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Skrill VS Splitwise

Compare Skrill VS Splitwise and see what are their differences

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Contents:
  1. ยป Base Details
  2. ยป Videos
  3. ยป Reviews
  4. ยป Alternatives

Skrill logo Skrill

Skrill (formerly known as Moneybookers) is the cheaper way to send and receive money worldwide.

Splitwise logo Splitwise

Splitwise is a free tool for friends and roommates to track bills and other shared expenses, so that everyone gets paid back. On the web, iPhone, and Android!
  • Skrill Landing page
    Landing page //
    2023-10-22
  • Splitwise Landing page
    Landing page //
    2023-01-23

Skrill features and specs

  • Global Reach
    Skrill allows users to send and receive money internationally in multiple currencies, making it ideal for global transactions.
  • Security
    The platform employs high security measures, such as two-factor authentication and encrypted transactions, to protect user data and funds.
  • Multiple Services
    In addition to money transfers, Skrill offers services like prepaid cards, cryptocurrency trading, and online payments.
  • Ease of Use
    Skrill has a user-friendly interface and app, making it easy for both individuals and businesses to manage their finances.
  • Merchant Integration
    Businesses can integrate Skrill as a payment method on their websites, providing more options for their customers.

Possible disadvantages of Skrill

  • Fees
    Skrill charges various fees for transactions, withdrawals, and currency conversions, which can accumulate and become costly.
  • Account Limitations
    New and unverified accounts may face limitations on the amount of money that can be sent and withdrawn until verification is completed.
  • Customer Support
    Some users report that Skrill's customer support is slow to respond and can be unhelpful with resolving issues.
  • Geographical Restrictions
    Certain features and services offered by Skrill might not be available in all countries, limiting its usability for some users.
  • Strict Anti-fraud Measures
    While security is generally a pro, Skrill's strict anti-fraud measures can sometimes lead to account freezes and delays in transactions, which can be inconvenient.

Splitwise features and specs

  • User-Friendly Interface
    Splitwise provides an intuitive and easy-to-navigate interface, making it straightforward for users to add expenses, keep track of debts, and settle up.
  • Multi-Platform Availability
    Available on the web, iOS, and Android, Splitwise ensures users can access and manage their expenses from almost any device.
  • Expense Tracking
    The app allows users to easily log and categorize expenses, which can be particularly useful for group trips, shared households, or any shared financial responsibility.
  • Flexible Split Options
    Users can split expenses equally, by percentages, shares, or custom amounts, providing flexibility in how costs are divided among group members.
  • Currency Conversion
    Splitwise supports multiple currencies, which is handy for international travel or groups with members from different countries.
  • Bill Reminders
    The app sends reminders for outstanding balances, helping users to stay on top of their payments and avoid forgotten debts.
  • Integration with Payment Platforms
    Splitwise can integrate with payment platforms like PayPal and Venmo for easy settlement of balances.

Possible disadvantages of Splitwise

  • Privacy Concerns
    Since Splitwise involves sharing financial information with others, there could be privacy concerns for those unwilling to share detailed expense data.
  • Subscription-Based Features
    Some advanced features, such as expense exporting and additional integrations, require a Splitwise Pro subscription.
  • Manual Entry Requirement
    Splitwise requires users to manually enter expenses, which could be time-consuming and prone to errors if not done diligently.
  • Limited Automatic Reconciliation
    While Splitwise helps track who owes whom, it does not automatically reconcile or pay off balances, leaving users responsible for manual payment.
  • Dependency on Group Honesty
    The accuracy of the expense records relies on the honesty and diligence of all group members, which may not always be reliable.
  • Potential for Confusion
    The various options for splitting bills (equally, by shares, etc.) can sometimes lead to confusion or disputes among users over what is fair.

Analysis of Skrill

Overall verdict

  • Skrill is generally a good option for individuals seeking a reliable and versatile online payment solution. However, its suitability depends on the user's specific needs, such as the type of transactions they frequently make and their tolerance for international transaction fees.

Why this product is good

  • Skrill is a widely-used online payment service known for its convenience in transferring money, making online purchases, and supporting transactions in multiple currencies. It offers a variety of features such as low transfer fees, a prepaid Mastercard, and support for cryptocurrency transactions. Additionally, it is considered secure, as it uses encryption and two-factor authentication.

Recommended for

  • Individuals who frequently make international transactions
  • Online gamblers and gaming enthusiasts
  • Cryptocurrency users
  • Freelancers and businesses that require quick and easy online payment options

Analysis of Splitwise

Overall verdict

  • Splitwise is a highly effective tool for managing shared expenses, especially if frequent splitting of costs is involved. Its features make it easy to track who owes what, and its automatic calculations save time and reduce errors.

Why this product is good

  • Splitwise is popular because it simplifies sharing and tracking expenses among groups, making it ideal for roommates, friends on trips, or any group spendings.
  • It automatically calculates balances and reminds users about payments, reducing the awkwardness of asking others for money.
  • Offers a user-friendly interface both on web and mobile apps, which makes managing expenses convenient and accessible.
  • Supports multiple currencies, which is great for international travel groups.
  • Integration with payment platforms like PayPal and Venmo for easy settlement of debts.

