Paysafe has expanded its money transfer service called Skrill Send Direct to nine additional countries.

The nine new countries offering the service are India, Vietnam, Morocco, Colombia, Ecuador, El Salvador, Guatemala and Honduras.

With the expansion, Skrill customers will be able to transfer money to bank accounts and mobile wallets in 45 countries.

Paysafe’s Skrill, NETELLER and Income Access CEO Lorenzo Pellegrino said: “Skrill Send Direct is fast, low cost and convenient and meets a growing consumer need as more and more people around the world work abroad and send money home to families.

“This includes the millions of existing Skrill users who not only use their digital wallets to spend money online, but also to send money to family and friends.”

Skrill money transfer service includes a digital wallet offering customers with online stored value accounts.

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The Skrill Send Direct service was introduced in February this year to enable customers make money transfers directly to the beneficiary’s bank account or other payment platforms in 40 different currencies.

According to World Bank estimates, the global remittance market, which reached $582.4bn in 2016, is expected to grow by 3% to 4% annually in 2017 and 2018.

Skrill Send Direct aims to utilise this opportunity and enable people living overseas to send money back home securely at a lower cost compared to conventional bank transfer services.