Pesa money transfer review & guide

Q: What payment methods does Pesa support for funding my wallet?

Pesa allows you to fund your wallet using different methods depending on your currency. For NGN wallets, you can use Paga or VFD Microfinance bank transfers. For CAD wallets, Interac e-Deposit is available. GBP and EUR wallets can be funded through Clear Junction using IBAN details. However, USD and AUD wallets currently cannot be funded directly.

Q: Are there any transfer fees with Pesa?

Pesa offers fee-free international money transfers, meaning you won’t incur additional charges when sending money across borders. This makes it an attractive choice compared to other platforms that typically charge transfer fees.

Q: How long do Pesa transfers take to process?

Most transfers via Pesa are processed instantly, usually within minutes. However, larger transactions or transfers to certain countries may take up to 5 business days, depending on factors like bank processing times and regulatory requirements.

Q: What are the transfer limits on Pesa?

Pesa has daily and monthly transfer limits, with a $10,000 daily limit for CAD to other currencies. For NGN to CAD conversions, the limit is $5,000 per transaction. If you wish to send larger amounts, you will need to contact Pesa's support for assistance with additional verification.

Exchange rates, payment options, step-by-step guide, transfer fees, and all you need to know about .

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Everything you need to know

Pesa review

Founded by a group of Nigerian immigrants in Canada who were frustrated by unfair exchange rates and unsecured money transfer platforms, Pesa aims to bridge the gap between risky informal transfers and fair, secure global payments. With a mission to localize the global money transfer experience, Pesa strives to make sending money across borders as seamless as domestic transactions, empowering people to explore opportunities worldwide without the fear of losing touch with their families and communities.

Payment Methods Available with Pesa

Pesa offers a range of payment methods to facilitate seamless international money transfers.

Fund your Pesa wallet via bank transfers, including Interac e-Deposit for Canadian users and Virtual Paga Bank Details for Nigerian users.

Transfer funds between different currency wallets within the app.

Allow third-party payments to send money to Pesa users.

How much can I transfer with Pesa?

Pesa has different transaction limits depending on your verification level.

CAD to Other Currencies

You can send up to $10,000 CAD per day and $30,000 CAD per month.

USD Transfers

USD wallets currently cannot be funded directly.

NGN to CAD

The limit is $5,000 CAD per transaction.

How long does a transfer usually take with Pesa?

Pesa transfers are typically processed instantly and can often be completed in just a few minutes. However, some transfers may take up to 5 business days, though this is less common. Delivery times can be influenced by factors such as bank processing times, public holidays, or specific regulations, but overall, Pesa ensures that most transactions are swift and seamless.

Pros and Cons of using Pesa

Pros

Fee-free transfers to select countries.

Competitive rates for better value during transfers.

SSL and secure protocols protect data and transactions.

Send money to multiple countries worldwide.

Cons

Only supports specific funding methods like Paga and Interac, with no direct funding for USD and AUD wallets.

Daily and monthly limits require verification for larger transfers.

Some transfers may take up to 5 business days.

USD and AUD wallets cannot be funded directly.

Pesa Transfer Fees

Pesa offers international money transfers without any fees, providing a cost-effective solution for sending money across borders. Unlike other transfer services that may charge a percentage of the transaction amount or a flat fee, Pesa allows users to send money without incurring additional charges, making it a competitive choice for those looking to save on transfer costs.

How it works

How does Pesa make money?

Pesa primarily makes money through a combination of exchange rate markups, strategic partnerships, and value-added services. While it offers fee-free transfers, Pesa earns revenue by applying a small markup to exchange rates during currency conversions.

The platform also partners with financial institutions and payment processors, earning referral fees or commissions from these collaborations. Additionally, Pesa plans to expand its services by offering premium features like virtual debit cards and business accounts, which may generate additional revenue streams. These methods allow Pesa to sustain its operations while keeping international transfers affordable for users.

Pesa exchange rates

Pesa offers competitive exchange rates with no hidden fees, providing transparency for users to see the exact amount the recipient will receive before confirming the transfer. The platform's exchange rates are the main cost factor, ensuring value for money without additional charges.

Best rates with RemitBee

RemitBee makes sending money abroad simple, fast, and affordable. With transparent fees and no hidden charges, it offers competitive pricing for international transfers. You can choose from multiple payment methods and benefit from the mid-market exchange rate, which ensures you get the best value for your money.

Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.

Safety and security

Is Pesa money transfer secure?

Pesa is a secure platform for sending money internationally, ensuring the safety of your transactions. The platform utilizes strong encryption and adheres to regulatory standards to provide a secure transfer experience for both personal and business users.