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Skrill vs Neteller: Pros and Cons of Wallets for Betting

Compare the pros and cons of using Skrill and Neteller wallets for sports betting.

Published on 09 Jan 2023

Table of Contents:

Skrill and Neteller

Skrill and Neteller are electronic wallets that help you to send and receive money online. They are created and managed by two different companies but are used in a very similar way. Skrill and Neteller provide a safe method of sending and receiving money online, with all transactions taking place over SSL encryption technology.

Both services also allow users to transfer funds from their bank accounts into their wallets for gambling payments or shopping on the internet. Skrill and Neteller are very popular among online gamblers, as they offer a range of payment methods. Both businesses have a long history in the market and have developed into reputable names. They offer customer support via phone or email, so if you ever run into any issues with your account or transactions, there is always someone to help.

The Most Significant Difference

The main difference between the two systems is that Skrill can only be used for a limited number of transactions per year, but these transactions can be made for free. On the other hand, Neteller does not have a transaction limit, but you have to pay a fee if you exceed it. Neteller and Skrill make it easy to deposit, transfer and withdraw cash from your account. Transfer, withdrawal and deposit processes in these two e-wallets are fast and simple, and they charge the lowest possible fees.

The good news is that all online and physical purchases are commission free for both Neteller and Skrill. The commission for all deposits on Skrill is 1 percent of the total amount. You can fund your account with your favorite card including PaySafeCard, American Express, Visa and MasterCard, as well as from your local bank. Please be aware that additional fees may apply depending on the currency you use. Skrill supports over 40 currencies and you can avoid fees if you use a maximum of four currencies for your checking account.

Remember to keep your accounts secure as you may be charged a $1 maintenance fee after one year of inactivity. When it comes to withdrawals, you can withdraw using credit cards, wire transfers, Skrill cards, debit cards, and more. Withdrawals will take 2 to 5 business days and incur fees. One of the most beneficial withdrawal options is to use the Skrill MasterCard prepaid card. In terms of depositing funds, Neteller has more options compared to Skrill. But his commission is higher. Each deposit option is subject to a flat fee of 2.5%, which depends on the amount of the transaction.

In addition to topping up from your bank, options available include PaySafeCard Cash, PaySafeCard, PayByMobile, GiroPay, Maestro Debit Card and Rapid Transfer. Neteller users can choose from 25 currencies. A maximum of four currencies can be used per account/client. If your checking account is inactive for one year, a $5 monthly account maintenance fee will apply. Withdrawals through Neteller incur a $12.75 fee, which usually takes 3 to 5 days. While withdrawal fees are higher than Skrill, Neteller offers the option to use a Net+ prepaid card for instant and free withdrawals.

Pros and Cons of Wallets for Betting

People who bet online need a fast, secure wallet and easy to use. Skrill and Neteller are the two most popular online wallets punters use to deposit funds into a betting account. Both have their advantages and disadvantages, which we’ll compare below.

Skrill Pros

  • Fast processing time for deposits and withdrawals
  • It can deposit funds into any betting account, including sportsbooks and casinos.
  • Accepts deposits via debit card, credit card, or bank transfer.

Neteller Pros

  • Withdrawals can be made in local currency
  • No fees are associated with transferring money between your Neteller account and other users.
  • You can also use this wallet to make payments in stores that use PayNearMe or withdraw cash at ATMs worldwide.
  • Accepts a wide range of currencies

Skrill Cons

  • Does not support local currency withdrawal
  • Comes with a higher fee than other wallets (3% + $0.25 per transaction).
  • It does not allow you to withdraw cash from ATMs worldwide.
  • Must withdraw at special ATM locations called InTouch centers.

Neteller cons

  • Some deposit and withdrawal methods bear a very high level of commission.
  • Some of the withdrawal methods have relatively low monthly limits.
  • Neteller’s service remains very limited in the United States and Canada.
  • Lack of interest rate on the remaining account balance.

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E-wallets like Skrill and Neteller are easy for people to send and receive money when they do not have access to traditional financial institutions. These wallets are convenient because they are easy to set up and use, especially when you need to make international transactions. They can also serve various purposes, including paying bills online, making purchases, and transferring money between individuals. Now that you know about the advantages and disadvantages of both Skrill and Neteller, it is up to you to decide which one works best for your needs. One thing that should be remembered is that e-wallets are not just convenient ways to get money but can also be used as payment options at retailers who accept them.

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