Have you ever dreamed of receiving money from abroad easily and quickly without hassle? As someone living in Nigeria, I know how frustrating it can be to receive funds from overseas due to unfavorable exchange rates and long transaction times. This got me thinking – is there finally a cheaper and faster way?
What is Chipper Cash?
Chipper Cash is a fintech company that allows users to send and receive money internationally with better exchange rates than traditional banks. Founded in 2018, Chipper Cash aims to make cross-border payments more affordable, accessible and instantaneous across Africa and beyond.
How Does Chipper Cash Work?
To use Chipper Cash, you’ll need to download the app and register for a free account. Once verified, you can add your local debit card or bank account. This enables you to send and receive funds to other Chipper Cash users across several countries, including the ability to pay bills. Transactions are processed very quickly – I’ve received funds within minutes before!
Chipper Cash allows users to send and receive US dollars from the United States and other supported countries. When receiving dollars, Chipper Cash will convert the amount to Nigerian naira using their dollar exchange rate for the day. You can then cash out the naira amount to your linked bank account.
What is Chipper Cash’s Dollar Exchange Rate?
As of today, Chipper Cash offers an exchange rate of 1,707.41 NGN per USD. This means that for every US dollar you exchange, you’ll receive approximately 1,707.41 Nigerian Naira.
There is a daily transaction limit of $3,000 when receiving dollars on Chipper Cash. For higher amounts, you may need to complete multiple transfers over consecutive days while benefiting from their great exchange rates each time.
Once the sender completes payment using their debit card or bank account, you can expect to receive dollars in your Chipper Cash wallet within minutes. All transactions are secured using bank-grade encryption to keep your money safe during exchanges.
After receiving dollars, you can choose to convert the full amount to naira instantly at the daily exchange rate. The naira is then available to withdraw to your linked bank account. No waiting required unlike with traditional money transfer services.
To cut a long story short, Chipper Cash has made it very easy and cost-effective for Nigerians to receive dollars from abroad directly thanks to their favorable exchange rates, fast transactions and user-friendly app interface. Gone are the days of unfavorable bank rates that leave you with less money in the end. Chipper Cash is certainly worth trying the next time you need to receive funds from overseas.
FAQs
Is there a fee for receiving dollars on Chipper Cash?
No, Chipper Cash does not charge recipients any fees for receiving funds internationally. Only senders pay a small transaction fee.
Can I send dollars back abroad using Chipper Cash?
Yes, once you receive dollars you can easily send part of the funds back overseas. Just ensure the recipient’s country is supported for outbound transfers.
Conclusion
In conclusion, Chipper Cash has certainly changed the game for international money transfers to and from Nigeria. With its excellent dollar exchange rates, speedy transactions and user-friendly mobile app, receiving funds from abroad has never been more affordable and hassle-free.
If you regularly receive money from the United States or elsewhere, I would highly recommend giving Chipper Cash a try on your next transaction. You may be pleasantly surprised by how much more naira you end up with compared to traditional options.
