In the recent past, money transfer from overseas to Africa would take days or maybe weeks for one to fully acquire the cash. This actually looked so much difficult since when funds were transferred one was required to visit an agent which could take hours .But now, remittance to Africa can possibly take a couple of minutes with the receiver having quick access through mobile money and the various bank accounts. Recently, rise in technology has enabled easier and faster transfer of funds globally making it an added advantage to the business world.
If you are in Africa and you need some funds from the outside continent, here are the top 5 online platforms to do your transactions. Remember there is small percentage charge that applies
MoneyGram – The best for money transfer
This provides services such as money transfers, money orders and bill payments to people who lack bank accounts or don’t want to use their normal accounts. This platform allows for an immediate acquisition of cash to the recipient once the transfer is successfully confirmed.
This operates in nearly all African countries except Equatorial Guinea, Switzerland, Guinea-Bissau, Somalia and Sudan.
Moneygram offers a transaction limit of $6,000, with a transfer fee of approximately 0.17-12%
This platform is usually used for domestic money transfers. This indicates that when a parent wants the fastest means on how to send money to the child in a hurry but they can’t use bank transfers, then Western Union is the best.
Western Union serves all African countries, but its mobile application is not available in every country.
The transfer limit for western union ranges up to $50,000 while its transfer charge fee ranges from 0.1-12%.
Money transfer using Neteller otherwise known as e-wallet serves all African countries. The funds are transferred to the recipients email address regardless of whether he/she has an account with neteller or not.
It has extra security, low fees, extra bonuses, lots of currency options and faster fund transfers anywhere.
Transfer cost applies at 1.4%.The transfer charge for users who deposit more than $10,000 in their account is at 1%.
The actual transfer limit is $50,000 weekly limit.
Ria accepts transfers via the web and mobile applications. Sending of more cash above the stipulated limit which lies between $2999.99 and $7999 requires provision of additional information for instance identity card. The transfer fee of about 2.8 -13 % applies.
The WorldRemit wallet allows you and people you know to send, receive and store money in a range of currencies through its mobile application. It’s so easy to access your money by simply using the pay-out networks for instance cash pick-ups, mobile money or a local bank account depending on your region.
This platform serves all African countries except Algeria, Djibouti, Equitorial Quinea, Eritrea, Libya, Mauritius, Namibia, Seychelles, South Sudan and Sudan.
The transfer limit is $9,000 at a time with a transfer fee of between 0.005- 2.9 %