[FREE REPORT] Skrill vs. Paypal: Fees and Services Compared
Online casinos offer an increasing number of payment methods to new casino players. There are two e-wallets, in particular, however, that are proving to be popular among players. In fact, the debate over Skrill vs PayPal for gambling is an ongoing one.
There are a number of aspects that you should look at when choosing which online casinos to play at, such as game selection, security, reliability, and bonuses.
Payment methods can be an overlooked aspect, but one you should certainly take into account. When it comes to choosing a payment method at online casinos, many users weigh up the pros and cons of using the two e-wallets.
In this PayPal vs Skrill review, we’re going to demystify the strengths and weaknesses of both when to comes to using them at an online casino. There are many questions that get asked when debating the two: “Is Skrill safe? Does PayPal accept Skrill? etc. etc. Let's explore these questions and more by comparing the two payment wallets.
|Languages||Almost all languages||7 European languages|
|Multiple currencies||Unlimited||VIP accounts only|
|Verification method||Small deposit||Small withdrawal|
|Registration and verification time||2 days||1 day|
|Accounts per customer||2||1|
|Charges you for…||Receiving money||Sending money|
|Deposit fee||Free||0% to 7% of total|
|Merchant transaction fee||4.5% (+ fixed amount)||2.99% (+ fixed amount)|
|Currency conversion fee||Free||2.99% to 3.99%|
|Cross-border transaction fee||0.5% to 7.4% of total||Free|
|Dormant account fee||Free||€1 per month after 12 months|
|Gambling||Advance approval required||Allowed|
|Online casino sign-up bonuses||No||Yes, through promotions offered|
|Merchant acceptance||Widely, although not universally, accepted||A small amount of merchants|
|MasterCard Debit Card offered||U.S. customers only||All customers|
The basic differences
PayPal and Skrill are two of the most popular e-wallets around: each with its own niche segments of users.
PayPal is a key player in the electronic payments space, and when it was acquired by eBay in 2006, it only helped the payment provider to strengthen its position even further.
Skrill was established in 2001, and is a popular PayPal alternative. In fact, like PayPal, also one of the world’s most popular e-wallets in the world.
The most fundamental difference that separates the two is the fact that PayPal is a relatively new option in online casinos. PayPal stayed away from the online casino industry because it priorities the security and protection of its users' funds.
However, Skrill has always been highly secure and had no problem with opening up its platform to online casinos. When it comes to popularity among online casinos users then, Skrill beats PayPal hands down.
Skrill provides its users with a multi-tiered VIP programme. There are five tiers in its VIP level, and one of the benefits is that you can use the Skrill MasterCard for free. Among the other benefits are higher transaction limits and lower fees.
The PayPal wallet doesn't offer an established VIP programme as yet. Therefore, Skrill also beats PayPal in this area, especially when such programmes can be used at online casinos.
Creating your account
As with every other online payment method, you have to sign up to both send and receive payments.
The good news...
Signing up with both Skrill and Paypal is quick and easy.
Each will require you to fill in a few basic details. You’ll need to ensure that the information you provide is accurate to avoid any potential issues in the future.
This is even truer with online gambling, as it’s important to provide accurate information to both online casinos and your preferred payment wallet.
Once you’ve completed the sign-up process, you should verify your account. While this isn’t 100% necessary, you’ll be subject to limits with regards to sending and receiving money on a daily, weekly, or monthly basis.
While the basic aim is the same, there are differences between the verification process in the two payment services.
Skrill vs PayPal fees
Skrill only allows one account per customer, but it does allow up to four accounts for different currencies. It also awards a small sign-up bonus, which you can use when signing up to a new online casino, or when trying out a new game.
While Skrill doesn’t charge any fees for managing your account, they do impose a 3.79% exchange fee. You won’t be charged for receiving funds, but there’s a charge if you want to send money from your account.
You can have two PayPal accounts: one personal account and one business account.
PayPal is more widely known that Skrill and so it doesn’t offer any sign-up bonuses. Like Skrill, it doesn’t charge an account management fee, but it does charge exchange fees: slightly less than Skrill, at 2.5%.
When it comes to fees for sending and receiving money, it works in the opposite way than Skrill. PayPal charge 2.9% and £0.20.
When it comes to deposit and withdrawal fees, this is another area where the two payment providers differ.
With Skrill, there are no fees for bank transfers and instant bank deposits, although there’s a 1.9% fee for credit card deposits.
In terms of withdrawal fees, Skrill charges €3.50 for cheques, €5.50 for bank transfer, and a 1.75% fee for prepaid cards. It also charges €1 a month if you haven’t used your account for a year.
There are no PayPal withdrawal fees through bank transfer. However, it does charge for withdrawing through prepaid cards and cheques. It doesn’t charge for dormant accounts.
Depositing and withdrawing funds
If you're wondering “How can I withdraw money from skrill?”, a Skrill money transfer takes place simply. It’s perfect for online casino users who want to transfer funds to and from an online casino.
It’s easy to use Skrill as it just requires the user to simply enter an email address and phone number to transfer funds.
Depositing and withdrawing funds with PayPal is secure, as PayPal boasts multiple security certificates that are frequently updated.
Just as is the case with Skill, PayPal provides fast transfers when used with online casinos. Depositing funds is immediate, and that money is processed and withdrawn in less than a day once you’ve requested a withdrawal from your favourite online casino.
In terms of whether it's possible to transfer funds from PayPal to Skrill and from Skrill to PayPal, you can absolutely make a PayPal to Skrill exchange and vice versa.
However, you would need to do so by depositing funds from one of the e-wallets to your bank and then depositing it from your bank to the other e-wallet.
Transferring funds is easy with PayPal: send money, receive money; you'll find it easy to do both.
Making a PayPal international transfer is also easy, as it's the same process as when making a domestic one.
