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Skrill and Revolut are both pretty well-known names in e-commerce and online banking. If you’re trying to figure out which is best for you, you’re in the right place! So today, we're going to be covering the most important aspects of each. What are Skrill and Revolut, what do they offer to users, and is there a clear winner, one way or the other?
Let’s see which is the best choice for you, shall we?
Today's Topics Include:
Now, let’s get you some answers!
There is a lot to remember here, so read carefully. We’ll start with the simple stuff and move into the more complicated bits shortly, yeah?
Revolut is a relatively recent (2015) e-commerce and fintech startup that is in the running for competition with the industry’s largest names, such as Payoneer, Skrill, PayPal, and (unsurprisingly) traditional banks. They’re regulated by both United States and United Kingdom governmental bodies, and allow users access to commission-free stock trading.
Revolut has also recently gotten into crypto trading and savings accounts for those without access to traditional bank accounts.
Skrill (formerly MoneyBookers) is a longstanding digital wallet and e-commerce site established in 2001. They operate in well over 120 countries, have access to 40 currencies, and are regularly used by both businesses and individuals alike.
Although primarily an e-wallet for the gambling, trading & forex industry, Skrill can also be used to invest in cryptocurrency, trade foreign currency, and process payments in both physical and virtual storefronts with near-instant, extremely secure payment processing.
This is a hard question to answer directly, as it will vary on your needs. As such, I’m going to give you a few pros and cons and break down some of the most commonly-used services on both platforms so you can make an informed decision based on your needs.
First up is Skrill.
Skrill is a long-standing name in e-commerce and online wallets. As such, they’ve had the time that Revolut simply hasn’t had to build their offering and provide service to a wide range of users in numerous countries.
While Skrill offers business accounts, its primary focus (and its largest strengths) lie in what they offer to individual account holders.
So what makes Skrill, well, Skrill?
Let’s talk sheer basics for Revolut really quickly. There are a number of shared features between Skrill and Revolut, so we’ll start with what makes each unique and cover their similar features in the “Shared Features” subsection below.
So what makes Revolut, well, Revolut?
All in all, Revolut is primarily focused on mobile banking, card payments, money remittance, and foreign exchange (forex). They offer a prepaid card and P2P payments, and aim to do all of the above safely, securely, and with the proper support.
Revolut is primarily geared towards individual users, though they do offer quite a few features that allow companies a great deal of both control and integration possibilities for their finances.
All in all, which platform between Skrill and Revolut is better for you will depend on your needs. If you’re a business owner trying to get a bit more security and control over your finances, Revolut is likely the better option. But if you’re just trying to operate as an individual, Skrill is cheaper to register (free), has lower fees on average, and offers a number of services that Revolut doesn’t.
At the end of the day, you’ll need to make the decision that suits your needs - but it wouldn’t hurt to open an account on both… right?
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