International Wire Transfers can be not only time consuming but sometimes also very costly. When sending money abroad we must remember that we need to cover not only transfer fee, but also we agree for currency exchange rate offered by bank(s) participating in this payment. How can we transfer money abroad in a smarter way? I am going to quickly tell you about it today.
Couple of years ago I found website skrill.com. In majority of cases using third-party service in order to replace 2 institutions is more costly and time consuming that keeping it simple. You would think that external company will have to cover bank fees just like you + charge you extra for the service. But what if they don’t need to do bank transfer in order to proceed with your request? They would avoid bank fees and bank delays and leave you with their extra fee right?
That’s how companies like skrill work. They don’t make international bank transfer in order to send your money abroad.
How does it work?
Imagine you need to send money from country A to country B or the other way around. Skrill is having account in both countries and if you deposit money into bank account A, you will receive money to your bank account B, but the money you deposited will be still untouched on bank account A. It’s simple, if you keep money on both accounts you may receive money on A and make payout from bank account B. In order to proceed you will not have to move money between banks A and B in order to fulfill customer need right? At the same time your fee for the service would be lower than service + international wire transfer fee and you are not dependent on the international transfers delays. So pretty much that’s the way it works and that’s why it’s better than normal wire transfer.
How to send money abroad in a smarter way?
1. You need to create an account on skrill.com.
2. After you log in you need to add both accounts, the one you will be transferring money from and the one you will be transferring money to. This is in order to prevent fraud etc. Verifying those accounts will take of limits.
3. You simply add funds to your skrill account by a bank transfer, credit card or any other method currently supported by them. Instructions can be found on the site.
4. Once the money arrives on your skrill account you can withraw it to the destination account for a low fee, more information can be found here
Skill was known for many years as Moneybookers and I have never had any problems with them.
Service is fast, user friendly and you can avoid loosing money on bad exchange rate if you open skill account in the same currency as your banks. Also you can load load skill with your credit card for a fee around 1.9 % of transferred amount, but this will be treated like onlie payment not cash withrdrawal so within grace period there will be no interest at all.
If your Skrill account is in the same currency as your bank accounts you avoid loosing money on exchange rate offered by your banks as well.
Skrill comes with additional smarter way of making money online. Once you try skrill.com and you’re happy with their services you can take advantage of their affiliate marketing offer and tell your friends about it! If you sign up to Skrill with one of my green links they will share with me 10% of their income fee. You don’t loose anything and you don’t gain anything by using one of them but you may achieve the same result by signing up and referring other people or friends! More information about their referral program can be found here.
If you have any questions feel free to ask 🙂