Fluidcoins Relay <> Transferwise: How to send money to Nigeria in less than 30 minutes
Sending money back to Nigeria is ridiculously difficult. We introduced Relay a few weeks ago to solve this problem but a recurrent theme we are noticing with (potential) users are:
- It is hard to get crypto.
- When they get the said crypto, gas fees are ridiculously expensive.
While these points are valid, in this blog post we will be describing how to easily get crypto and pay $0.16 — $1 in gas fees when making your crypto transfers. This blog post assumes you have either Transferwise, Revolut or any multi-currency wallet app.
We will be using Transferwise although the majority of the entire process remains the same.
Getting some money into your Transferwise account
The first step in the entire process is to have some money in your wallet already. This could come from multiple sources such as your salary clients’ payment(s), friends and family, or whatever.
With Transferwise, the currency you are holding does not matter. You just need to maintain a balance in any of the supported currencies
Buying crypto
The next step is to convert your money into crypto. Ideally, this can be done in 2 ways:
- Send USD/GBP/EUR to your friend who has a Coinbase account and (s)he can help you buy USDT/USDC/BUSD
- Create an account on https://crypto.com and go through the verification process. Once your account has been verified — (it usually takes about 24–48 hours ), you will be assigned a EUR bank account.
We will be using the second step as it allows for independence and one needs not to rely on the availability of a third party.
Note: You will need to copy the provided bank information and add yourself as a recipient on Transferwise
I was charged $16 for the transfer. Important to note that, if you were sending to your friend or a P2P user, the fees would be the same anyways — except the person uses Transferwise too.
You will then need to wait for another 15 to 30 minutes for the transfer to get to the destination after which crypto.com will top up your account.
Buy and send crypto to your Relay address
Before buying crypto, I want to talk a little bit about gas fees, I know you have been waiting for this. Yes, gas fees can be ridiculously expensive but you should think of them as internet service providers. Bitcoin transfers are a bit expensive too.
Some ISPs are ridiculously more expensive than others while providing (almost) the same benefits for your use-case — moving crypto from point A to B. That is exactly how crypto networks work. ERC20 is ridiculously expensive, but there are other networks you could take advantage of. In the table below, you can find the supported networks you could use when making a Relay payment.
Relay (currently) supports only stablecoins
So to avoid gas fees, you choose the network whose fees look very decent to you. In no preferable order, I use:
- BUSD ( BEP20/BSC )
- USDC ( MATIC )
- USDT ( TRON )
In total, you end up spending around $17 to get your money within 30 minutes to 1 hour
The next step is to create a Relay link. This link is reusable and you don’t have to create a new one except if you want to change the bank account tied to the link. Each Relay link will contain multiple payment methods but for this article, we will be making use of the Pay with other wallets method which will show you the address you are to transfer to.
Please make sure to select the correct network and stablecoin. Also note that there’s a 100 Naira fee per transfer to your local bank account
Questions you might have and answers to them
Do I need KYC?
Absolutely not. You can send up to 1 million Naira per day without submitting KYC docs to us. To learn how to increase your limit, please visit https://support.fluidcoins.com/en/articles/5545215-how-to-increase-your-withdrawal-limits
I have more questions or feedback
Please take a look at our knowledge base for more questions you might have.
If you still need some more clarification or want to pass the team feedback, please email support@fluidcoins.com.