Recommended for

  • Roommates who need to regularly split household bills and expenses.
  • Groups of friends or families who often travel together and need to manage shared travel costs.
  • Colleagues or classmates working on projects or events that require shared funding.
  • Anyone who wants to avoid the hassle of manually tracking and settling shared expenses.

Skrill videos

+ Add

Skrill Review - My honest opinion after using it for a year

More videos:

  • Review - Skrill Review
  • Review - SKRILL SCAM -200$ [WATCH BEFORE USING SKRILL]

Splitwise videos

+ Add

Splitwise - iPhone App Review! [2020]

More videos:

  • Review - Tricount vs Splitwise - App comparison
  • Demo - Splitwise Demo

Category Popularity

0-100% (relative to Skrill and Splitwise)

Skrill

Splitwise

Online Payments
100 100%
Online Payments
0% 0
Personal Finance
0 0%
Personal Finance
100% 100
Payment Platform
100 100%
Payment Platform
0% 0
Expense Tracking
0 0%
Expense Tracking
100% 100

User comments

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Reviews

These are some of the external sources and on-site user reviews we've used to compare Skrill and Splitwise

Skrill Reviews

Top 5 Payoneer Alternatives for Seamless Online Transactions
Key Features: Focuses on international money transfers and online payments, offering features like virtual cards and fast transfer speeds. Skrill caters to businesses seeking versatile payment solutions. It also offers omnichannel processing, allowing for payments through various options like ACH, e-commerce platforms, and mobile wallets.
Source: www.doola.com
What to Use Instead of PayPal? 10 Best PayPal Alternatives
Skriller-level accounts include some fees while True Skriller accounts waive fees. The latter may not be ideal for small businesses, though. Overall, there are no deposit fees and low fees for withdrawals. It is also free to send and receive money.
Source: www.podium.com.au
8 Best Payoneer Alternatives โ€“ Which Payoneer Competitors You Can Use?
Skrill is another worthy Payoneer alternative. It is much more than just a digital payment platform. The company has been in existence for over two decades. Receiving and sending funds are some of their main features. Customers can also buy and sell cryptocurrencies. Companies can open merchant accounts, and all account holders can receive a pre-paid debit card.
Source: www.kasareviews.com
8 Best Wise Alternatives โ€“ Which Wise Competitors Should You Try?
Skrillโ€™s debit card transfer exchange rate margins are a bit more expensive than transfers made by credit card. If Skrill is not what you need, then be sure to check best Skrill alternatives.
Source: www.kasareviews.com
5+ Best Payoneer Alternatives For Freelancers & Businesses
The best characteristic of Skrill is its no transaction fee policy if you receive money in your Skrill account. Similarly, if you pay using Skrill Wallet and send money to an international account with the Skrill Money Transfer feature, no transaction fee is applicable.
Source: digitalmarketingtipsy.com

Splitwise Reviews

12 Best Bill Splitting Apps in 2023
Splitwise is among the most commonly used group payment apps that can easily keep a systematic record of all your informal debts including restaurant bills, travel expenses, cost of accommodation, and much more. With this expense sharing app, users can either create groups or split the bill privately among friends. Splitwise also registers and saves all the expenses and...
Source: www.mobileappdaily.com
6 Best Bill Splitting Apps for Hassle-Free Expense Sharing
Splitwise employs an intelligent algorithm to calculate the exact amount owed by each user. It shows who paid for what, how much amount was paid by each member, and any outstanding balances. Furthermore, the application also keeps everyone updated about their balances and recent transactions.
Source: www.how2shout.com
Best Bill-Splitting Apps
For example, shared items like appetizers would be split among the entire group or just a few people in the group. The app can handily accommodate large parties by allowing you to add up to 10 people to each group. Once youโ€™ve divided up the food among all the plates you can add in tax and tip. The app is made by the same company as Splitwise and is completely free. The only...
Source: www.thebalancemoney.com
7 Best Budgeting Tools and Apps for Personal Finance
This oneโ€™s not a complete budgeting app but itโ€™s still a handy one. Splitwise is a nifty app that helps people track how much they owe to friends and colleagues and vice versa. It makes sharing expenses on outings, meals, events, etc easy to track by logging in each transaction. It basically keeps a total over time, so that you can pay back the money in a large payment,...
Source: www.softwaresuggest.com

What are some alternatives?

When comparing Skrill and Splitwise, you can also consider the following products

PayPal - PayPal is the faster, safer way to pay online without sharing financial details, send and receive money or accept credit and debit cards as a seller

Tricount - Manage and share expenses with friends

Stripe - Online payment processing for internet businesses. Stripe is a suite of payment APIs that powers commerce for online businesses of all sizes. Use Stripeโ€™s payment platform to accept and process payments online for easy-to-use commerce solutions.

Splid - Splid helps friends manage their money.

PayPal Braintree - An all-in-one solution to accept, process, and split payments in your mobile app or online - from small business to large enterprise.

Settle Up - SETTLE UP is an indispensable app for friends and flatmates who need to keep track of shared bills...

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