Guides and tips
Get low FX rates with a Klasha Business Account
Running a business in Africa in these times of high exchange rates and few FX options can be daunting.
Did you know that in 2020, Tanzania, Angola, and Nigeria were among the countries in Africa with the highest costs incurred on remittances sent, according to Statista.com? To break it down, charges for a money transfer of $200 in each country amounted to 19.7% of the sum sent, on average. In addition, business owners could only send small amounts abroad due to banking regulations.
With the above-mentioned regulations, business owners turned to other transfer methods in search of cheap exchange rates. However, problems such as fewer currency options and longer settlement time still affected business processes, as experienced by Truthware Solutions before they created a Klasha Business Account.
Klasha Business, our simplified payment solution, has FX capabilities that make selling to and from Africa frictionless for merchants. With a Klasha Business Account, merchants can easily manage their payables and receivables from a single dashboard with various functionalities to help manage payment needs.
The following are the reasons why you should wire funds overseas with Klasha Business:
Low FX rates: Klasha business provides competitive rates compared to market rates. With a Business Account, we provide real-time updates on the exchange rates to keep our merchants in the loop.
Secure and fast settlement time: We understand how vital your funds are, so our settlement time is 1-3 working days. No worries, all transactions are also secure. All you have to do is sign in on the dashboard to send funds using local currency. At the same time, the beneficiary receives it in their own currency.
Wire large amounts overseas: To accompany our low FX rates, merchants can wire up to $50,000 per transaction. Wish to send more? You can initiate multiple transactions.
More currency options: Klasha Business FX rates and options are not limited to USD and other G7 currencies. When you wire money overseas in your African currencies, Klasha Business has over 50 destination currencies, including ZAR, UGX, CYN, XAF, and others.
KlashaWire, a payable feature of Klasha Business, allows merchants to wire money to business partners and suppliers in China, India, the USA, the UK, Turkey, and over 120 other countries using African currencies. They’ll receive the payout in G20 currencies.
You can book a meeting with our sales team if you want to know more about KlashaWire or the other features of a Klasha Business Account.
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