Sending money between Africa and other regions has become easier, all thanks to financial technology. Compared to traditional banks, fintechs have adopted a lot of improvements and integrations to meet the increasing remittance demands of the increasing user population.
While several FX services allow Africans to transfer money internationally, a select few stand out due to their exceptional features and qualities. Let’s look into some of the top fintechs brands for Africans to transfer money internationally.
Kyshi
Kyshi is a multi-currency platform designed specially for Africans globally to send money between Africa and other countries. Kyshi functions as a peer-to-peer currency exchange, offering swift remittance services at low costs and user-preferred rates. This neo bank enables transactions between the US, UK, and up to 20 African countries.
Kyshi’s Offerings
Kyshi allows Africans to send money between Africa and the world using two major features– Swap and Express. With Swap, users can exchange UK pounds/ US dollars for naira and back. They can send money to and from Nigeria, the UK, and the US. Swap allows them to transfer money at their preferred rates and at the speed of light.
Africans can also send money back to Africa from the UK and US through Express at Kyshi’s competitive exchange rates. Asides from making affordable and convenient transactions on Kyshi, users can also make money on Kyshi by
Kyshi’s Rates And Fees
Kyshi allows you to transact at your desired rates with Swap. But with Express, you transact at Kyshi's favourable rates. Kyshi's exchange rates are standard and competitive. Kyshi has a flat fee of 1% on all international transactions (only transactions between $/£50 and $/£99 cost $/£1). All local transactions are free (irrespective of the transaction amount) and every new user enjoys their first transaction free of charge.
Kyshi’s Limitations
While Kyshi is expanding its reach, it currently only offers currency exchange between the UK/US and Nigeria.
Wise
Wise is one of the best apps for international payments for Africans. It is a peer-to-peer currency exchange platform that allows people to send money between countries around the globe. It is peculiarly beneficial to Africans as it enables them to send money home from different countries easily.
Wise's Offerings
Wise supports up to 21 currencies from around the globe, which means that as an African, you can own multi-currency accounts and send money home from several countries.
Wise allows Africans to send money at regulated and standardised exchange rates. It does this to ensure its customers get a higher value for their transactions.
Wise allows you to own debit cards in different currencies and offers free monthly withdrawals of over £200.
Wise’s Rates And Fees
Wise works with Reuters-provided exchange rates and displays them on its app and website. Thus, you can easily know international rates like the Naira to Dollar rate. While its transfer costs are not fixed, it keeps them at a competitively minimal level.
Wise’s Limitations
Wise, despite being effective, does not provide any option for cash pickups. It only allows money to be sent electronically. It als does not offer transfer services for crypto and FX purposes.
Tranzfar
Tranzfar is another great app for international payments to and from Africa. Rather than a peer-to-peer currency exchange platform, it is a one-way platform for international money transfers. Tranzfar provides multi-currency accounts to its users, allowing them to receive money in up to nine currencies across over 31 countries.
Tranzfar’s Offerings
Tranzfar users have a licence to Freedom Accounts that allow Nigerians to create, fund, and transact with their UK wallets. These accounts facilitate quick payments to and from British bank accounts.
As an African, you can purchase airtime for yourself and loved ones and pay for health insurance at very cheap rates with Tranzfar. You only get to pay ₦20,000 for a variety of health services.
Tranzfar’s Rates And Fees
Tranzfar does not have a flat transfer fee. However, it boasts competitive rates and service charges. You can find its Naira to Dollar rates (with other exchange rates) and charges on its app or website.
Tranzfar’s Limitations
While Tranzfar offers quality services to Africans, it only serves three African countries– Kenya, Nigeria, and Ghana.
Send (by Flutterwave)
Send is an app for Africans to make international payments. It is owned and operated by Flutterwave across over 40 countries, including Nigeria, Ethiopia, the EU, the UK, and the US. Send users can own multi-currency accounts across more than 30 currencies.
Send’s Offerings
Send processes transactions across several countries and currencies with different payment options and instant deliveries. With Send, you can send money through a simple bank transfer, debit card, Apple pay, or credit card.
You can decide how your recipient gets their money, as they can receive their money through cash pickups, local banks, mobile money, barter accounts, etc. With Send's payroll feature, African businessmen can easily pay their staff within and across Africa.
Send’s Rates And Fees
Send charges a flat fee of 1 unit of the sender's currency. Its rates are also competitive compared to other FX platforms and traditional banks.
Send’s Limitations
Foreign transactions often take a long while to complete. Also, you cannot send money between all available currencies as some of them cannot make a pair.
WorldRemit
Worldremit is a peer-to-peer currency exchange app for Africans to send money home (Africa) and to other regions from almost anywhere in the world. African users can own multi-currency accounts on Worldremit and make transactions across over 130 countries and 70 currencies.
WorldRemit’s Offerings
Worldremit provides swift services, allowing you to decide how your recipient receives their money. On Worldremit, your recipient can receive their money through local pickups, bank transfers, or mobile money. Apart from sending money, you can also purchase airtime on Worldremit.
WorldRemit’s Rates and Fees
Worldremit has very competitive rates and fees compared to traditional banks. Its fees are not flat, as they vary.
WorldRemit’s Limitations
The delivery options vary between regions, as some locations do not have every money delivery option. Also, Worldremit rarely reveals its charges on transactions as it attaches its charges to the payment amount.