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Paysafe money transfer service debuts in 9 more nations

July 6, 2018

Payments provider Paysafe has extended the reach of Skrill Send Direct, a money transfer service introduced in February.

An additional nine countries now have access to the service: Colombia; Ecuador; El Salvador; Guatemala; Honduras; India; Morocco; Venezuela; and Vietnam.

A company press release said that Skrill users can now transfer money from anywhere in the world to bank accounts and mobile wallets in a total of 45 countries.

Skrill Send Direct is meant to help expats and people living overseas to send money home to their families more securely, more efficiently, and at a lower cost than traditional bank transfer services — and with no bank account required. 

Skrill customers can send funds in any one of 40 currencies directly to the recipient's bank account, or to another locally available payment option.

According to the World Bank, more than 250 million people — 3.4 percent of the world population — currently live and work abroad. India is the largest remittance market: Indians abroad sent home $69 billion in remittances in 2017.

The total value of money transferred using remittances worldwide reached $582.4 billion in 2016, and the World Bank estimates growth of 3–4 percent per year in 2017 and 2018.

"[E]xtending [Send Direct's] reach means we can serve the underserved in economies which are predominantly cash-based and where people may not have a bank account," said Lorenzo Pellegrino, CEO of Skrill, Neteller and Income Access at Paysafe in the release. "Ultimately, money remittance is about people looking after their families. The less it costs and the sooner it arrives, the faster the family — and the local economy — can benefit."