Rapid Transfer Brokers 2021 - Which Brokers Accept Rapid Transfer?
Rapid Transfer is an instant online banking payment system launched by Skrill and supported by other well-known brands, including Neteller. With no sign-up needed and just a quick login to online banking, traders can make direct money deposits into their trading accounts. Find out if Rapid Transfer by Skrill is a safe option for you, as we review the payment process, fees, deposit limits, rewards points and more.
Rapid Transfer Brokers
Rapid Transfer Overview
Rapid Transfer is an instant online banking brand launched by Skrill Ltd, a Paysafe company. With over 170 supported banks, including Deutsche Bank and Barclays, the system allows you to make fast and secure money transfers directly from your bank account.
Skrill has been in operation since 2001 and has been part of the Paysafe Group since 2015, along with former competitor, Neteller. The Rapid Transfer service is delivered through an integrated and secure platform, supporting rapid web and mobile device transactions.
Pros Of Trading With Rapid Transfer
No Registration
Rapid Transfer does not require any account sign up or mobile (iOS/APK) download. Only your online banking login details are required to make a payment, which is ideal for traders who want to make a direct deposit without topping up a separate e-wallet account.
Fast
A Rapid Transfer payment can be done in 3 easy steps once you’ve been redirected from the broker’s page. Payments are authorised in seconds, meaning brokers benefit from instant settlement too.
Secure Tracking
Rapid Transfer is one of the safest methods available, as traders benefit from the familiar security transfer framework of their online banking service. Transactions are encrypted and bank details are never stored.
Supported Countries & Currencies
Skrill Rapid Transfers supports payments to 19 European countries, including the UK and France, and 8 different currencies including GBP, EUR and USD. In 2019, Rapid Transfer also launched in the USA, in partnership with Skrill USA Inc.
Note, Rapid Money Transfer by Ecobank is available across Africa, including Ghana and South Africa.
Flexibility
Skrill and Neteller customers can also deposit money into their digital wallets using the service, which is a handy feature if traders already use a Skrill account.
International Rewards
Skrill customers can enjoy reward points via the Knect loyalty programme, where you can exchange Rapid Transfer points for rewards, cash vouchers, bonuses and more. User reviews of the rewards system are positive.
Cons Of Trading With Rapid Transfer
Fees
Rapid Transfer (Skrill) may charge fees depending on the country, currency unit and transaction type. Note that your broker may also charge service fees, which you can find on the company’s website or by contacting the customer support team.
Limited Support Options
Skrill doesn’t offer many fast contact options. If a payment is not working or has failed, for example, the issue is unlikely to be resolved instantly compared to some other methods in the market. The live chat service is also manned by a chatbot, which only answers general queries.
Speed
As the name suggests, the payment process via Rapid Transfer is quick, with payments processed and authorised instantly on Skrill’s side. The time it takes for your deposited or withdrawn funds to be credited to you may vary, however, depending on your broker’s processing times. FBS withdrawals, for example, usually take 15-20 minutes.
Security
Rapid Transfer is a highly secure payment method. Banking details are never stored and remain fully encrypted to your bank. All transactions are also SSL-secured and VeriSign (Norton Secure) protected. Skrill is also authorised by the Financial Conduct Authority (FCA) in the UK, a leading financial regulator.
Deposits & Withdrawals
To make a deposit or withdrawal in your trading account, look for the Rapid Transfer logo in your account. When prompted, enter your usual online banking credentials and confirm any additional security codes, such as an SMS code, a OTP (One Time Password) or mobile app confirmation. Your funds will then be processed instantly by Rapid Transfer and you will be redirected back to your broker’s website.
Note that your broker may have certain deposit or withdrawal limits for trading accounts. RoboForex, for example, has a minimum deposit limit of 10 EUR, whilst eToro requires at least $50.
Charges & Rates
Skrill may charge some fees if, for example, you use Rapid Transfer to deposit into your Skrill wallet. From the UK and using GBP, this would be charged at 1%. Currency conversions are 3.99%. There are also other Skrill fees for various types of transactions, so bear these in mind, along with other fees that your broker may also charge.
Is Rapid Transfer A Good Choice For Traders?
Rapid Transfer by Skrill is an excellent option for direct online bank transfers. Traders enjoy fast and safe deposits to their accounts using existing online banking credentials. There’s a good list of European supported countries and currencies as well, plus recent expansion into the USA.
Notable downside are the fees (if applicable for your transaction) and the lack of fast customer support options.
FAQ
What is Rapid Transfer?
Rapid Transfer is a brand launched by payment service and e-wallet, Skrill. Using Rapid Transfer means you can make direct money transfers from your bank to your broker, without signing up for an account.
How do I use Rapid Transfer?
To use Rapid Transfer, select the amount you wish to deposit or withdraw in your trading account and enter your online banking details when prompted. You may need to confirm a security code with your bank. Your payment is then processed instantly.
How does Rapid Transfer work?
Rapid Transfer works by connecting you directly to your bank account to make payments, without the need for lengthy payment forms or entering credit card details. Payments are transacted in just a few simple steps.
Is Rapid Transfer safe?
Yes, Rapid Transfer uses SSL encryption and VeriSign technologies to protect transactions. User banking details are also never stored.
Is Rapid Transfer legit?
Yes, Rapid Transfer is a brand name of Skrill, a well-known UK-based payment provider which is authorised by the UK Financial Conduct Authority (FCA).