Sending money home just got easier. Wise, formerly TransferWise, can help you with that instantly. Gone are the days when you had to look for who’s going to Nigeria, Ghana, Zambia, Tanzania, Zimbabwe, South Africa, Togo, Ethiopia, and so on. Also, you don’t have to stress your beneficiary by asking them to go to their banks to claim monies sent through Moneygram, RIA or western Union.
With Wise, you can send money to your beneficiary anywhere in the world and they get the money in their local bank account instantly. Sender doesn’t need to meet anyone, the beneficiary doesn’t have to go anywhere. 10 million users worldwide currently enjoy this efficiently built service.
This article will focus on how to send money and request to receive money on Wise (Transferwise), and also why Wise should be a preferred app to send money to anywhere in the world.
How does Wise work?
Wise is an international online money transfer service that started in the United Kingdom in 2011.
Independent surveys have revealed that Wise transfers are even cheaper than traditional bank international money transfers. This is because Wise is
Wise, formerly known as Transferwise is an online money service launched in the UK in 2011. It is available worldwide. And through Wise, you can send money from almost every country to Nigeria without stress.
Perhaps, the most outstanding thing about Transferwise is that it is many times cheaper than a bank. Yes, sending money through transferwise has been proven to be many times cheaper than when you do it through a regular bank. They achieve this by using two local transfers instead of one international transaction.
The Wise app is very popular amongst Americans especially, as the millions of other nationals in the country prefer the app in sending money back to their countries of origin.
Why should I prefer Wise (Transferwise) to Others?
Transferring through the Wise app is both beneficial to the sender as it is convenient for the receiver. Of the many advantages and benefits, here are a few things you stand to enjoy when you transfer with Wise:
- You can request for a debit card that is active worldwide
- You can keep your money in over 50 currencies
- You can set aside money for savings within the app
- Using Wise (Transferwise) is a very cheap way of sending money to other parts of the world
- You can request payments from your debtors
- Transferwise has a very simple user interface and you don’t get confused using the app even if you’re using it for the first time.
- Wise uses online real time exchange rates. This means the exchange rates to use for the transfer change immediately as the global rates change.
- Fast transfer rates. The maximum time transfers take on Transferwise is 24 hours.
- The security of your funds and of your information is regulated by Financial Conduct Authority (FCA).
Now, let’s look at how to send money and request to receive money on Wise (Transferwise).
How to sign up/register on Wise (Transferwise)
If you’re new to the Wise app and wish to start using the app, you need to have it on your phone first and then set the app up for yourself. Here’s a step-by-step guideline on how to download and sign up/register on Transferwise (Wise):
- Go to your Apple store of Google Play app
- or Search for ‘Transferwise’ or ‘Wise’ and click download.
- Launch the app
- Choose Register or Sign in with Apple if you use an iPhone
- Enter your email address
- Choose account type – Personal or Business
- Enter your phone number (An OTP will be sent to your phone, enter it into the app)
- Create an alphanumeric password (at least 9 characters)
- Click Done
After you get in, you will need to enter your personal details and open a balanced/create an account in a particular currency e.g USD. Once you create an account, you have to make an initial deposit into it to verify the account.
How to send money Using Wise (Transferwise)
Wise has made it very easy for people who intend to send money to Nigeria, Ghana, Zambia, Tanzania, Zimbabwe, South Africa, Togo, Ethiopia, and so on. Just a few clicks and you’re done with the transaction, more so from the comfort of your home.
After you have registered on Wise and you have opened a balance, then your account is ready to send and receive.
Your beneficiary doesn’t need to have an account with Wise or Transferwise, s/he only needs to have a standard local bank account to receive money from you.
Here is a step-by-step guide on how to send money from your Wise account to your beneficiary in any part of the world:
- Login with your email and password
- Click Send
- Select your transfer category – International or Local
- Enter the amount in your currency
- The charges and the exact amount your recipient will get will be displayed right below
- Click continue
- Enter recipient’s bank details
- Accept the terms and conditions
How to request payments on Wise (Transferwise)
Having learnt how to send money, here’s how to request to receive money on Wise (Transferwise). Another feature of Wise is the ability to request money from family, friends, or even debtors. Here is a step-by-step guide on how to request money from another Wise user:
- Log in to Wise
- Navigate to Request Money
- Create a request and enter the user you’re requesting the money from
- Enter the amount and currency requested
The requestee immediately receives a notification to pay you.
Which currencies are available on Wise (Transferwise)?
Not all currencies are available on Wise.
However, the available currencies are listed below:
GBP – British Pound, EUR – Euro, GBP – British Pound, USD – US Dollar, AED – UAE Dirham, AUD – Australian Dollar, BGN – Bulgarian Lev, BRL – Brazilian Real, CAD – Canadian Dollar, CHF – Swiss Franc, CNY – Chinese Yuan, CZK – Czech Koruna, DKK – Danish Krone, GEL – Georgian Lari, HKD – Hong Kong Dollar, HUF – Hungarian Forint, KRW – South Korean Won, MAD – Moroccan Dirham, MXN – Mexican Peso, MYR – Malaysian Ringgit, NOK – Norwegian Krone, NZD – New Zealand Dollar, PHP – Philippine Peso, PKR – Pakistani Rupee, PLN – Polish Złoty, RON – New Romanian Leu, SEK – Swedish Krona, and SGD – Singapore Dollar.
Tags: send money to nigeria bank account, wise nigeria, transferwise nigeria