Sending money across borders has become easier than ever, thanks to platforms like TransferWise, now known as Wise. It’s a go-to service for people looking for fast, affordable, and transparent international money transfers. But if you’re in Nigeria or planning to send money there, you might wonder—does Wise actually work in Nigeria?

I’ve explored how Wise operates globally and whether it’s a reliable option for Nigerians. With its reputation for low fees and competitive exchange rates, it’s worth understanding how it fits into Nigeria’s financial landscape. Let’s dive into what you need to know about using Wise in Nigeria.

What Is TransferWise?

TransferWise, now known as Wise, is an international money transfer service designed for low-cost and efficient cross-border transactions. It simplifies sending money abroad by offering real exchange rates with transparent fees.

Wise operates as an online platform and mobile app, supporting transfers in over 175 countries, including the US, UK, and EU nations. It provides a secure alternative to traditional bank transfers while maintaining speed and affordability.

The platform uses a peer-to-peer system to match transactions, avoiding hefty foreign exchange fees. For example, it charges a small percentage fee of the transfer amount instead of hidden costs. Services cater to both personal and business transactions, making it suitable for diverse needs.

Wise also offers multi-currency accounts, allowing users to hold, send, and receive money in multiple currencies. Users gain access to debit cards, local bank details, and instant conversion rates.

How TransferWise Works

TransferWise, now branded as Wise, facilitates international money transfers by offering a secure, fast, and cost-effective alternative to traditional banking systems. Its platform leverages smart technology to ensure transparency and low fees.

Key Features Of TransferWise

• Real Exchange Rates: Wise applies the mid-market exchange rate without hidden markups, providing users with the most accurate currency conversions.
• Transparent Fees: All fees are displayed upfront before users confirm the transfer, removing the risk of unexpected charges.
• Peer-to-Peer System: Instead of moving money directly across borders, Wise matches transfers within recipient countries for reduced foreign exchange costs.
• Multi-Currency Account: Wise accounts allow users to hold, send, and receive funds in over 50 currencies, along with local bank details for select currencies.
• User-Friendly Platform: Wise’s mobile app and website make setting up transfers simple, with real-time tracking for complete peace of mind.

Benefits Of Using TransferWise

• Cost Savings: Sending money through Wise is cheaper than most banks or traditional remittance services due to reduced transfer and currency exchange fees.
• Speed: Transfers are typically completed in 1-2 business days on average, depending on the recipient’s bank and country.
• Global Reach: Wise operates in over 175 countries, supporting transfers to major currencies and destinations including Nigeria.
• Security: Wise complies with global financial regulations, employs encryption, and uses multi-factor authentication to safeguard transactions.
• Access To Local Details: Users gain local bank account details to receive money like a resident in various countries, making international business payments hassle-free.

Is TransferWise Available In Nigeria?

Yes, Wise (formerly TransferWise) operates in Nigeria, enabling users to send and receive money internationally. However, specific factors are essential to note regarding currency exchange and requirements.

Currency Exchange Options In Nigeria

Wise supports money transfers to Nigeria in Nigerian Naira (NGN). Funds sent to a Nigerian bank account arrive directly in Naira. While outbound transfers from Nigeria using Wise are not currently available, users in Nigeria can receive money seamlessly from over 175 countries. Wise ensures competitive exchange rates by using the mid-market rate, avoiding hidden fees or markups.

Key Requirements For Using TransferWise In Nigeria

Using Wise in Nigeria requires a recipient’s local bank account details. These include the full name, account number, and bank name. Additionally, the sender must have an international payment method such as a debit card, credit card, or bank account connected to Wise. A verified Wise account is mandatory to ensure secure transactions. Both the sender and recipient need to comply with Wise’s identity verification protocols, which adhere to global financial regulations.

Pros And Cons Of Using TransferWise In Nigeria

Wise provides a secure and affordable way to receive money internationally in Nigeria. However, it’s essential to consider its advantages and limitations before making a decision.

Advantages

1. Low Fees

Wise charges lower fees compared to traditional banks. The transparent structure ensures no hidden costs, making it cost-effective for recipients in Nigeria.

1. Competitive Exchange Rates

Wise uses the mid-market rate for currency conversions. This eliminates markups that are common with banks and other transfer services.

1. Global Reach

Wise enables transfers from over 175 countries. Nigerian recipients can receive money from a diverse range of global senders.

1. User-Friendly Platform

Wise’s mobile app and website are easy to navigate. This simplifies the process for both senders and recipients.

1. Secure Transfers

Wise employs strong encryption and verification protocols. These measures ensure the safety of every transaction.

Limitations

1. Outbound Transfers Unavailable

Wise does not support sending money out of Nigeria. Users can only receive funds in Nigerian Naira (NGN).

1. Dependency on International Senders

Recipients in Nigeria depend entirely on senders from other countries, as transfers within Nigeria are unsupported.

1. Verification Requirements

Both senders and recipients need to complete strict identity verification. While this enhances security, it may delay initial transactions.

1. Bank Account Requirement

Recipients must hold a Nigerian bank account. Wise doesn’t enable cash pickups or alternative payout methods.

1. Internet Reliance

Using Wise necessitates access to a stable internet connection. This could be a challenge for some users in Nigeria.

How To Use TransferWise In Nigeria

Using Wise in Nigeria is straightforward for receiving international transfers. Recipients need a local bank account, and senders must set up a verified Wise account.

