Wise generally offers better exchange rates and more transparent fees, making it a cost-effective option for many users. Its fast transfer speeds are also a significant advantage. However, Skrill provides a wider array of payment methods and broader geographic availability, which may be preferable for users with specific needs. Skrill's instant transfers to other Skrill accounts can also be useful in certain situations. Ultimately, the best choice depends on individual priorities and requirements.
| Attribute | Wise | Skrill |
|---|---|---|
| Transfer Speed (Average Delivery Time) | Over 60% of transfers are instant, completing in 20 seconds or less. Over 90% of transfers arrive within 24 hours. Delivery times depend on the destination, currency, and payment method. | Instant transfers to other Skrill accounts. Bank transfers typically take 2-5 business days. Standard transfers are usually processed within 1-3 business days. Credit and debit cards are the quickest, with payments arriving the same day. |
| Supported Currencies | Supports 40+ currencies for holding and exchange. You can send money to 160+ countries. | Over 40 currencies, including AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, ISK, JOD, JPY, KRW, MAD, MYR, NOK, NZD, OMR, PLN, QAR, RON, RSD, SAR, SEK, SGD, THB, TND, TRY, TWD, USD, and ZAR. |
| Transfer Fees (Fixed and Variable) | Transparent fee structure. Includes a low fixed fee (e.g., $1 - $3 for major currencies). A variable fee covers the cost of currency exchange (e.g., around 0.5% of the transfer value for major currencies). | Sending money to another Skrill user costs 1.45% of the transaction amount (capped at 10). Currency conversion includes a fee of 3.99%. Withdrawals to credit cards incur a 7.5% fee, and bank transfers have a 5.50 fee. ATM withdrawals using the Skrill prepaid card have a fee of 1.75 plus 2.25% of the transaction amount. For Skrill-to-Skrill transfers, there's a 2.99% fee with a minimum of 0.50. Transfers funded by debit cards incur fees up to 1%, and credit cards can attract fees as high as 4.99%. |
| Exchange Rates (Markups Compared to Mid-Market Rate) | Uses the mid-market exchange rate without markups. | Skrill applies a markup to the mid-market exchange rate, which can range up to 4.99%. This markup depends on factors such as the payment method and the currencies involved. Skrill offers different rates for American users and all other users, with Americans typically paying less. |
| Payment Methods | Bank transfer, Debit card, Credit card (Visa, Mastercard, and some Maestro cards), Apple Pay (in select countries), Google Pay (in select countries), ACH, Wire transfer, POLi. | Skrill Balance, Credit/Debit card (Visa, Mastercard, American Express, Maestro), Bank transfers, PaysafeCash, Skrill 1-Tap, Rapid Transfer, Klarna, Trustly, ACH, Cash (via Paysafecash), Mobile money, Google Pay, Apple Pay, Samsung Pay, Cryptocurrencies. |
| Receiving Options | Bank account, Wise account, Mobile wallets (in some countries). | Skrill account (email address or phone number), Bank account, Mobile wallet. |
| Transfer Limits | Limits vary depending on the currency, payment method, and country. Personal accounts can send up to $1 million per transfer. For USD transfers, limits can be $1 million per local transfer and $1.6 million per SWIFT transfer. There are daily, weekly, and 60-day limits depending on the payment type. Generally, there's no limit to how much you can hold in your Wise account. | Transfer limits vary based on verification level and account history. Unverified accounts have lower transaction limits. Verified accounts have increased limits. Bank account verification can further raise limits. Skrill accounts have lifetime aggregate limits based on all incoming wallet transactions. Deposit limits range from $10 to $10,000. |
| Geographic Availability | Allows sending money from and receiving money in numerous countries. Supports transfers to 160+ countries. | Available in almost 200 countries worldwide. Skrill Money Transfer supports over 40 currencies in 145 countries. Skrill operates in 200 countries worldwide. |
| Customer Support | Help Center for guidance. Personalized support via phone, email, or live chat after logging in. Phone support in select regions. Social media channels (Twitter, Facebook). Response times can vary. | 24/7 customer support is available, but response times can vary. Customer support is generally efficient and helpful. Skrill officially claims to respond to customers within 1-2 business days. |
| Mobile App | Offers a user-friendly mobile app for iOS and Android. | Mobile app availability for both iOS and Android. The mobile app allows for on-the-go account management. Features include transaction monitoring, money transfers, and currency conversions. The app is user-friendly with an intuitive interface. |
| Security Features | Regulated by financial authorities globally. Safeguards customer funds in top-tier institutions. 24/7 anti-fraud technology and support team. Two-factor authentication. Transaction alerts. Data encryption. Account verification. | Industry-standard encryption, Fraud monitoring systems, Financial Conduct Authority (FCA) regulation in the UK, Two-factor authentication (2FA), Know Your Customer (KYC) procedures, SSL technology with high-security 128-bit encryption, 256-bit encryption protects every payment transaction, Real-time monitoring flags anomalies in payment patterns. |
| Transparency of Fees and Exchange Rates | Displays the exact exchange rate and fees upfront. | Skrill is transparent about fees. Exchange rate is confirmed before each transaction. Skrill Money Transfer offers cost transparency. |