When choosing the ideal International Money Transfer Operator (IMTO) for a transaction, most people do not think about the transaction limits. Exchange rates, fees, and other charges are usually top of mind for people looking to send money across borders. However, if you want to keep your fees low, ignoring transaction limits is a step in the wrong direction.
Knowing the transaction limit on different IMTOs can help you make better decisions. Doing a transaction with the wrong IMTO can mean having to split your transaction. This can result in you accruing more charges along the way.
In this article, we put together 6 popular IMTOs for sending money to Africa and their transaction limits.
Afriex transaction limits
Powered by cryptocurrency, Afriex helps Africans in North America (the USA and Canada) remain financially connected to their friends and family at home. The IMTO allows users tp allows users to send money to and from Nigeria, Ghana and Kenya, Canada, and the USA.
Information on the Afriex website says that users can send a maximum of $3,000 per day. There is currently no way to increase this daily limit. The website also has no information on whether there is a monthly limit or not. Afriex seems to be a great fit for daily transactions below $3000.
Azimo transaction limits
Based in the Netherlands, Azimo is a popular service for sending money from Europe to Africa. The IMTO claims to allow direct bank transfers to over 195 countries.
Although there are no limits on the money you can send via Azimo, there are single transaction limits. Single transactions on Azimo have a minimum limit of $10 and a maximum limit of $9,999. High-volume transactions on Azimo will, however, prompt a request for identification documents.
Wise transaction limits
Formerly known as Transferwise, this UK-based IMTO is a household name for international transactions. The company, which prides itself on transparency, is able to facilitate international transactions in over 80 countries.
Wise has a unique approach to its international transaction limits. Each currency has different limits depending on regulation and a few other factors.
Canadian Dollar: For people in Canada, there is no limit when sending CAD to a recipient using a bank transfer. But, you can only send up to 10,000 CAD to an email address using Interac.
American Dollar: In most states in the USA, Wise users can send up to $1 million from both their personal and business accounts with each transfer. But if you live in Nevada, Guam, or the Virgin Islands, the limit reduces to $50,000 per transaction on personal accounts and $250,000 on business accounts.
Based on the limits, Wise is a great option for sending higher sums of money (above $10,000).
Sendwave transaction limits
Sendwave’s transaction limits vary based on the user’s ID verification. After registering a new account, users are able to send up to $999 daily and a total of $2,999 per month. But, after the provision of extra identification, the limits can be increased to $2,999 per day and $12,000 per month.
Based on the limits, Sendwave appears to be a great choice for sending smaller sums of money.
Remitly transaction limits
Headquartered in Seattle, Washington, Remitly was founded to help immigrants stay connected to their families back home.
Once signed up on Remitly, users have an upper limit of $2,999 for single transfers for the first 24 hours. After providing additional identity information, the limit is increased to $6000. If you go further to provide information on why you use Remitly, your limit can be increased to $10,000. However, the cumulative monthly limit for all Remitly users is capped at $30,000.
WorldRemit transaction limits
Founded by former UNDP compliance Advisor, Ismail Ahmed and two other co-founders, WordlRemit is a digital cross-border payment company that allows users to access over 130 countries.
If you’re using WorldRemit for international transactions, you can typically send a maximum of $,9000 every 24 hours. However, if you’re using debit, credit, or prepaid cards, you might need to split the payment as those sources are capped at $5,000 per transaction. Apply Pay transactions, on the other hand, are capped at $300 per transaction with a daily maximum of $9,000.
Bonus: International transfer limits for countries
Local laws also play a part in how much people can send across borders. Some countries have restrictions on how much you can and when you need to report transactions.
As a bonus section to this article, here are the international transfer limits some countries Africans receive money from:
- International Transfer Limits for the United States of America: While there are no limits for money transfers inside and outside the USA, the Internal Revenue Service (IRS) requires that all international transactions above $10,000 be reported. Failure to report any transaction can result in a tax audit and possible legal repercussions. You can read more about the document requirements for high-volume transactions here.
- International Transfer Limits for the United Kingdom: There are also no legal limits or reporting requirements for sending money from the UK. In addition, residents are not required to report transactions to the government. However, the Financial Conduct Authority and HM Revenues and Customs monitor all transactions for illegal activities.
After comparing rates for a transaction, the next thing you do should be to check for the transaction limits on your preferred provider.
IMTOs have different transaction limits for regulatory and compliance reasons. The transaction limits might also differ depending on the corridors due to licensing disparities. For instance, the transaction limit between the UK and the USA may differ from that between the UK and Nigeria. Transaction limits also change depending on changes in regulation, so it is important to keep updated.
Because Zazuu is committed to improving the transparency in international money transactions, we will make sure to periodically update this post with the latest limits. However, if you find out that the limits have changed before we get a chance to update them, shoot us an email here.