Transferwise Exchange Rate to Naira

Transferwise Payment Methods (Sending)

Available Payment Methods

•     ACH
•     Bank transfer
•     Debit card /Credit card

Other Payment methods for EU Zone include

• Sofort
• Direct debit
• IDeal

  ACH

ACH debit is a simple and convenient way to pay for your transfer. Transferwise charges an additional 0.15% fee, and it's always taken from the amount you're sending.This option is for US only. The time for your money to be cleared to TransferWise is 1-4 working days. Social Security Number is required.If you do not have an SSN, you will have the option to provide a US or non-US ID document.
Minimum/Maximum transfer size using ACH is $3/$10,000*

Paying by bank transfer

Sending your money to TransferWise via bank transfer is simple and free. First, you’ll need to set up your international money transfer on TransferWise.Then, you’ll need to exit your TransferWise account, and pay by bank transfer directly through your bank. You can do this either:

•     Online, through your online banking
•     Over the phone, with your telephone banking
•     Or in person, at a bank branch.

Read Important information for Bank Transfer Method:

To make sure that your transfer isn’t delayed, please double check that:

• The name on your bank account matches the name on your TransferWise account
• You’ve included the reference correctly — without this, we won’t be able to send your money.
• You enter the exact amount you’re sending with TransferWise — paying more or less could delay your transfer.
• You’re all done — wait for confirmation: We’ll send you an email as soon as your money arrives in TransferWise’s bank account. Then, we’ll convert it and pay it out to your recipient.

Paying by card

For a selection of currencies, you can pay for your transfer by debit or credit card. There is a small surcharge for paying by card. If you'd like to avoid payment fees, you can always pay by bank transfer.

Transferwise accepts Visa, MasterCard and some Maestro cards that have a 16 digit card number.Transferwise can only accept payments from locally issued cards, so for example GBP cards must be issued in the UK, EUR cards must be issued in the SEPA area etc.

Like a bank transfer, the money must come from your own bank account. So, the name on your card must match the name on your TransferWise account. If it does not, please be aware that your transfer will be delayed and potentially cancelled.

TransferWise charges an additional fee for using business cards. The fee is charged only because the card companies charge an equivalent fee. Transferwise does not make a profit when they charge you in order to use a business card to pay for your transfer.

This fee is charged on cards regardless if the payment is made using a private or business profile.

MAx Amounts that can be sourced via cards
GBP     £10,000
EUR     2,500€

For other currencies, visit

https://transferwise.com/us/blog/fees-changing-usd-jan-18#the-new-fees

About Transferwise Money Transfer

TransferWise is an Estonian developed money transfer service launched in January 2011 by Kristo Käärmann and Taavet Hinrikus with headquarters in London and offices in a number of cities including Tallinn, New York and Singapore.
TransferWise supports more than 300 currency routes across the world as well as providing multi-currency accounts.

Transferwise currency exchange service offers a cheaper alternative to established institutions.For instance, if you want to send dollars to nigeria, you can send dollars to TransferWise dollar account in US and and Transferwise will credit your Nigerian Account.

It is the one of the smartest international money transfers services in the world and is available in over 120 countries with a worldwide agent network of hundreds of locations worldwide.

In April 2017, it announced its decision to move its European headquarters from London to the continent due to Brexit.

In May 2017, TransferWise launched a new service, the Borderless account. Initially the account is for businesses and freelancers with an account and card for consumers planned for later in the year.The Borderless account was available in Europe and the US at launch. A Mastercard debit card was launched in January 2018 for select existing customers to use their Borderless account in 28 currencies and support was added for consumers.

Also in May 2017, the company announced it had been operationally profitable since the beginning of the year.

Transferwise has been named as one of "East London's 20 hottest tech startups" by The Guardian, TransferWise has also been picked as a Wired UK Start Up of the Week as well as being listed as number 12 in Startups.co.uk's list of the top 100 UK start-ups of 2012.

Transferwise comes ahead of banks as services offered go eight times cheaper than of banks. It reduced high bank fees from foreign exchanges by providing available technology for simple and secured swap of transactions. Local transfers for receiving clients are also met with little or not receiving charge.

It's investors include PayPal co-founder Max Levchin, Richard Branson. To read more, visit the Transferwise Wikipedia page below

https://en.wikipedia.org/wiki/TransferWise

How TransferWise works

Transferwise operates on the principle of money without borders. TransferWise routes payments not by transferring the sender's money directly to the recipient, but by redirecting them to the recipient of an equivalent transfer going in the opposite direction. TransferWise's system has been compared to the hawala money transfer system.

Likewise, the recipient of the transfer receives a payment not from the sender initiating the transfer, but from the sender of the equivalent transfer. This process avoids currency conversion and transfers crossing borders. The markups applied usually are not volume-dependent which of benefit to individuals who are sending small regular transfers abroad.

Simply put,when you pay into a transferWise bank account in your country. We pay your recipient from our account in their country using the real exchange rate.

On their website, it says, "Banks could charge you up to 5% in hidden costs when sending money to any bank account abroad. TransferWise is up to 8x cheaper. It's only fair."

Pros

• It is a simple, fast and secure process
• There are no hidden fees
• Multiple sending options. You can send funds using ACH, or a debit card, credit card, or Bank Transfer.

Cons

• Only inbound transactions are available in Nigeria (in most banks)

Transferwise Fees for Sending Money

How much does it cost to send transferwise?
The Fee depends on the currency route. The rates for euro, pounds and dollar against naira is presented below.

Fee for Sending GBP
Fee = 0.4% of the amount that's converted + £ 1.00 GBP.

This means that sending £ 1,000.00 pounds from UK to Nigeria attracts a fee of 4.98 GBP already included.

The recipient receives 995.02 while the charge of 4.98 is deducted from the original 1000 GBP sent. In essence the actual amount sent is 995.02GBP and 4.98 is charged.

Fee for Sending USD
Fee = 0.75% of the amount that's converted + $ 3.00 USD
To send 1,000 usd, you will pay a fee of 10.41usd. The fee is deducted from 1000 USD and the recipient gets 989.59 usd in equivalent currency

Fee for Sending Euro
Fee = 0.5% of the amount that's converted + € 2.00 EUR
if you are sending 1000 Euros, the recipient gets € 993.03 EUR and sender is charged € 6.97 EUR.

For more, See https://transferwise.com/pricing/gbp-to-eur