Sending money inside and outside of Africa doesn’t have to be difficult, does it? To make sending money easier for our African readers, VisFinder has compiled a list of the top 5 international money transfer services in Africa and the pros and cons of each.
Western Union is one of the oldest and largest international money transfer service providers in Africa. Here’s how Western Union works.
The sender will visit the nearest Western Union agent outlet and write down the name and location of the recipient. The sender will also indicate how much he/she wants to send.
Western Union fees are between 1% to 10%, depending on the amount you’re sending.
Western Union has more than 550,000 agent outlets in over 200 countries and territories of the world.
Western Union has more than 40,000 agent outlets and locations in Africa alone. It is present in Kenya, Nigeria, Ghana, Ethiopia, Guinea, Tanzania, Senegal and many other African countries.
Western Union also has integrations with many commercial banks in Africa, in order to facilitate sending of money across the border.
Pros of Western Union
Cons of Western Union
Aside from being among the oldest and largest international money transfer service providers in Africa, MoneyGram is Western Union’s biggest competitor.
Just like Western Union, MoneyGram is available in more than 200 countries and territories of the world. It also has 350,000 agent outlets.
MoneyGram provides both online and physical money transfers. It also facilitates mobile phone recharges, bill payments, money orders and prepaid-card loading.
Pros of MoneyGram
Cons of MoneyGram
PayPal is a financial service that allows users to money to friends, family, freelancers, clients, customers, business associates and many more.
PayPal also provides an opportunity for online buyers to perform transactions on the internet without directly inputting their financial details into that website.
With PayPal, all you need to do is create an account, link your credit card and bank account (optional) to PayPal, fund it and start sending money to other people, both inside and outside of Africa.
As we all know, there was a time when PayPal was unavailable in Africa.
However, that’s no longer the case, as PayPal is now supported and being used in Nigeria, Kenya, Tanzania, Cameroon, Zimbabwe, Ivory Coast, Chad and many other African countries.
Pros of PayPal
If you buy a product and pay through PayPal, but the seller didn’t hold up his/her end of the bargain, PayPal will get your money back, as long as there’s strong evidence against the seller.
Cons of PayPal
If your account gets frozen, all the money in your account will be seized and inaccessible until you can prove that you have done nothing wrong.
PayPal is rigged in support of buyers, and someone that knows how it works can easily dupe you (and even get your account frozen).
Suggested For You: How to open a PayPal account, send money, withdraw and lots more
WorldRemit is another international money transfer service provider in Africa. It is available in more than 140 countries of the world.
More than 40 African countries are supported, including Nigeria, Burundi, Cameroon, Ivory Coast, Kenya, Mozambique, and South Africa.
Pros of WorldRemit
Cons of WorldRemit
Chipper Cash is a cross-border financial services provider that provides its users with an opportunity to send money to countries in Africa, to and from the United States, and the United Kingdom.
Chipper Cash is available in Kenya, Uganda, Rwanda, Nigeria, Ghana, Tanzania, South Africa and the United States.
Pros of Chipper Cash
Cons of Chipper Cash
Gone are the days when sending and receiving money in Africa was a very hectic and costly process. Today, Africa is home to many Fintech startups and software applications.
Common examples are Flutterwave, Chipper Cash, KudaBank, Piggyvest, Umba Mobile, Eversend, Cowrywise, Paystack, Opay, Palm Pay, JUMO, and more Fintech startups.