Personal Features

Skrill

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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.

TransferWise

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TransferWise provides a simple easy to use international money transfer service with digital wallet capabilities. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. Their TransferWise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What TransferWise offers individuals

  • International money transfers
  • Borderless multi-currency receiving accounts
  • Borderless Debit Card - FX optimised debit card
  • Android and Apple apps
  • Send money to email address

What TransferWise does not offer individuals

  • Personal account management
  • Regular transfers
  • Cash pick up or international bill payments

TransferWise is a winner by far as TransferWise offers much more to the individual than Skrill. TransferWise offers personal debit card’s optimized for travel. Their multi-currency Borderless account, with local banking details beats Skrill’s simple digital wallet solution. Skrill does have one feature that TransferWise doesn’t offer. Skrill’s digital wallet allows their customers to pay for online products and services. Skrill customers can also buy crypto currencies. But with TransferWise’s debit card, customers can purchase foreign products and services cheaply anywhere in the world.

TransferWise
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Business Benefits

Skrill

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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.

TransferWise

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In addition to the services TransferWise offers the individual, there are some features only available for a business. Unfortunately, as TransferWise is online only, a business customer does not have support with currency fluctuations and trends. TransferWise does however offer easy to use transactional foreign currency receipts and payments.

What TransferWise offers businesses

  • Batch payments
  • Xero and Quickbook integration
  • FX optimised business debit card
  • Multi-user account access

What TransferWise for business doesn’t offer

  • Business account management
  • Risk management tools
  • Regular transfers

TransferWise is better than Skrill for small businesses. TransferWise allows customers to batch pay overseas suppliers, receiving funds like a local in 6 currencies and their business debit card backs on to the borderless account. Another advantage of TransferWise is the accounting integration with multiple solutions such as Xero and Quickbooks.

Where Skrill has the slight advantage is their online seller partnership with seller platforms like Wix, Shopify and WooCommerce. Consumers can pay at checkout with the Skrill wallet. Revenue can be deposited directly into your Skrill account. However, this alone cannot compete with TransferWise’s full range of business services. For businesses, TransferWise is the better option.

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Fees & Exchange Rates

Skrill

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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

CountryMethodFees
USALocal methods (ACH, wire transfer, bank transfer)0%
USAGlobal methods (Visa, Mastercard, Paysafecard)0%
UKLocal methods (bank transfer, Neteller wallet, Paysafecash)1%
UKGlobal methods (Visa, Mastercard, American Express, Diners Club)1%

Skrill withdrawal fee

CountryMethodFees
USAWire transfer0%
UKBank transfer or SWIFT£4.76
UKVisa7.5%
IndiaSWIFTINR 415.60

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

CountrySend moneyReceive money
The USFreeFree
The UKTo bank account - free
Skrill to Skrill - 1.5%
Free

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.


TransferWise

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TransferWise offers the real time exchange rate at the time of your transfer. Therefore fees are visible in addition to the transfer amount. The fee structure is complex as it differs depending on the currencies you are sending from and to. Fees also apply to the type of Borderless account transaction. Fees can also apply on the use of the TransferWise Borderless debit card. Fees are briefly summarised below. Read the detailed TransferWise review for more details on TransferWise fees.

TransferWise ServiceTransferWise fee
Simple International Money Transfer

0.4% - 2% 

Varies on currency and payment type

Adding to TransferWise Borderless account0.4% - 0.5%
Converting between Borderless account0.3% - 0.6%
Sending money out of Borderless accountLess than 0.1% in most cases
Borderless Account Debit Card

No fee for card issuance

Fee free cash withdrawal limit of US$250, 2% thereafter

Zero cost on spend from existing currency balance, 0.24 - 3.69% fee if there is no existing balance


TransferWise has lower fees for currency conversion than Skrill. Skrill’s 3.9% currency conversion fee is applied when withdrawing funds from the Skrill wallet to a bank account in a different currency. 3.9% is a very big fee. 

TransferWise’s currency conversion fees vary depending on the currencies being converted. Generally you are looking at between 0.5% and 1%. It’s pretty clear why Skrill can’t compete against TransferWise for fees and exchange rates. If you are not dependent on Skrill’s online seller integration, TransferWise is the better option for sending money internationally.

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Ease of Use

Skrill

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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.


TransferWise

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The TransferWise app design and user experience of their technology is great with simple, intuitive processes.

Registration - Fast and easy account creation

ID verification - Instant in some countries

Transfer speed - It can be instantaneous in some countries. Fast payments to TransferWise comes at an additional cost.

Minimum transfer amount - $1

Mobile app - Simple and easy to use. Probably the best designed app of the international money transfer companies.

Payment options - TransferWise has the broadest range of payment options. Local bank transfer, debit / credit card and country specific solutions such as POLi.


Both Skrill and TransferWise are easy to use by and large. Both offer multiple payment options and payout options. TransferWise user experience across it’s website and apps are superior to Skrills. Skrill’s money transfer speed is slow in comparison to TransferWise. TransferWise’s payouts or transfers can be at times instantaneous.

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Support & Countries

Skrill

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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.


TransferWise

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TransferWise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the TransferWise Countries and Currencies article and is summarized below.

Send from - 23 countries plus the Europe SEPA countries

Send to - Over 60 currencies

Borderless account and debit card - Over 6 countries can sign up to their Borderless services.


TransferWise and Skrill offer support for a large number of currencies. TransferWise offers support for more destination currencies and registration countries. When it comes to customer support, Skrill reviews show a large number of customer complaints. This is not a good sign for good customer support and these publicly poor customer reviews are not being addressed.

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Trust & Transparency

Skrill

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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.


TransferWise

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TransferWise is fully regulated by the FCA and their customer funds are segregated from their business banking activities.

TransferWise is rated on TrustPilot as Excellent. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation.

TransferWise continues to raise capital through private funding. This could be a concern for the future when the shareholders are looking for aggressive growth and / or a return on their investment.


TransferWise has more trust and transparency when compared to Skrill. Within Skrill’s FAQ they do clearly state Skrill’s large exchange rate margin. However, within the app this is not so transparent. TransferWise is very clear on offering the mid market exchange rate and the additional fees on top. TransferWise is quite transparent. Unfortunately, you will not know the fee for TransferWise money transfer until you use their Send Calculator. Fees vary between destination currencies. 

Unfortunately Skrill’s trust is low as is evident in Skrill customer reviews on TrustPilot, Google Play Store and Apple Store.

TransferWise
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The Result

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 TransferWise

For international money transfers, TransferWise is the clear winner when comparing TransferWise and Skrill. TransferWise offers more comprehensive services for the individual and businesses. Their fees are much lower than Skrill which is reason enough alone to choose TransferWise over Skrill.

Skrill does have unique features which may draw consumers such as their payment wallet. Much like PayPal, consumers can pay for goods and services using their wallet with merchants who accept payments via the Skrill wallet. Merchants can integrate Skrill into their checkout to attract Skrill customers for ease of payments while protecting their financial details. 

If you are a merchant you may choose to integrate with Skrill. Just be aware of the high currency conversion fees. Merchants should consider attaching a TransferWise Borderless account to their Skrill account to avoid the high currency conversion fees.