Skrill vs. Paypal in India: Fees and Services

skrill vs paypalThe issue of paypal vs skrill has become very dominant and it is a topic that can no longer be avoided. Due to the advancement in technology, there are many people out there who make a living from the internet. If you are one of these people, you may be confused about which payment means you should go for. This article will compare and contrast the two largest payment agencies, Skrill and Paypal and leave you to decide.

Fees charged: paypal vs skrill

Paypal has relatively complicated fees compared to skrill. However, skrill has plenty of fees ranging from intermediary bank fees, bank’s currency conversion fees, withdrawal fees and multiple currency conversion fees where there is the use of different currencies. Paypal mostly charges fees when one is withdrawing or converting currencies, where the currency in question is not supported by paypal. The money you receive in your account is always in INR and so you will not have to worry about bank’s currency conversion charges when using paypal.

Skrill does not offer fixed enterprise prices and the fees one is charged largely depends on the amount of money transferred. When using email transfer from one Skrill wallet to another, you should be ready to part with 1.9% of the amount involved in the transaction. Receipts and payments done using the Skrill wallet are usually free. Paypal, on the other hand, has the single pricing package that has several features. These include a virtual terminal, payment gateway, acceptance of payments in 25 currencies, acceptance of MasterCard, Visa and American Express and different options to make PCI compliance simpler.

Paypal does not charge any withdrawal fees in India. Skrill, on the other hand, will charge you 1.8 EUR any time you use bank transfer and Visa and 3.50 EUR for a check. The reason why paypal withdrawals are free is that they use NEFT to transfer funds to your local bank account. You are therefore saved from paying forex fees to the bank but you pay them to paypal instead. Skrill uses wire transfer to send money to your account and so the bank will offer you Forex rate.

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General services compared

In the discussion of paypal vs skrill, it is important that we consider the feedback given by various customers. Skrill has been given an overall score of 9.0 compared to paypal’s score of 9.3. In addition, 98% of those who used Skrill said they were satisfied while paypal boasts a 99% user satisfaction.

You should also consider the purpose for which you want a payment agency. For instance, most online betting platforms do not accept payments via paypal. Therefore, if you are looking for an agency to use in gambling you should go for skrill as it is compatible with most betting sites. Again, paypal does not accept large payments above $500 but skrill does. Paypal is compatible with iPhone, Linux, Mac, Windows, Android and Web-based systems. Skrill can be used in all these and also in windows mobile. This shows that the two sites have different uses and you should confirm whether the one you want to settle for matches your needs.