Skrill vs PayPal: Comparing these two payment methods
One of the most important things when playing at online casinos is how quick and easy it is to make a deposit or withdraw your money. There are many banking options available, of course, but the eWallet services Skrill and PayPal are two of the most popular.
Over the years, there have been many debates over which eWallet is best, especially when it comes to providing safety, security and speed for online casino players. But let’s end the debate right here and see which of these two payment methods comes out on top.
Signing up for a Skrill or PayPal account
The good news is that both payment methods make it relatively easy to sign up and start spending. Simply supply your personal and banking information, then verify these details.
It doesn’t take long for your accounts to be verified. Skrill can take up to 24 hours, while PayPal can sometimes take a couple of days to verify your details with your bank.
One thing to note is that registering an account is absolutely free of charge. However, very small transaction fees will apply when you’re paying for services or transferring funds.
When it comes to playing at online casinos, ensure that your method of choice is accepted by all of the reputable brands at which you want to play. You can easily find this information right here on JohnSlots, as we always list payment methods in our casino reviews.
Online casinos that accept PayPal
Originally founded by Elon Musk of Tesla and SpaceX fame, PayPal is a highly popular eWallet widely used in online retail. That makes it one of the most preferred payment options for shopping online, buying on eBay or transferring money between individuals.
Although its use online is well established, PayPal is not widely accepted in the gambling arena as you would expect. Here, we’ve compiled a full list available PayPal casinos here.
You’ll soon discover that very few online casinos enable players to make a deposit or a withdrawal using PayPal – but that is slowly changing and its market share is growing.
Online casinos that accept Skrill
Skrill, on the other hand, is accepted by the majority of online casinos. So, while it might not be as ubiquitous or as well known in the retail space, it is a staple favourite when it comes to the online gambling world. And one of the reasons for this is the speed.
The fact it’s easy to sign up, verify your bank account and start playing means Skrill is a firm favourite. Here, you can read more about the online casinos that accept Skrill.
Skrill vs PayPal: The benefits of both
One of the many reasons why players like eWallets is that they don’t need to expose their financial data directly to the casinos – everything is encrypted and banking information is kept hidden.
This is one of the main advantages since you only supply your financial details to one entity (PayPal or Skrill) instead of multiple casinos or online retailers.
You also only have to supply your details once, then payments are processed on your behalf. Additionally, PayPal and Skrill do not require a credit or debit card. As long as you have a bank account, you can still make transactions using these methods.
Skrill vs PayPal: Fees and withdrawal times
When using either of these payment methods, there are no additional costs or fees when it comes to making deposits into your casino account. However, making a cash withdrawal from your bank account to add funds to your eWallet does incur some transaction fees.
For example, whenever you make a cash withdrawal with PayPal, you will be charged 3.4% of the total amount plus an extra 20p (for some reason). Whereas, for Skrill, the transaction fee is slightly higher, standing at 4.9% for any withdrawals you make.
When transferring money between accounts (assuming you have more than one eWallet), you can do so for free with PayPal, but Skrill charges 5% of the total amount. Therefore, PayPal offers much better value, but it’s not as widely accepted at online casinos.
Processing times are another important factor. When you need to make a cash withdrawal, Skrill can take up to 24 hours to show up in your account, while PayPal can process your withdrawal within two hours, depending on a number of factors – i.e. if you’ve previously received money from the same source, your cash withdrawal will be processed quicker.
Skrill vs PayPal: VIP and loyalty
If you’re a high roller, you’ll appreciate any additional perks that some eWallets provide. Skrill, for example, offers players access to VIP features based on the amount of money they send every quarter. With the VIP programme, you can expect special promotions, lower fees and added security, as well as a 24/7 customer support team. Not bad!
Spend more than €6,000 and you’ll activate the Bronze programme, while €15,000 triggers the Silver tier. Spending €45,000 or €90,000 will activate the Gold or Diamond levels respectively.
Each tier comes with its own set of increasingly great perks and benefits.
PayPal doesn’t cover a loyalty programme, but you’ll earn loyalty points when using the PayPal MasterCard. The points you accumulate can then be redeemed for a range of additional perks, such as gift cards, merchandise, travel vouchers, cashback and more.
Skrill vs PayPal: Online casino bonuses
For online casino bonus offers, it’s always best to read the terms and conditions before signing up – they tend to differ from one casino to another and not all payment methods are accepted for welcome deals.
Most casinos gladly welcome new players using Skrill to obtain their sign-up offer. Overall, it’s much easier to find casinos that offer deals and promotions for players who use Skrill. However, if you really insist on using PayPal to fund your casino account, you might find it much harder to find an online casino that accepts deposits made with this method.
Skrill vs PayPal: The verdict
By now, you should have formed your own opinion about these payment methods. But, the decision ultimately depends on your own wants, preferences and needs. Both have their own advantages and disadvantages, they beat each other in different aspects.
As much as we’d like to pick one payment method over the other, it’s your decision at the end of the day. Just be sure to do your research on your casino of choice before signing up. First of all, check that they offer your chosen payment method, then see if any fees will be incurred for transactions and finally read the T&Cs for any welcome bonuses.
|Accepted by most online casinos||Rarely accepted by casinos|
|Encrypted & banking info is kept hidden||Encrypted & banking info is kept hidden|
|Transaction fee: 4.9%||Transaction fee: 3.4% + 20p|
|Processing time: Up to 24 hours||Processing time: Up to 2 hours|
|VIP features||Loyalty points when using the PayPal MasterCard|
|Welcome offer might not be available||Welcome offer might not be available|
Sign up to trusted online casinos
Find your next PayPal- and Skrill-friendly casino via the list below: