Can you send money to Nigeria with Transferwise? Is their service reliable? How much does Transferwise cost? What is the best way to send money to Nigeria? Welcome to the review of Transferwise – the international money transfer provider.
Transferwise markets itself as ‘a cheaper, faster way to send money abroad’. Plus, they claim to be 8x cheaper than banks. The way they provide affordable prices lies in two main points:
- Low and transparent transaction fees;
- Converting money at the true mid-market exchange rate.
If you have ever tried to send money abroad through your bank, you might have noticed that the price at which they are converting your currency into any other is higher than what you would see on Google, if you were to check the exchange rate there. Similarly, several money transfer services promise low fees, however, once at the ‘check out’ part of the deal, you will be suddenly shown various ‘fees’ that you were not aware of earlier. Transferwise, however, charges you the mid-market exchange rate (the one you can find on Google) and promises to be fully transparent, with all transaction fees right in front of you. To be honest, we can’t blame them for such confidence, as their transaction fees truly are low. Transferwise currently supports sending money to 71 countries and sending money from 43 countries. They have excellent reviews on Trustpilot, a leading reviewing site for various online services and companies.
The options on how to transfer money differ depending on the currency you are sending money in. Most currencies, however, offer one way to transfer your money: one bank to another. Popular currencies offer the standard option of a debit or credit card. Other options include the SOFORT transfer option, Apple Pay or Android Pay. Fastest transactions take place when paying through your debit/credit card, in which case, the money you will send can be received as fast as in a minute! Money transferred from one account to another, however, usually takes 1-2 business days. The person you are sending money to does NOT have to have a Transferwise account, only a verified bank account at their country of residence.
We went through and created an account with Transferwise and tried out their sending money abroad service. Here are the steps we were required to take and later some comments.
- Create a free account – We clicked on ‘Sign Up’ and were able to start with just an email address. The offer signing up through your Google and Facebook account as well, to make the process even faster.
- Set up our transfer – It was easy and straight-forward, entering the currencies and amount.
- Enter details (of the sender) – We had to choose if we send money as a company or as an individual. Also, full name, birthday, phone number, and address.
- Details of the receiver – the recipient can be yourself, someone else, a business/charity. You will need to enter basic information about your recipient, including their bank details. They do not need a Transferwise account, just a verified bank account at their country of residence.
- Review details – you will see the summary and can confirm the transfer details.
- Pay for the transfer – depending on the country you are sending from, you can pay by debit/credit card, Apple/Android Pay/ via bank transfer/from any of your Transferwise currency accounts.
- That’s all – you will be shown a successful transaction sign and given an estimate of when the money will reach the reciever and how much money you saved compared to an average bank transfer.
In order for you to send money or receive money, you would need to verify your account. You are not always asked to do so, however, sooner or later you will be required to so since it is the law. Therefore, we recommend verifying your account as soon as you open it. If your account is unverified, and you want to make a transfer, it might take longer than average, because the transfer will not go through until Transferwise has verified you and verifying can take up to 7 days (though, usually it gets done in a day or two).
Examples of cost and time for various transfers:
From UK to Nigeria: flat fee of 0.46 GBP + 0.53% of the amount that’s converted. Money should arrive in 39 minutes.
From US to Nigeria: flat fee of 1.33 USD + 0.61% of the amount that’s converted. Money should arrive in 4 hours.
From Germany to Nigeria: flat fee of 0.71 EUR + 0.57% of the amount that’s converted. Money should arrive in 39 minutes.
From UK to Nepal: flat fee of 2.15 GBP + 0.72% of the amount that’s converted. Money should arrive within 1 business day.
From US to Nepal: flat fee of 3.53 USD + 0.8% of the amount that’s converted. Money should arrive within 2 business days.
From Germany to Nepal: flat fee of 2.65 EUR + 0.76% of the amount that’s converted. Money should arrive in 12 hours.
From UK to Philippines: flat fee of 1.67 GBP + 0.5% of the amount that’s converted. Money should arrive within 1 business day.
From US to Philippines: flat fee of 2.91 USD + 0.58% of the amount that’s converted. Money should arrive within 1 business day.
From Germany to Philippines: flat fee of 2.1 EUR + 0.54% of the amount that’s converted. Money should arrive within 1 business day.
*Please note that this is an indicative estimate based on Transferwise website information as of 4th of July, 2019 and is, therefore, prone to change. Transferwise is not liable in any way for the information above.
The Borderless Account
The borderless account is the latest addition to the Transferwise services. This involves an account that can send, receive and spend money around the world.
With the borderless account, you can hold and convert 40+ currencies. You can switch between them in seconds with the real exchange rate. You can send money to 50+ countries.
You can receive money with zero fees from over 30 countries in the world because you will get your own bank accounts:
- Australian account number and BSB code
- British account number and sort code
- European IBAN
- US account number and routing number
- New Zealand account number
These are your personal bank details to get paid from the UK, the US, Australia, New Zealand, and any country in the Eurozone, and no-one pays any fees.
In addition, you can get a free Transferwise Mastercard, to spend the currencies in your account around the world. With the Transferwise Mastercard, you can:
- Free to pay with currencies in your account
- Free ATM withdrawals up to £200 per 30 days
- Only pay a small conversion fee when you convert your money — typically between 0.35% and 2%
- Automatically convert your money at the real exchange rate
- Accepted anywhere in the world that accepts Mastercard
The debit card can be currently sent only to European customers. However, the Transferwise Mastercard debit cards are currently available by invitation-only in certain other countries. In order to check if you are eligible for a beta-invite, create your account right away! It is completely free.
The lovely part of having a Transferwise account is that all the previously mentioned services are just as available to companies as they are to individuals. So that you can receive money from your customers or other businesses around the world. You can simply send your US, European, UK, Australian or New Zealand bank details to your customer in these markets and they can send and you receive money at zero costs!
As a conclusion, we at PayoutStream can say with confidence that we recommend Transferwise to anybody who is looking for a way to send money fast and cheaply. The test runs we did all worked out smoothly and fast. We also tested their app and can say only good things about the swiftness of the running speed of the app. If you would like to see some of our test runs or read our step-by-step guides on how to set up your Transferwise account, how to send money with your Transferwise account or our review of Transferwise, please check out these posts and out videos.