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6 min read 13.09.2021 539
Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet
Skrill vs Neteller: Which Is The Best E-Wallet?

Skrill vs Neteller: Which Is The Best E-Wallet?

This popularity is aided by retailers both online and in-store have started accepting e-wallets especially Skrill and Neteller. Many people love the services of these two whether it's for the low fees, secure and fast online transactions or intuitive mobile app. Despite the fact that these two are great choices today we will be pitting them against each other so see which one is the best e-wallet in the online banking space.

What is Skrill?

Skrill is a UK-based e-wallet created in 2001 offering a range of services including online payment and fast money transfers.  The e-walled is owned and operated by Paysafe Holding UK limited whose goal is to provide a payment solution for individuals and businesses worldwide. Skrill has become popular amongst e-commerce businesses and in the online gaming industry. Skrill allows you to make simple, secure, and fast online global payments ranging from international and domestic money transfers to betting, trading, shopping, and gaming. 

In addition, the e-wallet provides blockchain trading, prepaid cards, and loyalty programs. You can also transfer funds directly from your Skrill e-wallet to your bank account.

What is Neteller?

Neteller is an e-money service provider that was founded in 1999 in Canada to help users transfer money to and from merchants. The e-wallet is also owned by the PaySafe Group which also owns skrill and other competitors like Paysafecard. Neteller is trusted by customers and merchants alike and its financial services are available in over 103 countries. With Neteller, consumers have access to over 26 currencies and allow you to send money from your Neteller account to your bank account. The e-wallet is also very popular among traders in the forex industry, online gamers, and consumers who want secure and fast access to their funds.

Neteller vs Skrill: Which is Better? 

Availability

Availability is very important when choosing an e-wallet because if an e-wallet isn’t available in your country. You won’t be able to create an account and enjoy the service provided by the e-wallet. The good news is that both Skrill and Neteller cover a wide range of countries. At the moment, Neteller is available to consumers in over 103 countries while Neteller is available in over 203 countries.

Security 

Skrill and Neteller both provide a secure way to manage your cash. The e-wallets are all owned by the same parent firm, PaySafe Group. PayPaySafe Group runs both e-wallets under the Financial Conduct Authority license and adheres to all European Economic Area requirements. Both e-wallets are required to hold their clients' funds in separate trust accounts. In addition, they must keep enough cash on hand to refund their users' balances at the same time.

Both e-wallets utilize cutting-edge anti-fraud technologies, SSL encryption, and two-step authentication procedures to keep their customers safe. It also provides its VIP members with 100 percent fraud protection.

Currencies

At the moment of writing this article, we found that Neteller has support for 28 different currencies while Skrill supports 42 different currencies. If you are someone looking for an e-wallet with multiple major currencies both Skrill and Neteller could deliver. However, if you want a little more currency option then Skrill is the right e-wallet for you. 

Ease of Use

Both Skrill and Neteller have simple and well-designed websites that explain all that you need to know about each provider, including a breakdown of fees, offers, and rewards, as well as easy access to creating an account and logging in. Personally, We find the Neteller site slightly more accessible, particularly when it comes to gaining support, with a ‘Support’ option clearly placed on their homepage which leads to a range of support options including popular topics, frequently asked questions, email, and the option to call for support with regional numbers in 18 different countries.

However, Skrill also has an extensive list of frequently asked questions, and, again, you can email or call with the option of only 8 regional lines. Having read reviews related to customer support, it appears that Neteller also has the edge when it comes to responding to customer queries, with Skrill often taking a longer time to get back to their customers.

Physical Card Availability

Both these e-wallets have provided account holders with an additional way to access their account funds – plastic cards issued by MasterCard. This significantly increases funds accessibility, especially when it comes to withdrawals or making use of the stored funds as straightforwardly as possible

Skrill has a Prepaid MasterCard plastic card, which is issued on demand and delivered to your designated address between 5 and 10 business days, completely free of charge. Additional services, such as payment processing directly via card, online bank statement requests, or PIN renewals are also free.

Nevertheless, users can feel inconvenienced differently. After all, the card is solely available in a couple of currencies – USD, EUR, GBP, and PLN, which is rather limiting. Speaking of limits, it also comes with caps on the daily and monthly amounts you can spend using it at POSs or ATMs. The former is usually set at 1,000 EUR per day, with the occasional deviations for specific merchants (3,000 to 5,000 EUR a day). As for the latter, ATM transactions, regular limits are set at 250 EUR, although some users can get permission to withdraw up to 5,000 EUR a day with their MasterCard.

The Neteller e-wallet has also decided to partner with MasterCard for their plastic card solution, and understandably so, considering the widespread use and availability of the card for payment purposes. After all, the Net+ Prepaid MasterCard is initially provided for greater freedom of using the funds stored in respective Neteller accounts. All you have to do to get it is apply, pay the one-off 10 USD fee, and wait for 2 to 10 business days.

In terms of fees, cardholders are advised to simply be wary of the standard 3.99% currency conversion fee. Additionally, bear in mind that you can link up to 5 Net+ Virtual Prepaid MasterCard accounts to a single plastic card free of charge, and any more virtual accounts at a single charge of 3 USD/ 2.5 EUR/ 2 GBP per one.

Benefits

The VIP Loyalty Program for Skrill account holders ranks the registered individuals based on the funds' traffic in your account you have handled over the course of a single yearly quarter. In this regard, the program consists of four tiers – Bronze, Silver, Gold, and Diamond, for which you would have to pass the minimum €6,000, €15,000, €45,000, and €90,000 threshold, respectively.

Despite seeming like too much of an investment for a small payout, users that actually manage to reach any of these limits and qualify for the next level of the tiered program have claimed otherwise. With low to non-existing fees for currency exchange, deposits, and withdrawals, as well as various dedicated services, Skrill users are definitely getting the benefits they have earned.

Neteller account holders are more or less alike – testimonials actually claim that you don’t need to get very high to start feeling the difference. In fact, considering that the Neteller VIP Loyalty program distinguishes five tiers instead of the previous four, users are bound to note a change from nothing to Bronze, and even more, as they go through Silver, Gold, and Platinum, all the way to Diamond.

The thresholds of funds traffic you would need to meet annually in order to climb up this ladder are set at $10,000 for Bronze, $50,000 for Silver, $100,000 for Gold,  $500,000 – Platinum, and all the way to $2,000,000 for Diamond-level benefits.

Final Thoughts

This article was designed to compare two of the most popular e-wallets used by online gamblers. Ultimately they are both very secure, efficient, and great at what they do. For me, Neteller has a slight edge, but it does depend on what you’re looking for in an e-wallet provider. I hope this article has been useful in helping you decide. As always, feel free to leave a comment below if you have any questions or feedback, and stay tuned for more articles!