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There are many available options for international transfers, each promising the best rates, the fastest delivery, or the most security.
In this blog, we will be comparing two international online platforms Remitly and Skrill, we’ll dive into the important features, benefits, and drawbacks. By the end of this blog, you’ll know whether Remitly or Skrill suits your needs or if you will find Vance to be a much better option for your financial needs.
What is Remitly and How Does it Work
Remitly is a digital online service that allows users to send money internationally. It offers different transfer options, including express and economy transfers. Users can send money via the Remitly app or website, and the service supports transfers to over 100 countries.
Pros and cons of Remitly
PROS
CONS
Remitly’s express service ensures your money gets there quickly.
Its fees can vary significantly depending on the destination and amount.
It gives you multiple options including bank deposits, cash pickups, and mobile money.
They often include a margin, making their exchange rate less competitive.
It is a user-friendly, easy-to-use app and website.
It supports over 100 countries, but fewer than some competitors.
24/7 support available through phone, email, and chat.
Customers sometimes experience delays when they make transactions.
What is Skrill and How Does it Work?
Skrill formerly known as Moneybookers is a digital payments platform that allows users to send money internationally. Skrill is a platform for online payments, cryptocurrency trading, and different other digital financial needs. You can send money through the Skrill app or website, drawing from your Skrill wallet, bank account, or credit/debit cards.
Pros and Cons of Skrill
PROS
CONS
Skrill’s wide range of services means you can do more than just send money pay for goods, trade crypto, and more.
Skrill’s fee structure can be tricky to navigate, with different charges depending on the transaction type.
It is available in over 120 countries and supports 40 currencies, giving you flexibility wherever you are.
Skrill’s exchange rates can sometimes include a markup, affecting the final amount your recipient gets.
Especially for transfers between Skrill wallets, the fees can be quite competitive.
If you don’t use your Skrill account regularly, you might be hit with an inactivity fee, which can be an unwelcome surprise.
It allows users to buy, sell, and hold cryptocurrencies directly within their accounts.
While Skrill supports multiple currencies, its services are not available in all countries, which can limit its usability for some users.
What is Vance, and How Does it Work?
Vance is a financial platform that simplifies international transfers. It is designed with the users in mind. It is user-friendly, with a strong focus on providing competitive exchange rates, low fees, and a secure, seamless experience for users who need to handle finances internationally.
Remitly vs. Skrill - Key Features
When it comes to choosing the right money transfer service, it’s all about the details. Both Remitly and Skrill bring unique strengths to the table, each providing solutions to different needs. Here are their key features:
Remitly
Skrill
Simplicity: Remitly offers a simple and straightforward solution for your international transfers. It’s designed for simplicity in mind.
Versatility: Skrill is more than just a money transfer service it’s a digital wallet that offers different financial services.
Speed Choices: Depending on your needs, you can choose between the faster express service or the more economical option.
Cryptocurrency Integration: If you’re into crypto, Skrill lets you buy, sell, and hold digital currencies directly from your account.
Customer Support: Remitly gives you access to 24/7 customer support via phone, email, or live chat.
Multi-Currency Account: Its digital wallet supports multiple currencies, allowing users to hold and manage money in different currencies
Vance is a platform that surpasses both Remitly and Skrill. It provides the fastest transfers, an advanced and intuitive mobile app, real-time exchange rates, and 24/7 multilingual support. It is fast, secure, and affordable.
Remitly vs. Skrill - Transfer Fees and Exchange Rates
Remitlyoffers competitive transfer fees but applies a fixed margin to its exchange rates, which can lead to higher costs than other services. This means that while the upfront fees seem low, you pay more in the exchange rate margin.
Skrill offers lower fees, particularly for transfers between Skrill accounts. However, its fee structure can be more complex, with different rates depending on the payment method, the amount being transferred, and the currencies involved. Skrill’s exchange rates also include a markup, which, while competitive, may still be slightly less favourable compared to the mid-market rate.
Vance offers competitive transfer fees and transparent exchange rates, ensuring you know exactly what you're paying upfront. While the exchange rates have a fixed margin, Vance's overall cost structure is designed to offer value and reliability.
Remitly vs. Skrill - User Experience
Remitly’s user interface is designed with simplicity in mind. The app and website are both intuitive, and easy to navigate, making it straightforward to send money even if you’re not particularly tech-savvy.
