Rapidtransfer is Ecobank’s money transfer service. It is the only pan-African money transfer and payment service owned by an African bank. With Rapidtransfer, you can send money to 33 African countries where Ecobank is located.
How Rapidtransfer Works
Transfers can be made at any Ecobank branch or via Rapidtransfer app on Android or iOs. You don’t need an Ecobank account to use Rapidtransfer. You need to complete a Rapidtransfer “Send” form, submit valid proof of identification and pay the amount you want to transfer and the fee. You will get a reference number, which you need to give to your beneficiary. Acceptable forms of identification include international passport, driver’s license, national ID cards, voters ID cards and identification card of recognised corporate bodies.
To register on the app, you will need to take a selfie, which is used for comparing the image on your photo-ID document with the selfie.
How is Rapidtransfer Different from Bank Transfers?
Bank transfers are usually done through correspondent banks. The correspondence banks will deduct charges. The transfers can take 1-3 working days depending on the destination of the funds. Rapidtransfer delivers the money in minutes. Beneficiaries can cash the funds the same day.
Rapidtransfer Payment Methods
You can pay for your transfer from your Ecobank Current, Savings Account, and Xpress Account. You can also fund your transfer via Visa or Mastercard. The card can be either a debit, credit, or prepaid. You are also able to pay in cash at one of the 1,300 Ecobank branches across the African continent.
Rapidtransfer Receiving Methods
If your recipient is Ecobank customer, they can receive the money in the Ecobank account. For non-Ecobank customers, they can receive via mobile money or get cash from any Ecobank branch.
Rapidtransfer Transaction Limits and Speed
The limits vary from one country to another, but transactions must not exceed 10,000 US dollars. Generally speaking, if you send money using Rapidtranfer, funds will be available to your friend, family member or business partner in minutes.
All charges are made known to the customer before a transaction can be authorized for processing at the bank or app. The fees range from 0% to 3%. Rapidtranfer has no hidden fees.
Is Rapidtransfer Safe?
Rapidtransfer is secure as it uses the same core banking platform that Ecobank runs on. Ecobank uses advanced banking and financial security measures to protect your money, personal information, and your privacy. Ecobank is registered, supervised, and regulated in all 33 African countries where it operates.
Which African Countries is Rapidtransfer Available in?
Rapidtranfer is available in 33 African countries where Ecobank operates. The countries are Benin, Burkina Faso, Burundi, Cape Verde, Cameroon, Central African Republic, Chad, Congo-Brazzaville, Democratic Republic of Congo, Equatorial Guinea, Ethiopia, Gabon, Ghana, The Gambia, Guinea, Guinea Bissau, Ivory Coast, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome & Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Gambia, Togo, Uganda, Zambia and Zimbabwe.
Rapidtransfer app has a rating of 3.3/5 from over 700 reviews on Play Store. It has been downloaded over 100,000 times. On App Store, users complain of the app crashing, taking to long to load, and unable to verify ID.
Ecobank’s WhatsApp, Email and SMS Money Transfer to Nigeria
Recently, Ecobank in Nigeria launched a new money transfer service by email, SMS and WhatsApp via Ecobank app. The new service allows you to send up to N50,000 without the recipients’s account number. The recipient will receive a web link through an SMS, email or WhatsApp message sent to their phone. They will have to click on the link, choose the bank to receive the funds and provide bank account number and finally submit request.