Review of sending money with Skrill in Malaysia

Skrill is available in Malaysia, and offers a way to pay and get paid online and in the Skrill mobile app. This guide walks through all you need to know about Skrill Malaysia including questions like: how to fund my Skrill account, and the pros and cons of getting a Skrill account Malaysia.

We’ll also compare Skrill to alternatives like Wise, based on cost, convenience and speed - so you can pick the best possible service for your payments.

Table of contents
Overview of using Skrill in Malaysia Skrill fees and exchange rates Skrill currency exchange costs How to use Skrill in Malaysia How to fund your Skrill account Skrill Visa debit card Skrill vs Wise (formerly Transferwise) Frequently asked questions

Overview of using Skrill in Malaysia

Pros ✅	Cons ❌
Convenient way to send and receive payments in a range of currencies No minimum transfer limits Free to receive funds	High fees for some transactions - especially international ones Non-usage fees apply Mixed reviews on Trustpilot - many good reviews, but around 20% Bad reviews¹

Skrill fees and exchange rates

Here are the Skrill fees you need to know about:

Service type	Skrill Malaysia fee²
Deposit funds	Bank transfer - free Fast bank transfer/Rapid transfer - up to 1% Credit or debit card - up to 1.25% Trustly - up to 1.25% Paysafe - up to 5%
Withdraw funds	Withdraw to e-wallet - 2% Neteller - 3.49% Withdraw to debit card - 3.99% Local bank transfer - 25.55 MYR International bank transfer - 25.55 MYR
Skrill to Skrill transfer	2.99%
Local transfers (not Skrill to Skrill)	Up to 2%
International transfers (not Skrill to Skrill)	Funded by bank transfer - no transfer fee (currency conversion fee applies) Funded by debit card, Paysafe, Sofort, Klarna - up to 1% + currency conversion fee Funded by credit card - up to 2.99% + currency conversion fee
Currency conversion fee/ fee in lieu of conversion	Currency conversion fee - up to 3.99% If you send an international payment where the send and receive currency are the same, there is a fee of up to 4.99%
Receive money	Free
Inactivity fee	Currency equivalent of 5 EUR/month (payable after 6 months of inactivity)
Prepaid card fees	A range of fees apply including: 10 EUR application fee 10 EUR annual fee Up to 3.99% FX fee 1.75% ATM fee

Skrill currency exchange costs

One important point to note if you plan to use Skrill when you travel or shop internationally, is that all currency exchange from your Skrill account will involve a currency conversion fee of up to 3.99%. That means that the rate you get won’t be the same as the exchange rate you find with a Google search - it’ll be quite a bit worse.

Currency exchange rate markups like this are pretty commonplace but do push up the costs of spending money in a different currency a lot. You can check Skrill’s rates here, feel free to compare the amount recipient receives with Wise (Transferwise) using the calculator below.

How to use Skrill in Malaysia

Here’s how to register with Skrill in Malaysia:

1. Head to the Skrill desktop site, or download the Skrill app
2. Select Register
3. Follow the prompts to add your name, country of residence and preferred currency and email address
4. Enter a secure password
5. To get full use of your account you’ll be prompted to add a postal address, your date of birth, mobile phone number and nationality
6. You’ll be sent a 6 digit code which you need to enter into the account for verification purposes
7. You’ll then be prompted to set your own secure 6 digit PIN code

To use some of the features of Skrill you’ll need to get verified. To do this, you’ll be asked to upload a photo of your ID and take a selfie for identification purposes.

How to fund your Skrill account

The easiest way to add funds to your Skrill account is to use a bank deposit. This method is also free as long as your bank account is in the same currency as your Skrill account. Here’s how to add funds to your Skrill account by bank transfer;

1. Go to the Deposit section of your Skrill account
2. click on Deposit Now under Bank transfer
3. You’ll see the bank details needed to complete the transfer displayed onscreen, along with your Reference number
4. Use these bank details and reference number to make a transfer from your online banking or by visiting your local bank branch

Skrill Visa debit card

If you have a verified account you’ll be able to order a Skrill linked debit card to withdraw and spend your funds. It’s free to spend in stores and other merchants with your card, but worth noting that the card has a series of fees which you’ll want to know about, including:

• 10 EUR application fee (converted to MYR at the live mid-market rate)
• 10 EUR annual fee (converted to MYR at the live mid-market rate)
• Up to 3.99% FX fee
• 1.75% ATM fee

You’ll also be able to get one virtual card free and then you have to pay 2.5 EUR for any additional virtual cards.

Skrill vs Wise (formerly Transferwise) - which one is better?

Before you decide to open a Skrill account, check out Wise and the Wise multi-currency account. You could find you’ll get a better deal with Wise if you travel, shop with international ecommerce sites, or need to send money to people overseas.

Here are some key points about Wise international payments and the Wise multi-currency account.

• Wise accounts are free to open, with no monthly fees
• No inactivity fee and no minimum balance
• Wise accounts can hold and exchange 54 currencies and send money to 80+ currencies
• There’s no exchange rate markup - just a low, transparent fee when you convert or send funds
• Sending payments with Wise is fast - 45% of transfers arrive instantly
• Wise debit cards are available to make spending easy all over the world
• Wise is a safe, secure and fully regulated service

---

Check out Wise today to see how much you can save!

Get a Wise account for free 🚀

Frequently asked questions

Is Skrill safe to use?

When you deposit funds with Skrill they’re safeguarded at a leading financial institution, away from Skrill’s own operating capital. This keeps your money safe.

Can I transfer money from Skrill to my bank account?

You can send payments in MYR from your Skrill account to your bank account³. Withdrawals may take a day or two to process, depending on your own bank’s processes. Don’t forget that if you’re sending money to an account held in a different currency, a currency conversion fee is likely to apply.

Which countries can use Skrill?

You can use Skrill in many countries around the world - however, there are a few non-serviced countries, which are listed out on the Skrill website⁴.

How to contact Skrill support in Malaysia?

Standard Skrill account holders can get in touch with customer support using social media - but if you’re a Skrill VIP account you’ll be able to get faster service 24/7 by logging into your account. Head on to your Skrill account to see your options.

How to receive money to your Skrill account?

You’ll be able to add funds to your Skrill account by logging in and getting the most up to date account details from the Deposit section of your account. Then use these account details to transfer money from your bank in your preferred way.

Sources:

1. Trustpilot - Skrill
2. Skrill - fees
3. Skrill - money transfers
4. Skrill - non-serviced countries

Sources checked on 12.04.2022