2015, Optimal Payments Plc, which is (now Paysafe Group, which founded Neteller agreed with Skrill to buy the company for €1.1 billion. While this is the case the two eWallets are not the same in what they offer their millions of members around the world. However, both are still leaders in the online banking industry and offer high-quality payment services.

Skrill was founded in 2001 and at the time it was called Moneybookers. The Skrill name came about a little over a decade later and now the digital wallet is available in over 200 countries and supports over 40 currencies. It is owned by Paysafe Payment Solutions Limited and holds several licenses enabling it to offer its services in Europe as well as globally. Over the years Skrill has become one of the most well-respected names when it comes to digital wallets and is even the official global payments partner of the football club A.C, Milan.

While both Neteller and Skrill are eWallets and are in the online banking industry they are not banks, as they do not lend customers’ funds. They are both payment services companies that offer many things to their customers. In the digital age both companies, as well as others, have become the main way that many people take care of financial transactions, which has pushed online banking to the forefront of the banking sector, which is likely to continue.

VIP levels at Skrill and Neteller

While the VIP programs at Skrill and Neteller look fairly similar, one thing that instantly comes to mind is the fact that both ewallets use Silver, Gold & Diamond as steps, but Neteller adding an extra step called Exlusive. This top tier of the Neteller VIP requires a total of $600,000 in transfers per quarter and while it does not add any new features it, it reduces the FX fee all the way down to 1.29% from the 2.39% at Diamond.

While Skrill and Neteller are owned by the same company the fees are not the same. Here is a breakdown of the fees for both popular eWallets.

Skrill Fees

For Skrill deposits, both through local and global payment methods, there is a flat fee of 1% of the transaction. For withdrawals the fees are:

• Neteller – 1%
• Bank Wire – €5.50
• Visa – 7.5%
• Swift – €5.50

It is free to send money from Skrill to an international bank account and to receive money. For a domestic transfer, there is a Skrill fee of up to 2% per transaction. The transfer fee from Skrill to Skrill is 1.45% minimum min 0.50 EUR fee if you have funded your wallet by a Card or Bank Account. If you have not made any deposit to your Skrill account, or if you have deposited from Neteller, Paysafecard, or BitPay, a higher fee of 4.49%, with a minimum of 0.50 EUR will apply.

For personal use, your Skrill account is free if you make at least one transaction per year. If not there is a monthly service fee of €5.

There is a currency conversion fee of 3.99% that can be lower if you are in the VIP program. If your Skrill Account is in a currency other than the Euro, your cryptocurrency transactions will have an exchange fee of 1.5%.

The fees for buying and selling cryptocurrency are:

• Transactions up to €19.99 – €0.99 per transaction
• Transactions between € 20 – €99.99 – €1.99 per transaction
• Transactions above €100 – 1.50 % per transaction

Neteller Fees

All the fees for Neteller are shown in U.S. dollars ($).

There are many deposit options to fund your Neteller account and all of them have a flat fee of 2.5% per transaction.

The withdrawal fees are:

• Bank Wire – $10
• Member Wire – $12.50
• Merchant Sites – Free
• Money Transfer – 1.45% minimum fee $0.50
• Net+ Prepaid Mastercard – 1.75%
• Skrill – 2.5%

The Neteller money transfer service lets you send money around the world instantly, even if they don’t have a Neteller Account. The regular fee for sending money is 1.45% – minimum of $0.50.

There are also a few different fees and it will depend on when you opened your Neteller account. For example, if you opened an account after April 8, 2020, and have not made any deposit to your account, or have deposited only by using Skrill, Paysafecard, Neosurf, Qiwi, or BitPay, a fee of 4.49% will apply.

The fees for buying and selling cryptocurrency are:

• Transactions up to $19.99 – $0.99 per transaction
• Transactions between $20 – $99.99 – $1.99 per transaction
• Transactions above $100 – 1.50 % per transaction
• Crypto P2P (person to person) – 0.50% per transaction

Neteller charges a foreign exchange fee of 3.99%, which can be lower if you are in the VIP program.

Your Neteller account is free if you make at least one transaction per year. If not there is a monthly service fee of $5.

Both Skrill and Neteller also have various administrative fees for things such as the provision of inaccurate or untruthful information or lack of cooperation, a reversal of an incorrect transaction, chargeback, and prohibited transactions.

Both Neteller and Skrill have prepaid Mastercards that can be used to make purchases and for ATM withdrawals. They are physical cards, and both can be ordered for free. Not only are there physical cards but both Skrill and Neteller offer virtual cards as well.