TransferWise: Best Way To Send and Receive Money Abroad Without Any Restrictions!
TransferWise: Best Way To Send and Receive Money Abroad Without Any Restrictions!
If you are in Nigeria, then be grateful to google for redirecting you to this post.
I should have tagged the post: Best Way To Send and Receive Money Abroad to Nigeria Without Any Restrictions!
Or rather: How I successfully received money straight to my Nigerian bank account with TransferWise (Better than PayPal)
Well, this post is meant to inform, not only Nigerians, but for you in particular going through this right now.
In this article, I will be revealing to us step-by-step how I was able to process payment from a platform (Stuvia) and then transfer the funds to my Nigerian bank account using TransferWise
Have you ever wanted to send money or receive money, and there is no PayPal option or Stripe option, and you are wondering what next to do? Worry no more as you now have TransferWise to the rescue.
It is very fast too. Fast transaction time.
Briefly, What is transfer wise?
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TransferWise is an online money transfer service. You can use it to send and receive funds abroad quickly at the lowest possible cost. Having a TransferWise account means you have a boarder-less account because there is no limits to where you can send and receive money. hahaha, so they say.
Get Started With TransferWise: https://bit.ly/2H0RbVZ
You can actually check through the different options they have available.
Get a Working Nigerian PayPal account that can send and receive funds
Here is my TransferWise dashboard. If you are yet to register with TransferWise and enjoy lowest transfer cost, get started here. Don’t worry, It is a seamless process.
You can go ahead to click on the many options available to get familiar with the interface. On clicking on the Debit Card option, we get this message as shown in the image below. TransferWise does not support Debit cards insome regions, and Nigeria happens to be affected.
Another platform we would be looking at today is Stuvia.
Stuvia is a platform where you upload documents to help students and get paid whenever your documents are downloaded.
And so, I recently sold some digital content on Stuvia.
Long story short, I sold some pf the documents I uploaded, about $12. Before now, I was worried how possible it will be for me to cashout — they call it planning ahead…hahaha. I was really planning ahead.
I reached out to their customer care, and was assured that i will surely be paid. Well, I have to be very sure so that I know the needed effort i will have to put in to avoid stories that touch. You know how there’s a “special clause” for every Nigerian on the online space.
This is my Stuvia dash board, as you can see, I already initiated a withdrawal of the little funds there, $12.51 precisely.
You can also see payments received for documents sold previously. I actually withdrew everything, so I’m left with a zero balance. Not taking any chances with Stuvia.
Also, if you noticed the dates in which the withdrawal was initiated and the date it was paid. It took them 7 days to process the withdrawal and also to allow for any disputes that might arise as a result of dissatisfaction on the part of the buyer.
Withdrew on 1 September, 2020, got paid on 7 September, 2020.
And here is a mail Stuvia sent to that effect.
Hello Chukwuagozie,
Congratulations! We’ve just paid out your earnings. Depending on how quick your bank can handle the transaction, the money should be in your account in 1 to 2 business days.
And almost immediately, another mail was received from Transferwise letting me know that that Stuvia wants to send me money and I should complete the transfer, see below:
On clicking the button (Complete your transfer), I quickly fill up the required details.
You might be wondering, then how the hell does TransferWise make money?
Well, TransferWise actually make money by charging a fee for each transaction/transfer. But the fee is negligible compared from what you will be getting.
Below again is a confirmation email received from Transferwise letting me know that the money has been sent by Stuvia and it should drop soon in my account.
As you can see, almost immediately, I got credited in the account I provided earlier. What can NGN 4k do for you? Buy shawarma…hahaha, well that’s a discussion for another day.
In case you are planning on getting into TransferWise and using their services, you can actually get registered using my link. As an affiliate, I get paid a token if you use my link and you also will get a to transfer money without being charged to the tune of GBP 500. Is that not awesome?
Get Started With Transfer Wise
Screen Recording Software Used: Bandicam
Screen Grabbing Software Used: LightShot
In case you want to open a Nigerian PayPal Account that can send and receive funds, see this to get started. You will be shocked that you will be able to withdraw your paypal funds straight to your Nigerian bank account.
Do you prefer video, I already made a video on how I was able to use Transferwise and withdrew my funds. See it below:
Complete Guide: How To Open, Send And Receive PayPal Funds In Nigeria without any restrictions ever!
Send Money to Nigeria — TransferWise
Sending money to Nigeria? Send money to your friends, family or business partners in Nigeria at a great rate with TransferWise. Over 8 million happy users.
Best way to send money to Nigeria?
Choosing the right way to send money with TransferWise will largely depend on your payment method. Some payment methods are faster than others. Some can be instant, while others are cheaper. Find out here what are the best ways to transfer money to Nigeria with TransferWise.
Is it safe to send money to Nigeria online using TransferWise?
Yes. TransferWise is an authorised Electronic Money Institution independently regulated by the Financial Conduct Authority (FCA) in the United Kingdom. Learn more
How much can I send to Nigeria online?
Yes, there are limits for how much you can send to Nigeria with us. They depend on which currencies you send to and from, and how you pay. You can check the limits for each currency in our help center articles or in our calculator. We’ll also let you know if you try to send too much at one time.
If you’d like to send more than our limits allow, you can. You’ll just need to set up several transfers that are under the limits.
Does TransferWise work in Nigeria?
Simple answer is YES. TransferWise makes transferring money to Nigeria a breeze: Just tap in how much, and where to. Then make a local payment to TransferWise, whether it’s with a bank transfer, swift or your debit or credit card.
Can I receive money through TransferWise in Nigeria?
At TransferWise, we use mid-market exchange rates from independent providers. Due to regulations, we can’t use these providers to get exchange rates for transfers to Nigeria. But we still don’t make money off the exchange rate, same as with all our other currencies.
