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Skrill vs Wise
June 04, 2023 | Author: Sandeep Sharma
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Skrill (formerly Moneybookers) is a global e-commerce business that allows payments to be made through the Internet. Our worldwide payment network lets businesses extend their reach globally with over 100 local payment options. We already meet the needs of over 156,000 businesses with everything from a simple one-step integration to a fully-tailored payment solution.
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Enter how much you're transferring and where to. You can send to your own account abroad or another person or business. Banks charge a lot for overseas transfers. We don't. Transfer money abroad easily and quickly with our low cost money transfers.
See also:
Top 10 Online Payment platforms
Top 10 Online Payment platforms
Skrill and Wise (formerly TransferWise) are digital financial platforms that offer money transfer services, but they have some key differences:
1. Focus: Skrill is a broader digital wallet platform that provides various financial services beyond money transfers, including online payments, e-commerce solutions, and cryptocurrency transactions. It aims to be a comprehensive payment solution for individuals and businesses. Wise, on the other hand, specializes primarily in international money transfers, offering a transparent and cost-effective way to send money abroad.
2. Transfer fees: Skrill charges fees for both sending and receiving money, which can vary based on the transfer amount, currency, and recipient country. Wise, on the other hand, uses mid-market exchange rates and charges a small transparent fee, which tends to be lower compared to traditional banks or other money transfer providers.
3. Multi-currency accounts: Wise provides users with local bank account details in various countries, allowing them to receive payments in different currencies and convert them at competitive rates. Skrill also offers multi-currency accounts, enabling users to hold and transact in different currencies.
4. Payment methods: Skrill supports a wide range of payment options, including bank transfers, credit/debit cards, and alternative payment methods like prepaid cards and e-wallets. Wise primarily relies on bank transfers for funding and receiving money transfers.
5. Business services: Skrill offers additional services and features targeted towards businesses, including merchant accounts, payment gateways, and other e-commerce solutions. Wise, while primarily focused on individual customers, also provides business accounts for small and medium-sized enterprises.
See also: Top 10 Online Payment platforms
1. Focus: Skrill is a broader digital wallet platform that provides various financial services beyond money transfers, including online payments, e-commerce solutions, and cryptocurrency transactions. It aims to be a comprehensive payment solution for individuals and businesses. Wise, on the other hand, specializes primarily in international money transfers, offering a transparent and cost-effective way to send money abroad.
2. Transfer fees: Skrill charges fees for both sending and receiving money, which can vary based on the transfer amount, currency, and recipient country. Wise, on the other hand, uses mid-market exchange rates and charges a small transparent fee, which tends to be lower compared to traditional banks or other money transfer providers.
3. Multi-currency accounts: Wise provides users with local bank account details in various countries, allowing them to receive payments in different currencies and convert them at competitive rates. Skrill also offers multi-currency accounts, enabling users to hold and transact in different currencies.
4. Payment methods: Skrill supports a wide range of payment options, including bank transfers, credit/debit cards, and alternative payment methods like prepaid cards and e-wallets. Wise primarily relies on bank transfers for funding and receiving money transfers.
5. Business services: Skrill offers additional services and features targeted towards businesses, including merchant accounts, payment gateways, and other e-commerce solutions. Wise, while primarily focused on individual customers, also provides business accounts for small and medium-sized enterprises.
See also: Top 10 Online Payment platforms
