Paysafe’s Skrill digital wallet continues US expansion

Maria Nikolova

Skrill customers in the United States can now use the solution to transfer money for free to friends and family in Mexico, India and 16 other Asian and European countries.

Specialized payments platform Paysafe today announced the US launch of its Skrill Money Transfer service. Skrill customers in the United States can now use the solution to transfer money for free to friends and family in Mexico, India and 16 other Asian and European countries.

It is free to create a Skrill account and Money Transfer senders are charged neither fees nor any foreign exchange (FX) mark-up to send money from the U.S. To use Skrill Money Transfer, which was first launched in Europe in October 2018 for transfers to over 40 countries globally, US consumers simply pay with their personal bank account (via instant ACH), or their debit or credit card, to fund transfers from their Skrill account.

Money can be transferred directly to bank accounts overseas, and the recipients are also not charged a fee by Skrill to receive funds (recipients may incur fees from their financial institution to receive or withdraw funds). Skrill Money Transfer is currently rated a perfect ‘10’ for fees and exchange rates by independent consumer money transfer comparison site Monito.

Following the launch of the Skrill USA Visa® Prepaid Card in January 2020, Skrill Money Transfer marks the latest Skrill move to better respond US consumers’ payment needs. Amid the COVID-19 situation, Americans are increasingly embracing alternative online payment methods.

Given strong consumer demand, Skrill aims to continue to expand its U.S. digital wallet going forward, including extending Skrill Money Transfer’s reach. U.S. immigrants and expats will soon be able to send funds via the solution to multiple additional countries in Latin America, Asia, Europe and Africa.

Read this next

Digital Assets

Alameda sues Voyager Digital to recover $445 million

FTX’s failed trading arm, Alameda Research, asked a court to claw back $445 million from Voyager Digital, which it said SBF’s empire paid to the crypto lender before collapsing into bankruptcy.

Metaverse Gaming NFT

Toyota taps Astar Network to explore Web3 in grand style

Although the crypto ecosystem has faced its fair share of bumps, Japanese automaker Toyota is seemingly bullish about the space and continue to look at Web3 as a promising opportunity.

Digital Assets

Bitcoin dominates inflows into crypto funds, AuM hits $28B

As the price of bitcoin continues to consolidate around recent highs, investors expand their positions in funds designed to profit from further appreciation in the cryptocurrency.

Institutional FX

Fiserv secures major payment institution licence in Singapore

Brookfield-based financial services technology provider Fiserv Inc has obtained nod for a Major Payment Institution license in Singapore.

Institutional FX

Finalto expands NDFs line-up with Taiwanese dollar

Finalto announced today that it has expanded its non-deliverable forwards (NDFs) offering with the addition of Taiwan’s dollar to its trading platform.

Opinion

It’s time for FX to Harness Crypto’s Potential

Jonathan Cumberlidge, FX Sales Director for BVNK, makes the case for cryptocurrencies in improving the efficiency and flexibility of foreign exchange trading.

Digital Assets

Owner of OptionMint, OptionKing, and OptionQueen gets 30 months in prison

A US federal judge has sentenced Ohio resident Jared Davis, who was found guilty for his participation in a multi-million fraud scheme carried out by Israeli-run binary options websites.

Executive Moves

iS Prime co-founders Raj Sitlani and Jonathan Brewer leave, but “business as usual”

“For our clients and teams at iS Prime, iS Risk and iS Prime Hong Kong, it is business as usual. We will be increasing our investment in our technology and staff, putting our clients first as we drive the business forwards to maintain our market leadership position.”

Digital Assets

Germany-focused DekaBank taps METACO for digital asset custody offering

“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate.”

<