International payment providers don’t always make it easy for African freelancers and businesses to withdraw money from their accounts. If it’s not high fees and service charges, it is not providing enough ways to withdraw.
How does Skrill fare, and could there be a better alternative close to home?
This Skrill to M-Pesa guide is an overview of the Skrill virtual wallet provider. It will discuss:
Let’s get started.
Skrill is a leading global digital wallet provider and online payment platform. It allows individuals and businesses to send and receive money in over 200 countries and 40 currencies.
The company was founded in 2001 as Moneybookers and rebranded as Skrill in 2013. According to the company's website, Skrill is the world’s second-largest independent digital wallet provider. Its services include:
The platform allows users to make online purchases, send money to friends and family, and even withdraw cash from ATMs. It also offers businesses a range of tools to help them accept payments online, including a payment gateway, virtual terminal, and fraud prevention services.
The company generates revenue through fees charged on transactions, such as currency exchange fees, withdrawal fees, and transfer fees. Skrill is also known for its low-cost fees compared to traditional banking methods.
According to Skrill's official website, in 2020, Skrill processed over $140 billion in payments, which is a significant increase from the $20 billion it processed in 2015.
Skrill faces competition from other digital wallet providers and online payment platforms such as PayPal, Venmo, and Square. However, the company differentiates itself by targeting a global audience, with a strong focus on emerging markets.
Of late, the company has also been shifting towards the online gaming market, positioning itself as the payment platform of choice for online gamers and gamblers.
Creating a Skrill account is a quick and easy process that can be completed in just a few minutes.
A Skrill account is especially convenient for freelancers in Kenya as it allows them to easily and securely receive payments from clients worldwide. Freelancers in Kenya also enjoy the added convenience of multiple ways of withdrawing their money, including the popular Skrill to M-Pesa withdrawal, which can be completed in a few minutes.
Here is a step-by-step guide on setting up a Skrill account:
On the home page, click on the Register button in the top right corner
Fill in the required personal information, including your name, email address, and password.
Once you fill in and submit the form, Skrill will send a verification link to your email. Open your email and click the link to verify your email address.
Log in to your Skrill account and complete your profile by adding your personal details and address.
Add a funding source to your account by linking your bank account or credit/debit card.
Verify your identity by providing a government-issued ID and proof of address.
Once your account has been verified, you’ll be ready to make payments and receive money with Skrill.
Additional verification may be required depending on your country and the purpose of your Skrill account. You will be asked to provide proof of income or business registration.
In some countries, there are limitations on the services that Skrill can provide, so it is essential to check the restrictions before signing up.
Skrill is popular with Kenyan freelancers who use it to receive payments from international clients. Once those payments are in they will have to withdraw them from Skrill to M-Pesa. We discuss that next:
Withdrawing money from your Skrill account to MPesa is a quick and easy process.
MPesa is a popular mobile wallet service in Kenya, making it a convenient choice for Kenyans who want to withdraw funds from their Skrill account.
Here is a step-by-step guide on how to withdraw money from Skrill to MPesa:
There are limits and fees associated with withdrawing funds from Skrill to MPesa that you need to know. Skrill charges a 1.5% fee for withdrawals. There may also be additional charges from your mobile service provider.
It’s worth pointing out that the exchange rate applied on the Skrill to M-Pesa withdrawal could differ from the rate shown on the Skrill website.
When withdrawing, ensure that you have a valid M-Pesa account and that the phone number you enter is correct. Also, ensure you have sufficient funds in your Skrill account to cover the withdrawal and fees.
To protect yourself, you want to take steps to ensure the security of your account and transactions. Here are some tips to help with that:
Use a strong and unique password for your Skrill account. Avoid using easily guessable information such as your name, birthdate, or common words.
Instead, use a combination of letters, numbers, and special characters. Changing your password regularly is also a good idea to increase security further.
Be careful not to share your password with anyone or store it as plain text in any document. If you worry about forgetting your password, use a password manager instead.
