Long gone are the days when performing money transactions was such a hassle. Making online payments, sending and receiving funds and, even cryptocurrency trading if you’re into that – can all be done from the comfort of wherever you are with your mobile devices.
Money is a tricky business. It’s serious business and, trusting a digital wallet with your information and funds is something many people(mostly people from older generations) might find incredibly difficult to do. In this article, we are going to be taking a close look at two very popular online payment and money transfer services- Skrill and Paypal.
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. Questions like ‘Is Skrill safe?’, ‘Can I use Paypal to buy bitcoin?’ and of course the big question burning in the back of our minds – ‘Skrill or Paypal- which is better?’
Keep reading to find out which online payment service is best for performing your transactions in 2021.
Paypal vs Skrill
Brief History
Paypal is more or less a household name in recent times but, not many people know that it’s a company that has been around for over 2 decades. Originally founded in 1998 as ‘Confinity’, Paypal’s history is full of evolution, re-branding, and a fair amount of criticism.
In 2002, Paypal was acquired by eBay. This eventually led to further popularity of the service as the majority of closed auction listings on eBay were transacted via PayPal. In 2014, eBay and Paypal part ways although Paypal still remains an option for shoppers on eBay.
Since the separation, Paypal has continued to evolve and find more ways to provide accessible services to their users. From features like their mobile app, Paypal keys and, recently added cryptocurrency trading, Paypal seems to have it all covered.
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.
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.
When it comes to Paypal, the mobile app is a much more popular option with millions of users downloading it. You can create an account on the website or download the app and then create a new account. Once your account is created you’d need to link your card to be able to access the services.
With the app, you can send and request money for free, get instant spending notifications, and many more. A really cool feature is the use of QR codes to make quick payments with your PayPal app.
Simply scan the QR code set up by the seller and the payment is made instantly. This way it’s pretty convenient to make payments in person in only a matter of seconds.
Services Breakdown
We’ve gotten the obvious out of the way- Both Skrill and Paypal serve as e-wallets and can be used to make online transactions but, let’s break the services down a little bit.
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.
Paypal of course is known for being used for international transfers but, the service actually supports only 25 currencies that are listed in the Countries and Currencies supported by Paypal.
In addition, Paypal international transfer options vary based on location, For example, a couple of countries are not allowed to receive or withdraw funds and are limited to use Paypal only for making online purchases.
So if you want to make an international transfer, it’s important to make sure the country you’re paying into is allowed to make use of the full features of Paypal.
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
Paypal’s transfer fees and exchange rates vary so much based on a number of factors so don’t be surprised if you feel like the fees fluctuate. You’re probably just not completely familiar with Paypal Consumer fees. Truly, it can’t be easily summarized in a paragraph but, here are some common transactions and the fees they attract-
Domestic transfers including personal transactions (‘friends and family’ tab in the send money option on PayPal) and purchasing from domestic online stores that don’t require currency conversion do not warrant any added fees from Paypal.
For international transfers, Paypal charges 5% or more from the sender and the recipient is also charged an amount that varies based on the currency received.
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.
Paypal is most probably not the first e-wallet that comes to mind when it comes to online gambling but, turns out you can actually use your Paypal for online gambling as well if you reside in any of these countries – the UK, Austria, Belgium, Denmark, Finland, France, Greece, Ireland, Italy, Portugal, Spain and, Sweden.
If you don’t reside in any of these countries and especially if you’re in America then forget about using Paypal for online gambling.
Cryptocurrency trading
Both Skrill and Paypal (for users in the US) can be used for buying and selling cryptocurrency. That’s super convenient because lots of people have been duped while trying to buy cryptocurrencies like bitcoin and Ethereum. This way your transaction is safe and you can be sure you’re not being scammed.
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.
To learn all you need to know about crypto trading with Skrill click here.
Paypal only recently came into the cryptocurrency market so it’s a little premature to give an honest review on how good their services in this department but, we anticipate big moves from PayPal as a crypto-exchange service.
Bitcoin purchase and sales is what is prominent with Paypal crypto services but, you can also buy and sell other cryptocurrencies such as Ethereum, Litecoin, and Bitcoin Cash. Find out more about crypto with PayPal right here.
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.
Based on statistics gathered by VentureBeat reports, 26% of gamers use Paypal to purchase downloadable content on their games. This doesn’t come as a surprise as Paypal partners up with gaming giants like Playstation and Xbox.
Using Paypal to make payments in online games on your computer might not be as convenient but, it’s definitely the way to go if you play with a PlayStation or Xbox console. It’s a convenient payment option and a safe one as well.
e-Commerce
If you’re a business owner and would like to make use of an e-wallet to receive funds from your customers then Paypal could easily be the best choice for you.
Skrill can also be used for money movement for businesses but, Paypal being the biggest and most trusted e-wallet in the world makes it easier to use and your customers will definitely feel more comfortable and protected using Paypal.
Customer Support
The role of a customer support team is highly important as it portrays the company and to users it’s like a representation of what the company actually stands for- someone needs to tell this to Paypal.
Out of personal experience as well as from going through the narration of experiences from other users, Paypal’s customer support can be quite unhelpful.
Contrary to what you might assume from only reading Trustpilot reviews, their customer support is responsive as well as polite but, they simply aren’t actually helpful in the end. Their responses come off as a little apathetic more often than not.
Ironically, Skrill’s customer service isn’t particularly exceptional as well. 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. They are available 24/7.
Overall, you can have a smooth running with Paypal or Skrill if you don’t encounter any major problems or if you don’t violate the terms and conditions somehow.
Security
When it comes to security both Skrill and Paypal take extra caution and steps to ensure that their users information and money is safe.
‘Skrill is developed with the same demands on security and performance as the sites used for bank services and share trading. Your 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,’
So to answer the question; ‘Is Skrill safe?’ Yes, it is.
PayPal makes use of a security key, two-factor authentication, and mobile transaction authentication number(MTAN) to give your account the security that it needs.
In addition, Paypal has extensive security and protection policies put in place for buyers and sellers on the platform that ensure you are safe in all your transactions and are not being duped when you purchase/sell goods and/or services.
Countries and Currencies supported
Currencies supported by Paypal are as follows:
Australian dollar, Brazilian real, Canadian dollar, Chinese Renminbi, Czech koruna, Danish krone, Euro, Hong Kong dollar, Hungarian forint, Indian rupee, Israeli new shekel, Japanese yen, Malaysian ringgit, Mexican peso, New Taiwan dollar, New Zealand dollar, Norwegian krone, Philippine peso, Polish złoty, Pound sterling, Russian ruble, Singapore dollar, Swedish krona, Swiss franc, Thai baht, United States dollar
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.)
Final Verdict
Here comes the final verdict on Skrill vs Paypal.
Choosing an e-wallet isn’t as plain as you may have thought before you stumbled upon this article. There’s a lot to consider like what services do you need? Do you want to use it for gaming purposes? gambling purposes? or simply to send money to your family overseas. It matters.
Your geographical location also matters. Many of the features, terms and, fees vary based on your country so you need to make sure the cool features they advertise are available to you.
That being said, it’s clear that registering with a digital wallet service is essential. There are many situations you’re going to find yourself in that would make you realize you need an e-wallet. This is where Paypal comes in.
Although it has its downsides which we highlighted in the body of the article, using PayPal is pretty unavoidable because its advantages outweigh the cons. The simple use for buying and selling amongst friends, family, and businesses is exceptional,
Skrill is a great service but, not a needed one. If you need an e-wallet for online gaming, online gambling, and forex then you should sign up and get your Skrill wallet now.
