BitPesa is a fintech company that uses blockchain technology to enable Africans to send and receive money from any part of the world at a relatively low fee. This company has a platform on which you can access its products and services cheaply as against other traditional financial institutions. But there is a need to make a BitPesa review to establish its potential for international money transfers.
You can use BitPesa to send cryptocurrencies to your recipient and BitPesa will convert the crypto asset to the local currency of your recipient. For instance, a sender can send Bitcoin to its recipient in Nigeria and BitPesa will automatically convert the amount of Bitcoin to Nigerian naira, about the real exchange rate of Bitcoin.
Therefore, the essence of BitPesa is to reduce the high transaction fees of traditional financial institutions through the use of cryptocurrency for money transfers.
As of the time of writing this article, the value of the global crypto market is about $1.09 trillion, with the prices of Bitcoin and Ethereum at $23,750 and $1,654, respectively. This shows significant growth in the crypto market, even as its adoption continues to grow across countries and regions.
In Africa, the rate of crypto adoption is having a steady rise to the point that a country like Kenya is already deliberating on making cryptocurrency part of its financial mainstream because of the large number of people trading crypto in Kenya. Also, Nigeria is at the fore of the global crypto market as the country has a thriving ground for crypto trading. Be that as it may, the crypto market is expanding and Africa is pivotal to this growth.
However, we can not undermine the potential of remittance and money transfers from and to Africa. This is why BitPesa is working to bridge the gap between local transfers and international money transfers through the use of cryptocurrency whose value remains the same across borders.
It is to this end that this article aims to give BitPesa a review if it is a safe and reliable platform for international money transfer.
Features And Benefits Of BitPesa
As earlier stated, BitPesa is a platform that enables you to send or receive money in Africa through the use of blockchain technology that converts cryptocurrencies to local currencies. So some features underscore the functionality of BitPesa as an international money transfer platform.
Features Of BitPesa
1. Instant Money Transfers
You can use BitPesa to make fast international money transfers. The advent of blockchain technology works with a speed analogous to the speed of light, as such, you can send and receive money within the twinkle of an eye when you use BitPesa.
BitPesa users can send money to countries like Nigeria, Senegal, Morocco, Ghana, and whatnot.
2. Cryptocurrency Exchange
You can use BitPesa as a crypto exchange, just as the platform enables the conversion of cryptocurrencies to local currencies. So you can in this instance send a crypto asset to a recipient who can receive it in the form of a crypto asset or the equivalent of the local currency.
3. Low Fees
The low transaction fees on BitPesa are one fascinating feature that attracts people to the platform. When you use BitPesa for your international transfers, you can be assured of low fees that are not available when you use traditional banking services for your transfers.
Comparison Of BitPesa With Traditional Banking Methods For International Money Transfers
There are major differences between BitPesa and traditional banking methods: one such is the use of blockchain technology that enables you to send and receive quickly, easily, and safely. How blockchain technology works is that it eliminates the function of third-party in the processing of transactions in such a way that it enables a swift transaction that is devoid of a data breach.
Moreover, BitPesa works with both local currencies and cryptocurrencies to serve the teeming banking customers better. In converse, most traditional banks operate in local currencies and which restricts their operational coverage to a region or country. But BitPesa works across borders.
What Are The Benefits Of Using BitPesa?
1. Transparency
Transparency is key to every business and BitPesa is not derailing from that fact. Blockchain technology enables the operation of BitPesa to be transparent and credible in such a way that there is no room for hidden charges and this tool also has a record for all transactions. So there is no space for lacklustre in the operations of BitPesa when you use the platform for international money transfers.
2. Security
All transactions on BitPesa are safe because there is no room for a third party to meddle in the money transfer. When you use the platform, your money is protected and your data is encrypted beyond compromise.
3. Speed
International money transfers are fast on BitPesa, as this is largely dependent on the speed of blockchain confirmation for your transactions. While BitPesa offers same-day delivery for mobile wallet transfers within a particular country, confirmation may take a few hours, especially if you are making international money transfers.
How To Use BitPesa
You can use BitPesa to make international money transfers and this platform also serve as a crypto exchange, so how can you use BitPesa to enjoy its optimum service?
Step-By-Step Guide On How To Use BitPesa For International Money Transfers
- Create a BitPesa account and log in to your account
- Navigate to send money on your account dashboard
- Click on “New Transaction”
- Enter the amount you want to send. This can be in local currency or cryptocurrency
- Enter the details of your recipient
- Verify all the information you provided
- Send money to your recipient
Tips For A Secure And Smooth Transaction
1. Enter The Correct Details Of Your Recipient
It is important to painstakingly enter the details of your recipient to avoid mistakes. So avoid mistakes that could make you send money to the wrong destination.
2. Enter the Correct Amount You Want To Send
In some cases, the addition of zeros may be an issue if you are not careful when entering your amount. Zeros are of great value to money, so you may send more than what you planned to send if you lose focus when sending money on BitPesa.
Reputation And Customer Service Of BitPesa
BitPesa is notable as one of the best crypto exchanges in Africa and by extension, this platform is also atop international money transfers in Africa. The use of blockchain technology has enabled BitPesa to have accelerated growth which makes it to be in contestation for being the best in its dual service delivery – money transfer platform and crypto exchange.
Frequently Asked Questions About Bitpesa
There are some relevant questions that BitPesa’s potential customers may want to ask as to the products and services of the platform. Therefore, the following are some of those frequently asked questions about BitPesa.
1. What Are BitPesa Transaction Limits, Fees, And Exchange Rates?
Transfer limits are a function of the card’s limit in the country of the recipient. While the BitPesa exchange rate takes cognizance of the domestic market factors (supply and demand) of the respective African countries, it charges a 3% remittance fee, irrespective of the amount you are transferring.
2. Is BitPesa Safe?
You can safely use BitPesa to make international money transfers. This fintech company is licensed by Federal Conduct Authority (FCA) in the United Kingdom and the Bank of Spain.
3. Which Countries Can I Make International Money Transfer With BitPesa?
You can use BitPesa to send money to countries like Nigeria, Ghana, Kenya, Tanzania, Morocco, Uganda, Senegal, and the Democratic Republic of Congo. But you can not send money to the above countries if you reside in countries like Afghanistan, Eritrea, Myanmar, Iraq, Iran, Libya, Somalia, Sudan, South Sudan, etc.
Conclusion
BitPesa enables you to make international money transfers as the platform is safe and simple to use. So the overall BitPesa review infers that the platform is safe and reliable as it maintains an international standard of money transfers.
However, it is important to know if BitPesa service supports your country of residence before using the platform.
In another regard, I recommend Prestmit as an alternative to BitPesa if you want to trade your crypto assets. You can buy and sell cryptocurrencies like Bitcoin, Litecoin, Dogecoin, and USDT at excellent rates on our platform.
