E-wallets, such as Skrill, offer are the evolution that came from online banking. They are however still integrated with your typical bank, as funds can be deposited and withdrawn to and from your traditional financial institutions. The difference lies in the fact that E-wallets provide a much easier and faster method of conducting transactions online. In addition, any payment information on your Skrill account are not shared with third parties when making purchases.
Creating a Skrill
The registration process is handled directly from Skrill’s own website and only takes a few moments to complete. Once your account is created you can started coupling your chosen payment and withdrawal methods, which will require additional verification for the sake of security.
Availability of Skrill
While Skrill is very much a valid payment and withdrawal service for Indian customers, due to local legislation however, Skrill accounts can be in no way used in conjunction with any gambling related activities.
Deposits with Skrill
Getting to use your Skrill account means first coupling a payment method to the account in order to start spending your funds. This is most commonly achieved via credit or debit cards that can be connected to your Skrill account, but do note that transactions via payment cards generally carry a 1.9% transactional fee. The alternative is to use a bank wire transfer, however the downside here is that banks can take up to 5 business days to process the payments and make the funds available on your Skrill account. Another important thing to note is that due to India’s RBI regulations, when making a deposit via Skrill, you are presented with the option of whether the funds are intended for gambling. Selecting this option will most likely result in your transaction being declined by your Indian bank card issuer.
Withdrawals with Skrill
Being internationally established, Skrill offers a huge variety of withdrawal methods from region to region. However, withdrawal requests do carry transactional fees based on the method chosen. Therefore be sure to do your research before committing to any particular withdrawal method.
Account limits with Skrill
E-wallets tend to be incredibly easy to set up an account with, but for extended services when it comes to raising limits on payments and withdrawals, there is generally a verification process you will need to go through before being able to use the service to its fullest extent.
Acquiring a Skrill Prepaid MasterCard
Skrill provides the additional service of allowing users to apply for a Prepaid MasterCard, which is available across several countries and currencies. India and Indian rupees are supported, which then allows you to make any purchases you wish, using MasterCard’s well recognised and available card services with the added benefit of drawing from your Skrill balance. The card does however come with a yearly €10 fee (Approx 780INR) and 1.75% fee for ATM withdrawals.