Using the services of Payoneer or Skrill to send money overseas does not work equally well for everyone. This is because various aspects require your attention in selecting the right service provider. For instance, it appears that one company falters when it comes to providing good customer service.
You may get an idea of what customers of both companies have to say about their services by taking the Skrill vs. Payoneer comparison to Trustpilot. On this review-based platform, while Payoneer averages at 9.2 out of 10, Skrill gets a dismal 1.2 out of 10.
Before you select either Skrill or Payoneer, take time to look at all the factors that might have an effect on your decision.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Which services of Payoneer or Skrill you plan to use tend to have a bearing on the fees you need to pay.
- Sending money to other Payoneer account holders is fee-free.
- If you receive money from other Payoneer account holders in USD, GBP, or EUR, you pay no fees.
- Withdrawing funds from your Payoneer account into your local bank account requires that you pay a fee, which varies depending on your country of residence.
- Online sellers pay no fees for receiving payments in GBP, EUR, CAD, CNY, and JPY.
- Online sellers need to pay a 1% fee when receiving payments in USD.
- Using the prepaid Mastercard in unlisted currencies attracts a conversion fee of up to 2.5%.
- Additional details about the company’s pricing structure are found online.
- You pay no fees when transferring money to overseas bank accounts.
- Using your Skrill wallet online and in-store attracts no fees.
- You may receive money into your Skrill account without paying any fees.
- The company charges a U.S. $3 fee each month if there is no activity in your account for 12 months.
- Sending money to another Skrill wallet or an email address requires that you pay 1.45% of the transfer amount as fees.
- Uploading funds into your Skrill account attracts fees, which vary depending on the payment method.
- Withdrawing funds from your Skrill account into your local bank account attracts fees.
- You may view more details about the company’s fee structure online.
Ease of Use
Registering with either Skrill or Payoneer takes little time, although you need to provide documents that help verify your identity and address. Both provide apps for iOS and Android.
- The company operates a multilingual website.
- You cannot use Payoneer to transfer funds directly into an overseas bank account.
- Recipients need to withdraw money from their Payoneer accounts into local bank accounts.
- Online sellers get receiving accounts in USD, CAD, GBP, EUR, AUD, CNY, and JPY.
- Payoneer accepts payments via bank account transfers and credit cards.
- If you live in the U.S., you may make payments via eChecks.
- A prepaid Mastercard gives you easy access to money in your Payoneer account.
- You may use the Skrill website in various languages.
- Depending on where you live, you may make payments via bank account transfers, debit cards, credit cards, ACH, or Paysafe cards.
- You may use the services of Skrill to buy cryptocurrencies such as bitcoin, bitcoin cash, litecoin, and ether.
- You may use money in your Skrill wallet to make online and in-store purchases.
- The prepaid Skrill Mastercard lets you access funds in your account easily.
Regular Overseas Payments
Both companies falter in this section of the Payoneer vs. Skrill comparison because they are yet to start offering this service. If you wish to set up regular transfers, consider turning to alternatives such as OFX, WorldFirst, FC Exchange, or Currencies Direct.
- Check out Payoneer competitors and alternatives.
- How does the TransferWise Multi-Currency Account work?