This blog post on How to transfer money to Nigeria by using Transferwise is a guide to knowing what wise is, the benefit of using wise as well as knowing how to use it in making transfers.
If you’re searching for ways to transfer money to Nigeria and the rest of Africa, you can do it instantly using Wise which was previously called Transferwise. In olden times, the process of sending funds to Nigeria was so difficult to do. Since you’ll have to use an intermediary who is traveling to Nigeria or through Western Union or Moneygram and the recipient will need to visit the bank with the required documents to receive the cash. Through Transferwise You can transfer cash into Nigeria and the recipient will receive the cash fast and directly into their bank account.
What is wise all about?
Wise previously called Transferwise is an online financial service that was first inaugurated in the UK in the year 2011. It’s accessible worldwide. It is also possible that one can transfer money from almost every nation to Nigeria without hassle.
The most notable feature of Transferwise is that it’s much cheaper than banks. Yes, the process of sending money via Transferwise has been found to be much less expensive than regular banks.
The company first came to the attention of the public after American billionaire and the founder of Virgin Group, Richard Brandson was openly keen on investing in the business. It has since grown to become the fastest, most affordable, and most secure method to transfer money.
Benefits of sending money using Wise (Transferwise)
There are so many benefits to take into consideration when choosing to transfer money to Nigeria through Transferwise.
Transferwise employs real-time exchange rates. The same exchange rate that you can find on Google and other sites is the rate that Transferwise employs. There are no exchanges.
They will transfer your funds directly into the accounts of your recipients from Nigeria in just 24 hours. 25 percent of transactions are credited in minutes.
They are usually cheaper than banks, as well as any transfer services available.
Transferwise is widely used by over 3 million people across the world.
Tansferwise is 100% secure and is licensed through the Financial Conduct Authority, just like in the case of a UK bank.
How To Transfer money to Nigeria by using TransferWise
Take these actions to transfer money to Nigeria using Wise:
1. Sign up for an account for free
The first step in paying money via Transferwise is to sign up for an account that is free.
It is free to open an account. The person to whom you wish to transfer money to does not have to sign up for an account. Only you, the sender, have to open an account.
Sometimes, you could be asked to complete the verification. It’s not often the case, but it is likely to be simple when you are required to and it will take a minimum of two days.
You can join as an individual. If you’d like or include your business.
2. Enter the beneficiary details
Once you have set up and are now ready to make the transfer. Enter the contact information for the person you wish to send it to. You can make money transfers to family members, friends, or business associates You can also send funds to you (maybe you’re looking to transfer money into the account of your Nigerian savings account).
Enter the account’s number and the account details. That’s it. Your recipient doesn’t need to create a Transferwise account to transfer the money.
3. Make a payment for the transfer
Now you can make payment for the transfer. It’s very simple to pay. There are numerous choices. You can pay by debit or credit card. You can also make a local transfer to a bank. You can also pay with a bank transfer, depending on the location you’re paying from.
It is recommended to use either a debit or credit card when you need to transfer money quickly. It could take a bit of time until the funds reach Transferwise for you to transfer money.
4. wait for the transaction to go through
That’s all. Your payment is set to be processed. If you supply your email address to your beneficiary you will instantly be aware of your transfer.