Global payments platform Paysafe launched the Skrill Money Transfer service which allows customers to transfer money for free to friends and family in Mexico, India, and 16 other Asian and European countries.
First launched in October 2018 in Europe, Skrill Money Transfer was designed to enable money transfers to 40 countries. Now US customers can send money quickly and easily with their personal bank account (via instant ACH) or with a debit or credit card, to fund transfers from their Skrill account.
According to the World Bank, $68.5 billion or 14% of global remittances sent internationally originate in the US with Mexico and India the biggest recipients of funds. An estimated $490.5 billion was remitted around the world in 2018.
Skrill account users can transfer funds directly to bank accounts overseas with no fees and recipients are also not charged a fee by Skrill to receive funds although recipients may be charged fees by their financial institution to receive or withdraw funds.
Lorenzo Pellegrino, CEO of Skrill, NETELLER, and Income Access at Paysafe, said: “There has never been a more important time for remittance services, and we’re proud to bring Skrill Money Transfer to US consumers, who send more money overseas to friends and family than anyone else in the world. New Americans and ex-pats with connections overseas will now be able to send their loved ones much-needed help.”
While the US lags behind European and Asian countries in digital payment adoption, the coronavirus crisis has increased US consumer use of digital payments as a result of increased e-commerce activity. Researchers expect the trend to continue as the US economy reopens.
Skrill recently launched a US Visa prepaid card for its digital wallet users in January 2020. This card has no service fees for consumers and can be used in-store and for online purchases.
Skrill Money Transfer was recently rated a 10/10 for fees and exchange rates by independent consumer money Monito and rated by consumers at 9.5/10 on Trust Pilot. Skrill has been making digital payments since 2001 and is owned by Paysafe Group which handles annual payments of more than $85 billion using 200 payment types in over 40 currencies around the world. Headquartered in the Isle of Man, UK, Paysafe and its subsidiaries have 3,000 employees in 12 locations.
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