TransferWise is an international online money transfer service that provides alternative fund transfer as they charge cheaper than banks, Banks and other providers charge up to 5% in hidden costs when sending money abroad. TransferWise charges 8x cheaper.
TransferWise allows you to transfer money with the following steps;
- Enter how much you’re transferring and where to. You can send to your own account abroad or another person or business.
- Pay TransferWise in your local currency. Use your debit card, just like shopping online, or make a normal bank transfer.
- TransferWise converts your money at the mid-market rate and matches you with people sending in the other direction. That’s why it costs so little.
- The converted money is sent to the target bank account. Everyone gets notified by email, so you always know where the money is.
The Nigerian Naira and South African Rand were the only African currencies TransferWise supported, but now the Naira transfers has been stopped due to what they claimed was uncertainties with the Nigerian Forex Market.
It should be noted that Nigeria has placed restrictions on Forex usage due to falling oil prices that has affected it’s economy.