How long does it take TransferWise to send money to Nigeria?
Within 24 hours. Transferwise uses real time exchange rate. The same rate you see in Google and other sources is what transferwise is using. No short changing. They deliver your transfer directly into the bank account of the recipient in Nigeria within 24 hours.
How do I open a TransferWise account in Nigeria?
Open a TransferWise account (or log in if you already have one). Click on “Balances” and then “Get started”. Complete your profile and upload your documents to verify your account for security. Activate Nigerian nairas and any of our other 45+ currencies in your account.
What do I need to receive money from TransferWise?
Receiving your tax refund into your borderless account from TransferWise works just like a regular bank account. All you need to provide us are the details of your email address and the currency you want to be paid in to.
How much can I send with TransferWise?
Your bank may limit you to transferring $5,000 per day — or may have no limits at all. To give a picture, TransferWise has an upper limit of $1 million per transfer if you’re sending money from a different country to the US.
What is the best company to transfer money internationally?
TransferWise. Overall provider rating: 4.5 / 5.0. Learn More. at TransferWise. …
OFX. Overall provider rating: 4.0 / 5.0. Learn More. at OFX. …
Xoom. Overall provider rating: 3.5 / 5.0. Read Review. …
MoneyGram. Overall provider rating: 3.5 / 5.0. Learn More. …
Western Union. Overall provider rating: 3.5 / 5.0. Learn More.
Can I have 2 TransferWise accounts?
You only need one personal account with TransferWise — even if you have multiple addresses or multiple bank accounts. As long as the bank account that we receive your money from is held in your own name, you can send transfers from any currency that we have available.
What is the best app to send money to Nigeria?
If you want to send money to a bank account in Nigeria, we recommend using a specialist currency provider. If you’re transferring under $300 or equivalent, your best options include WorldRemit, TransferWise, Xoom or MoneyGram.
Can I withdraw cash from TransferWise?
You can use your TransferWise card like any other bank card to withdraw money at ATMs around the world. … If you withdraw a different currency, it will be equivalent to the currency your card was issued in. After that, there’s a 2% charge on withdrawals.
Do I need a TransferWise account to receive money?
You can send money to yourself, someone else, or a business, depending on the country. Your recipient doesn’t need a TransferWise account to get their money. Just a bank account.
Is TransferWise better than bank?
TransferWise Is Lower in Cost. The exchange rate you get through TransferWise will be noticeably better than what most leading banks have to offer. The rates offered by banks come with significant markdowns, which generates added revenue for them.
Is TransferWise better than PayPal?
Overall, if you are looking to send money as cheaply as possible then Transferwise is usually going to be cheaper than PayPal. It does not make money off the exchange rate and only charges a small percentage of the overall transfer as its fee. … However, that doesn’t mean that PayPal doesn’t have its place.
What is better than TransferWise?
Like TransferWise, InstaRem is a money transfer service with a seamless online experience. They also have some of the best exchange rates and lowest fees. So if you are looking for an alternative to TransferWise that has a similar rate and fee structure, InstaRem is well worth a look.
Does TransferWise have a debit card?
It’s free to sign up and set up your TransferWise account. It’s free to get your TransferWise debit Mastercard®. … There’s a cheap, transparent fee to convert between currencies — either in your account or if you spend on your TransferWise debit Mastercard® in a currency you don’t have in your account.
The debit card is only available in some regions though. Transferwise debit card not available in Nigeria.
Where can I use TransferWise card?
You can use your TransferWise card like any other bank card to withdraw money at ATMs around the world.
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How much does it cost to withdraw cash?Go to Account in the app.
Choose Manage card.
Tap See your limits.
Tap ATM withdrawals.
How do I get a TransferWise card?
Order your TransferWise card.
To order your card, click on the Debit card tab of the website or the Account tab in the app, and you’ll see an option to order the card. We’ll check personal details like your name and address. We might ask you to add money to your balances or pay a small fee for the card.
Is TransferWise card free?
There’s a lot you can do with your TransferWise card for free. And we charge transparent fees for spending in currencies you don’t have in your account and withdrawing cash after a certain amount.
How does TransferWise make money?
the company makes money by charging a fee on every cross-currency money transfer. Other channels of income include a private as well as business account. Furthermore, TransferWise provides a currency exchange API to other banks.
Can I use TransferWise with PayPal?
Within your PayPal account, click on ‘Money’ and then on ‘Transfer Money’. If prompted, choose the ‘Standard’ transfer option. Click the ‘Link a Bank Account Option’. You will now be able to send the amount you wish to from PayPal to TransferWise fee-free.
How much is TransferWise worth?
TransferWise is now tied for fifth place among Europe’s most valuable private companies. The money-transfer service announced in a statement today it raised another $292 million, valuing the company at $3.5 billion.
How to send money to Nigeria instantly with Transferwise
With Transferwise, you can send money to Nigeria and the receiver will get the money fast and directly into his or her bank account. No need to go anywhere!
Transfer & Send Money from Nigeria to Germany
Sign up for free to start saving on international money transfers from Nigeria to Germany. Get Started With TransferWise. Send money from Nigeria to Germany
Send money to Nigeria: Best money transfer services
About Onuzurike Chukwuagozie
A serial entrepreneur who has worked on several projects that spans from digital marketing, web development, graphics design, video creation and editing. If it involves adding value and touching lives, then I’m in!
+2347035199394
Touching Lives | Adding Value
I love design, spiced with creativity and garnished with value. Content Creator and e-Com enthusiast.
Contact me for:
Shopify Store Setup
PayPal Nigeria
E-commerce Mastery
Video Creation
Crypto mentorship
Let me stop here
“This our country will show you how to discover your talent by fire by thunder. If it also involves using the computer to make your life better, then call me”
