Skrill Vs. PayPal – Which Is Best For Online Casinos?

When it came to online transactions long ago, whether you were purchasing something from an online store or sending money to someone else, you really had one option in the US: PayPal. And while that option still exists, as time progressed, we’ve seen more payment processor alternatives hit the market.

So, which one is the best to use when it comes to online gambling? You may see many different options once you sign up for an online casino or mobile sportsbook in your area, and that may include Skrill.

Skrill is a well-known, worldwide e-wallet, but may not be as known to our US residents. Let’s dive deeper into this alternative third-party payment processor that we’re seeing more gambling sites use for deposits and withdrawals.

Skrill vs PayPal Comparison

Payment Details

Skrill

PayPal

Deposit Fees

Free Bank Transfer2.90% Credit Card

Free Bank TransferBetween 2.90 – 7.40% for Credit Card, plus additional fees

Withdrawal Fees

$5.50 Bank Transfers

Free Bank Transfers

Deposit Processing Time

Within Minutes

Within Minutes

Withdrawal Processing Time

1-3 Business Days

1-3 Business Days

Cashback and Promotions

Knect Points Program (not in the US)

None

What Is Skrill?

Skrill is similar to PayPal and is used as a digital wallet that allows you to make online payments and transfer money easily and quickly. This is a third-party payment processor that allows you to use your banking products (checking account, debit cards, credit cards, etc.) without giving any sites your personal information.

Can You Trust Skrill?

Yes, Skrill has proven itself to be a trustworthy payment option. It is owned and operated by Skrill Limited, which is based in the UK that is licensed by Her Majesty’s Revenue and Customs and regulated by the Financial Conduct Authority. It has been around since 2001, formerly known as Moneybookers.

What Is PayPal?

PayPal is a US-based third-party payment processor that has been in use since 1998. It boosted in popularity when it became the official e-wallet of eBay before being purchased by the auction company in 2002. PayPal is traded on the NASDAQ market.

Can You Trust PayPal?

Yes, you can trust PayPal for online transactions in the US. They are licensed and regulated on a state-by-state basis, meaning they have to satisfy federal requirements as well as requirements set forth by each state to operate within the US.

In addition, it’s held to higher standards as it is publicly traded on NASDAQ.

Skrill vs PayPal: Transaction Fees

While both Skrill and PayPal are free to transfer money from your bank to your accounts, credit card fees are where we see the difference.

Skrill is on the low end, while PayPal can charge up to 7.40% per transaction, not including additional flat fees. However, the $5.50 withdrawal fee for bank transfers is a hard hit to take every time you withdraw money from Skrill.

Winner: PayPal

Skrill vs PayPal: Processing Times

Both Skrill and PayPal have similar processing times, with most deposits processed within minutes of the transaction, and bank transfers from your payment processor account taking around the same time.

Winner: Tie

Skrill vs PayPal: Bonuses And Promotions

While not yet in the US, Skrill has the Knect Points Reward program in place in the UK and other countries that give you points for each transaction that you can exchange for cash. There is hope that this will be extended to the US in the future.

PayPal does not have a bonus or promotion in place to reward customers.

Winner: Skrill

Online Casinos That Accept Skrill

Online Casinos That Accept PayPal

Advantages vs Disadvantages

Features

Skrill

PayPal

Mobile App

Yes (Android & iOS)

Yes (Android & iOS)

Bank Transfer Fees

$5.50 Bank Transfers

No (1% for Instant)

Credit Card Fees

2.90%

Between 2.90 – 7.40% plus additional fees

Send Money To Friends And Family (Free?)

Yes (Free)

Yes (Free)

Number of Currencies

40

26

Purchase Protection

None

60 days, full purchase price + shipping if it qualifies

Rewards System

Knect Program (outside of US currently)

None

What’s The Advantage Of Using Skrill?

Like many e-wallets, Skrill allows you to not share your banking information with online gambling sites. Your information is stored on the Skrill site and not shared with anyone outside of that using a payment processor like Skrill also gives you the chance to control your money more. Instead of having direct access to your bank account or credit cards, you can use the money in your Skrill account between multiple sites to deposit and withdraw. It’s a great way to monitor how much is going out and coming in.

What Is The Disadvantage Of Skrill?

The main disadvantage of using Skrill is paying fees on your money, depending on how you’re funding your Skrill account or where you’re withdrawing to.

You are also subject to Skrill’s terms and conditions and if you fall short of these, your account can be closed without warning.

And while Skrill is a well-known global e-wallet, it doesn’t have nearly as big of a presence in the US yet as it does overseas.

What’s The Advantage Of Using PayPal?

Using PayPal has similar advantages to Skrill, in that you’re able to protect your banking information and can control your finances better by only using your PayPal balance or adding funds to it instead of having access to all the funds in your bank account or credit card PayPal is also a well-known and trusted brand in the US, having brand recognition thanks to its extensive tie-in with eBay.

What Is The Disadvantage Of PayPal?

Once again, fees come into play when it comes to funding and withdrawing your PayPal balance. If you use your bank account, this won’t be an issue, as funding via bank accounts and transferring funds to them from your PayPal account has no fees associated with it.

However, you are still subject to PayPal’s terms and conditions and there are a few reports online of people who have had their PayPal accounts locked and their balances frozen without prior warning.

While these are rare in comparison to the number of PayPal accounts active, it’s still worth noting as a possible disadvantage when compared to other methods.

Final Verdict

When it comes to choosing Skrill or PayPal, it depends on the individual’s needs and options. Many online gambling sites have at least PayPal and a few have Skrill as well, so compare the fees and decide what works best for you.

Frequently Asked Questions

Is Skrill Legal?

Yes, Skrill is completely legal in the US and is licensed to do business in this country.

Does PayPal Accept Skrill?

No, PayPal doesn’t allow you to transfer funds from your Skrill account to your PayPal account.

Is Skrill Safer Than PayPal?

Skrill and PayPal are both equally safe, as they are licensed to do business in the US and extensively regulated to ensure your money and your data are safe.

Featured In
Business Insider
MarketWatch
Reuters
Yahoo! Finance
Yes, I want Free Spins, Exclusive Bonuses, Free Tips and News.
I confirm that I am the legal gambling age in my state and have not requested self-exclusion from legalized gaming activities
BonusSeeker.com and all content herein is intended for audiences 21 and older. BonusSeeker.com publishes news, information, and reviews about regulated online gambling operators, including, but not limited to casino, lottery, poker, and sports betting. You may see paid advertisements for online casinos, poker sites, and sportsbooks (including DraftKings, FanDuel, and others). You must be 21 years or older, and a US citizen to register at gambling sites in New Jersey, Pennsylvania, and other states. The information provided on BonusSeeker.com does not constitute advice, and we reserve that there is no way improve your chances of winning in online gambling. Always gamble responsibly. If you should require any advice for gambling-related problems, please call 1-800-GAMBLER.
© Copyright 2021 - All Rights Reserved. Privacy Policy | Catena Media US, Inc. 251 Little Falls Drive Wilmington, DE 19808