Overview of Payoneer and Skrill
Payoneer and Skrill are two popular payment gateways that allow users to send and receive money globally. Both platforms offer similar services, but there are some notable differences to consider.
Payoneer is a payment gateway that offers a variety of payment solutions for businesses and freelancers. It provides users with a virtual account that can be used to receive payments from clients or marketplaces. Payoneer also offers a prepaid Mastercard that can be used to withdraw funds from ATMs or make purchases online or in-store.
Skrill, on the other hand, is an online payment gateway that provides users with a digital wallet that can be used to send and receive money. It also offers a prepaid Mastercard that can be used to withdraw funds from ATMs or make purchases online or in-store. Skrill is popular among online merchants and freelancers due to its low fees and ease of use.
When comparing Payoneer vs Skrill, it’s important to consider the fees and exchange rates offered by each platform. Payoneer tends to charge higher fees than Skrill, but it also offers better exchange rates. Skrill, on the other hand, offers lower fees but its exchange rates may not be as favorable.
Overall, both Payoneer and Skrill are reliable payment gateways that offer a variety of payment solutions for businesses and freelancers. It’s important to evaluate the specific needs of your business and compare the fees and features of each platform before making a decision.
Services Offered
Payoneer Services
Payoneer offers a range of services that cater to freelancers, businesses, and online sellers. These services include:
- Global Payment Service: Payoneer provides virtual receiving accounts in multiple currencies, allowing users to receive payments from clients and marketplaces worldwide.
- Mass Payouts: Businesses can make mass payouts to their freelancers and employees with Payoneer’s API or through the platform.
- Billing Service: Users can create and send invoices to clients and receive payments directly to their Payoneer account.
- Withdrawal Options: Payoneer offers multiple withdrawal options, including local bank transfers, debit cards, and ATMs.
Skrill Services
Skrill provides a range of services that cater to individuals and businesses. These services include:
- Digital Wallet: Skrill offers a digital wallet that allows users to store and manage their money securely.
- Money Transfer: Users can send and receive money to and from other Skrill users or bank accounts worldwide.
- Prepaid Mastercard: Skrill offers a prepaid Mastercard that can be used to make purchases online or in-store.
- Cryptocurrency: Skrill allows users to buy and sell cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Overall, both Payoneer and Skrill offer a range of services that cater to different needs. Users can choose the platform that best suits their requirements based on factors such as fees, exchange rates, and supported countries.
Fees and Charges
Payoneer Fees
Payoneer offers competitive fees for its services. Here are some of the fees you can expect to pay:
- Receiving payments from clients or marketplaces: 1% to 3% depending on the payment method.
- Withdrawing funds to a bank account: $1.50 to $10 depending on the currency and the country.
- Withdrawing funds to a card: $2.50 to $3.50 depending on the currency and the country.
- Currency conversion: 2% to 2.75% for most currencies.
Skrill Fees
Skrill’s fees are generally higher than Payoneer’s. Here are some of the fees you can expect to pay:
- Receiving payments from clients or marketplaces: 2.9% + $0.30 for most transactions.
- Withdrawing funds to a bank account: $5.50 to $7.50 depending on the currency and the country.
- Withdrawing funds to a card: $7.50 to $10 depending on the currency and the country.
- Currency conversion: 3.99% to 4.99% for most currencies.
Overall, Payoneer is the more affordable option when it comes to fees and charges. However, it’s important to note that Skrill may offer better exchange rates for certain currencies, so it’s worth comparing the rates before making a decision.
Ease of Use
Both Payoneer and Skrill are user-friendly platforms that are easy to navigate. However, there are some differences in the user experience.
Payoneer’s interface is intuitive and straightforward. The dashboard is well-organized, and users can easily access their account information, transaction history, and other essential features. The platform’s mobile app is also user-friendly and allows users to manage their accounts on the go.
Skrill’s interface is also easy to use, although some users may find it less intuitive than Payoneer’s. However, Skrill offers more customization options, allowing users to personalize their dashboard and choose which features to display.
Both platforms offer multiple payment options, including bank transfers, credit/debit cards, and e-wallets, making it easy for users to send and receive payments. Additionally, both Payoneer and Skrill offer multi-currency support, allowing users to send and receive payments in various currencies.
Overall, both platforms are easy to use, and the choice between them may come down to personal preference and the specific needs of the user.
Security Measures
Both Payoneer and Skrill are committed to ensuring the security of their users’ data and transactions. Here are some of the security measures they have in place:
- Encryption: Both platforms use SSL encryption to protect their users’ personal and financial information.
- Two-Factor Authentication: Both Payoneer and Skrill offer two-factor authentication to add an extra layer of security to their users’ accounts.
- Fraud Detection: Both platforms have advanced fraud detection systems in place to prevent unauthorized transactions and protect their users from fraudulent activities.
- Compliance: Payoneer and Skrill are both regulated by financial authorities in their respective countries, which means they must comply with strict security standards and regulations.
Overall, both Payoneer and Skrill take security very seriously and have implemented multiple measures to ensure the safety of their users’ data and transactions. However, it’s always important to take your own precautions, such as using strong passwords and keeping your account information private.
Customer Support
When it comes to customer support, both Payoneer and Skrill offer a range of options. Payoneer provides support via email, phone, and live chat. They also have a comprehensive help center that includes FAQs, video tutorials, and user guides. Payoneer’s customer service has received positive reviews, with users praising the quick response times and helpfulness of the support team.
