|This article needs additional citations for verification. (October 2011)|
|Type||Online Payment and Money Transfer Service|
|Founded||July 27, 2001|
|Headquarters||London, England / UK|
|Parent||CVC Capital Partners|
Skrill (formerly Moneybookers) is a global e-commerce business that allows payments to be made through the Internet. For individual users, the Skrill payment system offers an online deposit account (e-wallet) and a low-cost, internet-based alternative to traditional money transfer methods such as cheques, money orders and wire transfers. To merchants, Skrill enables businesses to accept online payments: via major payment cards, Skrill's own online accounts & other local payment methods.
The Skrill payment system is owned and operated by Skrill Limited, a UK-based company registered as a Money Service Business with Her Majesty's Revenue and Customs, regulated by the Financial Conduct Authority and licensed to operate within the European Union.
The moneybookers.com domain was first registered on 17 June 2001. On 27 July 2001, a company named Moneybookers Limited was incorporated in the United Kingdom. The moneybookers.com website along with the online payment system was launched on 1 April 2002. Almost 2 million new users registered with Moneybookers in the initial 1.5 years of operation. On 2 September 2008, Moneybookers claimed to operate in all countries of the world and handle over 5.5 million accounts.
In February 2010, The Sunday Times ranked Moneybookers as the fastest growing private equity backed firm in the United Kingdom based on profits. As of May 2012, the company boasts of 25 million customers, including 120,000 merchant accounts, its payment gateway being integrated by a number of global online brands such as Facebook, Skype and eBay.
In 2011, Moneybookers announced that they would rebrand their service as Skrill. The rebranding of the product was completed in Q3 2013.
Skrill allows for sending and receiving payments in 41 currencies, supporting major credit and debit cards. Restrictions include countries on US and/or EU economic sanctions list. Since 2008, US-based customers could not receive money from non-US Skrill accounts, and non-US customers could not upload funds or send payments using US payment cards or bank accounts. As of February 2013[update], United States is not included on the list of supported countries.
Skrill accounts can be held in any of major currencies but once the first transaction is made it is not possible to change the account's currency.
Individual customers can open an account with Skrill through registering their email address and certain personal data on the company's website. Completing an optional identity verification process allows sending/receiving higher-value payments. Accounts are identified by email address(es) associated with them; consequently, payments from a Skrill account (other than withdrawals to own bank account or a payment card) are processed by "sending" money to an email address. An email address once assigned to a Skrill account can only be altered or removed with help of Skrill support, and there is a limit of four email addresses per account. An "inactivity fee" is charged on accounts that have not been used for a more than 12 months.
High-turnover customers are offered premium membership called "Skrill VIP" that includes additional features, e.g., a security token, multi-currency accounts and the ability to earn loyalty points.
For businesses, Skrill offers a payment gateway, escrow payments as well as web SMS and fax sending services. Unlike some of its competitors, Skrill does not usually get involved in merchandise disputes, and the availability of credit card chargebacks may be limited.
In August 2010, Skrill blocked the account operated by WikiLeaks as a donation collection account, citing the organisation's addition to Australian blacklists and American watchlists. This decision came under fire by free speech activists worldwide as complicit with out-of-court pressure applied on WikiLeaks by the government of the United States, as WikiLeaks had not been directly charged with any crime.
As of the start of the 2013/14 English football season, Skrill sponsor the Conference football league. The initial three year deal will see the league's three divisions known as the Skrill Premier, Skrill South and Skrill North.
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