, Skrill provides a reliable and convenient solution for your financial needs.