Both Skrill and Payoneer are digital payment service providers for eCommerce platforms. While both providers allow you to send, receive, and have a debit card, there are some key differences between the two service providers. That is what this article (Skrill Vs Payoneer) is all about. This has to do with the fact that there are certain aspects that require 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 favourable to you.
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 is also a financial services company that provides online digital payment services, and money transfers and gives its customers working capital.
However, based on research Payoneer is better known than Skrill. But all the same, there have been many comparisons between the two payment services in terms of their foreign exchange rate, fee charges, countries that use their services, the security of both services, etc. Let’s see all these factors between the Skrill and Payoneer services.
Skrill Vs Payoneer – Quick Overview
Below are some of the factors you should consider in 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 a 2% to 2.75% markup the already mid-market rate. the Skrill rate applies to the existing mid-market rate on all transfers 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 payment services are well-known. 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 a transfer overseas. 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 funds 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 rates check both websites.
Easy to Use
Registering on both payment platforms is easy although it takes a little time. Both services have mobile apps 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’ documents 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.
Skrill and Payoneer Key Differences and Features
|
Fees to send money |
Skrill Free to send money when there is no currency conversion
|
Payoneer
Free to send to other Payoneer accounts
|
| Fees to receive payments | No fees when there is no currency conversion | ACH bank debit 1%
Credit card 3% Local receiving account 0-1% |
| ACH bank debit 1%
Credit card 3% Local receiving account 0-1% Payoneer-to-Payoneer account receiving is free |
||
| Transfer time | 1-3 business days | |
| Number of available currencies | 40 | 11 |
| International payment options | Supports 40 currencies and offers local bank account details | Send payments to 200+ countries in up to 11 currencies. Convert between 150+ currencies in your multi-currency account. Local bank account details are available |
| Mass payments | Mass payment capability with the Skrill API | Make 200 batch payments at once |
Skrill vs Payoneer Pros and Cons
Below is the list of Skrill and Payoneer Pros and Cons to help you understand the two platforms.
Skrill Pros
- Skrill supports 40 currencies
- Offers Fee-free international transfers
- Integration with a range of eCommerce platforms
- Multi-currency accounts available
Skrill Cons
- No tax form automation features
Payoneer Pros
- Multi-currency accounts are available to receive payments free of conversion fees
- Supports a simple, and easy-to-use system with payment requests and a range of payment methods
- It has Integration with marketplaces and networks
- Free transfers between Payoneer accounts
- Credit-check free capital advance of up to $80,000 USD
Payoneer Cons
- Limited currencies available for payment
- High fees for non-Payoneer to Payoneer transactions
Skrill Relevant Links
Official Websites.
Download the Mobile app from the App Store and Google Play store.
Skrill Social Media Links
Payoneer Useful Links
Payoneer official websites.
Download the Payoneer mobile app from your Google Play Store and App Store.
Payoneer Social Media Links
Frequently Asked Questions
Which is better, Skrill or Payoneer?
Skrill and Payoneer are two different platforms with their key features. It depends on what you want to do. You can check out the pros and cons of Skrill and Payoneer.
What is the perfect Alternative for Payoneer?
Best Alternative for Payoneer:
- Google pay
- square
- Paypal
- Tipalti
- Skrill
- Remitly
Those are the Best and top alternatives for Payoneer
Does Payoneer work with Skrill?
Skrill has stopped accepting Payoneer cards. if you want to load your Skrill account you can use your local bank credit card or load your balance by using cryptocurrency.
Which is Safer Paypal or Skrill?
if you are looking for a safer here then you should definitely consider PayPal to be the safest and it is slightly better than Skrill.
How Good is Payoneer?
Payoneer is easy and stress-free, and using it is very convenient. most especially the customer service and the Payoneer unmatched. The team always makes sure they help you out in any situation or issue you are facing.
Is Payoneer Card Free?
Want to know if the Payoneer card is free? well, the Payoneer MasterCard is a global payment way. And not only that the Mastercard is free for anyone.
Also, Check Out:
- Skrill Money Transfer and Payment – How to Login to Your Skrill Account
- Skrill – Four Reasons Why You Should Use Skrill