Skrill’s interface, while modern and well-designed, is more complex because of the many features it offers.This platform is good for those who are comfortable with technology and looking for a multi-functional platform.
Vance has a simple and easy-to-use user interface. With their intuitive design, Vance makes international money transfers feel effortless. Users love how easy it is to navigate the platform, with everything you need just a few clicks away.
Remitly vs. Skrill - Customer Support Services
Here is how their customer support services compare:
Remitly offers 24/7 customer support through phone, email, and live chat, so you can get help whenever needed. It’s praised for its quick and helpful service.
Skrill offers a range of customer support options, which includes an online help centre, email support, and phone assistance. While Skrill’s support is generally efficient, it can sometimes feel a bit impersonal, particularly when dealing with more complicated issues.
With 24/7 multilingual support across multiple channels, Vance ensures you always get the help you need, right when needed.
Remitly vs. Skrill - Reliability and Security
When transferring money internationally, reliability and security are non-negotiable. Let’s compare how Remitly and Skrill measure up in this important areas.
Remitly takes the security of its users seriously, it uses advanced encryption and follows regulatory requirements to secure user data and transactions. This provides a level of protection for those using the service.
Skrill is equally committed to keeping your money and data secure. they employ industry-standard security measures, including encryption and two-factor authentication, to safeguard user accounts.
Another standout feature of Vance is its reliability and unmatched security. Utilising the latest technology, Vance offers superior protection for your transactions, ensuring peace of mind with every transfer.
Remitly vs. Skrill - User Feedback
Remitly is praised for its speed and ease of use. Many users like its customer service and simple platform. However, some users have concerns about exchange rates and fees.
Skrill receives mixed reviews, with some users appreciating its versatility while others find its fee structure complex and support less personal.
Vance is popular for its smooth and user-friendly design, which makes transactions easy. Users also appreciate its reliability, Google rates offering, competitive exchange rates, and lower fees.
In Conclusion
Choosing between Remitly and Skrill depends on your specific needs. Remitly offers a straightforward option for sending money abroad, while Skrill provides a versatile digital wallet for different transactions. However, Vance is an option worth considering, as it combines the strengths of both and offers unique benefits that truly set it apart.
This content is for general informational purposes only and should not be taken as financial, legal, or professional advice from Vance or its affiliates. While we strive for accuracy, the information may change over time. Vance makes no representations, warranties, or guarantees, whether express or implied, regarding the accuracy, completeness, or reliability of the information provided. The comparison is based on publicly available data and is intended to assist users in making informed decisions. It is not a substitute for professional advice or consultation with financial experts. Please review the terms of use and product availability for your region, or visit the service provider's website for the latest pricing and service information.
FAQs
Q1. Which platform is best for frequent money transfers - Remitly or Skrill?
For frequent money transfers, Remitly is typically a better choice. Skrill is also a good option, especially if you need additional financial services beyond just transfers.
Q2. What are the typical exchange rates you might get with these services?
Skrill offers competitive exchange rates but they may include a margin over the mid-market rate. Remitly also provides competitive rates, depending on the transfer speed option you choose (standard vs. express).
Q3. How long does it usually take for transfers to be completed with each option?
Remitly’s express service completes transfers in minutes, while the standard service takes 3-5 business days. Skrill processes transfer within 2-3 business days.
Q4. What unexpected fees can you encounter with either Remitly or Skrill?
Remitly might have higher fees for express transfers because their standard service is more affordable. Skrill may charge fees for currency conversion, withdrawal, and receiving money, and these fees can sometimes be less transparent.
Q5. How easy is it to use each service for sending money internationally?
Remitly is known for its simplicity and ease of use, while Skrill offers a more complex platform with additional financial services.
Q6. What security measures are in place to safeguard your transfers with these services?
Remitly employs 256-bit encryption and fraud detection systems. Skrill also uses robust encryption and security protocols and is regulated by financial authorities.
Q7. Can both Remitly and Skrill handle different types of transfers, like personal vs. business?
Yes. Remitly is more focused on personal remittances and might not offer as many business-specific features. Skrill provides services for both personal and business transfers.
Rupali enjoys writing about everything related to money (in India and around the world). A MICA graduate in Communications, she has over seven years of experience in content creation and communication strategy for various user touchpoints, from CRM to UX for apps and websites, especially in fintech and healthcare. Outside of work, you'll find her binging on true crime documentaries or cooking up a storm.
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