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.
|Pay By||Bank transfer|
|Receiving Options||Bank account|
|Customer Service||Phone, Live chat, Email|
|Available Currencies||CAD, GHS, KES, MXN, USD, XOF, ZAR|
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 CAD2,999 per transaction, 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.
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.
- Input the amount you want to send, and you will be shown the equivalent in the local currency of your transfer destination.
- Input your recipient’s bank account details, including their name and email address.
- Check and confirm the details of your transfer.
- Make note of the Africhange Interac E-Transfer payment details including the email and secret question.
- Complete the transaction via the website and send money to email@example.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 residents in Canada. The provider is compliant with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. On their website, Africhange states they have 40,000+ users and over 300,000 successful transactions have taken place on the platform.[/fin_accordion][/fin_accordions]
How does Africhange compare to other money transfer services?
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.