Payoneer vs Skrill: Overall Results of Comparison
Skrill makes and receives bank transfers and money transfers to digital wallets. For businesses, Skrill is also a payment gateway for e-commerce merchants that handles online purchases by their customers (pay-ins). Payoneer specializes in freelancers, other service providers, affiliate, and e-commerce seller payments (payouts). This comparison article focuses on handling outgoing payments (payouts).
Skrill makes payments in more global currencies than Payoneer for most types of payments. Skrill money transfers abroad have no transaction fees. Skrill is lower cost than Payoneer for several kinds of global transactions. Payoneer and Skrill are secure.
Skrill supports Bitcoin digital currency with some user payment restrictions, but Payoneer doesn’t. Payoneer and Skrill both make US ACH and global bank transfers. Both companies have mobile apps and are easy to use. For both Skrill and Payoneer, bank fees and currency exchange fees may apply to transactions.
Payoneer vs Skrill: Overall Results of Comparison
How to Compare Skrill vs. Payoneer
When evaluating international money transfer options using global payment services companies, we compared Payoneer vs. Skrill. Our analysis considers payment risk and security, different countries served, transaction fees, currency conversion exchange rates, exchange fees, payment methods, ease of use, expertise in handling payouts, and customer support.
These comparison factors have been grouped into the below main categories:
- Multi-currency capabilities
- Fees
- Payment Safety and Security Risks
- Prepaid debit cards/ ACH and other global bank transfers
- Mobile apps
What is Payoneer and how does Payoneer work?
Payoneer users send and receive payments in 200 plus different countries and 150 local currencies. Payoneer makes payments to freelancers and e-commerce sellers. Payment methods include a Payoneer account linked to the receiver’s bank account and a Mastercard prepaid debit card. The prepaid debit Mastercard is used for Payoneer payments to service providers and online sellers and their subsequent purchases or ATM withdrawals. Payoneer also offers Capital Advance, providing instant financing to Amazon and Walmart online sellers.
Payoneer is headquartered in New York
Payoneer lets its customers and their clients make or receive business-related cross-border payments. Ways to receive Payoneer payments are:
- Global Payment Service – receiving from US, EU, UK, and Japanese companies
- Request a Payment from clients
- Mass Payout Company from your affiliate, freelancing, or development platform, and
- Make a Payment – receiving funds from other Payoneer users.
PayPal, Stripe, Skrill, and other digital wallets work with Payoneer payouts so users can receive payments from eWallets (get pay-ins). To receive the funds through Payoneer from an eWallet, choose the bank transfer payment method in the eWallet account (like a PayPal account). Payoneer’s Global Payment Service is used to send and receive bank transfer payments.
Payoneer vs Skrill: Overall Results of Comparison
ACH is a bank transfer through a network of US-only financial institutions, with rules. Global ACH, for cross-border bank transfers, is conceptually the same, although there are no standards.
Which companies make payments through Payoneer?
Platforms for freelancers that use Payoneer payouts include Upwork and Fiverr. Google pays its independent contractors through Payoneer. Airbnb uses Payoneer for global mass payments. Through Payoneer, Amazon pays e-commerce sellers in certain countries and affiliates with an Amazon Associates account. Payoneer offers a local receiving account in USD, GPB, EUR, AUD, MXN, CAD, or JPY.
Payoneer vs Skrill: Overall Results of Comparison
Besides large enterprise companies, Payoneer also serves small businesses and mid-size companies making global payments.
What is Skrill and how does Skrill work?
Skrill is an international online payments and money transfer company that offers secure transfers directly to a bank account or Skrill wallet without international-destination transfer fees. Skrill Visa Prepaid Card for U.S. users with a Skrill account requires no credit checks or bank account. Skrill instantly sends and receives money or lets users spend.
Skrill has the same parent company (PaySafe Group) as its digital wallet competitor, NETELLER. Skrill is headquartered in London.
Also Search –
Skrill – Create a Skrill Account | Skrill Login
Payoneer – Create Account and withdraw funds on Payoneer
Login to Payoneer – How to Login to my Payoneer Account
To send payments with Skrill, your choices include:
Money Transfer: to a mobile wallet or personal (not business) bank account the Skrill Money Transfer recipient doesn’t need a Skrill account with a Rapid Transfer option in certain countries
available worldwide in many local currencies from which you select senders that can pay the transfer amount for Skrill Money Transfers with credit cards, debit cards, Rapid Transfer, or Klarna. Transfers are either delivered instantly or within 24-72 hours after receiving funds from the sender(with timing notification from Skrill), any failed payment transmission is refunded back to the sender’s card or bank account as soon as possible.
