Payoneer vs. Skrill: Comparing Two Global Payment Platforms
Payoneer vs. Skrill Overall Comparison Results
Skrill makes and receives bank transfers and money transfers to digital wallets. Payoneer specializes in freelancers, other service providers, affiliate, and e-commerce seller payments. Payoneer is used for business-related payments and Skrill is used for personal payments.
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. Payoneer fund receivers experienced timely payment risk related to its Prepaid MasterCard issued by Wirecard.
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.
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.
For our final analysis, we grouped related comparison factors into these main categories:
- Multi-currency capabilities
- Payment Safety and Security Risks
- 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. 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 so users can receive payments from eWallets. 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.
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 include Upwork and Fiverr. Google pays its independent contractors through Payoneer. Airbnb uses Payoneer for mass global 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.
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.
Sending and receiving Skrill online payments is quick and easy, using email accounts.
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 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 ASAP.
- no cancellation of sent Money Transfers.
- Send money from your Skrill account to your NETELLER account
- with instant transfer to your NETELLER wallet.
What types of companies make payments through Skrill?
According to Skrill’s parent, PaySafe Group: “From betting to trading, shopping to online gaming, Skrill is trusted by millions for every kind of online global payment.”
What Fees does Payoneer charge?
The linked Payoneer fee schedule includes:
- “Get Paid
- From another Payoneer customer: free
- Via Receiving Accounts: free
- Directly from your Customers: 3% for credit card (all currencies) or 1% for ACH bank debit (USD)
- Via Marketplaces and Networks: check their website for applicable rates
- Withdraw to Bank
- To Your Local Bank Account: Up to 2% Above market rate* at the time of the transaction
- Even lower fee available for high earning customer.
- *The exchange rate of the transaction is based on wholesale currency market rates obtained at the time of transaction from a range of financial institutions and includes the conversion fee.
- To Your Local Bank Account: Up to 2% Above market rate* at the time of the transaction
- Note: Additional fees may be charged by your bank. Bank processing fees, landing fees, or intermediary fees may be deducted from the withdrawn amount by your bank or any other payment provider not directly associated with Payoneer.
- To a Bank Account in the Same Currency: $1.50 USD, € EUR, or £ 1.50 GPB, with some Payoneer restrictions
- Pay Your Suppliers & Contractors via ACH Bank Debit, credit card and local bank transfer: 1% ACH bank debit, 3% credit card, or 1% local bank transfer
- Pay your Suppliers, Contractors & Business Partners from your Payoneer Balance:
- If recipient has a Payoneer account: free to recipient’s Payoneer account
- If recipient does not have a Payoneer account: pay via bank transfer to their bank account instead:
- Up to 2% Above Market Rate*, at the Time of the Transaction
- * The exchange rate of the transaction is based on wholesale currency market rates obtained at the time of transaction from a range of financial institutions and includes the conversion fee.
- In general, the fee of 2% applies when making a payment from your Payoneer balance to a recipient’s bank account. However, a fixed fee applies instead if you are making a transfer from your Payoneer USD, EUR, or GBP balance to someone whose account:
- Is in the same currency as your Payoneer balance
- Is in a country where the currency you’re making the payment in is the local currency
- Is in the same country that you have listed in your Payoneer profile.
- Fixed fee rates to a non-Payoneer customer are: $1.50 USD, € EUR, or £ 1.50 GPB
- Manage Currencies with Payoneer
- Ensure that you have the currency you need for your international payments.
- Easily transfer between major currencies across your different Payoneer balances.
- 0.5% of amount to transfer
- Account Fee [for inactivity]
- Fee is only charged if you have not had at least one transaction in your Payoneer account or on your Payoneer Card over the previous twelve months.”
What Fees does Skrill charge?
Skrill’s fee schedule indicates Skrill is free except for currency conversion fees and a 12-month account or transaction inactivity fee of $5. Skrill makes money transfers abroad for no transfer fee. Skrill charges up to 2% in fees for domestic transfers. The sender’s bank may charge a fee for the money transfer.
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?
Which Payment Methods Does Payoneer Offer?
Payoneer Prepaid Mastercard is a debit card issued by Wirecard. 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, but Payoneer cardholder fund recipients experienced payment timing risk from Wirecard’s insolvency. Wirecard issued the prepaid debit Mastercard used for Payoneer payments to service providers and online sellers and their subsequent purchases or ATM withdrawals.
The FCA temporarily froze access to funds on the Payoneer Prepaid Mastercard, issued by Wirecard, which became insolvent on June 25, 2020, over financial statement fraud. On June 30th, the Payoneer prepaid card was reactivated by Mastercard, with the permission of the UK’s Financial Conduct Authority (FCA), which removed the freeze after its Wirecard audit.
As the information from the linked Payoneer blog page about the Wirecard incident shows, Payoneer Prepaid Mastercard limited ways for cardholders to use and access funds until July 6, 2020. And Payoneer temporarily waived its flat ATM withdrawal fees until July 6th.
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 is an established, well-financed company founded in 2005. Payoneer’s impressive enterprise clients, making substantial payments, include Upwork, Google, Amazon, and Airbnb.
Payoneer’s B2B global payments platform is limited to paying freelancers, affiliates, and e-commerce online sellers. Payoneer Prepaid Mastercard issued by the insolvent company, Wirecard, left freelancers and e-commerce online sellers temporarily without access to their funds on their prepaid debit cards in June 2020.
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 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.