Skrill Vs Payoneer – Factors that will Guide your Decision | Fees

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When you use the services of either Payoneer or Skrill to send money overseas it’s for sure that it will not favor everyone. That is what this article (Skrill Vs Payoneer) will be strictly talking about. This has to do with the fact that there are certain aspects that requires more attention when it comes to selecting your service provider. One may be good at the fees and payment rate while the other has good customer service support. In this article today, I will show you the differences between Skrill Vs Payoneer, this will enable you to choose the one that’s favorable to you.

Skrill Vs Payoneer

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Skrill Vs Payoneer

Skrill is an e-commerce business that enables users to transfer money and make payments using the Internet. It provides services from international money transfer to trading, betting, gaming, and shopping all at a low cost.

Payoneer also a financial services company that provides online digital payment services, money transfer and gives its customers working capital.

However, based on research Payoneer is well known than Skrill. But all the same, there have been many comparisons between the two payments services in terms of their foreign exchange rate, fees charges, countries that use their services, the security of both services, etc. Let’s see all these factors between the Skrill and Payoneer services.

Factors that will Guide your Decision on the topic Skill Vs Payoneer

Below are some of the factors you should consider in the versus Skrill Vs Payoneer. You should pay attention so you can pay attention to all that will be discussed.

Exchange Rates

The Payoneer Exchange rate comes with 2% to 2.75% that markup the already mid-market rate. the Skrill rate applies to the existing mid-market rate on all transfer without adding any markup. This makes Payooner better. Also, with Payoneer, the MasterCard exchange rate applies when users use the prepaid Payoneer MasterCard in unlisted currencies. Payoneer allows you to view the exchange rate before your final transaction. With skill, you have to view the rate by using their online currency calculator.

Countries

These two payments services are well famous. Definitely it’s not all countries they have reached. Payoneer services are available in about 200 countries. They trade in over 150 currencies. On the other hand, Skrill provides services to all countries outside Afghanistan, Eritrea, Libya, North Korea, Cuba, Iran, Iraq, North Sudan, South Sudan Syria and Kyrgyzstan. Its gaming-related transactions are limited in the U.S, China, Malaysia, and Israel.

Fees

Before you patronize any payment service online you should view their fees based on your transaction with them. For Payoneer and Skrill, their fees are considerable. The two services charge almost the same fee rates. Whenever you send money to another account holder it’s free on Payoneer. Skrill charges nothing when you make transfer oversea. When you receive money from another Payoneer account in different currencies like USD, EUR, or GBP there are no charges. It is the same with an online seller. It’s only when you make a withdrawal of funds from your account to your local bank account that you pay a fee. This is dependent on your country of residence. With Skrill when you send fund to another Skrill wallet or email address you will pay 1.45% of the transfer amount as fees. Also, you are charged a $3 fee each month if there is no activity in your account for 12 months. For more details on fees and rate check both websites.

Easy to Use

To register on both payment platforms is easy although it takes a little time. Both services have their mobile app for Android and iOS devices. You need to provide the necessary documents to verify your identity and address. On both platforms, they operate a multilingual website. They have prepaid MasterCards that allow users to access funds in their accounts easily.

Security System

Both platforms have a strong security system and all files are highly encrypted to keep users document safe online. Payoneer is licensed under regulatory bodies in Canada, Japan, Hong Kong, Australia, and Gibraltar. Also, they are registered with the Financial Crimes Enforcement Network (FinCEN). Skrill is registered with the Financial Conduct Authority (FCA). You can see that they both have a strong and secure background and backup.

However, in terms of regular overseas payment, both services falter. They are yet to offer these services. With the above points enumerated, you can choose any payment service that is convenient for you.

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