Paysafe, a leading specialized payments platform, today announced the U.S. launch of its Skrill Money Transfer service. Existing and new 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, with others available shortly.
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Lorenzo Pellegrino, CEO of Skrill, NETELLER, and Income Access at Paysafe (Photo: Business Wire)
Against the backdrop of the COVID-19 pandemic, immigrants and expats across the continental U.S. will benefit from Skrill Money Transfer, which ensures as much financial support as possible reaches loved ones in Mexico and India, the top-two migrant countries to the U.S.1, as well as Pakistan, Bangladesh, Italy, the U.K., Spain, and France, among others. 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., the world’s largest market for sending overseas remittances2.
To use Skrill Money Transfer, which was first launched in Europe in October 2018 for transfers to over 40 countries globally, U.S. 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 is just the latest Skrill move to better meet U.S consumers’ payment needs. Amidst the COVID-19 situation, Americans are increasingly embracing alternative online payment methods. After credit and debit cards, digital wallets like Skrill are U.S. consumers’ preferred online payment method, with 36% having used one in the last month, according to Paysafe’s April 2020 research.
Given strong consumer demand, Skrill will 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.
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 expats with connections overseas will now be able to send their loved ones much-needed help. Together we’re always stronger.”
Paysafe is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, card issuing and online cash solutions.
With over 20 years of online payment experience, an annualized transactional volume of over US $85 billion, and approximately 3,000 employees located in 12+ global locations, Paysafe connects businesses and consumers across 200 payment types in over 40 currencies around the world.
Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments.
Skrill has been making digital payments simple, secure and quick since 2001. We’re an acknowledged world-leader in developing global payment solutions for people’s business and pleasure, whether they’re buying online or sending money to family and friends. We also meet the needs of businesses worldwide, helping them build a global customer base and drive growth.
1 Mexico is the most important country of origin for U.S. immigrants (15%) followed by India (6%), according to data from the 2018 American Community Survey. https://www.migrationpolicy.org/article/frequently-requested-statistics-immigrants-and-immigration-united-states
2 World Bank: $68.5bn, or 14%, of global remittances sent overseas in 2018 ($490.5bn) originated in the U.S. https://www.knomad.org/data/remittances?tid%5B259%5D=259