Imagine being able to send money across Africa in any currency of your choice with just one click of the button? With a multi-currency wallet, you can now stop imagining, and start living your dream.
Cross-border payments have become a norm in the global e-commerce industry, and here's why…
People can now shop from their favorite online stores, pay bills and send money to any part of the globe through their phones and other smart devices. Because of that, individuals and businesses are choosing comfort and convenience over foreign exchange hassles, lengthy paperwork, and annoying bureaucracies.
Multi currency wallets have given individuals and businesses the superpowers to handle their monies in different currencies; seamlessly and conveniently.
And just in case you're shopping for the best multi-currency wallet to transfer money within Africa, this article has all the answers you're looking for.
In this post, we'll discuss how the multi-currency wallet works, the benefits and our top 5 picks of multi- currency wallets for cross-border payments in Africa. Let's get to it.
What Is A Multi Currency Wallet?
Just like its name - a multi-currency wallet is a digital wallet that stores multiple currencies simultaneously. This type of wallet allows you to hold, save or exchange different fiat currencies - making it easier to manage your funds and payments/transactions from one convenient dashboard. For example, the Transfy multi-currency wallet lets you switch between currencies like GHC, KES, RWF, ZAR, UGX, CFA, XOF and NGN, any time, any day.
So How Does a Multi-currency Wallet Work?
A multi-currency wallet is more or less a digital bank that gives you access to multiple currencies simultaneously. This makes it an excellent choice for travelers, business owners, expats, or anyone who deals with numerous currencies regularly. With a multi-currency account, you can access various financial services like withdrawals, deposits, bill payments, and transfers. You can also hold, send, receive or switch between these currencies at any time.
The multi-currency wallet offers a convenient means to manage your money in diverse currencies/countries without having to open multiple bank accounts. For instance, you can easily send money from Nigeria to Ghana or even receive money in Nigeria from the UK in minutes. Most multi-currency wallets also provide multiple payment options. You can send or receive money from various bank accounts, mobile money, digital wallets, or even cryptocurrency wallets, depending on your preferred provider.
What Are The Key Benefits Of A Multi-currency Wallet?
Do you own a business across the border? Or maybe you're an individual looking for a seamless means of cross-border payments? The multi-currency wallet offers numerous surefire benefits to meet your cross-border payment needs and lots more. These benefits include:
1.Secure Payments
Multicurrency wallets offer enhanced security features and several authentication factors to secure your funds and account details. You can make secure international payments and switch currencies without worrying about theft or money loss.
2. Convenience and Flexibility
Easily and quickly switch between currencies, pay bills, and transfer or receive money in multiple currencies without juggling different accounts. The multi currency wallet allows you to enjoy seamless cross-border payments with a few clicks of the button and from your comfort zone.
3. Zero Foreign Exchange Hassles
One good thing about the multi currency wallet is that you can switch between currencies without dealing with the stress of foreign exchange. This allows you to hold as much currency as you want for all your international transactions without sweat.
4. Reduced Transaction Costs
Multi-currency wallets help to reduce transaction costs on international payments by bypassing the fees you could have paid for currency conversion. Also, making international transfers with banks attract extra expenses and hidden fees, but with a multi currency wallet, you don't have to deal with unnecessary costs anymore.
5. Improved Business Payments
With a multi-currency wallet, you can quickly pay suppliers, business partners, and remote workers across the globe in their preferred currencies. You can also accept payments from your customers around the world; your customers can pay you in their local currency without worrying about currency exchange fees. So, all you have to do is to switch the funds to your local currency, and you're good to go.
Thereby helping to grow your business by ensuring you don't experience any glitch in promoting and distributing your products and services. This means it also helps to improve customer service and customer's buying experience.
What Is The Best Multi-currency Wallet?
- Ideally, choosing the best multi currency wallet for you depends on your choice and preferences or what you would want to use it for. Most multi-currency wallets offer a variety of currencies which may vary from one wallet to the other. However, below are our top picks of the best multi currency wallets in Africa. You can also read more about them HERE.
They include:
- Transfy
- Chippercash
- Azimo
- Rapidtransfer
- Barter
- Wise
- Remitly
- Eversend, etc.
Additionally, we have included a few tips to consider when choosing the best multi-currency wallet for you.
How to Choose the Right Multi-currency Wallet for You
Now that you understand what multi-currency wallets are and how they work, it's time to choose the right one for you. When selecting a multi-currency wallet, there are a few things you need to consider:
1.Your Choice of Currency(ies): What currencies are you more particular about? You have to choose a multi-currency wallet that caters for all your choice currencies to avoid handling too many wallets at the same time.
2. Your Needs: What do you need the multi currency wallet for? Travelling? Shopping? Bill payment? Or just to save in various currencies? It's essential to choose a wallet that is compatible with your needs and your selected locations. Multi-currency wallets are seemingly a one-size-fits-all kinda account, so you want to make sure that all your needs are met by the wallet you choose.
3. Safety/Security Features: The safety of your funds and account details is paramount. So you have to ensure your choice wallet has top-notch security features enabled; to keep your funds intact at all times.
What Can I Do With A Multi currency Wallet?
While banks offer various financial services, a multi-currency wallet gives you the digital feel of accessing cross-border payments at your convenience. With that said, you can use a multi-currency wallet to perform the following functions. They include:
- Accept payments across the globe; as a freelancer, expat, and business owner.
- Pay, business partners, subsidiaries, remote workers and employees in any part of the globe.
- Pay suppliers for raw materials and other business products.
- Settle bills and other expenses from any location.
- Send money to friends and family/make investments/ buy real estate in other countries without worrying about foreign exchange fees.
Overall, multi currency wallets offer a high level of financial convenience for users, and in turn helps them cut down unnecessary conversion and international transfer costs.
Move Your Money The Easy Way With Transfy
Making cross-border payments with traditional banks has many ups and downs - high transaction costs, delays, and bank paperwork. But with a multi-currency wallet, you can easily meet all these worries.
More significantly, the Transfy multi-currency wallet comes prepared to make cross-border payments across Africa as easy as possible. The solution is ramped up with top-notch features and hi-tech security to keep your funds and details secure at all times. You can send and receive money across African countries like Senegal, Ivory Coast, Nigeria, Ghana, Kenya, Uganda, Rwanda, Cameroon, and South Africa.
What's more? You can pay bills and settle other expenses in any of our supported currencies. Shop online without hassles and save more on cross-border payments with Transfy's multi-currency wallet.
