8 Free Online Banking Apps For Nigerians Living Abroad
Free Online Banking Apps For Nigerians Living Abroad
Sending money home years ago was indeed overwhelming, considering the extended waiting period for the recipient to receive the funds. Methods such as checks and physical cash transactions were common, but they often incurred high fees, prolonged processing times, and limited accessibility.
This piece will greatly benefit Nigerians abroad, addressing the challenges associated with sending money home to their parents, siblings in school, and extended family.
These online banking apps, integrated with mobile technology, provide users with a seamless, cost-effective, and instantaneous transaction experience using their mobile phones. With these apps, there is no need to endure days or even weeks of waiting for the money to reach the recipient.
Also, these apps aid Nigerians abroad in performing various transactions and satisfying all other banking activities in their country of residence, provided the app is not limited to it.
All the apps mentioned in this article are not only free but also prioritize security by implementing advanced encryption and authentication measures. Get ready to explore the eight amazing free apps suitable for online banking for Nigerians living abroad.
Free Online Banking Apps For Nigerians Living Abroad
Send App
Send App is powered by Flutterwave. It facilitates quick money transfers to local banks and globally. Payments and money transfers are safe and reliable. Payment options are flexible, as users can make transfers using methods like bank account transfers, Apple Pay, and card payments. Send app supports multiple countries and languages, allowing users to set it to the language they understand.
Features:
- Card info is saved for swift future transactions.
- For operations in the United Kingdom, Lithuania, and Canada, Send app provides legal and address details.
- Multiple payment options.
Pros:
- English and French languages are specifically supported, making it useful for a broad audience.
- Security measures and certifications are high.
Cons:
- All transactions are final, and no returns, replacements, or refunds are permitted.
Western Union
The Western Union money transfer app is a common app that lets people transfer and send money from anywhere across the world. The transfers in this bank app is as quick as allowing users receive funds directly to their bank accounts. The is a access to the app with safe touch ID login, users also receive discounts from transacting with this app.
Features:
- Reload prepaid phone minutes
- With Western Union money transfer app you can view live exchange rates for US and global currencies
- Access the app securely with touch ID login
Pros:
- Supports money transfer to digital wallets
- With “Quick Resend” you will not have to go through the entire process of sending money again, It’s a shortcut for repeating transfers to the same people, probably family and friends.
Cons:
- Digital wallets transfers is only available for some international locations
- Users have limited control over personal data
- Relevant currency exchange commission excludes credit cards and transfers to Cuba
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LemFi
LemFi is an online banking app that facilitates the easily transfer of money across various countries, including African nations like Ghana and Nigeria. Users can also earn rewards through referrals. Transactions with LemFi are straightforward and fee-free, providing users with a unique and hassle-free experience. Also, LemFi enables peer-to-peer transfers globally without the need for a traditional bank account.
Features:
- Supports currency exchange in Canadian Dollars, Euros, United States Dollars, and British Pounds Sterling.
- Real-time notifications.
- Round-the-clock customer service.
Pros:
- LemFi transactions are free.
- Earn rewards by referring others to the app.
- Effective communication and quick resolution of issues.
Cons:
- The verification process can be frustrating.
- Some discount offers may be misleading.
Pay4Me
The Pay4Me App ensures smooth and quick payments for international students and immigrants. Payments such as visas, deposits, and school fees can be processed within minutes.
Features:
- Real-time exchange rates
- Very quick payments
- 24/7 customer service
Pros:
- Fast processing
- Prompt responses to emails
Cons:
- Limited functionality, specifically designed for the payment of fees
- Occasional glitches in the system
- Higher-than-average transaction fees
Wise
The Wise account offers fast and low-cost international money transactions. The transfer is highly instantaneous with low charges. Many people find Wise suitable for transferring money from the diaspora because of how efficient it is. It supports 170 countries and 50+ currencies in one account.
Features:
- Wise is an all-in-one account that combines sending, spending, and receiving money.
- Offers a disposable digital card.
- Connects to Xero, Amazon, and Stripe.
- Holds and converts 50+ currencies instantly and without fees.
Pros:
- Wise automatically converts to the local currency at the best rates.
- International transfers arrive instantly.
- Guarantees users the mid-market exchange rate on every transaction.
Cons:
- Less efficient use of screen space due to the app’s large font size.
- Tracking interest rates and monitoring the increase and decrease of totals on a daily basis is a challenge
- Phone notifications for received money transfers and debit/credit notifications are only available via email.
Eversend
The Eversend app simplifies money management and online banking by offering multi-currency wallets, fair currency exchange rates, and online banking features in one app. Users outside and within Nigeria can transact money quickly, smoothly, and rapidly with this app. It is available for users in Nigeria, Uganda, Ghana, South Africa, Kenya, Rwanda, the United Kingdom, and Europe.
Features:
- Emphasizes security with 256-bit SSL encryption.
- Provides fair currency exchange rates for USD, EUR, ZAR, GBP, NGN, UGX, GHS, KES, and RWF.
- Offers virtual debit cards in USD.
- Multifactor authentication.
Pros:
- Connects traditional banking with mobile money payment systems.
- Provides early notice for maintenance and issue resolution.
- Automatically creates virtual wallets in different currencies.
Cons:
- Card maintenance fee is too high.
- App experiences occasional crashes and login problems.
- Difficulty in using the virtual card.
MoneyGram
The MoneyGram Money Transfers app is widely popular and has been in use for an extended period. It allows users to send money to bank accounts, mobile wallets, or for cash pickup in over 200 countries. Additionally, users can earn discounts and rewards by transacting through the app, especially when they join MoneyGram Plus Rewards. MoneyGram is a trusted platform for any bank transaction, prioritizing tight security.
Features:
- Biometric login.
- Supports bill payments for over 13,000 companies.
- Allows users to estimate fees before initiating a new online wire transfer.
- Enables buying, selling, and holding various cryptocurrencies.
Pros:
- Offers flexibility for users to move money on their own terms.
- Allows users to set up automatic recurring online money transfers on a weekly or monthly basis.
Cons:
- The app provides only a limited number of old recipients for resending.
- Design decisions lack practical considerations.
- Delayed transaction approval.
Afriex
Afriex is a Nigerian blockchain-based transfer app facilitating instant global transfers, particularly to Nigeria. It streamlines online banking for Nigerians abroad, offering low to zero fees based on the location. The app accommodates various currencies, including British Pounds, US Dollars, and Canadian Dollars, converting them into local currencies in African countries.
Features:
- Adheres to PCI compliance, encrypts personal data, and employs multi-stage verification for secure money transfers.
- Facilitates swift and immediate fund transfers globally.
- Supports transfers to countries such as Nigeria, Ghana, Ethiopia, Kenya, Uganda, Haiti, Cameroon, and more.
- Enables transactions in multiple currencies.
Pros:
- Users experiencing transaction issues, including transfers, will be refunded.
- Offers satisfactory exchange rates for currency conversions.
Cons:
- Users may find the app challenging to navigate and use effectively.
- Some users experience slowness and find the app occasionally cumbersome.
Conclusion
The popular apps you expected to see, such as PayPal and WorldRemit, are limited for Nigerians. They can send money through those apps but cannot receive. The apps mentioned above ensure that every need for Nigerians abroad is met. Please let us know in the comment section if you know more apps adequate for Nigerians abroad.