Given the number of people who travel to foreign countries for work or pleasure, the need to make cost-effective and reliable cross-border fund transfers comes as no surprise. However, selecting a suitable service provider is easier said than done. If you are wondering whether you should turn to Skrill or TransferWise for your next overseas money transfer, going through the rest of this page might serve you well.
An easy way to determine where the TransferWise vs. Skrill comparison stands in the real world is to take a look at what their customers are saying about their services. On Trustpilot, a review-based website, while TransferWise averages at 9.2 out of 10, Skrill manages a meager average of 1.2 out of 10.
Bear in mind that both companies differ in how they operate, and do not serve the needs of everybody equally well. As a result, deciding to go with either TransferWise or Skrill requires that you pay attention to other aspects as well. These include:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
The fee you need to pay might have a bearing on whether you should select Skrill or TransferWise. This is because both companies follow different pricing structures.
- You may transfer money to overseas bank accounts with paying any fees.
- You pay no fees when you use your Skrill wallet to make in-store and online payments.
- Receiving money into your Skrill account attracts no fees.
- If you send money to an email address or another Skrill account, you need to pay 1.45% of the amount you transfer as fees.
- You need to pay fees when adding funds to your Skrill account, which vary according to the payment method.
- You need to pay a fee when withdrawing funds from your Skrill account to a bank account.
- If your account remains inactive for 12 months, you need to pay a U.S. $3 monthly fee, until you start using the account again.
- More details about the fee structure Skrill follows are made available online
- You need to pay a small percentage of the transfer amount as fees.
- The currencies being traded, the mode of payment, and the transfer method may affect transfer fees.
- The TransferWise fee breakdown table gives you an indication of how much you might need to pay as fees.
- If you register for the TransferWise Borderless Account, you pay no fees to receive payments or add funds in your account.
- Withdrawing funds to your bank account and converting currencies through the Borderless Account attract nominal fees.
Ease of Use
You may sign up with either TransferWise or Skrill in a matter of minutes. However, both companies verify your identity before activating your account. Both companies provide apps for devices that run on Android and iOS.
- Skrill operates a multilingual website.
- You may sign up as an individual or a business.
- Acceptable modes of payment, depending on your country of residence, include bank account transfers, ACH, debit cards, credit cards, and Paysafe cards.
- The company lets you buy cryptocurrencies such as bitcoin, bitcoin cash, ether, and litecoin.
- You may make in-store or online purchases by using funds in your Skrill wallet.
- A prepaid Skrill Mastercard linked to your account gives you easy access to your money.
- TransferWise lets you register using your existing Google or Facebook account.
- The company provides services for individuals and businesses.
- You may access the TransferWise website in various languages.
- Depending on your country of residence, you may pay via a bank account transfer, a debit card, or a credit card.
- Get free bank account details in various currencies when you sign up for the TransferWise Borderless account.
- Set up direct debits in EUR and GBP by using your Borderless account.
- Depending on where you live, you may qualify to apply for the TransferWise Mastercard.
Regular Overseas Payments
Turning to Skrill or TransferWise will not do you much good if you wish to set up scheduled transfers, because both do not provide this feature yet. Some of the top overseas money transfer companies that offer this functionality include WorldFirst, FC Exchange, OFX, and Currencies Direct.