When you think of online money transfers and, the concept of an e-wallet, you might find the name ‘Paypal’ popping into your head but, there are many more competent digital money transfer services and, this article will be looking at two – Skrill vs Payoneer.
You may be familiar with one or both services or you may have no experience with either. This article is intended to answer those questions we all have when it comes to online payment services. If you’re wondering if these services are safe or perhaps wondering which is better for you, then stick around a little longer.
Whether you’re a freelancer looking for the best way to receive funds from your clients, or you’ve been searching for a convenient means to send money to your loved ones abroad, whatever the case may be at the end of this article, you’d know which means of payment is best for you between Skrill and Payoneer.
Skrill vs Payoneer
Brief History
Skrill is a digital wallet provider that was founded in 2001. For a long period of time, the company went by the name ‘Moneybookers’ but, due to a product rebranding scheme that was initiated in 2011, the name Skrill became official in 2013.
Skrill is no doubt one of the leading eWallet payments processors in the world. These services are used to make payments across e-commerce, online gaming platforms, and cryptocurrency trading.
Payoneer was founded in 2005 and it is a digital wallet that provides online money transfer, digital payment services and, provides customers with working capital.
Payoneer prides itself in providing a simple and transparent pricing system which we will elaborate further on in the Transfer Fees, Exchange Rates, and Transaction Time section of this article.
Interface
The Skrill website offers a clean interface with most of the services and features being accessible when you explore the settings and other options.
A mobile app version is available for Android and iOS alike. Once you register with Skrill on the website by providing the usual details like email address, location, and phone number, you’re presented with a logged-in page that gives you the options to make payments online or send money.
Before you can start enjoying the features of Skrill, you are going to undergo a verification process which could take only a few hours or several days based on various factors such as your location.
During this verification process, you’re going to be providing a lot of information such as government-issued identity number, ID, driver’s license or passport, recent utility bill, etc.
The mobile app of Skrill which is a less popular option offers basically the same services you would have access to via the website such as sending money to either a Skrill member or non-user just through their email address and to check your balance and access your money wherever you are 24/7.
An advantage of using the app would be to be able to receive real-time notifications of transactions on your phone just like you would get a bank alert.
Payoneer offers a web and mobile application. When you sign up through the website, the first question you’d be asked is what you do and what you’re looking to use your Payoneer. By doing this, Payoneer offers an intuitive interface that is tailored to create an account with them that perfectly suits your needs.
After that, you’d provide other information like your contact information, security details, and a legal means of identification. Once your account is verified by Payoneer, then you’re good to go ahead and use their services.
A mobile app is also available on Android and iOS devices so you can make your transactions from your phone. Although you can make use of all the services conveniently with their web version, Payoneer encourages users to download the mobile app in order to have a screenshot of all your business payments right in your pocket.
Services Breakdown
International Transfers
Skrill pitches that wherever you are in the world, you can get paid in seconds. While this is true, it’s important to understand that even though you can send money to any country, that doesn’t mean you can send the money in any currency.
Skrill supports 40+ currencies which you can check out in the section of Countries and Currencies supported by Skrill. So although you can send money to almost any country in the world, it would have to be in one of these currencies.
For example, if you were to send money to Togo, the CFA franc currency isn’t supported by Skrill so the receiver in Togo would have to have a domiciliary bank account in a currency supported by Skrill such as USD or any of the other 40+ options.
Payoneer supports 200+ countries and 40+ currencies. So just like Skrill, you can send money to almost anywhere in the world but, it would have to be on one of the supported countries which we listed out in the currencies supported by Payoneer section.
A really helpful service that Payoneer offers is the Payoneer debit card (Mastercard). Depending on your location you will be able to order the card during the application process or from your online account once the application process is completed.
Transfer Fees, Exchange Rates and Transaction Time
Skrill does not charge any fees for depositing funds from your local bank account into your Skrill money account (this may vary based on your country but, in the US it’s free. They charge a 1% fee in most European countries).
When using Skrill for money transfer, the fees could vary but, generally, these are the amounts charged. You can perform international transfers; send or receive money for free.
Skrill to Skrill transfer is also done with no fees added. International transfers can warrant a fee of up to 4.99% for transfer in the same send and receive currency.
Skrill’s transaction time is relatively fast based on your method of transaction. If you send money using your debit credit card you will be debited instantly and the recipient should be credited within 24hours.
If you send money by bank transfer, it will usually take between 2-5 days for the funds to be credited to the Recipient’s bank account.
