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Tech News & Podcast | Africa

How to send money from anywhere to Africa using wise

Wise is a financial technology company that provides online money transfer services. Wise offers fast, low-cost, and secure online money transfers from anywhere in the world to over 160 countries, including Africa.

What services do Wise Offer

Wise offers three products: Wise Account, Wise Business, and Wise Platform. Wise is not a bank, as it states it does not lend out customer money to others. However, it offers accounts through Wise Account for customers to hold their money while sending, receiving, and spending. Customers may opt-in to earn interest on the account and gain FDIC insurance on up to $250,000 of their deposit, relying on Wise’s partnership with banks. Wise Business allows businesses to perform cross-border money transfers. Wise Platform is a platform allowing “banks and businesses to offer their customers fast, cheap and transparent ways to manage their money across borders”.

Wise offers fast, low-cost, and secure online money transfers from anywhere in the world to over 160 countries, including Africa. You can send money to your friends, family, or business partners in Africa at a great rate with Wise

Benefits of using Wise for International money Transfers

  • Cost savings: Wise uses the actual mid-market exchange rate, which is the fairest exchange rate. They charge a low upfront fee, which can result in significant cost savings for you, particularly for bigger transfers.
  • Speed: Compared to conventional banking systems, the speed of Wise money transfers regularly beats them. Your money may arrive in the recipient’s account in a matter of minutes, depending on the currency and payment method used.
  • Transparency: With Wise, you can see upfront the precise amount you’re sending, the exchange rate, and the cost. There are no additional fees or markups on exchange rates.
  • Multi-currency account: The Wise Multi-currency account is revolutionary for freelancers, entrepreneurs operating online, and travellers. With this tool, you can manage and hold money in several currencies that you can convert at a profit. You can also accept payments in popular currencies like USD, EUR, and GBP.
  • User-friendly interface: Wise’s user-friendly design makes it simple for users to create accounts, start transactions, and keep track of their money at every stage. Additionally, you may manage your transfers while on the road thanks to their smartphone app.
  • High security standards: Wise is governed by financial regulators from several countries and uses two-factor authentication and HTTPS encryption to protect user data.

In conclusion, the benefits of using Wise for your international money transfers are substantial: cost savings, speed, transparency, versatility with the multi-currency account, user-friendliness, and high security. For personal or business purposes, Wise offers a smart and modern solution to the age-old problem of transferring money globally, enabling you to make the most of your money. Start “sending money abroad with Wise and experience the difference for yourself.

How to create an individual Account in Africa using Wise

  1. Go to the Wise registration page and enter your email address.
  2. Choose whether you want to create a personal or business account.
  3. Verify your identity by providing your full name, date of birth, and address.
  4. Add your bank details and the recipient’s bank details.
  5. Choose the amount you want to send and pay for your transfer.

Alternatively, you can download the Wise app and create an account from there.

How to create a Business Account in Africa using Wise

  1. Visit the Wise website and click on the “Create account” button.
  2. Enter your work email address and create a password.
  3. Fill out the required personal information and details about your business.
  4. Verify your identity by uploading an image of your ID documents and a selfie.
  5. Complete the verification process.
  6. Set up multi-currency accounts (optional).
  7. Apply for your Wise debit card (if eligible).

Please note that you will need to provide some documents such as proof of CIPC registration of your business, valid ID documents for the business owner and any other signatories on the account, and proof of address for either the owner (sole proprietors) or the business.

Once you have completed these steps, you can start using your Wise Business Account to make payments, get paid, and spend money around the world with real exchange rates.

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