Skrill and Neteller

What is Skrill?

This is an electronic wallet that allows easy and secure online payments on websites and in mobile apps using just an email address and password. All payment details remain hidden from the recipient, making the payments partially anonymous. The only information the user needs to know is the recipient’s exact address. After entering it, international transactions can also be made, and a Skrill payment card is available.

• Detailed review of the Skrill payment method

What is Neteller?

Neteller is another type of electronic wallet that can also be used offline with a Net+ card, which functions like a regular payment card. The key difference is that this card is not linked to a standard bank account but rather to the electronic wallet. With this service, you can make quick and convenient payments to numerous merchants and service providers, even in foreign currencies.

• Detailed review of the Neteller payment method

Differences between Skrill and Neteller

The Neteller payment service was established in 1999 in Canada, while Skrill was founded two years later in the UK. Besides their founding dates, they differ in methods for depositing into the electronic wallet, transaction procedures, and account withdrawal processes and fees. Each method has its pros and cons, catering to different user needs.

Depositing money into an electronic wallet

These payment methods are accessible only to registered users. To use these methods, users must first create an account and then deposit money into the electronic wallet. This can be done easily on the company’s website or through their mobile app. Both Skrill and Neteller offer apps available for download on Google Play and the App Store. In the deposit section, users can deposit money using various payment methods:

 

• Payment methods supported by Skrill:
  • Payment card
  • Bank transfer
  • Neteller
  • Paysafecard
  • Trustly
  • Cryptocurrency transfer

• Payment methods supported by Neteller:
  • Payment card
  • Bank transfer
  • Paysafecard
  • TrustPay
  • Cryptocurrencies

Withdrawing money from the electronic wallet

Both companies offer multiple withdrawal options. Users can transfer funds via bank transfer to their bank account or withdraw cash using a Skrill or Net+ payment card. Skrill also supports transfers to a payment card or a Neteller wallet, while Neteller offers cash withdrawals via check.

Payment cards

To use Skrill and Neteller payment cards, users must request them through their profile. A fee applies for issuing the cards (Skrill charges €10 annually). Once delivered, the cards can be used for online and offline payments and added to mobile phones or smartwatches for easier transactions.

Transaction limits

Skrill transaction limits vary based on account verification level. Each level increases the limits, ranging from basic to Bronze, Silver, Gold, and Diamond. Without bonus limits, the default limits are:

 

• €250 for ATM withdrawals
• €1,000 daily limit for merchant payments

Neteller offers a basic account and VIP levels, achievable through specific transaction amounts. VIP levels include Silver, Gold, Diamond, and Exclusive. Basic account limits are:

 

• €750 cash withdrawal per day (max 2 withdrawals daily)
• €2,250 over four days (max 6 cash withdrawals in 4 days)
• $10,000 single deposit into the wallet
• $5,000 single transfer from the wallet to a bank account

Service fees

Although both services aim to be user-friendly, convenient, and cost-effective, users may encounter fees, particularly in basic accounts. Fees decrease with higher VIP levels.

 

• Skrill fees:
  • Account maintenance is free with at least one transaction per year; otherwise, a €5 fee applies.
  • 1% deposit fee (5% for Paysafecard deposits).
  • €6 bank withdrawal fee or 7.5% for card withdrawals.
  • €10 annual fee for the Skrill card.
  • 1.75% ATM withdrawal fee.
  • 3.99% currency conversion fee.
  • 1.49% fee for transfers to another account (minimum €0.50).
• Neteller fees:
  • €8 annual service fee.
  • 1.75% ATM withdrawal fee.
  • €10 bank transfer fee.
  • €10 fee for lost card replacement.
  • 3.99% currency conversion fee.

Advantages and disadvantages

The greatest advantages of these payment services are their speed, security, and simplicity, even in foreign currencies. Users’ payment data is protected, reducing the risk of identity theft. However, Skrill has limited merchant acceptance and relatively high fees. Neteller is more widely accepted but only offers websites in English and does not support the Czech koruna. Skrill, on the other hand, supports about 40 currencies, including cryptocurrencies. These services are particularly beneficial for players at online casinos that accept deposits through these methods. Online casinos offering Skrill and Neteller as payment methods:

 

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Frequently asked questions

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Sources: skrill.com, neteller.com