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ChillyJC

Skrill or Neteller, which is better?

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Greetings, traders.

Please, let us all benefit from our collective knowledge of these two payment processors, which both provide debit cards for those who do not want or are not able to use a credit card issued by their financial institution.

Unfortunately, I do not have any personal experience with them at this time.

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First and foremost, unlike in the United Kingdom, there is no guarantee fund in place if an Australian broker goes bankrupt. As a result, you would lose all of your money. Second, Skrill typically offers better terms than Neteller. To sum up, I would prefer bank transfer because it is more secure and there are no percentage fees.

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I use Capitality and have no problems depositing and withdrawing via Neteller, generally within a few minutes, for now no more than $1000, but I don't believe it should be an issue with larger deposits.

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I've tested it with a bank transfer through IC Markets, and it cost me nearly $50 for a transfer to a bank outside of Australia. And it was for only $500. Additionally, it took a few days.
Additionally, I do not have an international credit card with my bank, which means I am unable to spend the money abroad.

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Regrettably, I'm forced to use Netteller because, as GnWFx pointed out, IC Markets does not send profits to Skrill accounts. I'm not sure why, given that they can do so via Neteller.

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I've used both payment systems and they're both equally reliable; in fact, they're both members of the same group.

The distinction is that Nettller takes over seven days to process withdrawals to a bank, whereas Skril processes them the same day.

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I use Skrill, but it recently charged me $33 in "foreign bank fees" when I made a bank transfer to Sri Lanka. Anyone know why they charge such a high price? Western Union charges a lower fee than Skrill.

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To be honest, both of them are a little shady.

That is, both the withdrawal and currency exchange fees are exorbitant (around 4 percent each time)

So the only time I use my Skrill account is to pay for things online in USD. Basically, I withdraw USD and then pay with my virtual card in USD. There are no foreign exchange fees or ATM withdrawal fees.

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