Rapid Transfer

Rapid Transfer is an international payment system. It was set up by Skrill and is supported by many banks across Europe, including Deutsche Bank. Importantly, it is a safe deposit option with positive reviews online. This guide to trading with Rapid Transfer will cover typical transaction limits, processing fees, reward points and more.

How Rapid Transfer Works

Rapid Transfer is an online banking system that supports instant transfers. It was developed by Skrill Ltd in the UK and has since expanded to over 120 countries around the world. The company is owned by Paysafe, who also owns rival payment service provider – Neteller. All Skrill operations are incorporated (inc.) in the UK where it is regulated by the Financial Conduct Authority.

Rapid Transfers can be used on the web and mobile. The mobile application can be downloaded for free to Android (APK) devices from the Google Play Store and to iPhone (iOS) devices from the Apple App Store. The joining process is straightforward with no sign up required, meaning users only need to log in to their online banking account to get started. The payment method is supported by over 170 banks including Barclays, Lloyds and Deutsche Bank.

The transfer solution can be used to make payments for goods and services or to send funds to other users. All payments are made directly from the customer’s bank account, with secure tracking. If a payment has failed or is not working, clients can contact the support team to resolve the issue. Customers can also earn reward points which can be redeemed for gifts and prizes.

In addition, traders can utilise the payment service. Whether you want to trade forex, stocks or cryptocurrencies, Rapid Transfer offers a quick, cheap and safe method to deposit and withdraw funds.

Accepted Countries

Rapid Transfer by Skrill is available in countries across Europe, including the UK and France. Skrill USA has also launched the payment service in the United States. For customers in Africa, Rapid Money Transfer by Ecobank is available and supported in Ghana, South Africa and several other African countries.

The digital payment system supports transactions in eight currencies, including USD, GBP and EUR.

Transaction Times

Payments to merchants and friends are processed instantly, making it a great option for swing trading. Importantly, it provides quicker deposit times than standard bank transfers which typically take 1-2 business days. It also means customers can deposit funds and start trading cryptocurrency and other assets straightaway.

The withdrawal process is longer, usually because of brokers’ KYC protocols. In most cases, withdrawals are processed within two working days. eToro, for example, takes around 24 hours to process withdrawals. Still, we recommend checking individual payment timelines on a broker’s website before opening a trading account.

Pricing Review

Charges may apply depending on the transaction carried out. For example, deposits in the UK using GBP are charged at 1%. If you are transferring from another currency, the conversion rate is 3.99%.

There are no transaction limits when using the payment solution. However, some brokers may have minimum deposit or maximum transaction requirements. Also, brokers may charge fees for deposits or withdrawals, regardless of the payment method. Check your trading brokers’ website for a breakdown of individual charges.

Security

Rapid Transfer is a secure payment solution, a fact highlighted in countless reviews. All bank details are encrypted, as are transactions, ensuring personal data cannot be accessed by third parties. Skrill itself is also licensed with the Financial Conduct Authority (FCA) in the UK. The FCA is the country’s top financial watchdog and they ensure Skrill and Rapid Transfer are held to the highest standards.

Pros of Rapid Transfer for Traders

Benefits of trading with the digital payment solution include:

• Eight currencies supported
• No registration required
• iOS & APK download
• Quick withdrawals
• Rewards points
• Instant deposits
• Secure login

Cons of Rapid Transfer for Traders

Our research did flag some potential drawbacks to the payment service:

• Customer support is limited
• Fees vary by location

How to Make Deposits & Withdrawals

If you want to start making trading deposits and withdrawals follow this guide:

1. [OPTIONAL] Download the official app and link your bank details
2. On your trading account, head to the deposit and withdrawal page
3. Select Rapid Transfer from the list of options
4. Enter your bank details or sign in to your Skrill account
5. Complete the verification steps, such as entering an SMS code
6. Enter the amount you wish to deposit or withdraw and hit confirm
7. The funds should then be available in your trading account or your bank once processed

Verdict

Rapid Transfer is an online payment system developed by Skrill. Investors can make quick and secure deposits at trading brokers straight from their bank account with no need to sign up. Fees may be slightly higher than at competitors, but with many countries and currencies supported, the system has made a name for itself. If you want to use Rapid Transfer for trading, follow our guide above.

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