Skrill vs Payoneer: Which is best for your business?

Both Skrill and Payoneer support digital payments for eCommerce platforms. While both providers allow you to send, receive and have a debit card, there are some key differences between the two.

In this article, you can compare Skrill vs Payoneer, to see which one is better suited to your business. At the end, you can also discover an alternative provider that can help save on international transactions.

Skrill vs Payoneer: Quick overview

Here’s a quick overview of Payoneer vs Skrill.

	Skrill	Payoneer
Fees to send money	Free to send money when there is no currency conversion	Free to send to other Payoneer accounts ACH bank debit 1% Credit card 3% Local receiving account 0-1%
Fees to receive payments	No fees when there is no currency conversion	ACH bank debit 1% Credit card 3% Local receiving account 0-1% Payoneer-to-Payoneer account receiving is free
Transfer time	1-3 business days¹	2-5 business days²
Number of available currencies	40	11
International payment options	Supports 40 currencies and offer local bank account details	Send payments to 200+ countries in up to 11 currencies. Convert between 150+ currencies in your multi-currency account. Local bank account details available
Mass payments	Mass payment capability with the Skrill API³	Make 200 batch-payments at once
Tax feature	None	Supports automation of W8, W9, 1099, 1099K and 1042 tax forms and compliance⁴

🔍 Read on to discover:
Payoneer vs Skrill: Key features Payoneer vs Skrill pros and cons Skrill vs Payoneer fees compared Payoneer vs Skrill card Conclusion: Is Payoneer or Skrill best for your business? An alternative to Payoneer and Skrill: Wise Business

Payoneer vs Skrill: Key features

Let’s take a look at the key features of Skrill vs Payoneer.

Payoneer key features

Payoneer allows you to make and receive international payments. It also integrates with thousands of marketplaces, networks and platforms for seamless payments. It currently supports 11 currencies across 200+ countries.⁵ ⁶

From within the Payoneer multi-currency account, you can switch between 150+ currencies.⁷

To receive payment, all you need to do is send a payment request to your customers. They can then choose how they pay, with fee-free transfers on offer for Payoneer-to-Payoneer payments. Access to local receiving accounts allow you to get paid like a local, avoiding currency conversion costs.⁸

Payoneer also gives you access to up to $80,000 USD in working capital. Their capital advance is free of credit checks and is instead based on your monthly earnings.⁹

Skrill key features

Skrill is an international online payment service. It allows users from around the world to make international payments free of fees(see Skrill alternatives). Skrill integrates with your business, allowing you to accept 100+ local payment methods. It also integrates with a wide range of eCommerce platforms and shopping carts.¹⁰ ¹¹

With Skrill you can send payments by bank transfer, Skrill-to-Skrill, or via email. It offers up to 40 different currencies, with a range of local account details.¹²

You can also sign up for Skrill’s loyalty program - Knect - allowing you to earn points every time you spend.¹³

Payoneer vs Skrill pros and cons

Here’s an overview of the pros and cons of Payoneer vs Skrill.

	Pros	Cons
Skrill	Supports 40 currencies Fee-free international transfers Integration with a range of eCommerce platforms Multi-currency accounts available	No tax form automation features
Payoneer	Multi-currency accounts available to receive payments free of conversion fees Simple, easy to use system with payment requests and a range of payment methods Integration with marketplaces and networks Free transfers between Payoneer accounts Credit-check free capital advance of up to $80,000 USD	Limited currencies available for payment High fees for non-Payoneer to Payoneer transactions

Skrill vs Payoneer fees compared

Let’s now take a look at Skrill vs Payoneer fees.

Account fees

A Payoneer account is free of set-up or monthly fees. But if you receive less than $2,000 USD per 12 months, you’ll be charged an annual account fee of $29.95 USD.¹⁴

Likewise, a Skrill account is free to create and hold. But if you’re inactive for more than 12 months, a monthly service fee of $5 USD will apply.¹⁵

Card fees

With the Payoneer Commercial Mastercard, you’re able to make business payments and withdrawals directly from your Payoneer balance.

The Payoneer Mastercard costs $29.95. Any additional cards are free of charge.

For ATM withdrawals, a fee of $3.15 USD applies and balance inquiries cost $1.00 USD.

For same-currency transactions in supported countries, it’s free to pay with your card. For transactions involving a currency conversion, a fee of up to 3.5% applies. The card also has a cross-border fee of 1.8%.

In the event you lose your card, Payoneer charges a card replacement fee of $12.95 USD.¹⁴

Skrill also has its own prepaid debit card. It comes with an annual fee of $10 USD. An extra fee of $10 USD may also be applied if you don’t meet certain application criteria.

