Transferwise is an Internet banking platform known for its quick transactions and cheap fees when compared to other platforms offering its kind of service. This company changed its name from Transferwise to Wise, but the former is what most people still call it today.
Does Transferwise Work in Nigeria?
Yes, Wise works in Nigeria. This internet banking platform which was formerly known as Transferwise, and presently known as wise, is one of the standard internet banks used by Nigerians to send and receive money.
How to create an account and set up Transferwise
- Create your free account
Input Transferwise.com into your preferred web browser. When the Transferwise homepage appears you’ll see the ‘Sign Up’ button, tap on it. All you’ll need to provide is your email address and create a password. You can also use your Facebook account if you have one.
You can create an account either via their website or their app.
- Set up your first transfer.
On the Transferwise homepage, you’ll see a calculator that shows you the conversion rate of the amount you want to transfer. You’ll also see the fees upfront, and you’ll be shown how long it will take for your money to reach its destination.
- Choose for individual or business
You’ll be asked if you’re sending the money as a business or an individual. You’ll also have to input your full name, birthday, phone number, and address.
- Tell us who you’re sending to
You’ll be asked who you’re sending to, either yourself, someone else, a charity organization, or a business.
Some basic information about your recipient will be required. Your recipient doesn’t need to have a wise account for the transaction to be made.
A summary will be presented showing you all that you entered. If you have no changes to make, click on “confirm”.
- Choose a payment method
You can either pay by debit/credit card or by bank transfer. Once you choose your payment method, you’ll be guided on how to go about it, so just follow the instructions and input everything correctly.
How to transfer money on Transferwise
Once you’ve set up your Transferwise account and you’re trying to send money, there are certain things that need to be considered and done. We will show you step by step.
- Visit Transferwise
You can launch the app or use your web browser to access Transferwise.
- Input the amount
Input the amount you want to send. The fees you’ll be charged will be shown upfront, and you’ll be shown when your money will arrive in the recipient account.
- Input recipient’s bank details
Now, you’ll have to have to input the receipt bank account details. If you don’t know the details, Transferwise can help you request it.
4 Verify your identity
For large transfers, you’ll need to verify your identity, and for some currencies, you’ll also need to verify your identity. All that is needed is a photo of your ID.
- Make payment
You can make the payment through bank transfer, or you can make use of a credit or debit card.
Now, your money will be on the way to the recipient account and Transferwise will notify your recipient that the money is on its way. If you want, you can track the transfer in your account.
How to check the exchange rates of other internet banks via Transferwise
This is an impressive addition by Transferwise. This addition allows you to check other internet banks’ exchange rates and only settle for the one that suits you. The best part is that you don’t need to log in to Transferwise to use this feature. On the homepage, tap the menu icon and select “compare exchange rates”.
Here is a list of platforms that you can check their exchange rate — Monzo, WorldRemit, Xoom, Western Union, Moneygram, Monese, Remitly, Barclays, Halifax, and Lloyds.
The only downside is that sometimes the exchange rate stated here might be different depending on the country you’re sending to, but the difference isn’t usually drastic.
How long does it take to send money with Transferwise?
Transferwise estimates the time it will take for your funds to reach you or your recipient. It gets better if you complete the registration of your account. Transferwise will have more information to accurately tell you how long it will take to transfer the funds.
The time estimate depends on four factors —
- The country you are sending from and to — the naira is different from the British pound, and so is their monetary policy. Money conversion of respective countries might take up to 2 working days before it is finalized. The biggest factor here is usually the bank you’re transferring to, in other words, your recipient bank.
- Your payment method — how you pay also has an influence on the speed. Card payments are usually faster than bank transfers.
- Your time of transfer — it’s better to transfer your money during normal banking hours because the transfer is much faster during this period. Also, transferring money during national holidays takes time.
- Security check — as stated above, Transferwise requests for ID if a large amount of money is being sent. So you should expect some delay if your ID was requested during the transfer.
One of the best features of this internet bank is its website user experience. It’s easy to navigate and finalize your transaction, and most importantly, Nigerians can use it.