Send money from your Skrill account to your NETELLER account
with instant transfer to your NETELLER wallet.
Transform the way
your finance team works.
Bring scale and efficiency to your business with fully-automated, end-to-end payables.
For a transfer from your Skrill account to NETELLER account and digital wallet, “if there is a currency conversion, a 3.99% (FX) foreign exchange fee will be added to our [Skrill’s] wholesale exchange rate”.
What are the Multi-Currency Capabilities of Payoneer?
Payoneer makes payments worldwide. Payoneer’s Global Payment Service provides international receiving accounts for bank transfer payments that fund recipients can use instead of having a local bank account. Funds received are limited to certain currencies.
For the Global Payment Service, funds can be received in these currencies and bank transfer methods:
“USD from companies in the United States / Transferred via ACH
EUR from companies in the EU / Transferred via SEPA
GBP from companies in the UK / Transferred via BACS and FPS
JPY from companies in Japan / Transferred via Zengin.”
Credit card transactions use many worldwide currencies.
What are the Multi-Currency Capabilities of Skrill?
Skrill serves over 200 countries and provides 40 currencies for payments.
Which Payment Methods Does Payoneer Offer?
Payoneer Prepaid Mastercard is a debit card. Payoneer doesn’t support bitcoin, although there may be other ways to buy bitcoins with funds received through Payoneer. Payoneer allows only U.S.-based users, except Nevada residents, to pay with eChecks within the United States.
Which Payment Methods Does Skrill Offer?
Skrill’s prepaid VISA is a debit card issued by US-based Community Federal Savings Bank (CSFB).
Skrill allows users to fund their account with Bitcoin and Bitcoin
Cash digital currency but does impose restrictions on their Bitcoin and Bitcoin Cash payments from Skrill.
Are Payoneer Payments Safe?
Yes. A Payoneer account is safe, Payoneer security includes 2-step verification, CAPTCHA requests, RSA adaptive authentication, account takeover prevention, and risk model and behavior profiling. Payoneer has multi-jurisdictional licenses.
Are Skrill Payments Safe?
Yes. Skrill payments are extremely safe. Security is one of Skrill’s primary selling points to attract customers besides cost benefits. Skrill has an anti-fraud team protecting every transaction and protects personal information. Skrill uses SSL and encrypts payment transactions.
Does Payoneer have a Mobile App?
Yes. Payoneer has a mobile app for both the iOS and Android platforms.
Does Skrill have a Mobile App?
Yes. Skrill – Transfer Money is a digital wallet mobile app for shopping and making online payments. It’s available on both the Apple iOS and Android platforms.
Payoneer Pros
Payoneer is an established, well-financed company founded in 2005. Payoneer’s impressive enterprise clients, making substantial payments, include Upwork, Google, Amazon, and Airbnb. Payoneer has over 4 million payees with Payoneer accounts, making it easy for payors to get started with Payoneer. Payoneer offers localized global customer support to payors and payees by email, phone, and chat in over 35 languages. Payoneer is generally a low-cost payout method for payors.
Payoneer Cons
Payoneer’s B2B global payments platform is limited to paying freelancers, affiliates, and e-commerce online sellers. Payoneer doesn’t include PayPal as a payment method on its website. Payoneer doesn’t validate payee tax information and has some limited fraud controls.
Skrill Pros
Skrill provides global transaction security, using an anti-fraud team and other security measures. Skrill offers many types of online transactions to accomplish many purposes. Skrill’s money transfer service and digital wallet approach send and receive payments either instantly or within 24-72 hours. Money transfers abroad are free with no transfer fee. Banks may charge fees.
Skrill Cons
Skrill doesn’t have significant cons. However, Skrill doesn’t permit bank transfers to business bank accounts and charges a 2% fee for domestic money transfers.
Payoneer vs. Skrill – In Summary
Payoneer vs Skrill is a tie. Payoneer specializes in payouts to freelancers and independent contractors, with cross-border payments to over 200 countries using a choice of 150 currencies. Payoneer offers a prepaid debit Mastercard for spending and ATM withdrawal by recipients and offers free transfers between Payoneer accounts.
Skrill uses digital wallets well for payments related to online payments in shopping, betting, trading, and other target markets.
Both Payoneer and Skrill make U.S. ACH And Global ACH payments.
In Skrill vs Payoneer, both software vendors provide a solution for their target markets. To find the right solution for your purchase decisions, when evaluating payment software vendors, also consider Tipalti global mass payments automation software.