In today’s post, we are going to be looking into how to open, Fund, and Use a Transferwise account in Nigeria.
In other words, if you have been on the lookout for a complete guide that will show you how to start using a Transferwise account in Nigeria from scratch, look no further as this is the guide for you.
It will be taking coal to Newcastle if I tell you that there is a way you can send money to any part of the world instantly.
So many online payment options are available for Nigerian internet users.
One of these reliable digital payment services is Transferwise.
If you have chosen to send money and make other types of transactions using Transferwise then this is the post for you.
One good thing about using Transferwise to make your transaction is that you can send money to Nigeria and the receiver will get the money fast and directly into his or her bank account.
Nobody needs to go anywhere with any document to claim the money as with the use of third parties or other methods that sucks!
So what the heck is Transferwise?
If you are just hearing it for the first time, but know what it is used for, then you are probably the luckiest person reading this.
Before we move to the steps involved in creating a Transferwise account in Nigeria, I’m going to tell you some important benefits of using Transferwise to make transactions.
Launched in the United Kingdom in 2011, Transferwise is an online money payment service that is available worldwide and allows you to make online transactions from almost every country to Nigeria without stress and vice versa.
It is many times cheaper than using other types of online banking and this is why many people make use of it.
Just like its competitors, PayPal, and the rest, Transferwise is one of the fastest, cheapest, and reliable way to send money to anyone online.
It makes use of transfers instead of one international transaction that makes it a very cheap option for excellent payment service.
This leads us to understand what the gateway is best used for in Nigeria, its advantages, and why you should open a Transferwise account.
What is Transferwise best used for and why should I open an account?
This is a very brilliant question that can be asked. Because really, it is wise that you know how a payment service will benefit you in a long run before jumping into it.
When you have chosen to send money to anywhere from Nigeria, there are some benefits you should consider that will make you choose Transferwise.
First off, it is the same rate you see in Google and other sources that transferwise is used. In other words, they make use of real-time exchange rates.
In addition to this, funds are transferred directly into the bank account of the recipient in Nigeria within 24 hours and 25% of transfers are credited within minutes.
This makes it one of the best payment services for transferring funds and also receiving from clients.
It is a cheaper method when compared to the use of banks or another third party service. While the service is used by over three million internet users all over the world, Transferwise guarantees 100% safe transactions of funds and it is regulated by the Financial Conduct Authority.
Now that you know about Transferwise and how it will help you greatly. It is time to know about opening the account from scratch and making transactions with it.
The steps involved in creating a Transferwise account in Nigeria
Before you proceed to read the steps involved in rearing a Transferwise account, there is some information you need to gather that will be required to supply once you begin the registration process.
However, each bank or provider will have its policy and process for opening an account online.
During registration online, you will be asked to enter some personal details as we will see when we progress into the steps.
These personal details include your name, date of birth, contact information like residential address and phone number, in addition to your email address.
You will also be asked to provide proof of ID. This can include your driving license.
And then for withdrawal purposes, there will be a need to link your bank account and you will need to supply full details of your bank account or card that will be used when funding the account.
Now, back to creating the account…
First of all, this process is free of charge and very simple to do alone. Also, a person who wants to receive the funds you want to send does not necessarily have to operate with a Transferwise account too.
Open your browser and go to the Transferwise website.
Click on the signup button that is at the upright of the screen page.
This will direct you to a page where you will need to supply your details and all the information needed to open the account successfully.
You want to make sure the details you enter are all accurate including the email address.
There is a need to do verification of accounts. While it is not compulsory, the verification usually takes 2 days maximum.
There is also an option for creating either a personal account or a business account.
The difference and purpose between the two types of account rings in their respective name and what they stand for – personal account for personal, and business account for business.
How do I fund my Transferwise account?
You can use either a credit card, debit card, or bank transfer to top up your balance on your newly opened Transferwise account, and to go about this is very simple too.
Managing your account and making a payment with it can not happen when you do not have funds in the account.
Those who use traditional banks can fund their account by dropping off a check.
The instructions for funding your account are pretty basic and if you have ever used any payment service before, then this should be a piece of cake.
Log in to your Transferwise account and then click on the deposit option where you see instructions and where to enter your bank details for funding the account.
How do I make payment with my Transferwise account?
This is simple too.
Once you are on your dashboard, go to the payment section and enter your Enter your recipient details.
Money can be sent to your family, friends, and business partners using your Transferwise account. And this can be done to any part of the world.
The recipient does not have to operate with a Transferwise account to receive the money.
All you will need is the recipient’s details to enter and confirm the transaction.
Also, there are many options as you can pay with either your credit card or your debit card.
Payment of funds can also be done via your local bank and all these depend on your locale.
After sending money using the Transferwise account, the receipt will be notified via email of the money so you can see how important it is to provide the recipient with an email address when sending.
How do I receive funds to my Transferwise account?
At this point, it is needless to say that you need to be a customer of transfers to use their services.
So the first step to take to receive funds to your TransferWise account is creating one for yourself and this can be done online as explained earlier in this post.
You will also need to send your name, email address, and contact details to the sender and make sure they are accurate following the details used in opening your account.
When dealing with a business account, Transferwise will likely demand certain other types of verification.
How long does it take to receive funds into my Transferwise account?
Many people who plan to use a Transferwise account usually ask this question.
This is because they want to know how fast the service is and how it can be compared to its competitors.
Well how long it takes for you to receive funds sent to your transfers account depends on the country you’re receiving money from.
Also, the currency the sender is using is a huge factor.
But on a general level, the funds should not take more than 3 working days to be deposited into your E-wallet.
What are the Benefits of using a Transferwise account?
There are many other advantages attached to the use of a transfers account in Nigeria and also anywhere in the world added to the fact that it is a very fast and convenient way to send money.
The process of making transactions with Transferwise is very simple and straightforward.
Another eye-catching benefit is that while the sender can make the payment online, the service and charges are much cheaper than using PayPal or other banks.
With a Transferwise account, you will be able to receive money from over 40 countries and 20 currencies around the world.
Conclusion on Transferwise account Nigeria
As you have seen, you, as a Nigerian internet user can also open a Transferwise free account in the comfort of your home.
You can now use this account to request payment from your relatives abroad or your clients outside Nigeria.
This payment service is considered one of the fastest and cheapest ways to send money to Nigeria from the USA, UK, Canada, Europe and, you name it.
If you have any other questions about using a Transferwise account, feel free to drop them in the comment section.