Some years back, it was difficult to transfer money internationally due to the many challenges attached to it. However, the improvement in technological improvements have made electronic payment methods increase exceedingly in modern global markets.
Cross-border money transfers have become more acceptable over the years, they provide a fast and seamless means to move money across the globe. Unfortunately, they are also saddled with bottlenecks that can cost you money and time.
For instance, high bank charges and exchange rates, wrong account details, payment tracking, amongst others are some of the challenges faced by cross-border payment users.
On the other hand, traditional banks offer a more expensive means of cross-border money transfers with some charging as high as 10% of each transaction. Challenges like these begs for the question: "what is the best way to transfer money across Africa and within Africa?"
Well, thankfully, several Fintech solutions have provided a more improved means to send money across Africa and beyond. With these modern and innovative payment solutions, many cross-border transfer processes are now more painless, cost-effective and efficient.
In this article, we will explore 7 Fintech platforms that can help you transfer and receive money across Africa.
Let's dive right into it.
It is a fintech startup on a mission to connect individuals and businesses searching for inter-Africa cross-border payments services.
However, Transfy aims to build a financial infrastructure that allows them to conveniently and securely send and receive money in their local currency across Africa at low rates.
Features and Benefits of Transfy
- Wider Coverage: Transfy allows you to send and receive borderless payments across major countries in Africa. These countries include Ghana, Rwanda, South Africa, Cameroon, Kenya, Uganda, and Nigeria.
- Multi-Currency Wallet: Transfy offers the exchange of local African currencies such as GHC, KES, XAF, RWF, NGN, UGX, ZAR, etc.
- Competitive Pricing: Transfy offers competitive pricing to help you save money on cross-border transactions.
- Security: Bank-level encryption and multi-factor authentication to safeguard your funds and details.
- 24/7 Access: Whether you want to transfer money online or send money to your family and friends, transfy services are available 24 hours a day, seven days a week, to keep you covered.
This is formerly known as Transferwise. Wise is a world fintech solution that provides safe and secure methods for cross-border money transfer across multiple countries and currencies.
It is easy to use and most importantly transparent about its fees. Wise allows you to know how much you are paying in fees before you make a transfer, which is not the case with many leading banks.
It is easier to set up an account with Wise and make a transfer in less than three minutes.
Features and Benefits of Wise
- Easy to use money transfer services.
- Wise is open and transparent about its charges.
- Very low transfer fees when you are sending money overseas.
- The wise exchange rate is based on the mid-market rate, so you get the best exchange rate.
- Wise is providing multi-currency account services and Mastercard debit cards.
- Both individuals and businesses can access Wise services.
The Remitly platform offers a cross-border payments platform that helps businesses, friends and families send money to their business partners, employees and loved ones easily and instantly anywhere in the world.
Remitly provides you with low exchange rates and speed.
Features and Benefits of Remitly
- Send money to over 115 countries across the globe.
- Multiple payment options for senders and receivers.
- Enjoy fast, safe and secure transfers.
- Competitive rates for senders and zero fees for receivers.
- Anti-fraud protection and multi-level security.
- Access to real-time tracking for your money.
- Enjoy special offers for your first transfer.
4. Western Union
Western Union is one of the first and largest money transfer providers in Africa and the world beyond.
This international money transfer service allows Africans to send and receive money at any nearest Western Union office in their area. However, Western Union has more than 550,000 offices in more than 200 countries around the world.
In Africa alone, this international money transfer platform has more than 39,000 agent locations. These include Kenya, Nigeria, Ghana, Ethiopia, Guinea, Tanzania, Senegal and many more.
Western Union transaction fees range from 1% to 10% depending on the amount of money you are sending inside or outside of Africa. In general, you cannot send more than $50,000 at a time.
Features and Benefits of Western Union
- Send money abroad from the comfort of your home.
- Track your transactions in real time.
- Western Union allows you to get fast and seamless transactions.
- Transfer money to multiple countries and territories such as Jamaica, China, Haiti, the United States, Lebanon, Pakistan, the Democratic Republic of Congo, India, France, Germany, Turkey, Mexico, Philippines and others.
Azimo is a global and online money transfer company that allows customers to send money quickly, easily and affordably from their phones, tablets or computers. The platform offers fast, secure and low-cost services.
Features and Benefits of Azimo
- Send money from 25 European countries, Australia, Canada and Hong Kong to over 190 countries.
- Send US dollars to any bank account in Africa or pick up cash at any location.
- Send funds to MTN MoMo agents, M-Pesa, Hellocash and other mobile wallets.
- Maximum one-hour transaction speed for transfers to over 80 countries.
- Pay international bills in 180+ countries and 60+ currencies with the Azimo Business option.
- Pay foreign partners and employees.
6. Barter By Flutterwave
Barter by Flutterwave is a new way to trade goods and services using Africa's favourite payment platform. It allows you to instantly send and receive money from anywhere in the world at the best rates.
Interestingly, the Barter by Flutterwave app is the best choice for users sending money to friends and family in Africa and other parts of the world, from the convenience of their mobile phone or desktop.
The solution allows businesses to easily send and receive payments for goods and services without having to worry about foreign exchange rates or bank charges.
Features and Benefits of Barter by Flutterwave
- Send payments to businesses and individuals in over 100 countries around the world.
- Pay in any currency and receive payments in your local currency.
- Enjoy competitive exchange rates and no fees or commissions on transactions.
- Allow you to open your business to the international market.
- Secured and reliable payment processing.
PayPal is an online payment system that makes paying for things online and sending and receiving money safe and secure.
Linking your bank account, credit card or debit card to your PayPal account gives you access to make purchases online, that is; PayPal acts as an intermediary between you and a bank.
Moreso, PayPal is the easier, safe, and faster way to pay and get paid online. PayPal can be used through websites, mobile apps, programmatic interfaces, or integrations. It provides tools and services to support POS (point of sale), e-commerce, and subscription-based transactions.
It guards users by offering seller protection, purchase resolution, and the best digital security in the industry.
Features and Benefits of PayPal
- Protect and keep your information secure using sophisticated encryption to process every transaction.
- No fees for sending money to family and friends.
- Give you an extra level of fraud prevention.
- PayPal is a straightforward way to transfer money.
With the advancement in technology, these money transfer companies provide fast, efficient, effective, reliable, and secure money transfers in various countries and currencies across Africa and the world at large.
Needless to say, you can choose one out of the cross-border fintech solution that fits into your objective and has seamless transactions.