MoneyBookers/Skrill Review

MoneyBookers was founded in 2002 (when it went live) and nearly 2 million users signed up to MoneyBookers in its first year and a half of operation. As for January 2010, that number dramatically rose to nearly 15 million account holders.

MoneyBookers, much like PayPal, is a payment method that allows you to deposit and withdraw at online casinos amongst other online merchants. Due to the success of the company, it was purchased by Investcorp Technology Partners for £105 million in 2007. Since November 2010, MoneyBookers is now known as Skrill.

MoneyBookers, or Skrill, works by you putting money into the account via bank transfer or from a credit card for example. You can then send the funds to another MoneyBookers member or deposit at an online casino for example. Furthermore,you can use MoneyBookers at over 3,500 online merchants. In terms of fees, the service is good considering the level of security you receive. If you are receiving funds from another user, it’s free, if you are sending its 1% up to 43p! If using your bank account, there are no fees for depositing funds into an online casino but you will be charged £1.54 for withdrawing. The fee is £2.99 for withdrawing to a cheque.

The main advantage of MoneyBookers, or Skrill, is the ease of use. When depositing or withdrawing at an online casino for example, you simply just need to provide the email address registered for the account. Furthermore, once you are a member, your email address is used as authorization for all your transfers which is very convenient.

In terms of security, you can’t go wrong with Skrill. You are protected by UK and EU law as they are regulated by the Financial Services Authority (FSA) in the UK, the first e-wallet provider to offer this. If you need convincing further, they’ve won an abundance of awards including 12th position in the Deloitte 2010 UK Technology Fast 50 which recognizes the 50 fastest growing technology companies in the UK. They also won the ‘Payments Company of the Year 2010’ at the EGR Awards. They were also included in The Sunday Times Microsoft Tech Track 100 league table, which ranks Britain’s fastest-growing private technology companies. Moneybookers was ranked 6th.

In summary, Skrill is a very secure payment provider which is fast and extremely popular. With millions of customers using it, you’d be a fool to not consider it.