GlobalWebPay is a UK international money transfer service that allows its customers to send money to over 40 African countries. The company has very attractive fees compared to many other money transfer services.
The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria. This is because of a new regulation that only allows US dollar payout for remittances in the country. The suspension will improve visibility of US dollar remittance flows.
How GlobalWebPay Works
To use GlobalWebPay, you need to be over the age of 18 with a bank account in the UK. Registering for GlobalWebPay account takes less than 10 minutes. Your first GlobalWebPay transactions doesn’t need any formal documentation if your identity is verified via their automated checks that take place in the background against publicly available databases such as the UK Electoral Roll etc. If you register with the correct name, date of birth and address details you should be verified immediately and be able to make payments immediately. GlobalWebPay may request documentation if your first payment is over £2,000.
In case you are not automatically verified using the process outlined above, you will need to send in scanned copies of two documents such as a passport or photo UK driving licence together with a recent bank statement or utility bill.
How to Pay for GlobalWebPay Money Transfer
GlobalWebPay has two methods you can use to fund your money transfer to Africa. You can either use debit card or bank transfer.
If you use a debit card your payment will be confirmed when card processing is complete. When using a bank transfer, GlobalWebPay will give you details of a local bank account to pay to as well as a unique reference. You must enter the reference in the payment reference field when you make your transfer to prevent delays.
How Will My Recipient Receive the Money?
Your recipient can only receive funds in their bank account once GlobalWebPay has received your funds,
If you send money to South Africa, the first time your recipient receives money each year, they’ll need to complete a SARB (South African Reserve Bank) reporting mandate form. It’s required to be renewed annually. Your recipient will get an email from Exchange4Free, who are GlobalWebPay partner in South Africa. The email will contain a link to the form online. Once the mandate form is signed and processed, money will be deposited into your recipient’s account by the next working day.
How Much Does GlobalWebPay Money Transfer Cost
The fees are different and vary by country. For a local currency payout it costs from just £1 to make a transfer. GlobalWebPay charges from just £4.75 for all SWIFT payouts e.g. USD, EUR or GBP payments. For example if you want to send 500 GBP to Tanzania, your fee will be £4.75. If you send 500 GBP to Kenya, you will be charged £2. If you send the same amount to South Africa, you will be charged £3.99.
SWIFT payouts are subject to the recipient’s bank charging a correspondent/recipient fee, which they deduct from the recipient’s account. For South Africa and Kenya, for instance, GlobalWebPay sends via local bank accounts so no extra fees are taken by the banks.
How Fast is GlobalWebPay Transfer?
Transfer speed depends on the country you are sending to and when GloablWebPay receives your funds. Once your transfer status changes to “payout completed” the recipient should typically receive the money the next business day. In some countries, payments can be received same business day.
However, in some instances transfers can take up to 3 working business days. This will vary due to both UK and local bank holidays. GlobalWebPay transfers could take longer due to any of the following three factors: deposit method, bank cut off times and clearing cycles of recipient banks.
What Are GlobalWebPay Transfer Limit?
Transfer limits depend on your account level, Introductory User and Standard Account. With Introductory User you can transfer up to a total of £500 from a bank account a debit card. Minimum transfer is £15.
Standard Account gives you unlimited transfers up to a monthly value of £10,000 with up to £2,500 per day from a debit card and a minimum transfer of £15.
To obtain a Standard Account log in and navigate to your profile page. Click on the upgrade option and follow the on screen instructions. You may need to provide additional documentation to obtain a Standard Account.
Where in Africa Can I Send Money with GlobalWebPay?
You can send money from the UK to the following countries: Algeria, Angola, Botswana, Burkina Faso, Burundi, Cape Verde, Cameroon, Chad, Congo-Brazzaville, Democratic Republic of the Congo, Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Niger, Nigeria, Réunion, Rwanda, Senegal, Seychelles, Sierra Leone, South Africa, Eswatini, Tanzania, Togo, Tunisia, Uganda, Western Sahara, Zambia, and Zimbabwe.
Is GlobalWebPay Safe?
It is safe to transfer funds using GlobalWebPay. The company is registered with the Financial Conduct Authority (FCA) in the UK as a Small Payment Institution.
The money you send with GlobalWebPay is kept briefly in banks and/or with GlobalWebPay partners such as WorldPay AP or Earthport Plc. Once payment is received it is converted and paid out very quickly to the local bank in the destination country so it does not sit around in GlobalWebPay’s bank accounts for more than it takes us to process the order.
The company has an impressive score of 4.9/5 from over 5000 users on the review site, Trustpilot. 89% of users said the transfer service was excellent while less than 1% were not satisfied with their service.
If you want to send money from the UK to Africa with a low fee of less than 5 GBP, GlobalWebPay will be an excellent choice for you.