Skrill vs TransferWise: What are the differences?

Introduction

Skrill and TransferWise are both popular online financial service platforms that offer a range of features for individuals and businesses. While they share similarities in terms of convenience and accessibility, there are key differences that set them apart from each other.

1. Fee Structure: Skrill and TransferWise have different fee structures. Skrill charges fees for various transactions, including sending and receiving money, withdrawing funds, and currency conversions. TransferWise, on the other hand, uses a transparent and upfront fee system, where the fees are based on a percentage of the transaction amount, which varies depending on the currencies involved.

2. Currency Exchange Rates: Skrill and TransferWise also differ in their currency exchange rates. Skrill applies its own rates, which may be less favorable compared to the mid-market rates. TransferWise, however, offers real-time mid-market rates, which are generally more competitive and transparent.

3. Transfer Speed: Another key difference lies in the transfer speed between Skrill and TransferWise. Skrill offers instant transfers within its network, which can be beneficial for urgent transactions. TransferWise, on the other hand, usually takes 1-2 business days for most transactions, although some currencies and routes may take longer.

4. Supported Countries: Skrill and TransferWise differ in terms of the countries they support. Skrill has a wider global reach, offering its services to over 200 countries and territories. TransferWise supports over 70 countries, including major currencies, but it may not be available in certain regions.

5. Payment Methods: Skrill and TransferWise also have different payment methods available. Skrill offers a range of options, including credit/debit cards, bank transfers, and Skrill wallet balance. TransferWise primarily supports bank transfers as the payment method, which may limit the options for some users.

6. Additional Services: Skrill and TransferWise provide additional services that set them apart. Skrill offers a prepaid Mastercard and a mobile app for easy access to funds, as well as the ability to send money to mobile wallets. TransferWise focuses on international money transfers, but also provides a multi-currency account and a borderless debit card.

In summary, Skrill and TransferWise differ in their fee structures, currency exchange rates, transfer speed, supported countries, payment methods, and additional services. These differences should be considered when choosing between the two platforms based on individual requirements and preferences.