Skrill Knect - Read Our Review To Learn About Loyalty Points, Terms, Wallet Credit & Comparison With NETELLER

We are delighted to inform you that the long awaited Skrill Knect loyalty program has now gone live in November 2019 allowing you to earn a variety of cash vouchers and gifts simply for using your Skrill account.

Initially piloted in two countries - United Kingdom & Bulgaria – the rewards program has now been rolled out in a total of 77 countries and is available for new and existing Skrill account holders. You can view the Skrill Knect countries at the bottom of this article.

In this article, we will explain everything there is to know about Knect: How it works, who is eligible, what benefits are on offer and how to get started.

How to join Skrill Knect?

Please note that in order to join Knect you must be a current Skrill account holder of an active and fully verified Skrill Account.

If your Skrill account is not verified, you will see the message shown below and you will not be able to join the program. If you still need to verify your Skrill account please refer to How to verify your Skrill account?

Assuming your account is verified, joining the Skrill Knect program could not be easier. Follow the steps outlined below to get started.

1. Login to your Skrill account and click on the KNECT tab on the left-hand side menu.

2. Review and agree to the T&C’s and click JOIN NOW.
3. Next, you will see a pop-up box recommending you review your marketing settings and preferences. It is advisable to click through to your review settings to make sure that all marketing preferences are selected. This is because, although all Knect offers will always be accessible within the loyalty section of your account, you may miss certain offers if you do not login regularly.
4. Finally, you will be directed to the Knect dashboard where you can check your current points and points history and learn how to earn and spend points.

How to earn Knect points?

There are seven methods for earning points and each activity generates a different number of points.

Below you find a comparison table of what points every action contributes towards your total Knect points.

* or currency equivalent

Skrill Knect Benefits

When you click through to the Spend Points tab, you will see your available personalised gifts. Initially it is likely you will just see the Wallet Credit option.

What is Wallet Credit?

Wallet Credit is a cash voucher that will be credited to your Skrill account when you exchange your points. There are five different tiers for you to exchange your points for Wallet Credit which will be listed in two currencies: Euro’s and the currency of your Skrill account.

You will also see the current Skrill exchange rate applied so that you can see exactly how much Wallet Credit you will receive in your chosen currency.

If your account is in Euros, you will not see any currency conversion.

Wallet Credit Conversion

The table below shows the tiers available for you to exchange your points for cash.

Please note that new rewards and offers will continually appear in the spend points section of your Knect dashboard so we advise you to keep checking your account and your chosen marketing channels to stay up-to-date with what rewards are currently available. Offers may include but are not limited to gifts such as vouchers, discounts, freebets and bonuses.

Additionally, Skrill have made clear that they will run special promotions to groups of users from time to time. If you’re selected, you will be contacted by the Skrill Knect team.

Special promotions may allow you to boost your points by participating.

Skrill Knect Important Information

We have summarised important information below regarding the Knect program which may be helpful for you to know.

Loyalty points limits

There are limits applied to the number of points you can earn per transaction and per calendar month.

Transaction limit – you can earn a maximum of 1000 loyalty points per transaction.

Example

1. You earn 1 loyalty point for every €1 you deposit into Skrill. Therefore, if you deposit €1000 into your Skrill account, you will receive 1000 loyalty points.
2. However, if you made a deposit of €1500, you would still only receive 1000 loyalty points.

Monthly limit – you can earn a maximum of 500,000 loyalty points per calendar month.

Example

1. You earn 0.25 loyalty points for every €1 you transfer to merchants.
2. Since the maximum number of points that can be earned in a month is 500,000, if you transfer €2m in a month you will receive (€2m x 0.25 = 500,000)
3. However, any transfers to merchants over €2m or any other qualifying transaction (Deposit, Withdrawal, Skrill-to-Skrill transfer, Skrill Mastercard transaction, Buy/Sell Crypto) will not generate any further loyalty points in the same month

Points expiration

Your loyalty points will expire on the 1st January of the year following the year when your points were earned.

Essentially when you earn loyalty points, they will be valid for the current year and the full succeeding year.

Example 1

1. You earn 1000 loyalty points on 21st March 2020.
2. Your points will be valid until 1st January 2022.

Example 2

1. You earn 250,000 loyalty points in December 2021
2. Your points will be valid until 1st January 2023

Important Skrill Knect Terms & Conditions

When you sign up to the Knect loyalty program you should take note of the following terms so that you do not get removed from the program.