Payoneer is very transparent with its transfer fees and exchange rates although they are influenced by a plethora of factors.
Withdrawing funds into your bank account costs a fee of about 3% in most countries while the conversion fee is usually about 2% above mid-market rates.
To make a transfer from a Payoneer account to another Payoneer account is free. If the recipient doesn’t have a Payoneer and you’re making payment directly to their bank account, the charges could be up to 2%.
Receiving payments in European currencies and the UK is free but, if you’re receiving in the US, you’d be charged 1% when you receive funds.
Need more information about this? Find out more on Payoneer fees page.
Online Gambling
With your Skrill account, you can access the world-leading bookmakers, casinos, and poker rooms, easily move your money around, and conveniently bet online.
Online gambling is one area that really makes Skrill stand out in the crowd of eWallets so if you’re looking for a safe and easy way to bet online – Skrill is for you.
There’s a website showcasing all the deals and offers made available to you when placing your bets through your Skrill account. From online casino, poker, sports betting, and even Bingo, Skrill is the recommended method for moving your money if you dabble in gambling.
Payoneer can be used for online gambling purposes as well.
Although it’s highly inconvenient (pretty much impossible) to use your Payoneer wallet, a recommended method is to use the Payoneer MasterCard to make a deposit to online casino sites. You can order the card through your account and it goes for only $29.99.
There are some online gambling sites that accept payments and deposits through Payoneer. However, Payoneer debit cards are only allowed to have a maximum of $2,500. Players can get access to their accounts any time of the day in the countries supported by Payoneer.
Cryptocurrency Exchange
Easily buy and sell cryptocurrency through your Skrill wallet. Skrill allows you to invest in about a dozen cryptocurrencies. All you have to do is open a Skrill account, add your credit card Deposit funds in your local currency, Go to the “crypto” tab and choose “exchange” to Complete the exchange process.
Payoneer’s crypto exchange services are not nearly as extensive as Skrill’s, you can only buy Bitcoin from very few number of bitcoin brokers which accept payment through Payoneer. Even this is not recommended when you can go with a safer alternative because Payoneer doesn’t explicitly ever mention providing cryptocurrency exchange services.
Online Gaming
If you identify yourself as a ‘gamer’ then you’re probably familiar with the frustrations that can come with making real-time money transactions in your games.
The idea of needing an e-wallet for gaming might sound bizarre to some but, a committed gamer understands the benefits of using money to level-up and gain access to all the awesome features the game has to offer.
Skrill makes it easy to make payments for features in your online game. The keyword here is online games. With partnerships with world-leading online game brands like Gameforce, Gamigo and, Webzen, Skrill is a trusted method to make purchases while playing popular games online.
So if you’re into playing games live online, interacting with other virtual players and, making little purchases without having to go through the stress or fear that comes with giving your card details out then, get on board with Skrill.
Payoneer might be the best option in the freelancing or online salesperson scene but, not so much when it comes to financing your online gaming habits unless you buy the Payoneer debit card. This way it’s pretty much just like using your regular debit/credit card from your bank.
Working Capital
In 2019, Payoneer launched Capital advance services for its American sellers. Capital Advance is the ideal cash flow management solution for eCommerce sellers.
According to their website, you’ll start by receiving Capital Advance Express cash boosts and Later, you may become eligible for larger Capital Advance Grow cash injections that will enable even more business growth. All their offers include a gradual settlement and one fixed fee so there are no surprises down the line.
So if you meet the requirements and you run a business in which you sell or provide a service to your customers, setting up a Payoneer account and performing your transactions through your Payoneer account will be a move that is sure to yield your business growth.
Find out all you need to know about this helpful service right here.
Skrill does not offer working capital provision to its users just in case you were wondering.
The Freelancer
Payoneer is trusted by global freelancing markets like Upwork, Fiverr, People per hour and so many others. Even freelance content creators that display their work on platforms like Getty Images, iStock, and Pond5 all make use of Payoneer as one of their payment options.
If you’re a freelancer, signing up on Payoneer and using it as your means of receiving payments from almost anywhere in the world- is a smart choice for you. It’s very straightforward and they do not charge you any fees as the recipient, unlike most digital money transfer services.
