The complete guide to wiring money overseas from Africa
Over the past decade, the evolution of how society completes transactions has accelerated. Banks and financial organizations provided the foundation for exchanging and trading money on a large scale before the industrialization of technology.
And now, there have been constant transformations as financial institutions adapt to the growing demands of consumers, from trade by barter to online money transfers.
As time has progressed, the wire transfer has become an important part of the money transfer process, and it is still one of the most successful methods of international money exchange.
What is wire transfer
A wire transfer is an electronic payment used to transfer funds between bank accounts. Many private organizations outside of the banking industry have sprung up as the wire transfer has gained popularity, allowing more users to facilitate transactions with a greater sense of autonomy and independence.
Wire transfers are a convenient way to send money to relatives, business partners and friends back home. They let you send large sums of money faster than you could with conventional ways, and they are usually quite safe.
Things to consider before making wire transfer
When sending money internationally, whether for business or personal purposes, there are a number of factors to consider before completing a wire transfer. Many people's initial inclination when making an international payment is to utilize a bank. Banks that facilitate wire transfers have a history of taking several days to process transactions and may have higher transfer fees. However, there are now several cross-border platforms that handle wire transfers more quickly and at a lower cost.
When you utilize a cross border payment platform, you may be able to save a substantial amount of money depending on the amount of funds you have available for the international money transfer. Whether you're a company making frequent foreign payments or an individual making a one-time international transaction.
The foreign exchange market never sleeps, and huge swings in exchange rates, even in a short period of time, are common. To get the greatest value for your international money transfer, you need to choose a payment platform that offers the best exchange rate available. Remember that a better conversion rate on a huge amount of money may save you a lot of money.
Transfer fees & charges
When conducting wire transfers, international fees and charges are also a significant cost issue to consider. Costs are charged by both banks and numerous cross-border platforms, so keep an eye out for international money transfer fees and foreign bank receiving fees. Be sure to pick a platform that offers no or low transfer costs.
Speed of wire transfer
If you're sending money overseas, you'll want to know when it'll arrive and be sure it'll reach on time. Choose a cross-border transfer platform that transmits money swiftly if you utilize one. The method of international money transfer you choose can affect how soon cash are released. The time it takes for funds to reach the recipient account would be affected by this.
Reputation of wire transfer provider
When it comes to wire transfers, cross-border payment platforms are becoming a more attractive option to banks. It is essential to verify whether a certain company is permitted by the proper regulatory authority to conduct international money transfers before engaging in a foreign currency transaction using any platform.
Effective customer support
It's critical to keep your customers updated throughout the international money transfer procedure. A responsive customer service team should be available via email and phone, as well as assisting with account setup. From the start of the transfer through the beneficiary's receipt of funds, the team should resolve any difficulties. Any service that keeps customers waiting for extended periods of time is unnecessary and should be avoided.
Best wiring platform: Klasha
In addition to banks, there are many cross-border platforms that you can use for wire transfers. One of such is Klasha. Klasha helps international businesses sell to African customers with ease, driving more revenue as customers use their preferred payment methods to make purchases online like; M-Pesa, mobile money, USSD, bank transfer and card payments. Through the Klasha wire, users can now make wire transfers overseas in their local currency.
KlashaWire is a feature that allows businesses to send large payments to their suppliers overseas in local African currencies (whether in Naira, Cedis or other African currencies) with ease. On the other end, the suppliers receive the money in the dominant currency of their choice (USD, GBP, EUR) in three business days
How to make wire transfers through Klasha
KlashaWire can be made directly on your Klasha dashboard.
- Visit dashboard.klasha.com to create a free business account
- Go to KlashaWire on your dashboard
- Then click on “Make new payment.
- Fill in the currency and the amount you want to send
- Fill in the beneficiary details
- Add payment description and upload your invoice, then proceed to make payment.
- You can use any of the following payment methods: card, M-pesa, Mobile money, bank transfer, or your Klasha wallet to make payments.
Recipients will receive funds in 1 to 3 business days. It is that easy!!!