Step-By-Step Guide

1. Sign Up On Wise

Register an account using a valid email, phone number, or social media login. Complete the required identity verification.

1. Initiate Transfer

The sender logs into their Wise account, selects the transfer amount, and chooses the Nigerian Naira (NGN) as the receiving currency.

1. Enter Recipient Details

Provide the recipient’s full name, Nigerian bank account number, and bank name. Ensure the details are accurate to avoid delays.

1. Choose Payment Method

Select a payment method, such as a debit/credit card or bank transfer, to fund the transfer. Wise calculates fees transparently.

1. Complete and Track Transfer

Review the transfer summary, confirm the details, and complete the transaction. Track the status through the Wise platform.

Tips For A Seamless Experience

• Verify Information

Double-check the recipient’s bank details before confirming the transaction to prevent errors.

• Use Stable Internet

Ensure a strong internet connection to avoid disruptions during payment setup or tracking.

• Plan Transfer Times

Transfers typically take 1-2 business days. Initiate earlier if time-sensitive.

• Enable Notifications

Activate email or app notifications to stay updated on transfer progress and delivery confirmations.

• Adhere To Wise Policies

Follow Wise’s identity verification and compliance requirements for smooth processing.

Alternative Options For Money Transfer In Nigeria

Several platforms offer reliable alternatives for sending or receiving money in Nigeria, catering to various preferences and needs.

1. PayPal

PayPal supports receiving funds in Nigeria but does not allow users to send money internationally. Nigerians with verified accounts can withdraw funds directly to linked bank accounts or debit cards.

1. Western Union

Western Union remains a popular choice for international transfers. Users can send and receive money through bank accounts or cash payouts at agent locations. Transfers typically process within minutes but may involve higher fees and exchange rate markups.

1. MoneyGram

MoneyGram operates as another trusted provider for international money transfers. It offers options for cash pickups and bank deposits in Nigeria, with extensive global reach and quick transaction times.

1. WorldRemit

WorldRemit offers services for sending and receiving funds in Nigeria. Recipients can choose from cash pickups, mobile money deposits, and instant bank transfers, with competitive transfer fees and exchange rates.

1. Remitly

Remitly specializes in low-cost transfers to Nigeria with multiple delivery options, including direct bank deposits and cash pickups. Transfer speeds range from instant to a few hours, depending on payment methods.

1. Skrill

Skrill enables money transfers to Nigerian bank accounts with relatively low fees. Users can also hold funds in multi-currency digital wallets, offering added flexibility for international transfers.

1. Crypto Transfers

Cryptocurrencies like Bitcoin provide an alternative for digital money transfers. Platforms like Binance and Coinbase facilitate peer-to-peer transactions, which can reduce costs but require familiarity with crypto wallets and market volatility.

Choosing the right platform depends on factors like fees, speed, exchange rates, and recipient preferences.

Conclusion

Wise offers a reliable, secure, and cost-effective solution for receiving international transfers in Nigeria. Its transparent fees, competitive exchange rates, and user-friendly platform make it a popular choice for individuals and businesses alike. While it has some limitations, like the inability to send money from Nigeria, its benefits often outweigh the drawbacks for those receiving funds.

By understanding how Wise works and exploring alternative platforms when needed, you can make informed decisions to meet your financial needs. Whether you’re managing personal transfers or business payments, choosing the right service ensures a seamless and efficient money transfer experience.

Frequently Asked Questions

1. What is Wise, and how does it work?

Wise (formerly TransferWise) is a platform for international money transfers. It uses real exchange rates with transparent fees, operates in over 175 countries, and supports transfers in more than 50 currencies. Its peer-to-peer system minimizes foreign exchange costs, ensuring fast, cost-effective, and secure transactions.

2. Can I use Wise in Nigeria?

Yes, Wise operates in Nigeria. Users can receive international transfers in Nigerian Naira (NGN). However, outbound transfers from Nigeria are not currently available.

3. What do I need to receive money with Wise in Nigeria?

To receive money, you need a Nigerian bank account, an international sender, and both parties must complete Wise’s identity verification process for secure transactions.

4. How long does a Wise transfer take?

Wise transfers typically take 1-2 business days, depending on the payment method, the currencies involved, and verification processes.

5. What are the fees for using Wise?

Wise charges low, upfront fees with no hidden markups. The platform uses the mid-market exchange rate, ensuring competitive transfer costs.

6. What are the pros of using Wise in Nigeria?

Wise offers low fees, competitive exchange rates, secure transfers, and a user-friendly mobile app. It also integrates well with over 175 countries globally.

7. Are there any limitations of using Wise in Nigeria?

Wise does not allow outbound transfers from Nigeria, relies on international senders, and requires a stable internet connection. Strict verification rules also apply.

8. Are there alternatives to Wise for money transfers in Nigeria?

Yes, alternatives include PayPal (for receiving funds), Western Union, MoneyGram, WorldRemit, Remitly, and Skrill. Cryptocurrency platforms like Binance and Coinbase also offer peer-to-peer transfer options.

9. Is Wise safe to use for international transfers?

Yes, Wise prioritizes security with robust identity verification and encryption standards, ensuring safe and reliable transfers.

10. How do I set up Wise to receive money in Nigeria?

Create a Wise account, verify your identity, provide the sender with your Nigerian bank details, and track the transfer through the Wise app or website.