In this article, you'll discover whether Revolut works in Nigeria, explore some drawbacks if it is available, and consider the possibilities for existing users. Stay tuned to find out more.
Does Revolut Work In Nigeria?
Does Revolut work in Nigeria? Revolut does not operate directly in Nigeria, and new customers cannot sign up for an account within the country. However, existing Revolut users from other countries can use their accounts while visiting Nigeria.
Revolut cards can be used for spending and withdrawing cash in Nigerian Naira (NGN) at locations that accept Visa or Mastercard. Users should be aware of exchange rates and currency conversion fees, especially on weekends when additional fees may apply. Some functionalities, such as card top-ups and currency conversion to and from NGN, are restricted.
Fees and Charges for Using Revolut in Nigeria
Here are some general costs that users might encounter when using Revolut in Nigeria:
- Currency Conversion Fees: Revolut charges an additional fee for currency conversion during weekends.
- ATM Withdrawal Fees: Free ATM withdrawals up to £200 per month for the Standard plan. A 2% fee applies for withdrawals above this limit.
- Transaction Fees: Users need to check exchange rates and currency conversion fees when spending in Nigeria.
Is Revolut the Best Option in Nigeria?
Even if Revolut is available in Nigeria, it might not be the best option for users due to several limitations and restrictions that can affect the overall user experience.
- Card top-ups unavailable: Users cannot top up their Revolut cards while in Nigeria.
- Currency conversion restrictions: Conversion to and from Nigerian Naira (NGN) is not possible.
- Limited money transfers: Users can only send money to Nigeria in US dollars (USD).
- ATM withdrawal limits: Free withdrawals are capped at £200 per month; 2% fee applies after.
- Weekend fees: Additional currency conversion fees apply during weekends, increasing costs.
Alternatives to Revolut in Nigeria
1) OneSafe
OneSafe is a leading alternative payment solution in Nigeria, offering a seamless and user-friendly experience. With lower fees, robust customer support, and features like global payments and multi-currency support, OneSafe stands out as a superior option for managing finances efficiently.
OneSafe Reviews
Users have praised OneSafe for its comprehensive range of financial services, including ACH, Crypto, Wire deposits, and Virtual cards. The company is highly regarded for its support of various businesses, making it a preferred choice for many. Notably, OneSafe has been recognized for its user-friendly experience and robust customer support.
2) Wise
Wise offers a multi-currency account, international money transfers, and a debit card, making it a viable payment solution in Nigeria. Key features include lower fees, no hidden charges, and the ability to hold and convert money in over 40 currencies. Wise ensures secure transactions with 2-factor authentication and dedicated fraud teams.
Wise Reviews
Wise has an average rating of 4.3 out of 5 on Trustpilot. Users generally report issues with transfer delays and account verification processes. Check out more Wise reviews here.
3) Paypal
PayPal offers a secure and convenient payment solution in Nigeria, allowing users to send and receive money globally. Key features include 24/7 fraud monitoring, Buyer Protection, and the ability to link multiple cards. These benefits make PayPal a reliable option for both personal and business transactions.
Paypal Reviews
PayPal has an average rating of 4.4 out of 5 on G2. Users generally report high transaction fees and a lengthy dispute resolution process. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Nigeria
Can I open a new Revolut account in Nigeria?
New Revolut accounts cannot be opened in Nigeria. Only existing users can use their accounts.
Are there any fees for using Revolut in Nigeria?
Yes, fees include currency conversion charges, ATM withdrawal fees, and weekend surcharges.
Can I top up my Revolut card in Nigeria?
No, card top-ups are not available for Revolut users while in Nigeria.
Is currency conversion to Nigerian Naira (NGN) possible?
Currency conversion to and from Nigerian Naira (NGN) is restricted for Revolut users.
What are the ATM withdrawal limits in Nigeria?
Free ATM withdrawals are limited to £200 per month. A 2% fee applies thereafter.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Nigeria is crucial for seamless financial management. While Revolut has limitations, OneSafe offers a superior alternative with lower fees and robust support. Explore OneSafe for a more efficient financial experience. Ready to make the switch? Sign up to OneSafe today!