Skrill, on the other hand, offers support via email and live chat. They also have an extensive knowledge base that includes articles and FAQs on a range of topics. However, Skrill’s customer service has received mixed reviews, with some users reporting long wait times and unhelpful responses.
In terms of availability, both platforms offer support 24/7, which is a plus for users who may need assistance outside of regular business hours.
Overall, while both platforms offer customer support, Payoneer seems to have an edge in terms of the range of support options and the quality of their customer service.
Availability and Accessibility
Both Payoneer and Skrill are available in a large number of countries worldwide. Payoneer supports over 200 countries and 150 currencies, while Skrill is available in over 120 countries and supports over 40 currencies. Both platforms offer multilingual support and have mobile apps available for iOS and Android devices.
In terms of accessibility, both platforms offer a variety of payment options, including bank transfers, credit and debit cards, and e-wallets. Payoneer offers the option to receive payments from global marketplaces such as Amazon, Upwork, and Fiverr, while Skrill offers the ability to send and receive money transfers to digital wallets and serves as a payment gateway for e-commerce merchants.
It is worth noting that while both platforms are widely available, there may be some limitations in certain countries or regions. Additionally, some payment options may not be available in all countries. It is important to check the availability and accessibility of both platforms in your specific location before deciding which one to use.
Currency Conversion Rates
Payoneer and Skrill both offer competitive currency conversion rates for their users. Payoneer supports over 80 currencies and various local withdrawal methods, making it easier for businesses to receive payments from clients and customers around the world. Skrill, on the other hand, allows users to hold balances in over 40 currencies, which can be converted at competitive rates when needed.
When using Payoneer, the currency conversion rate is based on the mid-market rate, which is the midpoint between the buy and sell rates of two currencies. This rate is updated every 60 seconds, ensuring that users receive the most accurate rate possible. Skrill also offers competitive rates, which are updated throughout the day to reflect changes in the market.
It’s worth noting that both Payoneer and Skrill charge fees for currency conversions. Payoneer charges a fee of up to 3.5% for currency conversions, while Skrill charges a fee of up to 3.99%. These fees can add up, especially for businesses that frequently receive payments in different currencies. However, both platforms offer transparent fee structures, so users can easily calculate the cost of currency conversions before making a transaction.
Overall, when it comes to currency conversion rates, both Payoneer and Skrill offer competitive rates that are updated frequently to reflect changes in the market. However, it’s important for users to be aware of the fees associated with currency conversions, as these can add up over time.
Withdrawal Options
Both Payoneer and Skrill offer multiple withdrawal options to their users. Payoneer allows users to withdraw funds to their bank account, prepaid Mastercard, or through local currency transfers. They also offer a withdrawal to a global bank transfer option, which can take up to 5 business days to process.
On the other hand, Skrill offers withdrawals to bank accounts, mobile wallets, and prepaid Mastercards. They also offer an option to withdraw funds to a Visa debit card, which can be used at any ATM that accepts Visa.
When it comes to fees, both Payoneer and Skrill charge varying amounts depending on the withdrawal method chosen. Payoneer charges $1.50 for local currency transfers, and $15 for global bank transfers. Skrill charges $5.50 for withdrawals to a bank account, $1.45 for mobile wallet withdrawals, and $3.50 for withdrawals to a Visa debit card.
Overall, both Payoneer and Skrill offer a variety of withdrawal options to their users, with varying fees depending on the method chosen. Users should consider their specific needs and choose the method that is most convenient and cost-effective for them.
User Reviews and Feedback
When it comes to choosing a payment gateway, user reviews and feedback can be very helpful in making an informed decision. Both Payoneer and Skrill have a decent number of reviews available online.
According to TrustRadius, Payoneer has an overall rating of 8.4 out of 10 based on 19 reviews, while Skrill has an overall rating of 7.2 out of 10 based on 31 reviews. Users of Payoneer praise its ease of use, reliability, and good customer support. On the other hand, some Skrill users have reported issues with account verification, transaction delays, and poor customer service.
FinancesOnline also provides user reviews for both payment gateways. Payoneer has an average rating of 9.0 out of 10 based on 154 reviews, while Skrill has an average rating of 8.6 out of 10 based on 1,399 reviews. Payoneer users appreciate its fast and low-cost transfers, while Skrill users like its wide range of payment options.
Overall, both Payoneer and Skrill have their pros and cons, and it’s important to do your own research and read user reviews before making a decision.
Final Comparison
Both Payoneer and Skrill are popular payment gateways that offer a range of features and benefits. Here’s a summary of how they compare:
- Fees: Skrill charges lower fees for sending and receiving money, while Payoneer’s fees tend to be higher.
- Exchange rates: Payoneer offers better exchange rates compared to Skrill.
- Ease of use: Both platforms are user-friendly and easy to navigate, but Skrill has a more streamlined setup process.
- Support: Both Payoneer and Skrill offer excellent customer support, but Payoneer has a more extensive knowledge base and community forum.
- Security: Both platforms use advanced security features to protect user data and transactions.
Overall, the choice between Payoneer and Skrill depends on individual needs and preferences. If you’re looking for a platform with lower fees and a simple setup process, Skrill might be the better option. However, if you prioritize better exchange rates and a more extensive support system, Payoneer might be the way to go.
