Today’s post will focus on how to open, fund, and use Transferwise Nigeria account.
This means that if you are looking for a comprehensive guide to help you get started with a Transferwise account, this guide is for you.
PS: Transferwise Nigeria account is no longer in operation. As a result, money can no longer be transferred to Nigerian banks. These change is due to the Central Bank Of Nigeria (CBN) regulations and took effect from December 2020.
Before now, Transferwise ( now known as Wise), a trusted e-Wallet, is one of the most well-known payment platforms worldwide. It operates as an e-wallet that allows you to access local bank accounts in multiple currencies. You can use it to receive money, transfer money to other Wise accounts for free and make online payments for products and services. You can also get a Prepaid MasterCard, which allows cash withdrawals at almost all ATMs and pay in shops. Transferwise is an excellent payment processor.
Read Also: How To Open Payoneer Account And Get A Legit US Bank Account and Prepaid Mastercard (Accepted On Amazon, Ebay, Fiverr etc.) – A good alternative to TransferWise.
Who is TransferWise For?
This post is for you if you’ve chosen to use Transferwise to send money or make other transactions.
Transferwise is a great way to send money to Nigeria. The receiver will receive the money quickly and directly to his or her bank account.
To claim the money, no one needs to travel anywhere without any documents.
Transferwise is a great idea.
You are most likely the lucky person who has just heard it, but knows what it is used to do.
Before we get to the steps of creating a Transferwise Nigeria account, I want to share some key benefits with Transferwise for making transactions.
Transferwise was launched in the United Kingdom in 2011. It allows you to transact online from nearly any country to Nigeria and vice versa.
It’s much cheaper than other online banking options, which is why so many people use it.
Transferwise, just like PayPal and other competitors, is fast, cheap, and reliable for sending money online.
It uses transfers to pay for one international transaction, making it an affordable option for excellent payments service.
We can now see why a Transferwise account is a good choice.
Why should I open an account with Transferwise?
This is an excellent question. It is important to understand the long-term benefits of a payment service before you jump into it.
There are a few benefits to choosing Transferwise to send money from Nigeria to any destination.
It is the same rate that you see on Google and other sources where Transferwise is used. They make use of the real-time exchange rate.
Additional benefits include the transfer of funds directly to the beneficiary’s bank account in Nigeria within 24 hours, and 25% of transfers within minutes.
It is one of the most popular payment services for receiving money from clients and transferring funds.
Transferwise is cheaper than using banks or other third-party services. Transferwise is used worldwide by more than three million internet users. It guarantees safe and secure transactions of funds.
You now know a lot about Transferwise and the benefits it can bring to your life. Now it is time to learn how to open a Transferwise account and make transactions.
These are the steps required to open a Transferwise account.
Before you can read about the steps involved in creating a Transferwise account you will need some information.
Each bank or provider will have its own policy and procedures for opening an online account.
You will need to fill out some personal information online in order for us to see your progress through the steps.
These personal details include your name and date of birth.
Also, you will be required to show proof of identification. This could include your driving licence.
For withdrawal purposes, you will need to link your bank accounts. You will need to provide full details about your card or bank account that will be used to fund the account.
Now we’re back to creating an account.
This process is completely free and easy to complete. A person can send funds to anyone without having to have a Transferwise account.
Go to Transferwise using your browser
The signup button is located at the top of the screen.
You will be directed to a page, where you will need your details and all information to successfully open an account.
It is important to verify that all information, including your email address, are correct.
Verification of accounts is required. Although it is not mandatory, verification can take up to 2 days.
You can also create a personal or business account.
You can find out the purpose and difference between these two types of accounts rings in their respective names and what they stand to represent: personal account for personal use and business account (for business).
How can I fund my Transferwise Account?
To top up your Transferwise account balance, you can use a debit card or credit card. It’s very easy to do so.
If you don’t have enough funds, managing your account or making a payment can’t happen.
Traditional banks allow you to fund your account by writing a check.
You will find the instructions to fund your account fairly straightforward. If you’ve ever used a payment service before this should be no problem.
Log in to Transferwise and click on the Deposit option. Here you will see instructions and the place where to enter your bank details to fund the account.
How can I pay Into my Transferwise account?
It’s also very simple.
Once you have logged in, click on the Payment section to enter your details.
Your Transferwise account allows you to send money to family members, friends, or business partners. This can be done anywhere in the world.
To receive the money, the recipient doesn’t need to have a Transferwise account.
To confirm and enter the transaction, you only need the details of the recipient.
You have many choices when it comes to paying with your debit or credit card.
You can also pay funds through your bank, but this will depend on where you live.
You will receive email notification of the receipt after you send money to Transferwise. This is how you can see the importance of providing the recipient with an email address.
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How can I get funds to my Transferwise Nigeria Account?
It is obvious that to make use of their services, you must be a customer.
To receive funds to your TransferWise Account, the first thing you need to do is to create one yourself. This can be done online, as we have explained in this article.
Also, you will need to send your email address and your contact details to the sender. These details should be accurate, as they must match the information used to open your account.
Transferwise may require additional verification when dealing with business accounts.
What is the average time it takes to get funds into my Transferwise Account?
This question is often asked by people who are planning to use a Transferwise account.
They want to compare the speed of the service with its competitors.
It all depends on where you are receiving the money.
It is also important to consider the currency used by the sender.
However, it shouldn’t take more than three working days for the funds to be deposited into an E-wallet.
What are the benefits of using a Transferwise Account?
A transfers account is not only convenient, but it also offers many benefits.
Transferwise transactions are easy and simple.
Another benefit is that the sender can pay online and the charges are cheaper than using PayPal.
You can receive money from more than 40 countries and 20 currencies with a Transferwise account.
Conclusion about Transferwise Nigeria Account
You can open a free Transferwise account as an internet user in Nigeria, as you’ve seen.
This account can be used to request payment from relatives or clients abroad.
This payment service is one of the fastest and most affordable ways to send money from the USA to Nigeria.
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