The market for foreign exchange and remittance services is getting more crowded, with the entry of two British companies, Skrill and TorFX, into the market.Digital payments company Skrill has launched an online remittance service which covers Australia. The company is promoting the new business, called SkrilliT, on the basis that its fees are about half the industry average.Meanwhile, News.com.au reports that TorFX has set up an office on the Gold Coast and will start offering foreign currency trading later this month.According to a World Bank study of the remittance market, remittance fees in Asia and the South Pacific are as high as 10 per cent.The Australian Centre for Financial Studies has estimated that the local remittance industry has an annual turnover of US$7 billion a year.Skrill's vice president of electronic remittance, Jonathon Woods, said SkrilliT fees were about half that rate. Fees include a "send money" fee of one per cent (up to a cap of €10) and a currency conversion rate of 2.99 per cent (for the major currencies) to 4.99 per cent.Access to SkrilliT funds is via a MasterCard issued by Skrill. There are fees for transferring funds to other accounts.Wood said: "More than one million Australians live outside the country and six million have used a money transfer service.TorFX will also promote its service on the basis of offering more competitive rates.