PayPal boasts thousands of users around the globe. In fact, the service can be accessed in more than 200 regions and countries. Not all users are able to send and receive money via PayPal, however.
In certain countries, such as Macedonia and Belarus, people can send money but not receive it. This is a key factor with regards to using the e-wallet at online casinos.
As of 2019, users in 81 regions/countries can access PayPal’s entire package.
Skrill is also available in over 200 countries and regions. The main positive with Skrill is that it allows not only sending funds, but also receiving and withdrawing in more countries than PayPal.
As mentioned, PayPal has far more users than Skrill. There are a few reasons for this, but the most notable one is that PayPal has developed relationships with a greater number of platforms.
The majority of websites and eCommerce platforms where visitors are able to send and receive money are afforded the opportunity to use PayPal.
How about online casinos?
If we compare PayPal and Skrill options at online casinos, there are minimally three times as many casinos that offer Skrill as an option.
It is like that this is due to the status of online gambling in the U.S., where PayPal has its headquarters, compared to Skrill, which is based in the UK.
Without a doubt, the online casino market is far more liberal in the UK, which helps to explain the difference.
Online casino bonuses
When it comes to online casino bonus offers, you would be well advised to read the terms and conditions before creating your account. Each casino’s T&Cs are different, and not all payment services are accepted for welcome bonuses.
The majority of online casinos allow new players to make their first deposit with Skrill in order to claim their welcome offer. More online casinos accept Skrill than they do PayPal, but there are still some that do if that’s your preferred method of payment.
Both e-wallets have their own key features and benefits. PayPal is the biggest e-wallet around for online payments, in general. When it comes to online casinos, however, it has some catching up to do.
Skrill has been more open to embrace the online gambling industry, and has long helped players make deposits and withdrawals in online casinos.
Cashbacks and security
Another area where the two payment providers differ is in the cashbacks they offer. Skrill users are offered cashback when making deposits and withdrawals at online casinos. It isn’t particularly high, at 0.3%, but it does come with an e-wallet optimiser.
PayPal doesn’t offer a cashback feature. The two e-wallets also differ in their security procedures.
Skrill implements two a two-step authentication for verification, while PayPal has its PayPal Security Key. So if you're wondering “is it safe to use Skrill?”, the answer is “yes”.
Online payment services are specifically designed to offer users an alternative to standard credit cards.
However, a physical card’s accessibility and convenience are obvious, and have become a thing of habit, which is why the top online payment services make their own versions available.
How it works is that an online payment provider teams up with a debit and credit card brand to develop a card with specific features.
PayPal teamed up with MasterCard for its prepaid card. It’s ideal for users, in general, and can be used by anyone who has had either a business or premium account open for 60 days.
How about limits?
The card remains valid for three years, and you can use it in transactions up to 940 USD at ATMs.
With currency being restricted to USD and EUR, it’s still convenient for the majority of users, especially players at online casinos where these currencies are typically welcomed.
Skrill has also teamed up with MasterCard for its very own prepaid card.
There are no charges for online bank statements or a new PIN. It also takes less time for the card to arrive, at 5-10 business days. PayPal’s card takes 2-4 weeks to arrive.
Limits depend on your country of residence and location. Daily cash machine withdrawals are generally limited to 250 EUR, although higher limits can apply.
The same is true of POS spending limits, with a 1,000 EUR limit generally set. This too, can increase, depending on your country and card merchant.
Card validation is no different than PayPal, but in terms of currency, it allows PLN and GBP along with USD and EUR, giving it a close win over PayPal.
The case for PayPal
As of 2019, PayPal has over 280 million account holders using its service in more than 200 regions and countries around the globe. Many of its users are active players at online casinos.
As PayPal is constantly updating is security certificates, depositing and withdrawing funds is completely secure.
As is the case with Skrill, Paypal also provides fast transfers at online casinos. Deposits are credited to your online casino account immediately, and monies are processed and withdrawn in under 24 hours.
PayPal has slightly lower processing fees than Skrill, although PayPal isn’t available at as many online casinos.
PayPal has a better mobile app than Skrill’s, however, and you can use their MasterCard at online casinos.
While Paypal doesn’t yet have a VIP programme, it does have a loyalty scene, which operates on a points-based system. The more you use the card, the higher number of points you will accumulate.
The case for Skrill
Skrill enables simple and safe money transfers. It’s convenient for online casino users looking to transfer funds to and from their accounts without security issues.
It’s also easy to use Skrill, as it simply requires you logging in with your email address and password to transfer funds.
Skrill promises immediate deposits and quick withdrawals: typically in less than 24 hours.
Skrill also offers professional customer 24.7 support. The majority of users are resolved in minutes. Furthermore, Skrill is available in a higher number of online casinos than PayPal, and loyal users will have the opportunity of becoming VIP members.
At the beginning of this article, you may have been asking, “what is Skrill?”. At this stage, it's time to ask, “Is Skrill better than PayPal?”. As you can see, each of the two e-wallets has their own strengths and weaknesses.
PayPal is a significant player in the online payments space in general. However, some of its features don’t always translate well to online casinos.
While it remains the most widely used e-wallet for other industries around the world, the uncertainty when it came to catering to online casinos for so long has cost PayPal in terms of popularity in this space.
Skrill, on the other hand, welcomed the online casino industry with open arms. It has always made it possible for players from all over the world to easily deposit and withdraw funds. It now ranks among the more recognised alternatives to PayPal for international payments.
So there you have it. PayPal is more widely accepted, and you are more likely to use it for making transactions on other sites, while Skrill is more popular and better suited to online casino transactions.
Ultimately, each has enough strengths to make a claim. So, as long as they are accepted at your favoured online casino, whichever of the two e-wallets you choose will serve you well.
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