What, actually, is skrill? And what, exactly, is PayPal? Those are the two basic questions we need to answer first, in order to have an easy comparison of PayPal vs Skrill.
Once we understand what each of them is, how it works, and what its benefits are, and then get to know if either of them is known to mess up anyone, we will be in a position to decide which one to choose in our global trading and other money matters.
What Is Paypal And What Is Skrill?
PayPal is a company that enables you to transfer money online. All you need to do is log onto the company website, create an account, and submit a couple of documents that are meant to declare you are actually the individual you are saying you are and that you are no thug – well, they won’t ask you for a police certificate, but they will want to see if banks back home want you as a customer.
We need to get definitions out of the way so we can now proceed to compare PayPal vs Skrill in terms of speed, restrictions, security, and such other factors, so let us look at Skrill. What is it?
It is an e-commerce platform that first tested the online money transfer business as Moneybookers. Until recently, Skrill did not seem to care much about your residency and such personal details.
With your national ID or passport, you could send money from one corner of the world to another in minutes. Now they want to know a little more about you, probably to help curb criminal activities.
How Does Money Travel From Your Bank?
Speaking specifically of PayPal vs Skrill, both of them make use of bank debit and credit cards, which you are required to link to your bank account once you have registered. They also offer customized debit cards to customers who wish to use them, and this enables you to access your money whenever you wish without delay.
However, as far as the latter service is concerned, only US residents are beneficiaries when it comes to PayPal. Skrill is more liberal and does not discriminate the use of these cards irrespective of where you live. Needless to say, this is one up for Skrill.
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Another thing that is tempting people who only held PayPal accounts to register with Skrill is the fact that Skrill has entered into partnerships with numerous electronic mobile wallets worldwide, and these have reduced transaction time to minutes instead of days. India, Philippines, Nepal and Kenya are among the countries whose residents speak well of Skrill, courtesy of their mobile wallets.
If truth be told, anyone sending money wants it on the other end the soonest irrespective of what the money is meant for. You don’t want to suffer anxiety the way merchants often do when their goods are on the high seas. It is, therefore, understandable that speed should be an issue in the PayPal vs Skrill assessment.
Which is secure – PayPal or Skrill?
Actually, both of them are. In fact, on that count, PayPal has been seen to take their sensitivity to security overboard, going by the complaints surfacing on the internet and from everyday talk.
They seem to limit and suspend activity on your account at the slightest system alert, but the lack of human intervention and overreliance on automation is what gets the owners of suspended accounts uncomfortable.
When it comes to Skrill, some global institutions may have viewed it as probably too lax on their security because of their easy customer verification procedure, and hence hesitated to partner with it.
However, the platform has now enhanced its security measures, requiring some utility bill or bank statement on registration to verify the actual location of the customer. You are now also required to submit a selfie juxtaposed against your ID.
Putting Skrill vs PayPal on the balance on the count of security, it is safe to declare both of them secure for your money transfer wherever you are, either as a sender or a recipient.
Is Skrill as Fast as PayPal?
The speed record goes to Skrill without a doubt. If you decide on phone to send someone money and neither of you has a Skrill account, both of you can register online with Skrill, get verified, and have the money transaction done and completed within an hour.
The simplicity of Skrill and transaction speed might just be the single factor (probably double factor…) that will make it gain customers, including those who already have PayPal accounts.
Which is cheaper – PayPal vs Skrill?
Both platforms charge a percentage on the amount of money you are transferring at any one time, and Skrill’s percentage has been lower than that of PayPal. While PayPal charges around 4%, Skrill charges around half of that.
Granted, such rates might change over time, but regulars at online trading platforms reckon PayPal is better than Skrill when dealing with small payments such as transacting on eBay. However, when it comes to big transactions such as those done by Forex traders and serious online gamblers, they say Skrill is the way to go.
One other thing you need to note when comparing Skrill vs PayPal is that there are no charges levied for transferring money between your Skrill account and your mobile wallet.
That may be a significant factor depending on your lifestyle. If your intention is to have the money in your bank account eventually, you may wish to transfer it directly there, in which case, the free e-wallet transaction aspect may not be a factor.
Is it better to have a Skrill or PayPal account?
If you regularly transact online, you might be safer with both Skrill and PayPal. After all, none of the platforms charges you account maintenance fees. That way, you will need to compare PayPal vs Skrill on a transaction by transaction basis.
In any case, at the rate technology and particularly e-commerce is growing, either of the two platforms may improve tremendously in due course. In fact, you cannot rule out a new, equally big, global competitor entering the market and giving both PayPal and Skrill a run for their money.