After a 17- months break, money transfer company, Transferwise has commenced operations in Nigeria. Last year, the company had suspended its operations saying it felt it could not offer a true mid-market rate and a transparent fee.
According to its Chief Executive, Kristo Kaarmann on Friday, Transferwise has resumed remittances, having confidence in the Central Bank’s handling of the naira.
Transferwise said it resumed its service to Nigeria in late September for a small group of users and opened more widely in October.
Transferwise will be re-joining other money transfer companies like Western Union, Money Gram, Paypal, Neteller,Payoneer, Skrill.
What is TransferWise?
TransferWise is the clever new way to convert money to send abroad. The idea is very simple. Instead of making one international transfer, two local transfers are made. For example if you want to send pounds to euro, instead of making one international transfer with high fees, TransferWise makes two local transfers. So you will send your pounds to our sterling account in the UK, and then we will send your money out to your euro account from our euro account, so the money hasn’t actually travelled internationally.