CAD to Naira: How to Convert Canadian Dollars into Nigerian Naira
Have you tried sending money from Canada back home to Nigeria? For a lot of people, the process of converting CAD to naira to send money home hasn’t been great. With the number of Nigerians living and moving to Canada, having a suitable platform for seamless transfer has become a necessity.
The Nigerian Diaspora is Growing in Canada
The growth rate of Nigerian people moving to Canada has far outstripped immigrants from other countries, like India, China, and the Philippines, in recent years. The number of Nigerians moving to Canada through permanent resident permits has tripled since 2015, according to the Canadian government. This has created a need for an easy, simple, efficient platform to help immigrants send money back to their families in Nigeria.
So how do you send money to Nigeria from Canada without going through the hassles and high cost of using an international bank transfer? With Africhange.
Africhange: Blockchain-Powered Money Transfers
Africhange is a blockchain-powered, peer-to-peer remittance platform that provides a seamless way for individuals to send money from Canada to Nigeria.
Users can send Canadian dollars at a very low cost that settles in naira in any Nigerian bank account. Also, because it leverages blockchain, transactions settle within a few minutes.
All you need to do is send CAD, Africhange does the exchange to bitcoin, and the receiver receives naira in their bank account, all within a few minutes.
This transfer process is safe and ensures the platform can provide the best exchange rates without any hidden charges. Additionally, the company provides 24/7 global support for users.
How to Convert Canadian Dollars into Nigerian Naira
The steps required to do a transfer on the platform are simple. Though there’s no mobile application yet, the web application is mobile-optimized. That means you can use the platform by visiting the site on your mobile web browser.
You can send money to any recipient of your choice with a Nigerian bank account. The platform will instantly settle your Canadian dollars to naira without requiring much effort from your end. Though it leverages Bitcoin, you don’t need to own the digital currency to use Africhange to perform a transfer.
To get started, visit the website https://africhange.com/signup. You will need to go through a simple and fast KYC process. The entire KYC process takes less than five minutes to complete and get verified. You will need to have at least one government-issued document to successfully complete the process.
Now, let’s jump into a step-by-step guide that details how you can use Africhange to send money from Canada to Nigeria within minutes.
Here’s How It Works
STEP 1: Create an account
- Visit https://africhange.com/signup and enter your name, email address, gender, and a password.
- Verify your email address.
- Once your email is verified, you can log in to the platform to update your profile and start your KYC process.
The good thing is, once you’re registered, Africhange will send you instructional articles and guides to ensure you have a seamless transfer process.
STEP 2: Start and complete the KYC process
- To do a transfer, you need to complete the verification process and update your profile.
- Click on the link to “Complete your KYC” when you log in.
- You will be asked to provide some documents. The process is secure and safe to use. Also, ensure you’re in a bright environment or room with lots of lighting to conduct the face verification.
- Click “Begin Verification” to get started.
- The next pop-up will ask you to choose the country that issued the government ID you’re about to submit.
- Depending on the country you choose, you can submit either a driver’s license, National ID, international passport, and a voter’s card. Only submit one of these documents.
- When you choose one, you will see a space to upload or capture the document with your camera.
- Once it’s uploaded successfully, it will be checked and verified to ensure that it’s the correct document.
- Thereafter, you can complete the face verification to confirm your identity.
- The system scans your face and tells you to tilt slightly left and right to complete the verification process.
- Once it certifies your face, your KYC is successful, and you can start sending money.
STEP 3: Complete your user profile
- You need to fill in the required details to ensure your profile is complete and ready to perform transfers.
- Fill in your phone number, country of residence, city, address and occupation. These are required by regulatory authorities to prevent money laundering.
STEP 4: Convert CAD to Naira
- Add the amount of CAD you want to send to Nigeria. There are no transfer limits.
- Immediately, you will see the naira equivalent and the exchange rate used.
- After adding the amount to send, on the next page, enter the recipient’s account number, bank name, account name, and email address.
- Now, you are almost there! You will get the transfer details on the next page. You have to transfer Canadian dollars through Interac E-transfer to Africhange.
- Once the dollar is received, the platform then settles the naira equivalent in the recipient’s naira bank account.
Interac E-transfer is one of the simplest ways to do a dollar transfer in Canada. You can send money via text and email to any business.
How do you send money with Interac?
To send money to the Africhange email address on Interac e-Transfer, you need an:
- Account with a participating bank. Most banks in Canada are participating banks, so you most likely qualify.
- And an active email address or mobile phone number.
To send money to Africhange, follow these easy steps:
- Sign in to your online or mobile banking app.
- Navigate to the Interac e-Transfer section on the application.
- Type in the recipient’s email address. In this case, the Africhange e-Transfer email address.
- Enter the amount you want to send and perform the transaction.
Once the transfer to Africhange is done, it automatically converts it to bitcoin and changes it to naira, which then settles directly in the recipient’s bank account. All within just a few minutes!
Benefits of Using Africhange for Transfers
There are several reasons to choose Africhange for remittances to Nigeria, including:
- Near-instant money transfers.
- Very competitive exchange rate.
- Excellent customer support.
- Leveraging Bitcoin as a remittance rail allows for better rates, shorter settlement times, and greater security.
- Minimal transaction costs of doing a transfer via bitcoin, making it a better alternative to the expensive transaction fees of companies like Western Union and MoneyGram.