List of Banks That Charge Zero Transfer Fees and No Transaction Charges
In the digital age, banking has undergone significant changes. One of the most common transactions carried out by customers is money transfer. Traditional banks typically charge transfer fees for these transactions, which can be costly in the long run.
However, many digital banks and some traditional banks now offer zero transfer fees. Opay and VBank were among the first to offer this feature, but several other banks have since followed suit.
In this article, we will explore other banks apart from Opay and VBank that offer zero transfer fees and the benefits of using them.
List of Banks That Charge Zero Transfer Fees and No Transaction Charges
Opay
Opay is a digital banking system that offers zero transfer fees. This
feature makes it attractive to users who want to save on transaction costs.
VBank
VBank is a virtual bank that offers zero transfer fees. It is a subsidiary of VFD Group, a financial services company in Nigeria.
Kuda Bank
Kuda Bank is a digital bank that was established in 2018. It offers zero transfer fees to its customers, making it a popular option for individuals who are looking for an affordable way to carry out money transfers.
The bank provides various banking services, including savings, loans,
and bill payments. Kuda Bank also has a mobile app that customers can use to
access their accounts and carry out transactions.
Kuda Bank is known for its user-friendly interface and excellent customer service.
To open an account with Kuda Bank, customers can simply download the mobile app and follow the registration process. The app is available for download on both Android and iOS devices.
Customers can open a Kuda Bank account within minutes and start enjoying the zero transfer fee feature immediately.
Alat by Wema
Alat by Wema is a digital bank owned by Wema Bank, a traditional bank that has been operating in Nigeria since 1945. Alat was launched in 2017, and it offers zero transfer fees to its customers. The bank provides various banking services, including savings and current accounts, loans, and bill payments. Alat by Wema also has a mobile app that customers can use to access their accounts and carry out transactions.
Alat by Wema is known for its innovative approach to banking and its user-friendly interface. The bank provides its customers with real-time notifications for transactions carried out on their accounts, ensuring that they are always aware of any activity on their accounts.
In addition to zero transfer fees, Alat by Wema provides its customers with competitive interest rates on their savings and fixed deposit accounts. The bank also has a rewards program that allows customers to earn points for carrying out transactions on their accounts.
Revolut
Revolut is a digital bank that was established in the United Kingdom. It has since expanded to several other countries, including Nigeria. Revolut offers zero transfer fees to its customers, making it a popular option for individuals who are looking for an affordable way to carry out money transfers. The bank provides various banking services, including savings and current accounts, loans, and cryptocurrency trading.
To open an account with Revolut, customers can download the mobile app and follow the registration process. The app is available for download on both Android and iOS devices. Customers can open a Revolut account within minutes and start enjoying the zero transfer fee feature immediately.
Revolut is known for its excellent exchange rates and its innovative approach to banking. The bank provides its customers with real-time notifications for transactions carried out on their accounts, ensuring that they are always aware of any activity on their accounts.
Carbon
Carbon, formerly known as Paylater, is a digital lending platform that was launched in Nigeria in 2016. In addition to offering loans to its customers, Carbon also provides a range of banking services, including zero transfer fees. Carbon allows customers to send money to other banks in Nigeria without incurring any transfer fees.
To use Carbon's zero transfer fee service, customers must first download the Carbon mobile app, which is available for both Android and iOS devices. Customers can then register for an account, and once the account is verified, they can begin to use the platform's various features, including the zero transfer fee service.
Carbon is known for its quick loan disbursement process and its user-friendly interface. The platform provides loans to individuals and small businesses, and customers can receive loan approvals within minutes.
Sparkle
Sparkle is a digital bank that was launched in Nigeria. It offers
zero transfer fees to its customers, making it a popular option for individuals
who are looking for an affordable way to send money to other banks in Nigeria.
In addition to zero transfer fees, Sparkle provides a range of other banking
services, including savings and current accounts, loans, and bill payments.
Chime
Chime is a digital bank based in the United States that provides zero transfer fees to its customers. The bank was launched in 2013 and has since become a popular option for individuals who are looking for a more affordable way to manage their finances. Chime offers a range of banking services, including savings and checking accounts, loans, and bill payments.
What other banks charge N10 as transfer fees
like Kuda and PalmPay?
In addition to Kuda and PalmPay, several other banks in Nigeria charge N10 as transfer fees. Here are five other options:
Opay
OPay is a popular fintech platform in Nigeria that provides various financial services, including mobile payments, ride-hailing, food delivery, and loans.
One of the main advantages of using OPay is that it charges a flat N10 fees for all transfers made.
Additionally, the platform provides its users with a range of services, including bill payments, airtime purchases, and online shopping.
To use OPay, customers can download the mobile app, which is available for both Android and iOS devices. They can then register their accounts, which requires providing personal information and verifying their identity.
In addition to its financial services, OPay provides its users with access to various other services, including ride-hailing, food delivery, and loans. The platform's mobile wallet feature also allows users to save money and earn interest on their savings.
Eyowo
Eyowo is a Nigerian fintech company that offers payment solutions and a mobile wallet. This fintech company charges a flat rate of N10 on all transactions.
PAGA
Paga is a Nigerian fintech platform that offers mobile payments, money transfers, bill payments, and airtime purchases, among other things. Tayo Oviosu founded the platform in 2012 with the goal of offering an affordable and accessible alternative for Nigerians to send and receive money.
Because of its simplicity and cost, paga has become a popular option among Nigerians. The website has also expanded its services to other African countries such as Kenya, Ghana, and Tanzania.
Paga offers its consumers access to a variety of different services, including insurance and investment opportunities, in addition to financial services. Users can also save money and receive interest on their savings by using the platform's mobile wallet feature.
Paga charges a fixed cost of N10 for all transactions, no matter how large or small.
Rubies Bank
Rubies Bank is a digital bank based in Nigeria that provides various financial services, including savings and current accounts, loans, and payment services. The bank was launched with the aim of providing affordable financial services to Nigerians.
Rubies Bank is known for its zero transaction fees policy on all
transfers made within its network. This means that customers can make unlimited
transfers to other Rubies Bank accounts without incurring any fees. However,
for transfers made to other banks, the bank charges a fee of N10 per
transaction. This fee is relatively low compared to other banks in Nigeria and
is one of the reasons why Rubies Bank has become a popular option among
customers.
FAQS
Apart from Opay and VBank, what other banks charge zero transfer fees?
Why do some banks offer zero transfer fees?
Some banks offer zero transfer fees as a way to attract customers and compete with other banks in the market.
Are these platforms safe to use?
All of these platforms have security measures in place to protect your personal and financial information. However, it is important to always be cautious when using any online platform and to keep your login information secure.
Do I need to have an account with these banks to
use their zero transfer fee services?
Yes, you will typically need to have an account with the bank or fintech platform in order to use their services.
Can I use these platforms to transfer money
internationally?
Some of these platforms, such as Revolut, offer international transfers. However, it is important to check if there are any additional fees or restrictions for international transfers.
Conclusion
In conclusion, there are several Nigerian banks and fintech platforms that offer zero transfer fees or low transfer fees to their customers.
The popularity of these platforms has grown in recent years, as they provide a convenient and affordable way for Nigerians to manage their finances. Additionally, they offer a range of services, including mobile payments, bill payments, airtime purchases, and more.
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