Payment methods are there for deposits and withdrawals, and you certainly have to leave plenty of options for lots of different people – especially because not everyone uses the same digital wallets or credit and debit cards. Thus, casinos started offering practically everything. Among an abundance of payment options, there are digital wallets – PayPal and Skrill. Everyone has their own payment choice. However, in this article, let’s explore the biggest advantages and disadvantages of PayPal and Skrill.

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What are PayPal and Skrill?

You’ve probably heard of PayPal since it is one of the biggest digital wallets out there. It’s been here for quite some time now, and it allows people to make both personal and commercial payments. Since it is one of the oldest wallets, there are dozens of casinos that accept PayPal for deposits and withdrawals – and people love it. Additionally, PayPal is secure and it allows fast payments. 

Likewise, Skrill is another digital wallet and it is an e-commerce service that also allows the safe transfer of money. And unlike PayPal, Skrill doesn’t need any of your personal information to transfer money (except your email). Plus, no one can see your personal information which provides a nice layer of anonymity while playing at online casinos. And that’s one of the reasons why more and more casinos are listing Skrill as a payment option, too.

Now that you know a bit more about these two wallets, let’s inspect their advantages and disadvantages based on a few criteria.

Fees and Withdrawal Quickness 

Both PayPal and Skrill don’t require any additional fees to make a deposit at online casinos. However, withdrawals are a different story. When you want to withdraw cash to your bank account from PayPal or Skrills, there are some transaction fees. For example, when transferring funds from PayPal, there is a 3.4% fee for the total amount. Skrill’s fee is slightly higher, totaling 4.9% of the total amount. This means that PayPal is a bit more affordable.

We should also mention processing time, as it is an important factor. It takes Skrill about 24 hours to transfer your funds, while PayPal can often do it within 2 hours. But this processing time on PayPal can depend on a lot of factors (if you’ve previously received money from the same source, the processing time is much quicker, for example).

VIP and Loyalty Programs

If you really love playing casino games and you are a high roller, then you’re going to love some of the perks these wallets can provide. For example, Skrill has VIP features for players, but it is based on the amount of money a player sends and transfers every quarter. With such a VIP program, you can see special promotions, lower fees, and an extra layer of security (plus a non-stop customer support team).

PayPal, on the other hand, doesn’t offer any loyalty programs. But, you can earn loyalty points when using PayPal MasterCard. These points can also accumulate and you can redeem them for an array of perks – gift cards, travel vouchers, cashback, etc.

Casino Bonuses

Players love bonuses, there is no doubt about it. And it is crucial to read the terms and conditions before you sign up for a bonus. Why? Because some bonuses are tied to the payment methods you are using. There is a great number of casinos that will offer welcome bonuses for players who use Skrill. And overall, there are many more bonuses for Skrill users than for PayPal ones, unfortunately.

Both of these payment methods are widely used, accepted, and secure. They offer fast payments and withdrawals, but they are not seen the same by online casinos. It seems that there are a few more perks for those of you who use Skrill. But PayPal is widely accepted by online casinos and it is a bit lower in fees and quicker on withdrawals. All in all, it is up to you which one you’re going to use, they are both amazing.