Posted in Industry August 2, 2018
Skrill Vs. PayPal: Which Is the Ultimate Online Casino Payment Method?
When playing at online casinos, it’s important to have a secure, fast, and easy-to-use method for depositing and withdrawing money without high fees. Skrill and PayPal meet all of these requirements and more. Both of these casino payment methods are extremely popular e-wallets. To decide between them, you’ll need to compare the small differences in their services and their availability in your location.
Skrill Vs. PayPal: How Do I Sign Up?
Signing up for both Skrill and PayPal is simple as they are both e-wallets. Just visit their websites, register, provide the required information, and once verified, your account will be activated.
The mandatory banking and personal details are the same for all e-wallets and most payment services. The main difference lies in the verification process. Skrill approves accounts within 24 hours at the maximum, while PayPal might take up to 48 hours.
Registering your e-wallet and managing it from any device with all the necessary applications are free.
Skrill Vs. PayPal: How Much Do I Pay in Fees?
One of the most important questions to consider when looking for the best online casino payment methods is the transaction fees. Some gambling operators charge fees for deposits or withdrawals. Be sure to study the casino’s terms and conditions before registering your account.
Neither Skrill nor PayPal charge any fees for receiving money into your account.
For withdrawing money in cash, both Skrill and PayPal charge fees:
- For Skrill, withdrawals through local payment methods (banks) come with a fee of €5.50. Transferring Skrill money to a Visa card can have up to 7.5% in fees.
- PayPal charges $0.25 per transfer if you use their instant transfer services with an attached debit card. Withdrawing money to a bank account is free.
Transfers between Skrill wallets come with a 1.45% charge, and there is a 3.99% fee for converting currencies.
Although PayPal seems to have friendlier terms at first glance, their user agreement has a detailed breakdown of their complex fee structure. Make sure to study it carefully, as the type of business you have transactions with and its location will determine the final charge.
When comparing Skrill vs. PayPal fees, Skrill charges higher overall. However, neither offers a completely free service. To find the best terms, consider your unique circumstances and the casino’s terms regarding these payment methods.
Skrill Vs. PayPal: When Will I Get My Money?
Withdrawal times are nearly as important as withdrawal fees for online casino players. In this regard, PayPal is faster than Skrill. PayPal can process withdrawals in about 2 hours, while Skrill can take up to 24 hours.
Keep in mind that regardless of the time it takes to turn your winnings into cash, you already have the money in your account. The exact withdrawal times can be affected by various factors and may be extended or reduced depending on the situation.
Skrill Vs. PayPal: Can I Get VIP Treatment?
One major difference between Skrill and PayPal is in their VIP services and loyalty programs. PayPal does not offer any program that provides special advantages for putting more money into your e-wallet.
Skrill, on the other hand, has a VIP program with four levels, each offering unique benefits:
- Bronze: You earn this status when you accumulate €6,000 of transactions within a single quarter. This gives you slightly lower transaction fees.
- Silver: To gain silver status, you need to transact over €15,000 in a quarter. This provides even lower fees, some removed completely, an additional account for a different currency, and priority bank uploads.
- Gold: A gold account requires transacting over €45,000 in one quarter. It offers the same perks as silver but with even lower remaining fees, two accounts, and a personal account manager.
- Diamond: The highest VIP level, diamond requires €90,000+ in transactions. It provides three multi-currency accounts, all possible perks, and the lowest fees.
Skrill also has other interesting programs like Skrill Ambassador.
Skrill Vs. PayPal: Will I Get Help?
Both Skrill and PayPal offer customer support services, but their customer support can be lacking and there have been complaints posted on online forums. They do offer some support round the clock, but certain issues may not be resolved by their FAQ pages or chatbots.
Skrill Vs. PayPal: Will I Get Extra Bonuses from the Casino?
It’s important to note that Skrill and PayPal have different positions when it comes to online gambling. Skrill actively encourages using their service to fund online casino accounts by offering special deals and promotions. Many casino operators have the same position towards Skrill, offering bonus offers for deposits made through this payment method. Always read the terms and conditions for each promotion, as specific services and countries may be required to trigger the bonus.
PayPal does not actively support its accounts for online gambling. You won’t receive any special bonuses for using PayPal, and some casino promotions might not be available to you if you use this payment method.
You may also encounter issues with transferring money to and from your casino accounts when using a PayPal wallet.
Skrill Vs. PayPal: What About My Security?
Your money and data are secure when using both Skrill and PayPal. Both services employ robust digital security measures to protect their customers’ accounts.
Using e-wallets to make payments to an online casino also adds an extra layer of security, as the casino does not have direct access to your banking information. Even if your account is compromised, your most important data remains secure.
What’s the Best Online Casino Payment Method, Skrill or PayPal?
Both Skrill and PayPal are good online payment methods to use. However, they are developed for different purposes. While PayPal is superior for online shopping, Skrill is the best choice for online gambling due to its additional benefits and acceptance by the majority of casinos.