Until a relatively short time ago, sending money abroad and receiving money from overseas could take weeks and involve high costs. But today, with the rise of digital payment methods such as Skrill, it’s easier than ever.
Having the option to send and receive money quickly is a big help for many people, including:
- Freelancers who work with international clients.
- Anyone who has a relative or loved one living in another country
- Investors that want to buy properties abroad or have other business interests overseas.
In fact, according to a report by the World Bank, it’s estimated that remittances to Latin America and the Caribbean increased by 9.3% in 2022, reaching $142 billion USD.
If you are interested in learning about Skrill in more detail, read our article: ‘The 5 benefits of using a virtual wallet’.
The benefits of making international transfers with a Skrill wallet
As we’ve already pointed out, sending money abroad with a digital wallet has advantages, especially when compared to traditional bank transfers.
It is fast
You can transfer from an app or from your computer, without having to physically go to the bank and waste time standing in queues. In addition, Skrill is available 24/7, so you can transfer when it’s most convenient for you.
It is easy
Before digital wallets like Skrill existed, making a bank transfer carried the risk of human error. For example, you could mistakenly type the recipient’s account number and end up sending the money to a third party.
Now, if you and the recipient both use Skrill, you will only need the recipient’s email address or phone number for them to receive the transfer.
Competitive transfer fees
The Skrill ewallet offers low transfer fees and competitive exchange rates.
More than 40 currencies
Skrill offers a huge range of currencies, including US dollars and euros.
What do I need to know before sending money abroad with Skrill?
Deposit methods:
There are various payment methods when funding your Skrill account. For example, you can deposit via credit/debit card, Paysafecash, manual bank transfer and more.
Fees:
The fees charged by Skrill depend on the payment method and the sending/receiving currency. There are no transfer fees for receiving money into your Skrill account or sending money to an international bank account with Skrill Money Transfer. You can check our fees here.
Time:
Transferring money to another Skrill member, wherever they are in the world, takes less than a minute. Sending money to a bank account overseas can take up to three days.
Currency conversion:
If a transaction requires a currency exchange, Skrill will use the exchange rate that applies when the transaction happens. You can check through the currency converter before finalising the transaction.
Refunds:
In case the transaction fails, the money is refunded after a few days.
How can I transfer money with Skrill?
To make an international transfer, simply click here and follow the instructions to discover the benefits of sending with Skrill.
