Payoneer vs Skrill

Payoneer only offers money transfer solutions for freelancers and businesses. Therefore Payoneer receives a zero score for the Individual services category. If you need international money transfer services or solutions and you are not a freelancer or a business. You should click Compare Now in the top menu. Find the best companies for individuals that support your home and destination country.

Skrill gives individuals from different countries an easy means to carry out international money transfers.
 

What Skrill does

• International money transfers.
• Receive money from overseas.
• Skrill prepaid card (for residents of the US, the European Economic Area (EEA) and a few other countries).
• Digital wallet.
• Multi-currency account (for VIP Silver members and above).
• Knect - Skrill loyalty programme.

What Skrill doesn’t do

• Cash pick up.
• Personal account managers.
• Regular transfers.

Payoneer specializes in providing international money transfer services for businesses, online sellers and freelancers. Payoneer offers international payment solutions for large and small businesses alike. AirBNB has partnered with Payoneer to service payments to their hosts. Small business and entrepreneurs leverage Payoneers Online Sellers integration to easily receive payments from Amazon, Wish and Shopee and many more. See a high level list of the services Payoneer offer below.

What Payoneer for business offers

• Solutions for online sellers
• Unique local multi-currency bank accounts
• Mass payments
• Prepaid Mastercard
• Payment requests
• Payoneer to Payoneer transfers
• Accounting integration

What Payoneer for business doesn’t do

• Currency hedging tools
• Dedicated account managers for small transfers

Businesses from different countries may benefit by using Skrill money transfer and payment services.
 

What Skrill for business offers

• Make and accept international payments.
• Digital wallet to hold funds and transact in over 40 currencies.
• Wide range of options to accept payments (bank transfers, cards, wallets, cash payments etc.).
• Integration with popular eCommerce platforms and shopping carts (Shopify, Wix, Magento, WooCommerce, BigCommerce, PrestaShop etc.).
• Mass payments.
• Simple API integration.

What Skrill for business doesn’t do

• Risk management tools.
• Business account managers.
• Unique multi-currency receiving accounts.

Payoneer fees include transferring money out of Payoneer to local bank accounts, using their Mastercard to spend in foreign countries, and some additional fees. There are no fees for receiving money in to your Payoneer account.

Payoneer Fees

There are different fees for Payoneer services. Read the review of Payoneer to see a detailed breakdown of all the fees that can apply. Below is a short summary of the Payoneer fees.

Exchange rate margin fee - An exchange rate margin of up to 3% can apply in different circumstances such as withdrawing money and transferring balances between different currencies. You may negotiate better rates when carrying out large value transfers.

Payoneer Mastercard - Spending funds in the Payoneer account using the Payoneer Mastercard can have up to a 3.5% currency conversion fee.

Are there additional Payoneer fees?

Yes. You might need to pay fees when receiving and making payments. The Payoneer Prepaid Mastercard comes with an annual fee. 

Skrill fees

Skrill fees vary based on where you live as well as the Skrill service you use. The corresponding tables highlight fees for a few popular countries. In summary, Skrill's exchange rate fees are very high compared to it's competitors. Even sending in between Skrill accounts has a very high fee. Based on money transfer fees alone, it would be worth considering a cheaper company for basic international money transfers.

Skrill fees to deposit funds

Skrill withdrawal fee

Skrill prepaid card fees

Skrill provides a prepaid Visa card for US customers and a Skrill prepaid Mastercard for customers from the EEA.

Application fee for the Skrill Prepaid Mastercard - €10.

Annual fee for the Skrill Prepaid Mastercard - €10.

Skrill ATM withdrawal fee for the Prepaid Mastercard - 1.75% of the withdrawal amount.

Skrill transaction fee for the Skrill Prepaid Mastercard - Free in-store and online purchases.
 

Skrill international money transfer fees

Fees for inactive Skrill accounts

If you don't use your Skrill account for 12 consecutive months, Skrill applies a monthly €5 or its currency equivalent fee on your account.
 

Skrill exchange rate

When Skrill carries out transactions that involve currency conversion, it applies a 3.99% margin/markup on its wholesale exchange rates.

What Payoneer does well

Sign up process - Fairly straightforward although completing the US tax form can be time consuming.

Payment options -  Bank account transfers, debit card, credit cards and Payoneer balances.

Mobile app - Available for iOS and Android. 
 

Where Payoneer could improve

Transfer speed - Up to 3 business days upon payment.

Phone transfers - Transfers can not be completed over the phone.

USA tax compliance form assistance - Completing the form as a non-US resident can be confusing. It would be of great help to provide more assistance for non-nationals to complete these forms.

Sign up and account verification - The signing up process can be made simpler. In addition, several Skrill reviews on Trustpilot, Apple App Store and Google Play store complain about encountering problems with the verification process - with some users having to go through it repeatedly with no success.

Phone transfers - As of now, you can not set up transfers over the phone.

Skrill money transfer time - Transfers from one Skrill account to another can go through almost instantly. However, withdrawing funds from your Skrill account to your local bank account might take 4 - 5 business days. Bank account transfers carried out through Skrill can take 2 - 3 business days, or more.

Skrill app - Skrill provides apps for Apple and Android users. However, several Skrill reviews on Google Play Store and Apple App Store highlight problems with the apps. Not being able to deposit funds seems to be a common concern.

What Payoneer does well

Supported destination countries and currencies - Payoneer supports transfers to more than 200 countries and territories, in over 150 currencies.

Customer support - Customer support is available via chat, email and over the phone.

Languages - Access to the Payoneer website comes in multiple languages.
 

Where Payoneer could improve

Send from countries - As of now, customers can use the Global Payment Service to send money from the United States, European Union, the United Kingdom, Japan, Australia, Canada and Mexico.

Customer Service - There is a growing number of negative customer reviews for Payoneer. These need to be addressed and communicated through review channels such as Trustpilot.

Supported Countries 

Skrill provides services in most countries other than Afghanistan, Cuba, Eritrea, Iran, Iraq, Kyrgyzstan, Libya, North Korea, North Sudan, South Sudan and Syria.

Gambling-related transactions are restricted in the U.S., Turkey, Israel, Malaysia and China.
 

Customer Service

Skrill gets a terrible score on Trustpilot of 1.2 out of 10.

What Payoneer does well

• Payoneer is fully regulated in different countries.
• Two-factor authentication adds another layer of security to your Payoneer account.
• High volume of repeat transfers implies high levels of trust.

Where Payoneer could improve

Exchange rate margin fee transparency - Payoneer’s exchange rates include margins of up to 3% in some cases.

Skrill supported currencies - Use Skrill to send money in more than 40 currencies.

Skrill restricted countries - Afghanistan, Cuba, Eritrea, Iran, Iraq, Kyrgyzstan, Libya, North Korea, North Sudan, South Sudan and Syria.

Skrill restricted countries for gambling-related transactions - China, Israel, Malaysia, Turkey and the U.S.

Skrill customer service - Skrill provides multilingual customer support via email and over the phone.

Multilingual website - You can use the Skrill website and apps in different languages.