TransferWise is one of the fastest money transfer services to Africa. The company has a network of local bank accounts in the supported countries, which its uses to make faster payouts.
Transferwise stopped money transfer service to Nigeria on November 16, 2020. It posted the following message on its website “Because of a recent change in regulation by the Central Bank of Nigeria, we’re no longer able to support transfers to NGN.” Currently, there is no timeline on when this route will reopen.
How TransferWise Works
You can creat your Transferwise account on the website or on iOS and Android apps. You can choose to sign up with Google, Facebook, Apple or email address. Transferwise supports international transfers by individuals and businesses. For business accounts, your business needs to be verified and the funds needs to come from your business bank account.
Receiving and Payment Methods for TransferWise International Money Transfers
TransferWise supports a number of payment methods for your money transfers to Africa. You can fund your transfers with a bank transfer, debit or credit card, POLi, SOFORT, iDEAL, ACH payment (US), Apple Pay, Payment Initiation Service Provider (PSIP), Android Pay, SWIFT, Trustly, and SEPA. You can only send money to a local bank account or mobile money wallet. If you send a large transfer, TransferWise may ask your recipient about your relationship, where you got the money, and the purpose of the transfer.
How Long Does It Take to Send Money Using TransferWise?
TransferWise transfers to a mobile money wallet are usually instant. Sending money to a bank account may take a maximum of 2 working days. However, your recipient’s bank may take longer to process your money. Some payment methods such as card payments are usually instant. You will see how long the transfer will take while setting up your transfer.
Has TransferWise Got Transfer Limits?
Yes, Transferwise has limits on how much you can send. The limits depend on which currencies you send to and from, and how you intend to pay. Find out Tranferwise limits for each supported currency. You should know that mobile money providers have different policies regarding limits. You should ask your recipient before you make the transfer to prevent any delays. .
TransferWise Fees
TransferWise fees are not fixed. For example, if you pay using a debit card to send 200 USD to Ghana, your fee will be 9.34 USD. However, if you pay through a wire transfer for the same amount, your fee will be 12.32 USD. Luckily, TransferWise has no hidden fees and uses the mid-market exchange rate with no markup added. Before you finish your transfer, the calculator on the platform will show you the exact amount you need to pay including fees and the amount your recipient will receive.
Which African Countries Does Transferwise Support?
You can send money to the following countries in Africa: Benin, Burkina Faso, Egypt, Ghana, Guinea-Bissau, Ivory Coast, Kenya, Mali, Morocco, Senegal, South Africa, Tanzania, Togo, Uganda, and Zambia.
Transferwise stopped money transfer service to Nigeria on November 16, 2020. It posted the following message on its website “Because of a recent change in regulation by the Central Bank of Nigeria, we’re no longer able to support transfers to NGN.” Currently, there is no timeline on when this route will reopen.
Is TransferWise Safe?
Yes, the platform is safe and trustworthy. it is regulated by the Financial Conduct Authority (FCA) in the UK, Australian Securities and Investment Commission (ASIC), and the National Bank of Belgium (NBB). Its website uses encryption to protect your transactions.
TransferWise Review on Trustpilot
TransferWise has accumulated over 100,000 reviews on Trustpilot. 86 percent of reviewers expressed satisfaction with the service.