Cash or check were once the only options for sending money to family and friends. However, the growth of digital banking apps and services has made sending money to loved ones more convenient than ever.
With the Instant Money Transfer App available, finding the best way to send money might be difficult. While many money transfer services are free to use, others have charges. Also, some systems take longer than others to complete transfers.
Here are 5 options for Instant Money Transfer App In Africa
1. Transfy
We provide a multi-currency wallet that allows you to store and switch between the currencies we support, which include NGN, KES, ZAR, RWF, UGX, ZMW, and BWP. In ten African countries, you can safely recharge your mobile phone airtime 24 hours a day, 7 days a week. The recipient receives the airtime right away. Our platform enables you to send money to your loved ones' mobile wallets or bank accounts in real-time and securely.
Fee: fee together with any additional charges, which applies to every Transaction.
Transaction Limits:
Transfer Time:
2. Zelle
Zelle is a popular P2P payment service that lets you send and receive money without having to go through a bank. During the first half of 2020, the company processed $519 million worth of transactions. Individuals can sign up for Zelle using their bank's app or by downloading the Zelle app. Zelle must be available to both the sender and the receiver through their bank or credit union.
Fees: None
Transaction limits: $500 weekly
Transfer time: Within minutes
3. Venmo
The use of digital wallets is increasing, with Venmo becoming one of the most well-known. Venmo, which is available on iOS and Android, makes sending money to friends and family straightforward. Unlike Zelle, Venmo isn't tied to a specific bank. Both sides will need a Venmo account, which can be setup fast with simply a phone number or email address.
Venmo users can either add money to their account or link an external payment method such as a bank account or credit card. Users can also link their phone and Facebook contacts with Venmo.
Fees: 3% fee when using a credit card
Transaction limits: $4,999.99 weekly for person-to-person
Transfer time: Instant
4. PayPal
PayPal is used by millions of people around the world, but it's also a terrific way to transfer money to relatives and friends when they need it. PayPal accounts are simple to set up and use. All you have to do is create an account and attach a bank account or credit card. Senders have the option of depositing funds into their PayPal account or sending funds immediately from their connected account or card.
Fees: None
Transaction limits: $10,000 to $60,000 limit per single transaction
Transfer time: Instant
5. Cash App
The Cash App, developed by Square, allows users to create free accounts and transmit money to others rapidly.
It's simple to send a payment with the Cash App. Open the app, type in the amount of the transfer and the recipient's email address or phone number, write a reason for the payment, and then touch "Pay." A linked bank account or credit card is required to send money. There are no costs associated with using its peer-to-peer network.
Fees: 3% when sent from a credit card
Transaction limits: $7,500 total in a week
Transfer time: Instant
A much faster, cheaper and safe way to send money.From Canada to Nigeria.From Nigeria to Canada.Myfx is 10X cheaper and 3X faster than your local bank.
Remittance Trends in Canada Recently new government data showed that about 4 in 10 Canadians wire money back home to family and/or friends.
Of the immigrants who entered Canada during 2000-2001, 41 percent say they have sent money at least once in their first your years, according to Canadian statistics.
For countries such as Lesotho, Haiti, and Jordan remittances comprise almost one-third of the gross domestic product.
Other countries include Jamaica, the Philippines, and the Dominican Republic, according to the World Bank Figures.
Global remittances worldwide, has soared to $369 billion last year - double the amount being spent on foreign aid to developing countries.
