New Skrill Product Offers Lower Transfer Fees

Skrill has a new product called Skrill iT that will see a reduction on transfer fees.

Customers in over 200 countries will be able to send and receive funds using Skrill iT while money transfer services will be available in 40 currencies with simply an email address to send funds immediately online.

Cash may be received in a bank account or with the use of the Skrill Prepaid MasterCard.

“Skrill iT significantly cuts the current cost of money transfer," Skrill's VP of electronic remittances, Jonathan Wood said. "Skrill iT means customers can send money instantly and globally for just 1 percent (capped at a Euro 10 maximum fee) plus a FX fee ranging from 2.99 percent for the major currencies through to no more than 4.99 percent for even the smallest of currencies.

“As a result, fees are cut by up to half compared to the current average of 9 percent.”

CVC Capital Partners acquired Skrill, formerly known as Moneybookers, in August.

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