By Mohammed Waseem
Money transfer through the Internet is the new norm which is becoming a part of everyone’s lives. As entrepreneurs come up with products and services, competition is increasing. Skrill, formerly known as Moneybookers is a global player that allows payments to be made through the internet.
Based in the UK, they have offices throughout the rest of Europe and the USA. They have over 36 million users who use their service to send and receive money in 200 countries in 40 currencies. They have a wide range of payout options which number to over 100. Over 156,000 businesses including Skype, oDesk and eBay have chosen to use their services ranging from simple one-step integration to fully tailored payment solution.
Skrill is accessible anywhere at any time and on any device. Users can send money instantly online with Skrill iT, which lets the sender send money to anyone with an email address in 200 countries and offers over 100 ways to withdraw or use the money. They also support transfers to the mobile wallets of the world leader in mobile payments, M-Pesa (in Kenya).
They say “Don’t just send it, Skrill iT”. This tagline seems to aim at revolutionizing money transfers just like Google revolutionized search. Anyone can send money in minutes and the recipient receives it instantly. In order to send money, users have to create an account with Skrill and register a way to pay. If the recipient does not have an account with Skrill, they are asked to create one, which takes no more than a minute and the money is available for them to withdraw. Withdrawal can be made in over 100 ways, which includes direct deposit into their bank account or Visa card or it can be accessed through their Skrill Prepaid card at over 1.9 million MasterCard ATMs worldwide.
The basic fee they charge is 1% of the transaction, capped at €10 maximum. Withdrawal charges may apply for the method chosen. Additionally, foreign exchange rates starting from 2.99% are applicable for sending to countries with a different currency. Paying at a shop or transferring funds with any merchant is free of charge. Senders can pay using a local bank or all major accepted payment methods including Visa, MasterCard and American Express.
Once the money has been sent, both sender and the receiver are notified by email and the receiver has 14 days to open their Skrill account and confirm receipt, failing which, the money and the fees are automatically credited back to the sender’s account.
Like I said, Skrill has the potential to revolutionize payments and they are already in the process by having over 36 million individuals and over 156,000 businesses on-board.