By stating facts, yes Skrill can as well be used by freelancers but, it’s not a popular option. Why? Because it is simply stressful to make use of Skrill as your wallet for clients to be paying into. So many people are not familiar with Skrill, the setup, the verification process. All these things make Skrill an unlikely choice for freelancers. Also, freelance markets like Upwork and the likes do not list Skrill as a payment method on their platforms so it’s safe to say Skrill is not particularly trying to appeal to the freelancer.
Customer Support
Payoneer easily takes the cake when it comes to customer satisfaction thanks to their remarkable customer service. You can reach them via call, instant reports, email or chat live and they respond speedily. Most importantly- they actually solve the problem.
I wish I could say the same for Skrill’s customer service but, truthfully it isn’t particularly exceptional. Out of experience, their customer service has been good but, response time is slow. Also if you get into an issue with Skrill, contacting them by email might be ineffective so it’s better to call. On a good note, they are available 24/7.
Security
On the subject of security, Skrill says their service is developed with the same demands on security and performance as the sites used for bank services and share trading. They also confirm that users’ account login, personal details, and all money transactions are secured using Secure Socket Layer (SSL) technology with high-security 128-bit encryption, certified by VeriSign.
Payoneer keeps all your data and information collected privately. Including your user statistics such as payment history, when you apply for a card and, places of purchase.
Payoneer uses 2-step verification to help ensure that no malicious actors are able to break into your account. 2-step verification adds an extra step to certain account-related activities by sending a code to your mobile device or via phone call, which you’ll need to enter before you can continue navigating through your account.
They place priority over users’ information and privacy. For more information on this, check out their security center.
Currencies supported by Skrill are as follows:
Australian dollar (AUD), Bulgarian lev (BGN), Canadian dollar (CAD), Croatian kuna (HRK), Czech koruna (CZK), Danish krone (DKK), Euro (EUR), Hong Kong dollar (HKD, Hungarian forint (HUF, )Indian rupee (INR), Israeli new shekel (ILS), Japanese yen (JPY), Jordanian dinar (JOD), Malaysian ringgit (MYR), Moroccan dirham (MAD), New Zealand dollar (NZD), Norwegian krone (NOK), Omani rial (OMR), Polish zloty (PLN), Pound sterling (GBP), Qatari riyal (QAR, )Romanian new leu (RON), Saudi riyal (SAR), Serbian dinar (RSD), Singapore dollar (SGD), South African rand (ZAR), South Korean won (KRW), Swedish krona/kronor (SEK), Swiss franc (CHF), Thai baht (THB), Turkish lira (TRY), United Arab Emirates dirham (AED) and, United States dollar (USD.)
Currencies supported by Payoneer are as follows:
Australian dollar(AUD), Euro(EUR), Bahamian dollar(BSD), Bangladeshi taka(BDT), Brazilian real(BRL), Bulgarian lev(BGN), Canadian dollar(CAD), Chinese yuan(CNY), Costa Rican colón(CRC), Croatian kuna(HRK), Czech koruna(CZK), Danish krone(DKK), Egyptian pound(EGP), Gibraltar pound(GIP), Hong Kong dollar(HKD), Hungarian forint(HUF), Icelandic króna(ISK), Indian rupee(INR), Indonesian rupiah(IDR), Israeli new shekel(ILS), Japanese yen(JPY), Kenyan shilling(KES), Swiss franc(CHF), Malaysian ringgit(MYR), Mexican peso(MXN), Moroccan dirham(MAD), New Zealand dollar(NZD), Norwegian krone(NOK), Pakistani rupee(PKR), Philippine peso(PHP), Polish zloty(PLN), Romanian leu(RON), Russian ruble(RUB), RSD – Serbian dinar(RSD), Singapore dollar(SGD), South African rand(ZAR), Sri Lankan rupee(LKR), South Korean won(KRW), Swedish krona(SEK), Thai baht(THB), Turkish lira(TRY), Ukrainian hryvnia(UAH), United Arab Emirates dirham(AED), British pound(GBP), Vietnamese dong(VND), and United States Dollar(USD).
Final Verdict
Here comes the final verdict on Skrill vs Payoneer.
Both services are safe and reliable. Skrill has the upper hand when it comes to services like online gambling, online gaming, and convenient cryptocurrency exchange.
When it comes to choosing a digital wallet that favors affiliate marketers, freelancers and, online sellers- Payoneer is the better choice.
Overall taking into consideration the customer support, availability in most countries and, friendly transfer fees, as well as the presence of providing capital advance to eligible users(not many bigshot e-wallets do this) – Payoneer, is no doubt the better digital wallet amongst the two.
