Is Skrill Business safe for UK businesses?

Are you a UK business owner looking for reliable and secure payment solutions to send and receive money to your contractors, suppliers and clients? If that’s the case, you may be wondering which online payment platforms are secure. This brings us to today’s topic: Is Skrill Business safe for UK businesses?

Skrill Business UK is a popular online payment platform with multiple benefits but how safe and secure are its transfers?

Here, we explore everything from Skrill’s security measures and protocols and its compliance with FCA regulations to the importance of regularly monitoring your account and how Skrill Business compares with the TransferGo Business Account. 

Ready to explore ‘Is Skrill Business safe’? Let’s go.

What is Skrill Business and how does it work?

Skrill, a part of Paysafe Limited, is a digital wallet and online payment platform that allows you to send and receive money in different currencies. 

Established in 2001, Skrill and its safe payment solutions are suitable for many different types of business users, including small and large enterprises looking to pay contractors, suppliers and employees. With millions of customers worldwide, Skrill also provides a global online wallet that allows you to move money between sites and withdraw to your bank in seconds.

Key features of Skrill Business

Here are some key features of Skrill that make it suitable for all sorts of businesses:

• Extensive reach: With a Skrill business account, you can send and receive money in 40 different currencies. That means you can access many international markets and make transactions there with ease.
• Low fees: Skrill charges no transfer fees when you send money to an international bank account. There are also no startup fees involved when opening an account.
• Multiple payment options: Skrill supports a number of payment methods including local payment options, credit/debit cards and cryptocurrencies.
• Security measures: Skrill security features are robust and include two-factor authentication and encryption to protect against fraud.
• Merchant services: With Skrill, you can set up recurring payments and integrate payment solutions to make secure online payments effortless.

Benefits of using Skrill Business

There are many benefits to using Skrill. Here are some of the highlights. 

• Skrill is available in almost 200 countries worldwide
• You can send and receive payments in 40 currencies
• ATM withdrawals are available 
• Extensive security features are in place to prevent unauthorised transactions
• Fast online payments with low transaction fees
• Prepaid cards powered by Mastercard are available
• Customer support is on hand 24/7

Who is Skrill Business best suited for?

Skrill Business is suitable for many different types of businesses. Here are some examples. 

• Small and medium enterprises: Small and medium businesses dealing with international clients will appreciate Skrill’s low fees and multiple payment options.
• Freelancers: Skrill’s flexible platform means freelancers with multiple clients and suppliers can send and receive instant payments easily. 
• Large-scale corporations: Large businesses handling multiple payments at once will appreciate Skrill’s mass payments feature that supports up to 3000 payments per batch.
• Ecommerce businesses: Skrill’s easy integration with shopping carts and ecommerce platforms makes it a solid choice for ecommerce businesses.

Is Skrill Business safe?

So, the question is: Is Skrill Business safe? Let’s take a look at some of the security measures in place to keep your money safe. 

Security measures and protocols

Skrill takes fraud prevention and security seriously. Here are some of the measures in place.

Two-factor authentication: All Skrill accounts are protected by two-factor authentication to add an extra layer of security to your account. This means you now have to provide two forms of identity to access your account. 

Encryption: Skrill protects your information and sensitive data with high-security 128-bit SSL encryption. 

Fraud prevention systems: Skrill implements high-tech systems and fraud detection programs that monitor every transaction, detect unusual activity and block suspicious transactions. 

Regulatory compliance: Skrill is regulated and authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011.

User reviews and trust factors

Despite having millions of customers worldwide, Skrill has gained unpopularity among some of them. Its average score on Trustpilot is 2.5/5, with some customers complaining about unnecessary account restrictions and slow refund processing times.

Comparison with competitors

While Skrill offers many features and benefits, it isn’t the only online payment platform available. 

The TransferGo Business Account, for example, is a free and simple-to-use multi-currency account that lets you make low-priced payments in over 35 currencies to more than 60 countries. There are no subscription fees and its top-notch customer support team responds to 80% of enquiries within just two hours (its average score on Trustpilot is an impressive 4.7/5).

Is Skrill regulated in the UK?

