Skrill Launches Zero-Fee Money Transfer Service to US

Digital wallet and mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term operator Skrill, part of Paysafe Group, is beginning to roll out its free Money Transfer service in the United States.

The service is now being offered to existing and new customers with no foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (FX) mark up or transfer fees. Skrill customers can transfer money to bank accounts and mobile wallets in Mexico, India, and 16 other Asian and European countries at the mid-market FX rate, with zero transfer fee.

The company states that expanding the reach of its free Money Transfer solution comes as a result of Paysafe’s efforts to support the consumers during the current COVID-19 outbreak. It also said that recipients can receive funds in their local bank account or mobile wallet, but they do not need a Skrill account to get paid.

Skrill’s money transfer service offers a cost-effective way for immigrants and ex-pats across the continental U.S. to transfer money back home, removing the fees and hidden costs associated with many competing services.

Skrill Money Transfer was first launched in Europe two years ago to facilitate transfers to over 40 countries globally. Against the backdrop of the COVID-19 pandemic, which first surfaced in China before spreading to other parts of the world, the payment company dropped fees and foreign exchange charges for its users in many countries.

Skrill taps into crypto frenzy

Skrill USA launches the service barely five months after it unveiled a Visa prepaid card for customers of its digital wallet brand. This also allows clients to use their Skrill account balance for in-store and online purchases as well as cash withdrawal.

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 U.S. 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. Together we’re always stronger.”

In addition to Skrill, Paysafe’s brand portfolio now includes NETELLER and MeritCard, Paysafecard, payolution, Income Access, and FANS Entertainment.

Recently, Skrill added a feature to allow customers to instantly convert one cryptocurrency into another, removing the need to convert interest into fiat currencies. The company has enabled the crypto offering to Skrill’s wallets earlier in July 2018.