The reason PayPal and Skrill are very handy to people sending money between two distant global locations is that traditional methods have proven too expensive. Some of them have also proven to be inefficient, especially with regards to time; transferring money at snail’s speed. However, when you look at PayPal vs. Skrill, both have fast transactions, ranging from a couple of minutes to a couple of days.
Both PayPal and Skrill are Fast
The fastest transactions are those that involved mobile e-wallets. For instance, once you have registered your personal mobile number with Skrill, all you need to do is click on that e-wallet as your option during a money transfer transaction and the transfer process instantly begins. Sometimes your money will reflect on your phone within a shorter time than it takes to boil a pint of milk.
As for PayPal, you may receive your money within four or five days of initiating the withdrawal process. However, gauging PayPal vs. Skrill, PayPal might appear to be a little slower, but sometimes it is because the receiving bank takes a few days presumably to evaluate the transactions or just because there is a policy stipulating that your money stays overnight before being made available to you. All in all, the two platforms are arguably the best so far where transactions involving international money transfers are concerned.
Fees Comparison Between Skrill and PayPal
It is good to compare PayPal vs. Skrill from an expenses point of view. Otherwise, if the charges are very high and your transactions are frequent, you stand to lose significant amounts of profit if you are a merchant or your hard earned cash if you are a freelancer. Luckily, PayPal charges are reasonable, and Skrill’s are just as good whether you are transacting from India or anywhere else. What frequent users of both platforms say is that for small size transactions PayPal is better while for big transactions Skrill is better.
Nevertheless, I would say it also depends on which country you are transacting from. If you are in India, a place that has efficient e-wallets, you may wish to rely more on Skrill. Normally, PayPal charges 2.9% of the amount you are sending or receiving, and an additional $0.30 for every transaction. As for Skrill, the charge rate is much lower at 1.9%, and this is capped at 20 Euros. However, you still could forfeit more of your money when Skrill takes a 3.99% on converting your currency – the exchange rate.
Remember these rates are subject to change, and so you need to make constant comparisons – PayPal vs. Skrill – as time goes on.
Skrill has a Simpler Registration Process
You can take a couple of hours, or even less, to register with Skrill and get approved. Besides your full names and bank details, you only need to send a scanned copy of a utility bill or your bank statement to prove your authenticity, and a copy of your ID plus a selfie. With PayPal, it is simpler in documentation than in actual sense. It takes a number of days to approve your utility bill, your bank statement and your supplier’s invoice.