Yes. Since Skrill is a financial services provider, it’s regulated and authorised in the UK. Let’s take a look at some of the regulations.

Overview of financial regulations in the UK

Most financial institutions with operations in the UK must be authorised by or registered by the Financial Conduct Authority (FCA). Its high standards ensure that customers are protected and treated fairly.

Skrill’s compliance with FCA Regulations

Skrill is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for the issuing of electronic money. This means it complies with all regulatory guidelines and meets certain standards and rules to protect its customers.

International regulatory compliance

In addition to UK regulations, Skrill complies with other international regulations. For example in the US, Skrill is registered with the U.S. Department of Treasury’s Financial Crimes Enforcement Network.

Is Skrill covered under FSCS?

Before exploring the answer to this question, let’s first understand what FSCS is and how it works.

What is FSCS and why is it important?

The FSCS (Financial Services Compensation Scheme) is a UK-independent body that supports consumers during financial crises that arise due to the failure of a financial institution. In the event of this happening, the FSCS protects up to £85,000 per person.

Skrill’s coverage under FSCS explained

As Skrill is not a bank, it is not covered by FSCS. Instead, Skrill safeguards its customers’ money by backing it up with money it holds in separate bank accounts. In the event of Skrill getting into difficulty, the money will still be available to customers.

Is Skrill Business safe for large amounts?

Businesses often need to make transactions in large amounts. So, is Skrill Business safe for large transactions? Let’s take a look.

Handling large transactions on Skrill

Skrill’s security measures and features make it well-equipped to handle transactions of any limit. However, Skrill does have account limitations in place. These vary depending on your account verification status or the selected deposit/withdrawal option. You’ll be able to view your transaction limits in your account.

Limits and safeguards for high-value transfers

As mentioned above, Skrill limits the value of transactions to protect customers from fraud and ensure compliance with financial regulations.

If you reach your transaction limit, you can verify your identity and address to increase it. Alternatively, you can use a different deposit/withdrawal option or wait 24 hours and try again. 

Real-world examples of large-amount transfers

With millions of customers worldwide, Skrill has been a popular choice for businesses looking to send large amounts of money quickly and with ease.

But it’s not the only choice of online payment platform that lets you send money fast and affordably.

TransferGo Business is popular among business customers looking to save money on international transfers. Head over to our TransferGo Business Customer Stories page to find out how businesses across different industries have successfully used TransferGo to facilitate international business payments with many tangible benefits. 

Tips for securing your Skrill Business Account

While Skrill has high-grade safety measures in place, there are many things you can do to add an extra layer of security to your account. Here are some of them.

Setting up two-factor authentication

Enable two-factor authentication in your account so that whenever you want to access your account, you’ll have to complete two security checks.

Monitoring account activity regularly

Monitoring your account activity regularly is another way to protect your account from unauthorised activities. If you spot anything suspicious, contact the Skrill customer care team immediately.

Protecting sensitive business information

Never share any sensitive information with others (including Skrill). Always use strong passwords and access your account in secure Wi-Fi networks only (avoid public networks as they’re prone to hacking).

Contacting support in case of suspicious activity

Spot something suspicious or have doubts about a transaction? Get in touch with Skrill’s customer support team immediately. Skrill’s customer care team offers 24/7 virtual support to help you get help when you need it. 

The TransferGo Business Account

Now that we’ve explored whether Skrill Business is safe, let’s take another look at the TransferGo Business Account to see how it compares when it comes to safety.

TransferGo Business has high-grade security protocols to protect your money and data. It complies with all regulatory requirements and safeguards all transfers until payout. What’s more, it offers two-factor authentication, rigorous transfer screening, robust onboarding controls and a strong anti-fraud team. And if you have any questions or concerns, its all-star customer support team is on hand when you need it, tailoring its expertise to your specific business needs.

Ready to get started? Sign up to TransferGo Business today.

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Wondering how safe other TransferGo competitors are? Discover our guides on Is Revolut Business safe? and Is Payoneer safe? today.

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The information provided in the ‘Is Skrill Business safe?’ blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this post.

Any references to other companies, products, or services do not imply endorsement or affiliation with TransferGo, and we do not accept responsibility for the actions, products, or services of third parties.