The debate of using Skrill vs. PayPal in India has been going on for a while. I’ve read loads of various comments and articles discussing this issue and I can boldly say that both monetary platforms have their own pluses and minuses.
Of course, there are certain things you need to evaluate right away when you think about Skrill vs. PayPal debate.
What are you going to use the e-wallet for?
PayPal is accepted by most e-shops like eBay or any other shopping platform. On the other hand, it is usually not accepted by online casinos.
If you want to play casino games, Skrill is the way to go as you can easily make a deposit at almost any online casino out there.
But what’s the solution if both platforms are accepted?
To answer this question, here I present my findings. I want to help all the people in India and other countries to choose the right e-wallet. I compared the two pages according to their registration process, convenience, exchange rates, and a few other important aspects. So, let’s take a look at the two right now!
Paypal vs. Skrill: Verification
The very first thing that I care about when choosing an e-wallet is the registration and verification process. After all, the first impression is the strongest!
PayPal verification. Registering on PayPal is really easy – you have to simply enter some information about yourself. However, you also need to complete the verification process in order to be able to withdraw more funds.
To verify PayPal, you simply need to enter your banking details on your account. You see, you must link your bank account or credit/debit card to the account. Then, you need to make a small deposit from it, which will be given back very soon.
Then, there is the second small monetary charge, which will show you a four-digit code in your bank account. You need to use it to complete the PayPal verification process.
And that’s it!
Skrill Verification. With Skrill, things aren’t as simple as that. The verification process is a bit more complicated as you have to receive a physical letter to confirm your account.
That’s because Skrill has stricter rules when it comes to their customers. They want to prevent even slight chances of fraud, so their verification system has many more steps. On the bright side, this is safer because nobody but you can link your card to Skrill.
All in all, I’d recommend PayPal for simplicity, but, hands down, I consider Skrill safer.
PayPal vs. Skrill: Currency
As an Indian freelancer, I care about the currency options as I get my payments from different countries. Let’s explore the currency differences of Skrill and PayPal.
PayPal. What I like about PayPal is that it allows having money in multiple forms of currency. There are literally no limitations – I have my funds in rupees, dollars, and euros.
Of course, the exchange rates do apply when you want to transfer the money into your bank account.
However, you can wait for the best rates and exchange the money anytime you want.
Skrill. With Skrill, there is a problem regarding currency.
The thing is, you must select your currency upon registration and you can’t change it ever again. For me personally, this is quite problematic.
All the money that arrive to your Skrill account are automatically converted to the currency you chose a long time ago, for example, Indian rupees. As a result, you might get worse exchange rates as you won’t have the possibility to choose when you want to convert your Skrill funds.
So, regarding this aspect, I would tend to choose PayPal. However, if you always receive your funds in the same currency, the limitations of Skrill might not matter to you.
PayPal vs. Skrill: Withdrawal
Money withdrawal is another important thing when it comes to PayPal vs. Skrill debate in India. It is important to choose the best e-wallet to use in India if you want your withdrawals go smoothly.
PayPal withdrawal. It is relatively easy to withdraw funds with PayPal. You just need to click “Withdraw money” and follow the instructions given by the website.
In addition, there is something to consider when it comes to PayPal usage in India. The country has some regulations, which make the PayPal balance of Indian users become automatically attached to their bank account. This make it even more convenient!
If you have a few bank accounts, you are free to choose the one that you want to link with your PayPal account.
It can take up to seven business days for the funds to appear on your bank account.
Skrill withdrawal. To withdraw money with Skrill is also relatively easy – just follow the instructions on the web.
The transaction time, however, might be a bit longer. It can take from 5 to 15 business days to withdraw your money.
The withdrawal fees are also a bit higher than those of PayPal. Skrill takes 4.9% of the sum of money, while PayPal takes only 3.4%.
To summarize, the winner of the PayPal vs. Skrill debate is PayPal if we look solely from the perspective of withdrawing your funds.
The VIP Features of Skrill
There is one major difference when it comes to Skrill vs. PayPal in India.
When PayPal is the same for everyone, Skrill has a special VIP program to its loyal users. Let’s explore it in more detail.
The VIP status of a Skrill user depends on the sum of the transactions calculated every quarter. So, if you transact a lot, you might achieve a high level quickly and enjoy neat offers.
For example, the Bronze level is achieved when you send more than €6,000 in a quarter.
With the Bronze level, you receive 24/7 support, 3.79% FX fees, and bank withdrawals cost you €5.50.
Then, you have other levels like Silver, Gold, and Diamond. With the Diamond level, you can even have 3 multi-currency accounts and no bank withdrawal fees. So, it really pays to have a Skrill account in India if you’re planning to make big transactions.
The Final Verdict
There are pluses and minuses of both platforms, so there might not be such a clear answer to PayPal vs. Skrill debate in India.
However, I do like some of the PayPal’s features more. For example, the simple verification process and lower withdrawal fees.
Of course, Skrill also has good features as it is accepted by online gambling sites. I also like its VIP program.
All in all, there is no definite answer – everything depends on your preferences and how you want to use the e-wallets.