How to Deposit Money into TransferWise from Nigeria

For individuals residing in Nigeria, funding a TransferWise account has historically been a challenge due to several unique issues. However, this guide aims to demystify the process and provide a step-by-step solution for those looking to make deposits using TransferWise if your bank or other financial institutions do not process direct payments. Follow the detailed instructions shared in this video to successfully fund your TransferWise account from Nigeria.

Introduction to TransferWise as a Non-Native Option

TransferWise is a popular global money transfer service that offers low fees and faster transactions compared to traditional banking methods. However, for residents of Nigeria, the typical direct funding routes through banks may not be available. In this video, we will explore alternative methods to fund your TransferWise account efficiently and cost-effectively.

Understanding the Funding Process

After you’ve successfully created your TransferWise account, the next crucial step is to fund it. The minimum requirement for activation is typically 20 units of the local currency (Nigerian Naira). This video will be concise, but thorough, to ensure you grasp the entire process without unnecessary distractions. Let’s dive in.

Step-by-Step Guide

Option 1: Use a Local Money Transfer Service

One of the most straightforward methods to fund your TransferWise account in Nigeria is by using a local money transfer service. Here are the steps to follow:

Choose a trusted local money transfer service: Many organizations such as Gatecash, Tranzoom, or Befund provide easy and secure ways to transfer money. Select the one that suits your needs best. Initiate the Transfer: Use the service to transfer a minimum of 20 NGN to your TransferWise Global Account. Track Your Transaction: Ensure that the transfer is successful and that the money reaches your TransferWise account.

Option 2: Use a Credit Card or Debit Card

Another viable option is to use a credit card or debit card from a recognized global brand. Here’s how to do it:

Select a Recognized Card: Ensure the card is accepted by TransferWise. Visa and MasterCard are generally accepted. Log into Your TransferWise Account: Access your TransferWise account and go to the funding section. Enter the Card Details: Provide the card number, CVV, and the expiry date to link the card to your account. Make a Minimum Deposit: Transfer at least 20 NGN to activate your account.

Option 3: Use a Prepaid Card

If you don’t have a credit or debit card, a prepaid card can be a suitable alternative. Here’s the process:

Obtain a Prepaid Card: Visit a service provider like AlertPay, PaySafeCard, or TopUp Card to get a prepaid card. Load the Card: Load the prepaid card with at least 20 NGN from a local money transfer service or ATM. Link the Card to TransferWise: Use the TransferWise interface to link the prepaid card to your global account. Make a Transaction: Confirm the deposit and ensure the money is credited to your account.

Funding Tips and Considerations

Review Transaction Fees: Before making your deposit, check the fees associated with the chosen method to avoid unexpected charges. Monitor Trasnactions: Keep an eye on your TransferWise account to ensure that the funds have been credited. Stay Safe Online: Use secure networks and protect your financial information from unauthorized access.

Conclusion

Funding your TransferWise account from Nigeria may have challenges, but with the right approach, it’s entirely achievable. By understanding your funding options and following the steps outlined above, you can easily deposit money into your TransferWise account. Remember, the key is patience, careful planning, and adherence to the steps provided. If you face any issues, the TransferWise support team or local representatives can offer further assistance.

Additional Resources

To learn more about transferring money securely and cost-effectively, explore the following resources:

TransferWise Official Website AlertPay Prepaid Card TopUp Card

Enjoy the process and take the necessary steps to ensure a smooth experience with TransferWise.