Skrill and Payoneer are both pecuniary financial service company that makes fund transfer possible. The companies provide services such as online money transfer and digital payment services. You will need to choose between Skrill vs Payoneer.
There may be advantages of using one of these services over the other. This write is aimed at educating you on the differences between Skrill and Payoneer.
Skrill Vs Payoneer
The services offered by Skrill including international money transfer, trading, betting, gaming, and shopping are at an affordable cost. Payoneer offers almost the same services as Skrill, providing its customers with working capital.
Payoneer is more popular than Skrill. Notwithstanding, there are always outstanding differences between these two services at the cost of their services, countries where the service can be used, and the safety of using the service.
Knowing the difference between Skrill and Payoneer will go a long way in helping you make your choice of which of the service to use in fund transfer and other digital services.
Skrill Vs Payoneer – How to decide Which Company to Use
Highlighted below are areas to critically look into before you will be able to choose which of Skrill and Payoneer to use for the desired service
Exchange Rates – Their transactional Difference
In terms of the exchange rate, Payoneer is preferred to Skrill owning to the fact the MasterCard exchange rate does not apply to listed currencies, it only applies if the currency you are performing your transactions with is not listed.
Another advantage is that Payoneer charges 2% to 2.75% which markup the mid-market rate whereas for Skrill, the exchange rate applies to the existing mid-market rate on all transfers without adding any markup.
The exchange rate of Payoneer comes up automatically before the transaction is completed while with Skrill, the rate can only be got by using the currency calculator online.
Easy to Use – User-Friendly and Accessibility Difference
To use any of the services, you have to register with the company by making available the necessary documents to verify your identity and address.
Fees – The Gap in Charges
Fees for online payment services are dependent on the transaction. The charges for Skrill and Payoneer are almost the same and their charges are bearable.
Sending money to another account holder on Payoneer, receiving funds from another account on Payoneer but in various currencies (USD, EUR, GBP) are free. There are no charges for those services on Payoneer.
You will only be charged when you want to transfer your money from your Payoneer account to your local bank account, based on the country you live in.
Making a transfer using Skrill is free. You will be charged a fee of 1.45% of the amount if you are transferring funds to another Skrill account, and a monthly fee of $3 fee each month if you did not carry out any transaction in your account for the period of a year.
More information on fees for both Skrill and Payoneer is available on their website.
Country – Location Bound Effect
Both Skrill and Payoneer are well known for online transactions in many countries of the world, though they are still unable to penetrate some countries.
The services of Skrill are available in all countries outside Afghanistan, Eritrea, Libya, North Korea, Cuba, Iran, Iraq, North Sudan, South Sudan Syria, and Kyrgyzstan. Its gaming-related transactions are only available to the people of the U.S, China, Malaysia, and Israel.
The services provided by Payoneer cuts across 200 countries, and in more than 150 currencies.
Security System – Safety Usage Control
The two financial companies are registered with the Financial Crimes Enforcement Network (FinCEN). Payoneer is licensed under regulatory bodies in Canada, Japan, Hong Kong, Australia, and Gibraltar.
Skrill is registered with the Financial Conduct Authority (FCA). They both have strong security platforms to keep users’ documents safe online.