With the rise of easy-to-use tech in financial services, it has become so much more convenient to send money. You no longer need to visit the recipient’s bank account to fill out a deposit slip. Now, with a few clicks on a mobile app or withUSSD codes, you can send money from your phone to any bank account no matter the distance.
These money transfer alternatives always carry charges, and these charges depend on a few factors. These factors include:
– the bank you’re sending this money to and from
– other regulations by your bank or the Central Bank.
In December 2018, we announced the Paylater Wallet. Using the Paylater wallet, users can make bills payments for their favourite services, buy airtime, and transfer funds.
Earlier this month, we announced the cheapest funds transfer rates. You can now transfer funds in the Paylater app for:
1. ₦10 – from the Paylater Wallet to any bank account in Nigeria
2. ₦50 – using your debit card in the Paylater app
3. Free – from your Paylater Wallet to another Paylater user’s Wallet (using the phone number they registered with on Paylater)
How to transfer funds for ₦10 using the Paylater app
If you’re just hearing about Paylater, welcome to something great. To get started, you’ll need to:
- Download the Paylater app
- Register with your details
- Fund your Paylater Wallet
If you’re an existing Paylater user, here’s how to transfer funds from your wallet to any Nigerian bank account for ₦10
1. Log into your Paylater app
2. Click on the “Send money” option on the Paylater Wallet dashboard
3. Select the “To bank account” option and enter the bank details of the recipient account.
4. Select “Paylater Wallet” as the payment method and click “Securely pay”
Your money will be on its way to the recipient’s account, and you’ll be charged only ₦10. You also get a notification once the recipient receives the amount.