One of the leading players in the online payment sector has emerged as a fintech company called Flutterwave. As a result, there is often some confusion about the bank‘s foreign exchange capabilities, particularly when it comes to U.S. dollars.
I have written this post in order to explain how and whether businesses and individuals can receive dollars from Flutterwave and how this works.
Key Takeaways
Multi-Currency Support: Flutterwave supports multiple currencies, including USD.
Ease of Use: Setting up and receiving dollars is straightforward.
Secure Transactions: Robust security measures protect your transactions.
What is Flutterwave?
Flutterwave is a payment technology company based in Africa and servicing businesses and individuals from all over the continent. Flutterwave facilitates secure and seamless transactions for its customers by utilizing an innovative approach.
Can You Receive Dollars on Flutterwave?
The Flutterwave platform allows you to receive dollars as a payment. The platform allows users to receive payments from customers and clients all over the world in dollars, including the US dollar (USD), with the help of the platform.
How it works
The fact that Flutterwave supports dollar transactions benefits a wide range of users.
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Business owners who sell products online can easily receive dollar payments from businesses that sell their products internationally.
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It is easy for freelancers providing services to clients overseas to get paid in dollars without any headaches.
Here is how you can receive dollars on Flutterwave
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Flutterwave Account Setup: Make sure you have a verified Flutterwave account before you begin the setup process.
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It is recommended that you select USD as your preferred currency. In order to receive payments in dollars, you should select USD when setting up your payment links or checkout options.
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Make sure you share your payment link with your clients or customers so that they can make a payment. You will receive the amount in USD once they have paid using their preferred method of payment.
Using USD Cash Pickup in Nigeria to transfer funds
For those who prefer physically collecting their cash, Flutterwave offers a convenient USD cash pickup option.
The process of initiating a USD cash pick-up transaction
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The Flutterwave Dashboard allows you to access your account by logging in.
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Click on “New Transfer” and choose “Transfer to USD Cash Pickup” from the drop-down menu.
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Input the transaction details: Make sure to enter the amount (minimum $10, maximum $10,000) and the recipient’s details (name, address, phone number, and email address).
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There are a number of banks that you can pick up from, such as UBA, Zenith Bank, FCMB, and Polaris Bank, among others.
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The transfer has been completed. The transaction should be reviewed and confirmed. For each recipient, a unique reference code will be generated for them.
Process for USD cash pickup by the recipient
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The recipient will receive an email/SMS notification with details and a reference code, which will be sent to the email or SMS address provided.
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Visit the location where the pickup will take place. Make your way to the designated branch of the bank.
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Provide a valid ID and reference code to the bank representative: Make sure the bank representative sees a valid ID and reference code.
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Collection of cash: The cash will be disbursed after it has been verified.
Here are a few key points to keep in mind
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Ensure that the recipient’s details are accurate in order to avoid delays in the delivery process.
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In the event that the transfer exceeds $2,000, additional verification may be required.
Frequently Asked Questions
Can I receive dollars on Flutterwave? Yes, you can receive dollars on Flutterwave.
Can I convert received dollars into local currency on Flutterwave? Yes, Flutterwave offers currency conversion services.
Can recipients pick up cash in Naira or other currencies? No, cash pickups are strictly in USD as per CBN regulations.
Is it safe to receive dollars on Flutterwave? Yes, Flutterwave employs robust security measures to protect transactions.
Final thoughts
Flutterwave provides a secure and convenient way for international transactions to be completed by providing a convenient and secure method of receiving dollars. With Flutterwave’s support for dollar transactions, you can receive payments efficiently and easily regardless of whether you sell products worldwide or offer services abroad.
If you have any questions or need further assistance, please feel free to leave a comment below. Thank you for taking the time to read this!
