When it comes to online casino payments, security is a top concern for players. While casinos use advanced technology to safeguard players’ funds, it’s important to have a reliable payment method for deposits and withdrawals. There are many options available, including credit cards, debit cards, e-wallets, prepaid vouchers, and online banking methods.Â
Two of the most popular e-wallets for online and mobile casinos are Skrill and PayPal. Skrill, formerly known as MoneyBookers, has been a trusted payment platform since 2001 and is widely used in the online gambling industry. PayPal, on the other hand, is a major player in the online payments arena but is relatively new to the online casino industry.Â
In this article, we’ll compare Skrill and PayPal to determine which e-wallet is better suited for online casino transactions.Â
Skrill vs. PayPal: Basic DifferencesÂ
Skrill and PayPal both have their own segments of users, but Skrill is more popular among online casino fans. Skrill offers a VIP program with five tiers and benefits like a free Skrill MasterCard, lower fees, and higher transaction limits. In contrast, PayPal doesn’t have an established VIP program.Â
The two e-wallets also differ in their fees. Skrill supports 41 currencies and offers a one-time sign-up bonus of $15 USD. While there are no account management fees, there is a fee of up to 3.79% for exchange fees. PayPal allows two accounts per person and supports payments in 25 currencies. It doesn’t offer a sign-up bonus, and while there is no account management fee, there is a 2.5% exchange fee.Â
Deposit and withdrawal fees also differ between Skrill and PayPal. Skrill offers free deposits through bank transfer and instant bank deposits, but deposits through credit cards come with a fee of up to 1.9%. Withdrawals through bank transfer and checks have fees of €5.50 and €3.50, respectively, and there’s a 1.75% fee for prepaid ATM cards. Accounts that have remained unused for 12 months also incur a €1 fee. PayPal doesn’t charge anything for bank transfer withdrawals but charges $1.50 for check withdrawals and $1.95 for prepaid ATM cards.Â
Skrill vs. PayPal: Cashbacks and SecurityÂ
Skrill offers a cashback of about 0.3% to players who use it for casino deposits and withdrawals. PayPal doesn’t offer any cashback, but it does have a proprietary PayPal Security Key for added security. Skrill has a two-step authentication process for security verification.Â
In conclusion, while PayPal is a major player in online payments, Skrill is better suited for online casino transactions due to its longstanding history in the industry and open policy towards facilitating payments for players. Skrill also offers a more generous VIP program, lower fees for deposits and withdrawals, and a cashback incentive for casino players.
