Save on internet gambling transfer fees with Skrill

Online gambling fans using the Skrill e-cash processing service will be pleased to hear about a new product titled Skrill iT, a service that has been designed to cut money transfer fees in half.

Skrill iT will be accessible in more than 200 countries to senders and receivers, with money transfers available in 40 different currencies, and users requiring only an email address to transmit funds securely via the internet.

Transmission is immediate, which means the money is received instantly and can be transferred to a bank account or withdrawn from over 1.9 million ATMs around the world using a Skrill Prepaid MasterCard.

The World Bank has predicated the global remittance market will be worth around $608 billion (Euro 456 billion) by 2014 – with $468 billion flowing into developing countries.

The World Bank has also set a goal for global money transfer costs, which currently average at 9 percent, to be reduced – something a Skrill statement said the company is committed to doing.

Skrill’s VP of electronic remittances, Jonathan Wood, says that money transfer represents a crucial lifeline for millions, yet until now, the process has been more reminiscent of the previous century, and not the current digital age.

“Skrill iT significantly cuts the current cost of money transfer,” Wood claims. “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.”

The private equity group CVC Capital Partners acquired Skrill (formerly Moneybookers) last month .