Best Moneybookers Casinos Online
About Moneybookers
By 2016, Moneybookers had more than 15 million account holders and thousands of merchants worldwide. The Sunday Times and Deloitte had voted Moneybookers as the fastest growing company funded by private equity. It was this incredible growth that prompted it to change its name to Skrill. Players of online casinos can now use it as a one-tap solution for depositing money into their casino account.
They can also use Skrill Rapid Transfer to fund their account, which is an alternative for direct bank transfers. However, not all casinos will have these two ways of depositing money for Skrill users. The most popular payment method on most casino websites is still its e-wallet.
Moneybookers Limited was established in 2001 in the United Kingdom. It started off as an e-wallet and many saw it as a great alternative to PayPal. Moneybookers grew rapidly to become one of Europe’s top three digital payment solution providers. In March 2007, it was purchased by Investcorp, a global alternative investment product management company.
An announcement was made in September 2011 that Moneybookers would rebrand their service as ‘Skrill’. The process of rebranding was eventually completed two years later. In the same year, they also completed the acquisition of paysafecard, a prepaid payment system based in Austria. Later, in 2015, the parent company of Neteller, Optimal Payments, acquired Skrill for €1.1 billion.
In November that year, Optimal Payments was rebranded as Paysafe after its acquisition of Ukash. Skrill launched its international money transfer and cryptocurrency services in 2018. The very next year, they launched their customer loyalty program called KNECT. In June 2020, this digital payment solutions provider extended its international money transfer service to US-based customers.
Pros and Cons of using Moneybookers in online casinos
Many players were already using Moneybookers in online casinos even before it was rebranded as Skrill. Today, it has improved its offerings and features to a great extent. A few older online casinos will have Moneybookers listed among their payment methods. Even if it shows as Moneybookers, the payment method now has the latest Skrill functionalities.
You can also find Skrill casinos, which have some exclusive offers in store for the players using this payment method. Even though Moneybookers evolved into Skrill with superior features and offerings, it has its pros and cons. Let’s take a look at them here:
Pros
- Skrill is trusted globally for its high security standards
- You can make instant deposits using this payment method
- Generally, most online casinos won’t charge any fees on Skrill transactions
- You can open an account within a few minutes for free
Cons
- Skrill charges a certain amount of fees on transfers and withdrawal of funds
- This payment method is not supported in all countries
- Depending on the casino you’ve chosen, withdrawals may be delayed
- Some casinos won’t allow you to withdraw your winnings using Skrill
How Moneybookers compares to other payment methods?
Many gambling enthusiasts relied on Moneybookers as an excellent option for payments in online casinos. In its latest form as Skrill, this payment method has become even more hassle-free in online casinos. You can make your deposits without providing any of your personal details on the casino websites.
This is not the case with credit or debit cards and bank transfers. They require you to key in some sensitive data, which raises some concerns about information security. Besides, these payment methods don’t offer the same degree of convenience as e-wallets.
Just like PayPal, you can deposit money using Skrill into your online casino account with just your email ID. When it comes to adding funds to your Skrill account, there’s no fee involved. In case of PayPal, you’ll need to pay a certain amount in fees to add funds.
Many consider popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin as good alternatives to Skrill. However, not many casinos include cryptocurrencies among their payment methods. Besides, some crypto transactions take longer time to process.
Moneybookers Fees
Among the main reasons behind the popularity of Moneybookers was its lower fees on transactions. Today, Skrill charges no fee for depositing funds into your account. However, if you’re funding your wallet for gambling purposes using your credit card, you’ll be charged a cash advance fee. This is something that Skrill can’t control and neither does it receive any part of it.
To withdraw funds, you’ll be charged $5.50 if you’re in the United States. If there’s no currency conversion involved, you’ll not be charged any fee for sending and receiving money. This also applies to the deposits and withdrawals made using Skrill on some online casino websites.
In case of transactions involving currency conversions, a foreign exchange fee of 3.99 percent would be charged. The exchange rates keep changing and this is why you need to be careful while making such transactions.
How to use Moneybookers for deposits in online casinos
Depositing funds into your online casino account using Moneybookers was a simple and straightforward process. This payment method became even better as it evolved into Skrill. When you are on the casino website, log in and navigate to the deposit page. It usually appears in online casinos under the cashier, banking, or payments section.
The next step would be to choose ‘Skrill’ as your payment method. Enter the email ID linked to your Skrill e-wallet and the amount you want to deposit. Upon proceeding further, you’ll be prompted to enter your e-wallet password to confirm the transfer of funds.
If you don’t have sufficient funds in your e-wallet, you can add a payment card to make the deposit. Once this is done, the funds will be deducted from the card you’ve added. Some casinos will have a ‘Rapid Transfer’ feature for Skrill users. It allows you to transfer funds just like a bank transfer.
How to use Moneybookers for withdrawals in online casinos
When Moneybookers was at its peak of popularity, many players used it for withdrawing their winnings from online casinos. Today, you can easily receive your winnings in your e-wallet by choosing Skrill for withdrawals. When you are on the withdrawal page of the casino website, enter the amount you want to withdraw. You’ll need to wait for the online casino to process your withdrawal request.
Some casino sites would require you to verify your e-wallet. This is done by the online casinos to ensure that you’re using the e-wallet registered in your name. You’re also required to submit proofs of your identity and address during Skrill’s verification process.
Some online casinos will need the same documents for verifying your account with them. There are a few casinos that may require you to use the email linked to your e-wallet while creating your account.
How secure is Moneybookers?
The online casino players chose Moneybookers as their payment method because it was safe and secure. Although it has now become Skrill, this digital payment system continues to have the best online safety and security features.
To begin with, it is regulated by the Financial Conduct Authority (FCA). It follows FCA’s stringent rules and regulations to ensure complete protection for all the financial transactions. Skrill uses the latest encryption technologies and two-factor authentication process.
Users also need to make sure that they follow the best practices essential for the safety of their account. These practices include not sharing their passwords with anyone and avoiding unsecured internet connections.