The Skrill card charges $2.50 USD for ATM withdrawals. It doesn’t charge any foreign exchange fees. That said, third-party banks and organizations might still apply their own exchange or cross border fees.¹⁶

Fees to receive payments

With Payoneer, you can send payment requests to your customers. They can pay you using either Payoneer, credit card, ACH bank debit or local bank transfer.

If another Payoneer customer pays you using their Payoneer balance, it’s free to receive.

For credit card payments, Payoneer applies a fee of 3%. For ACH bank debit, a fee of 1% applies.

If you receive payment into a Payoneer local receiving account, it’s free for foreign currencies, while a fee of 0-1% applies for USD transfers. These receiving accounts can be used like local bank accounts, avoiding the need for currency conversion. That said, fees can apply if the payment falls below the minimum amount.

Payoneer also integrates with marketplaces and networks such as Upwork and Fiverr. Fees for receiving payment vary from platform to platform.¹⁴

When using Skrill in the US, it’s free to receive money. As long as there’s no currency conversion needed, you won’t pay any fees to receive with Skrill.¹⁷

Fees to send payments

You can send payments directly from your Payoneer balance to your suppliers and contractors. If your payee also has a Payoneer account, then it won’t cost you anything to pay them.

If your payee doesn’t have a Payoneer account, you can still pay them via bank transfer. For bank transfers, a fee of up to 2% applies. You might also have to pay third-party fees from your customer’s bank, such as landing or processing fees.

You’ll pay a fixed fee of $1.50 USD/GBP/EUR when paying someone whose bank account is:

• In the same currency as your Payoneer balance
• Located in a country where the local currency is the same as the payment currency
• In the same country registered on your Payoneer account

If you don’t have any funds in your Payoneer balance, you can still pay a Payoneer user via credit card, ACH bank debit or local bank transfer. Credit card transactions incur a fee of 3%, while ACH bank debit and local bank transfers cost 1% in fees.¹⁴

You can also use the Payoneer batch payments tool to send up to 200 payments at once, for a 2% fee.

In the US, the majority of payments are free to send with Skrill. This is as long as there is no currency conversion involved.¹⁷

International fees

For multi-currency balance transfers with your Payoneer account, you’ll pay 0.5% on the amount transferred.¹⁴

For Payoneer Mastercard payments in a non-listed currency, you’ll be subjected to Mastercard’s daily conversion rate.

On top of this, Payoneer applies a currency conversion fee of up to 3.5%.¹⁸

When making a currency conversion with Skrill, in contrast, a fee of up to 3.99% applies.¹⁹

Payoneer vs Skrill card

Both Payoneer and Skrill offer debit cards. These can be used to pay and withdraw from your respective balances. But the fees associated with the Payoneer Commercial Mastercard are higher than the Skrill Visa card.

To order a card, Payoneer charges $29.95 USD which is almost three times the cost of a Skrill Visa card, which costs $10 USD.²⁰

For ATM withdrawals, Payoneer charges $3.15 USD while Skrill charges $2.50.

A standout difference between the two cards is that Skrill doesn’t charge any foreign exchange fee. In contrast, Payoneer charges up to 3.5% plus a cross border fee of 1.8%.

Conclusion: Is Payoneer or Skrill best for your business?

Whether you should choose Skrill vs Payoneer comes down to your individual business.

Both Skrill and Payoneer are online money transfer services enabling you to send, receive and get a debit card. They also both support batch payments.

Skrill supports a wider range of currencies than Payoneer for international payments. Skrill also boasts lower fees than Payoneer. If your business is looking for a price competitive provider, Skrill could be the better choice.

In contrast, Payoneer offers some extra features missing from Skrill.

Payoneer gives a small business capital advance of up to $80,000 USD. This could be ideal if your business needs a credit-check free capital advance. Payoneer also offers tax automation for forms such as W8, W9, 1099, 1099K and 1042.

If these features could benefit your business, and you’re prepared to pay the slightly higher fees, Payoneer could be a good choice.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

🔍 Read next:
Payoneer vs Hyperwallet: Which is best for your business? PayPal vs Payoneer: The best choice for your business? Payoneer vs Wise (formerly Wise) - Comparison Review Top 5 Payoneer alternatives for international transfers

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5. Currency exchange at low rates for business payments - Payoneer
6. Freelancers, Vendors & Suppliers Online Payment Platform - Payoneer
7. Wholesalers and Exporters Payment Solution - Payoneer
8. Payoneer
9. Working capital to grow your eCommerce business - Payoneer
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11. Online Payment Solutions for Business | Secure Payments | Skrill
12. Transfer Money to Bank Accounts Internationally | Skrill
13. Skrill
14. Low fees and no hidden costs - Payoneer Fees
15. Our Fees & Charges | Skrill
16. Our Fees & Charges | Skrill
17. Our Fees & Charges | Skrill
18. Everything you need to know about conversion rates
19. Our Fees & Charges | Skrill
20. Our Fees & Charges | Skrill

All sources checked September 2023.