Africhange money transfers review

Africhange utilises blockchain technology and cryptocurrency to offer competitive exchange rates.

  • Great for a transaction fee-free transfer.
  • Not so great if you want to transfer money to a wide range of countries.
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Africhange is a money transfer company that looks to leverage blockchain technology and P2P exchange to provide low cost transfers for customers. It specialises in sending money to Nigeria. It does this by converting money sent into Bitcoin, and then from Bitcoin back into the local currency. All transactions are free, and it claims that by utilising blockchain technology its exchange rates are competitive. However, if you are looking to send money to a variety of countries worldwide, you may want to use another provider.

Why should I consider 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.

What to be aware of

  • Limited country range.Africhange specialises in sending money to Nigeria. However, it does also support money transfers to Mexico, Ghana, Kenya and the US.
  • Transfer limits.You can only send up to CAD9,500 daily and CAD30,000 monthly.

How much are Africhange’s international transfer fees?

AfriChange doesn’t charge a fee for money transfers. Each transaction is fee-free. Users will also see the exchange rate and receivable amount displayed on the site before they complete their transfer.

How are Africhange’s exchange rates?

Due to the fact that it uses blockchain as part of its transfer process, Africhange’s exchange rates are comparatively 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.

What are the ways I can 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?

Africhange only allows payment via Interac E-Transfer.

How long does an international transfer with Africhange take?

Your payment should be completed between 10 to 30 minutes.

Transactions are processed and paid as soon as money sent through Interac E-Transfer is received.

Transfers typically takeClock icon for transfer speed

Within minutes

How to make your first international transfer with Africhange

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

Registering an account

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.

Is Africhange safe to use?

  • Regulation: FINTRAC
  • Security: Identity verification
  • Established: 2019

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 customers resident in Canada. It is compliant with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations

How does Africhange compare to other money transfer services?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 16 of 16
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
From $15

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Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
TorFX
24 hours
$0

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TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
CurrencyTransfer
24 hours
$0

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CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE Money Transfers
Within minutes
$0

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XE has fast transfers with low fees and a range of foreign currency tools.
Simplii Financial
Within minutes
$0

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Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
Wise (TransferWise)
24 hours
From 0.35%

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Remitly
Within an hour
$1.99

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Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Dunbridge Financial
24 hours
$0

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Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
Africhange
Within an hour
$0

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Send money in CAD to Africa on this blockchain and P2P powered provider.
XE Money Transfers
Within minutes
$0

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XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise) - Under 10k
24 hours
From 0.35%

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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Remitly
Within an hour
$1.99

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
InstaReM
24 hours
From $0

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Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Simplii Financial
Within minutes
$0

View details
Up to $300 off your first Global Money Transfer with our code GMTEVENT depending on the amount you send. Limits and regulations apply.
Send money without fees and at competitive exchange rates to 130+ countries.
WorldRemit
417 days

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Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
XE Business Transfers
XE Business Transfers
Within minutes
$0

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XE Money Transfer can help your business unlock international transfers. Forward contract and limit order options available.
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