Make sure to keep your computer and mobile device secure by installing anti-virus software and keeping it up to date. This will help protect your device from malware and other cyber threats that could be used to gain unauthorized access to your Skrill account.
It is a good practice to routinely change your passwords and combine letters, numbers, and special characters when creating them. Doing so will make accessing your accounts more difficult for potential attackers.
Be wary of suspicious emails, texts, or phone calls asking for your Skrill account information. Skrill will never ask for your password or other sensitive information via email or phone.
If you receive a suspicious message, do not click on any links or provide any personal information. The safest thing to do is delete the message immediately.
Make sure to double-check the sender's email address. If the address looks suspicious, the email is likely not from Skrill. You can also contact Skrill customer service if you are unsure about the validity of a message.
Two-Factor Authentication (2FA) adds an extra layer of security to your Skrill account by requiring a second form of verification, such as a code sent to your phone or an app.
If someone other than you has your password, they won't be able to access your account without the second form of verification. 2FA, therefore, helps to protect your account from unauthorized access.
You must remember that this security measure is only as secure as you make it. If you share your authentication code with someone else, they can access your account. Therefore, you have to keep it a secret.
Be careful about sharing personal information online, especially on public forums or social media platforms. Scammers can use this information to try and gain access to your Skrill account. These attacks come in the form of fake emails, bogus phone calls, and text messages.
Skrill will never ask for confidential information, such as passwords or security answers. If you receive suspicious emails or messages asking for such information, do not immediately respond and report it to Skrill.
Regularly check your Skrill account activity to ensure that there are no unauthorized transactions or suspicious activity. If you notice anything unusual, contact Skrill customer support immediately.
Skrill provides its customers with powerful fraud protection. Through the advanced security features, you can help protect your account from any unauthorized access.
Skrill also provides users access to their secure payment logs, making monitoring account activity and detecting suspicious behaviour easy. With Skrill, you can take the necessary steps to ensure your payments are always secure.
By following these safety tips, you can protect your Skrill account and transactions from potential security threats. Remember always to be vigilant and to report any suspicious activity to Skrill customer support as soon as possible. Watch your security practices and regularly update the information in your account.
IntaSend is a digital payment provider that is tailored to meet the needs of Kenyan users and freelancers. It is the perfect Skrill alternative for those living in Kenya, as it offers a range of features and services that are specifically designed to cater to the needs of the Kenyan market.
One of the key advantages of using IntaSend is that it is a Kenyan-based company, meaning that it understands the unique needs of its users. This produces a better user experience.
IntaSend offers several APIs, including a wallet API and a payment API, among many others. These APIs allow businesses and developers to integrate IntaSend into their systems, making it even more convenient for users to make payments and manage their money.
The Wallet API allows businesses to create digital wallets for their customers easily. The Payment API allows businesses to receive payments directly from their customers via various channels, including credit/debit cards, bank transfers, Bitcoin payments, etc.
Another major advantage of using IntaSend is that it offers bulk payment disbursements to big businesses that must send lump sums to multiple beneficiaries simultaneously. This is a useful feature for businesses that need to make payments to many people, for example, when making payroll disbursements or paying contractors.
The bulk payments feature makes it more convenient for businesses to manage their finances, as they don’t have to make payments to multiple individuals individually.
In terms of security, IntaSend is fully compliant with the Payment Card Industry Data Security Standards (PCI DSS), and it has been certified as a Level 1 Service Provider. This means that all transactions made through IntaSend are secure and protected from fraud.
IntaSend offers a transparent and low-cost pricing structure. Transaction costs are lower than competitors’, making it more affordable for businesses and individuals to use the platform.
Withdrawal of funds from Skrill to MPesa is seamless if you follow the steps highlighted in this article. So is withdrawing from IntaSend. In fact, with IntaSend, you can move your money the other way - from M-Pesa to IntaSend - and enjoy more convenient features, including an invoice generator and no-code payment links that make it easy to invoice clients and get paid.
Sign up for IntaSend and enjoy a better way to request, receive, manage, and withdraw payments from your international clients.