Neteller vs Skrill
With the steady expansion and rapid development of online gambling, the need for a stable, reliable and safe method for transferring money online has become as much of an element of the gaming process as the games themselves. Having an e-wallet account which you can use to effortlessly transfer money for a multitude of online purposes is one of the best and most secure banking models available today. We are going to look at the two leading e-wallet providers on the market: Neteller and Skrill (or Moneybookers). Of course, both offer a plethora of additional services and options which we will examine, some briefly and others in more detail.
In order to conclude which service is better or, let’s say “easier to recommend” we will be looking at several key characteristics in both Neteller and Skrill: Functionality (ease of use); Pricing; Availability; Prepaid MasterCard Programs; Safety and security standards and finally, Limits for deposits and withdrawals.
These should give us enough insight as to assess which is the right e-wallet for you. Let’s begin.
Ease of use / functionality
When it comes to the initial setup of the online account at both services, the process is streamlined and pretty straightforward – the user chooses his/hers country of residence along with desired transfer currency (note that Skrill has 40 currencies available while Neteller offers only 18) and personal details as well as banking information.
As for the available options for the actual transfer to/from your online account, both Neteller and Skrill cover the standard array of credit cards (VISA, Mastercard). The differences come mostly in the form of country availability, fees and time required for delivery which will be discussed below.
All right, things are now starting to get interesting. Let’s see how the two services compare in terms of pricing of their transfers.
Deposits to account
Skrill on the other hand, offers a free bank transfer from all countries listed.
Lastly, deposits to your Neteller or Skirll account from a credit card also vary in terms of deposit fee. At Skrill, you get a fixed 1.90% for using American Express, VISA / Mastercard, JCB or Diners Club while at Neteller, there’s a varied fee for every credit card (1.17-4.95% for VISA; 1.75-4.95% for Master Card; etc)
Sending money to third parties (gambling sites, etc.)
Both Neteller and Skrill have support on many gambling websites and the majority of them do not enforce any fee for deposing money.
Receiving money from third parties (gambling sites, etc.)
There’s a standard policy of 2 hours for the transfer of money from the third party to the e-wallet account, which can be extended further on behest of the company.
Withdrawals from account
Again there’s a difference in the fee policy between Neteller and Skrill when the withdrawals are concerned.
It is clear that Skrill beats Neteller to the punch by offering lower fees and more availability from both credit card and bank transfer.
Prepaid MasterCard offers
Both Neteller and Skrill have an offer for a Prepaid MasterCard so we will examine them in more detail.
Safety and security
In terms of online and offline safety (when using their Prepaid Credit Cards) both e-wallets are outperforming for the benefit of their customers.
Offered limits for deposits/withdrawals
When it comes to limiting the amount of money you can transfer to and from your e-wallet, both services differ from one another. We will start with Neteller first then move on to Skrill.
After the initial sign up, your account at Neteller is considered “Unverified” and can only hold up to 2850 USD as a “maximum lifetime funding”. The maximum for credit or debit card deposits is limited to 150 USD. You can deposit more than the specified amount of money, however your account will be frozen and you won’t have access to it unless you provide evidence for verification.
After your account has been officially verified, the options to withdrawal funds as well as larger deposit limits are available. Deposits up to 4000 USD when using credit or debit cards or Get2Pay prepaid cards can be made every 30 days (or higher, depending on the country of residence). Through the bank account, a maximum of 400,000 USD on a monthly basis can be made in deposits. If you plan on using Ukash or PaySafeCard, the limits are set at 5000 USD every 30 days.
To lift the limitations even higher, the Neteller VIP program is available. For more information concerning the VIP program, head over to Neteller’s website.
Now, at Skrill’s side of things, the same thing goes when you create your free account – you have to prove your identity by verifying either you banking information, address or ID. Unless you do so, you are stuck with a limiting €2500 overall or a single transaction over €1000. The Credit Card limits apply as well for offline and online use (up to 1000 EUR) and withdrawals up to 250 EUR (these values might vary once you convert to another currency).
If you want to get even better options for bigger withdrawals/deposits for all banking options at Skrill (including the e-wallet, prepaid Master Card and money transfers) there VIP Skrill club is available. There are several levels, each with added benefits.
If you are a US citizen, the choice for an e-wallet between Skrill and Neteller is very simple – you won’t be choosing either since the USA is not support. However, everybody else (especially European citizen) have a quality e-wallets on both sides.
Overall, the options offered by Skrill seem to weight more favorably with consumers (lower fees, better coverage) while the security levels for both are top notch.