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Betterment vs Skrill

Betterment logo

Betterment

Software

Your path to financial independence

From
$5/month
Rated
-
Full reviewWebsite
Skrill logo

Skrill

Software

Fast and secure money transfer

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only Skrill has a free tier, so it costs nothing to try first.
  • Each has a real cost: Betterment digital automated investing charges $5 per month fee for accounts under $24,000 balance; Skrill a currency conversion fee of 4.49 percent applies to most conversions
  • They diverge on capability: Betterment covers Automated investing, Skrill covers Money transfers.

Where they differ

Only the attributes on which Betterment and Skrill actually diverge.

Attributes where Betterment and Skrill differ
AttributeBettermentSkrill
Starting price$5/monthFree
Pricing modelsubscriptiontransaction
Free tierNoYes
Founded20082001

Identical on both: platforms (Web, iOS, Android), user rating (Not yet rated), category (Unknown).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Betterment

  • Automated investing
  • Retirement planning
  • Financial advisory
  • Goal tracking
  • Investment accounts

Only in Skrill

  • Money transfers
  • Digital wallet
  • Currency conversion
  • Prepaid card
  • Credit cards

Both cover

  • Bank accounts
  • Web support
  • IOS support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Betterment

  • Small investors starting with automated investing at no minimum balancenot Skrill
  • Fee-only digital wealth management for accounts under $24,000 via $5/month flat feenot Skrill
  • Premium advisory access for high-net-worth individuals with $100,000+ balancenot Skrill

Skrill

  • Sending money internationally from a prepaid digital walletnot Betterment
  • Funding and withdrawing from online merchants and gaming sitesnot Betterment
  • Buying and selling cryptocurrency inside a wallet accountnot Betterment

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Betterment

  • Digital automated investing charges $5 per month fee for accounts under $24,000 balance
  • Premium advisory service requires minimum balance of $100,000 in eligible investments
  • Foreign transaction fees apply to checking account (though reimbursed after the fact)
  • High-balance fee discounts only available above $1,000,000 account balance

Skrill

  • A currency conversion fee of 4.49 percent applies to most conversions
  • An inactivity fee of EUR 5.00 is deducted monthly after six months with no login or transaction
  • Card deposits carry a 2.50 percent fee
  • SWIFT bank withdrawals cost 2.80 percent with a minimum fee of EUR 3.5
  • Skrill to Skrill transfers cost 2.99 percent with a EUR 0.50 minimum on standard accounts, reduced to 1.45 percent only for True Skriller accounts
  • Crypto trading fees are tiered by VIP status, from 1.50 percent standard down to 1.30 percent at Gold and Diamond VIP

Pricing, plan by plan

Betterment

$5/month

No published plan breakdown. See the Betterment review.

Skrill

Free
  • Free AccountFree
    • Money transfers
    • Digital wallet
  • Premier Account$undefined/month
    • Higher limits
    • Special rates

Which should you pick?

Choose Betterment if

  • You need automated investing.
  • You work on Web, iOS, Android.
  • You also want retirement planning.
Betterment review

Choose Skrill if

  • You need money transfers.
  • You want to start without paying.
  • You work on Web, IOS, Android.
  • You also want digital wallet.
Skrill review

Questions people ask

Is Betterment or Skrill better?
Neither clearly leads. Betterment starts at $5/month and Skrill at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Betterment or Skrill?
Skrill has a free tier; the other does not. Paid plans start at $5/month for Betterment and Free for Skrill.
Does Betterment or Skrill run on more platforms?
Betterment runs on Web, iOS, Android. Skrill runs on Web, IOS, Android.
Can I use Skrill for free?
Yes. Skrill has a free tier, so you can try it without paying. Betterment starts at $5/month.
What is Betterment best used for?
Betterment is most often used for small investors starting with automated investing at no minimum balance, fee-only digital wealth management for accounts under $24,000 via $5/month flat fee, premium advisory access for high-net-worth individuals with $100,000+ balance. Of those, small investors starting with automated investing at no minimum balance and fee-only digital wealth management for accounts under $24,000 via $5/month flat fee are not what Skrill is typically brought in for.
What can Betterment do that Skrill cannot?
Betterment covers Automated investing, Retirement planning, Financial advisory, Goal tracking. Skrill covers Money transfers, Digital wallet, Currency conversion, Prepaid card. Both handle Bank accounts, Web support, IOS support, Android support.
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