International money transfers have become easier than ever, thanks to the latest payment processing technologies that guarantee secure and swift transactions. In this blog post, we will compare the two leading payment processing services, Skrill and TransferWise, to help you make an informed decision.
Skrill Overview
Formerly known as Moneybookers, Skrill is an online payment processor that enables users to send and receive payments internationally. With over 40 supported currencies and an integrated digital wallet, Skrill positions itself as a valuable tool for businesses and individuals that operate globally.
TransferWise Overview
TransferWise is another popular payment processing service that allows people to send and receive money across borders without hidden fees. TransferWise uses mid-market exchange rates to ensure fair pricing for all transactions. Unlike Skrill, TransferWise primarily caters to individuals and small businesses.
Comparison Table
We created a comparison table to illustrate the key differences between Skrill and TransferWise.
| Feature | Skrill | TransferWise |
|---|---|---|
| Transaction Fees | 1.45% - 5.5% + flat fee | 0.5% - 2% |
| Transfer Speed | 24-48 hours | Within hours |
| Supported Currencies | 40+ | 60+ |
| Destination Countries | 185+ | 80+ |
| Transfer Limits | €50,000 | €1,000 |
Conclusion
TransferWise has the upper hand for individuals and small businesses in terms of transparent pricing and a bigger range of supported currencies. Skrill is more suitable for big companies that require a variety of payment services and have high transfer limits.
We hope that you found this comparison useful when choosing the right payment processing service for your needs. If you need further help, do not hesitate to contact us.
References
- "Skrill Fees and Limits" Skrill.
- ["TransferWise Fees and Limits" TransferWise.](https://transferwise.com/help/articles/2206247/transferwise-fees-limits-and-pricing#transferwise-fees