What is a Skrill?
Skrill is a digital wallet that offers you the safety and convenience of paying online just with your email address and password.
How To Use Skrill In South Africa
To fund via Skrill you must first open and verify an account with Skrill. Please visit Skrill.com to complete the Account Sign-Up form. Once you have funded your Skrill account, log in to MyFXCM.com to submit your deposit.
Skrill is a financial platform available to clients with residences in South Africa that offers payment, shopping, and money transfer services. An Online Account with Skrill works very similarly to a bank account, allowing users to:
receive money, transfer money for Free, in a fast and easy way, and pay for products and services online.
These types of accounts are called e-wallets or electronic wallets.
Skrill offers the following services:
Online Shopping and Payments. Instant Money Transfers to almost every destination in the world [even to bank accounts] for free. Skrill is a platform widely used by those who operate, work, invest, bet, or need to transfer money to bank accounts in foreign countries regularly. Registration is free and online.
Use cases of a Skrill Account
However, if a Skrill account can use almost all the functions of a traditional bank account and have a conventional bank account… why do I need to establish an online account with a company like Skrill? This reasoning is valid; however, specific use cases may be unique and make life easier for Skrill customers and their home environments. The following is a list of these use cases, but there are more use cases:
If someone lives in a country with money restrictions or international bank transfers are expensive (A common situation in many other African countries).
If two family members have Skrill accounts, and one of them goes on vacation, suffers an accident, and quickly needs money, the other family member can immediately send money online.
Suppose you require an account in a different currency than Rand. Skrill allows accounts in US Dollars, Euros, and Pounds Sterling, among others.
If you need to send money regularly to relatives living abroad.
If cryptocurrency traders need to deposit and withdraw funds from their trading accounts regularly.
If you make regular online purchases, Skrill is a much safer option than a traditional bank account, because being it a prepaid account, if the website where the purchase is being made is a scam or their intention is to steal credit card data, the customer is only exposed with the balance available on the Skrill account.
How to open a Skrill account from South Africa?
Opening an account with Skrill from ZA requires scanning your ID Card or Passport and proof of address (e.g. a utility bill or a bank statement) through Skrill’s app.
Skrill will evaluate your documentation, which usually takes a few minutes to a few days. You can then log in from any device and deposit funds using the methods described in the following sections.
Use cases of a Skrill Account
Skrill is a versatile digital wallet that may be used for various purposes. Here are ten potential use cases:
- Online shopping: Skrill is accepted by numerous online retailers.
- Money transfers: Skrill allows users to send money to friends and family members, even if they are based in different countries.
- Gaming: Skrill is a popular payment method for online gaming platforms.
- Banking hustle: If your bank drives you crazy or charges you astronomical fees.
- Freelancing: Skrill allows you to receive payments from clients for freelance work, providing a convenient and secure option for freelancers.
- Forex trading: Forex traders often use Skrill as a payment method and must transfer funds quickly and securely between accounts.
- Online gambling: Skrill is a widely accepted payment method at casinos and betting sites.
- Online marketplaces: Skrill can be used to buy and sell goods on online marketplaces like eBay and Amazon.
- Travel: Skrill can pay for flights, hotel bookings, and other travel expenses. Suppose two family members have Skrill accounts; one goes on holiday, and the other stays in Cape Town. If the traveler suffers a sudden accident and requires money quickly, the other family member can send money online instantly.
- Cryptocurrency trading: Skrill allows users to buy and sell cryptocurrencies, making it a popular choice for crypto traders.
Is Skrill available in South Africa?
Skrill is a financial platform available to clients with residences in ZA, providing payment, shopping, and money transfer services. An Online Account with Skrill, in essence, works very similarly to a bank account, allowing you:
- To receive money,
- To transfer money in a fast and straightforward way, and
- To pay for products and services online.
These types of accounts are called e-wallets or electronic wallets. Skrill offers the following services: Online Shopping and Payments—Instant Money Transfers to almost every destination in the world [even to bank accounts]. Skrill is a platform widely used by those who trade, work, invest, bet or need to transfer money to a bank account in different countries regularly. Registration is free, and you complete it online.
How does Skrill work?
Skrill accounts work similarly to the online banking app of any traditional bank. It offers a view of the cash balance, transactions, money transfer options, etc. The only difference is that Skrill is an online financial institution. In other words, it does not have physical branches to go to, for example, to deposit cash. It is an app on the phone designed to offer payment solutions and money transfers to almost everyone globally at a meager cost compared to traditional banking. In general, using a Skrill account works as follows:
- Download Skrill’s App on your phone. Skrill will request personal information to open the account. Skrill will request personal information to open the account. Next, you must choose the base currency you will use (You may select ZAR, but there are other options).
- Deposit Money. Skrill allows deposits with Credit Cards, bank transfers, and other payment processors such as Neteller, Paysafe, or even Bitcoin.
- Receive money from other Skrill accounts or online services (Trading Platforms, Casinos, Payment Services, Shopping) that allow Skrill transfers. Other people or online companies can instantly transfer money to the Skrill account.
- Make Payments and Purchases through Skrill Rapid Transfer is an online account for online purchases.
- Low-Cost transfers. Once the account has been funded, you may cheaply transfer money locally or internationally. Some transfers are free, depending on where you send the money. For this reason, it is a service widely used by expats to manage money.