• Trying to artificially increase your points by making unnecessary P2P (Skrill to Skrill) transfers may lead to your membership of Knect being cancelled and your points forfeited
• Purposely entering false information during the sign-up process may lead to your membership of Knect being cancelled and your points forfeited
• Making transfers between linked accounts will not qualify for loyalty points. A linked account may be another Skrill or NETELLER account which Skrill suspect is also being managed by you
• If your account is either Silver VIP, Gold VIP or Diamond VIP, you will not earn points for making P2P transfers
• If you do not make a qualifying transaction within a 12-month period, your Knect membership will be deactivated and all your points will be forfeited. You can reapply to join Knect after you have been deactivated but all points accrued before deactivation will be permanently lost.
• All points earned in a calendar year must be redeemed in full by the end of the following year

Conclusion

In our ewallet reviews, our analysis has been that NETELLER was a slightly better option for most customers due to their generous rewards program.

However, with the launch of Skrill Knect, it can be argued that Skrill is a more suitable option for customers who do not expect to become top-level NETELLER VIP’s.

This is due to the fact that the NETELLER rewards program allows you to earn some fantastic benefits, you will only earn reward points at NETELLER from transfers to merchants and from buying/selling crypto whilst Skrill Knect allows you to earn points from 7 different transaction actions

Additionally, the NETELLER reward program is more VIP-focussed whilst at the current time, the new Skrill Knect program allows users of all levels and volumes to benefit equally.

Of course, we cannot rule out that in the future that Skrill will increase the number of points earned per transaction according to your VIP level but as it stands, all customers will benefit equally from the Skrill Knect program.

Skrill Knect Eligible Countries

• Albania
• Andorra
• Argentina
• Armenia
• Azerbaijan
• Bahamas

Skrill Knect vs NETELLER Rewards

The way that the Skrill and NETELLER loyalty programs work has some similarities but at the same time are quite different.

We are sure you may be wondering which program offers the highest level of rewards based on your transactions, especially if you are making large transfers every month.

It is quite difficult to do a direct comparison due to the different nature of the loyalty programs, but we’ve attempted to summarise some differences and benefits below, which we believe would be of interest to our regular clients and partners.

Skrill merchant’s vs NETELLER merchants

All merchants are included in the Skrill Knect program so any transfer to merchants that you make using Skrill will qualify for points.

For NETELLER, there are a number of restrictions on which merchants qualify for points. You can see the full list here

Skrill Wallet Credit vs NETELLER Anniversary Points

Firstly, it is important to realise the following when making this comparison:

• There are more transaction actions using your Skrill account that will earn you Knect loyalty points in comparison to NETELLER anniversary points where only transfers to merchants and buying/selling crypto qualify.
• As a Platinum & Diamond VIP at NETELLER, you will earn a higher rate of anniversary points 1.25 – 1.50 respectively, per 1 USD spent. The usual rate is 1.00 point per 1 USD spent
• NETELLER credits you additional anniversary points annually based on your VIP level ranging from 1,000 – 50,000
• As a Platinum & Diamond VIP at NETELLER, you will earn a direct cashback from NETELLER of 0.25% - 0.50% respectively. Ask us about Platinum/Diamond VIP upgrade?

For this simple comparison, we will make the following assumptions:

• We will compare a regular non-Platinum/Diamond VIP NETELLER account with a regular Skrill account
• We will compare only transfers to merchants
• We will look at the highest redeemable Skrill Wallet Credit and NETELLER Cash Exchange
• We will make the comparison in USD and EUR

NETELLER

The highest level of Cash Exchange is $5,000 which requires 6,326,500 anniversary points. Therefore, you would need to transfer $6,326,500 (as you receive 1.00 points per 1 USD spent) to receive A Cash Exchange of $5,000 which is a rate of 0.079%.

Skrill

The highest level of Wallet Credit is €175 which requires 175,000 loyalty points. As transfers to merchants return 0.25 Knect points per 1 EUR spent, you would need to transfer €700,000 (175,000 x 4) to receive €175 Wallet Credit which is a rate of 0.025%.

Summary

Even though our basic comparison of redeemable cash vouchers seems to imply that NETELLER is a better option, there are a large number of caveats and assumptions applied to this comparison.

Our advice is that if you expect to become a top-level VIP transferring hundreds of thousands you should continue with the NETELLER rewards program but for customers transacting lower volumes and less frequently you should consider joining the Skrill Knect program.

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