Africhange money transfers review

What is Africhange?

Africhange is an online money exchange service specializing in enabling currency conversions and money transfers between North America and Africa. It was founded in Edmonton, Alberta, Canada in 2020. Africhange currently services 7 different currencies.

What we like about Africhange

• No money transfer fee. Africhange doesn’t charge a fee for money transfers. Instead, its costs are wrapped up in its exchange rate margin.
• Fast transfers. Its use of the Bitcoin network means that transfers are almost instantaneous.
• Exchange rates. As Africhange uses Bitcoin as a payment rail in the back end of all transactions, it claims to offer better exchange rates than other digital money transfer platforms.
• Hold money in multiple currencies. Africhange allows you to hold money in both Canadian Dollars and Nigerian Naira at the same time.
• Peer-to-peer transfers avilable. You can send money directly between Africhange users, which does not require a bank account.

What to be aware of

• Limited country range. Africhange specialises in sending money to Nigeria. However, it does also support money transfers to Ghana, Kenya, the US and select other countries.
• Transfer limits. You can only send between $5,000 CAD and $9,500 CAD per day, with an absolute maximum transfer limit of $100,000 CAD per month, depending on your account’s tier level.

Africhange rates

Due to the fact that it uses blockchain as part of its transfer process, Africhange’s exchange rates are relatively competitive. Your Canadian dollars will be exchanged into Bitcoin, before the Bitcoin is then changed into the local currency of your intended transfer destination.

It is worth keeping in mind that Africhange’s money transfer service adds a margin on top of the mid-market exchange rate for international transfers. Therefore, is it best to compare the displayed rate on Africhange with the current interbank rate to work out the size of this margin.

Example Africhange rate markups

We’ve gathered a selection of Africhange exchange amounts for some popular destinations. These exchanges assume you’re sending $1,000 CAD, which will be deposited at your recipient’s bank account.

*Exchange amounts were collected on December 22, 2023

• ^†How we calculated the estimated Africhange markup

  To estimate the Africhange exchange rate markup, we took the value that Africhange gave on its website for the amount of money the recipient gets for a given currency while sending $1,000 CAD. We then subtracted that amount from the amount given with the mid-market rate (which was collected immediately from XE). After that, we divided that number by the mid-market rate amount and converted it to a percentage.

  This number is just an estimation to help give you an idea of how much an Africhange transfer could cost. The actual Africhange exchange rate markup you are charged will vary depending on factors like when you send your money transfer and to where. You’ll need to log in and input your detailed transfer information on Africhange’s app or website to learn exactly how much you’ll be charged.

How much are Africhange’s international transfer fees?

AfriChange doesn’t charge a fee for money transfers. Each transaction is fee-free. Instead, Africhange makes money by charging a markup on the exchange rate. Users will be able to see the exchange rate and receivable amount displayed on the site before they complete their transfer.

What are Africhange’s transfer limits?

Africhange’s money transfer limits are determined by which account tier you’re on. All customers begin on tier 1, but can request an upgrade to tiers 2 or 3. Here are the Africhange transfer limits by tier:

• Tier 1:
  • $5,000 CAD per day
  • $10,000 CAD per week
  • $20,000 CAD per month
• Tier 2:
  • $9,500 CAD per day
  • $30,000 CAD per week
  • $50,000 CAD per month
• Tier 3:
  • $9,500 CAD per day
  • $50,000 CAD per week
  • $100,000 CAD per month

What ways can I send money abroad with Africhange?

Africhange is limited in what it offers in terms of transfer methods. Due to the nature of how it uses cryptocurrencies to facilitate its international transfers, it only caters to bank transfers.

What payment methods does Africhange accept?

When you’re sending an international money transfer with Africhange, you’ll only be allowed to make payments via Interac E-Transfer.

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Is there an Africhange app?

Africhange has an app for both iOS and Android. The app is comparatively highly rated in both the Apple App and Google Play Stores. The Africhange app enables you to quickly send and receive international money transfers, hold and exchange different currencies and even pay certain bills, amongst other helpful features. It is also free to download.

How to make your first international transfer with Africhange

You will need to create an Africhange account and complete the KYC process (verify your identity) before you can make your first international transfer. You can do this by completing the following steps:

Setting up an Africhange account

1. Visit Africhange’s website or mobile app. Visit the homepage or open the Africhange app on your phone.
2. Enter your personal details. Click on register and enter your personal details including your name and email address.
3. Verify your email. Verify your email address through a link that will be sent to you.
4. Complete the KYC process. Upload a valid government ID along with a live selfie.

Making an international money transfer with Africhange

Once you have completed the KYC process and set up your account, you can make your first money transfer.

1. Input the amount you want to send, and you will be shown the equivalent in the local currency of your transfer destination.
2. Input your recipient’s bank account details, including their name and email address.
3. Check and confirm the details of your transfer.
4. Make note of the Africhange Interac E-Transfer payment details including the email and secret question.
5. Complete the transaction via the website and send money to transfer@africhange.com using Interac E-Transfer on your Canadian banking app.

Summary of Africhange reviews

Africhange has generally positive reviews from users across all of the platforms we checked.

Is Africhange legit?

Yes, Africhange is registered with the Financial Transactions Reports Analysis Centre of Canada (FINTRAC) as a money service business able to provide foreign exchange dealings and money transfer services to residents in Canada. The provider is compliant with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.

On its website, Africhange states that it has over 40,000 users and has successfully processed over 300,000 transactions on its platform.

• Regulation: FINTRAC
• Security: Identity verification
• Established: 2020

How does Africhange compare to other money transfer services?

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