Kuda is a Nigerian digital-only bank that offers a variety of financial services, including mobile banking, debit cards, etc. One of the most common questions Kuda customers ask is whether they can receive money from abroad in their Kuda accounts.
In this article, we provide an answer to this question and also tell you some other means through which you can use to accept international payments. Let’s begin.
Can You Receive Money from Abroad on Your Kuda Account?
Currently, you cannot directly receive money from abroad into your Kuda account. This is because Kuda does not yet have the license to handle international transactions.
You can only be able to transact in naira using your Kuda account, you can’t use it to receive foreign currencies like dollars, pounds, etc. However, the team is working on expanding its services to include international transfers in the future.
Alternatives for Receiving Money from Abroad
While direct international transfers to Kuda are not yet available, there are alternative options for receiving money from abroad:
Domiciliary Account: Open a domiciliary account with a Nigerian bank that supports international transfers. This will allow you to receive money from abroad in foreign currencies, such as USD, EUR, or GBP.
Third-Party Services: Utilize international money transfer services like Western Union or Remitly. These services allow you to send and receive money internationally, often with competitive exchange rates and fees.
Can Kuda Send Money Abroad?
Unfortunately, it’s a no again. Your Kuda account can only be used for local transactions at this time, it can not send money abroad be it to the UK, US, or wherever.
However, you can purchase Kuda Gift Cards from your Kuda account and send them to your family and friends abroad. They can then redeem these gift cards for online purchases or in select stores worldwide.
Does Kuda Have a Virtual Dollar Card?
No, Kuda does not currently offer a dollar card. They only offer a naira-denominated card which can be used in carrying out local transactions.
Frequently Asked Questions (FAQs)
- Q: When will Kuda support international transfers?
A: Kuda is currently working on expanding its services to include international transfers. However, a specific timeline has not yet been announced.
- Q: What are the fees for receiving money from abroad through third-party services?
A: Fees for international money transfers vary depending on the service used, the amount transferred, and the recipient’s country. It’s advisable to compare rates and fees before choosing a service.
- Q: How do I purchase Kuda gift cards?
A: To purchase Kuda gift cards, follow these steps:
- Login to the Kuda app.
- Click on “Payments.”
- Select “Gift Cards.”
- Choose the desired gift card amount and enter the recipient’s email address.
- Review and confirm the transaction.
While your Kuda account can not currently receive dollars or any other foreign currencies just yet, there are other alternatives that you can use. You have the option of opening a domiciliary account with a Nigerian bank or using third-party services like Remitly and Western Union to receive money from overseas.
Don’t forget that the Kuda team is working round the clock on expanding its services to include international transfers, and updates will be provided as they become available.