Did you know that in 2021, Nigerians remitted up to $20 billion from the diaspora, and a significant percentage of these remittances came from the US? These statistics will continually increase as the years go by because of the outflux of Nigerians (and Africans generally) to other countries, especially the US.
As migration continues between Nigeria and the US, remittances between these countries will continue and will be best done at palatable rates and the least costs. Kyshi supports effective cross-border currency exchanges between Nigeria and the US with its low cost of remittance, and rate flexibility.
USD On Kyshi
USD is a feature on Kyshi that allows Africans to easily send and receive money to and from Nigeria and the US, to their loved ones. It works like GBP on Kyshi, such that users can send money to and fro Africa at their own rates (or Kyshi’s competitive rates) and only a 1% charge.
However, its capabilities span beyond that of pounds on Kyshi because, beyond just transacting at your rates, it allows you to pay for products and services for your favourite brands and stores from all around the world.
Peer To Peer Exchange On Kyshi
Kyshi works on a peer-to-peer exchange system, such that users can easily swap currencies between themselves on the Kyshi marketplace. Peer-to-peer (P2P) exchange on Kyshi offers more advantages compared to the traditional banking system. This is because P2P transactions are often faster, seamless, and more trusted due to their unique design and intricate security.
Peer-to-peer transactions on Kyshi are powered on the marketplace with Swap. Swap allows you to exchange naira for dollars and back with ease and at your preferred rates on the Kyshi marketplace. You complete a Swap transaction on Kyshi by creating or accepting an offer.
Please note that you must have a Kyshi USD wallet before making any USD transaction.
How To Exchange Naira For Dollar
You can only use Swap to exchange naira for dollars and back on Kyshi. Follow the next few steps to swap between dollar and naira at your rates.
1. Create a USD Wallet And Activate It
Just as earlier stated, you need to own a USD wallet on Kyshi to perform any dollar-related transaction on the Kyshi app.
Step 1: To create and activate your USD wallet: Log into your Kyshi app, click on “Create wallet”, and select the USD wallet option.
Step 2: Enter your details like your SSN, passport number, phone number, etc., and submit.
If your document submission or verification fails, resubmit your credentials correctly, and wait for activation.
2. Fund Your USD Wallet
You can fund your USD wallet on Kyshi through ACH bank transfers.
3. Create a USD Offer
An offer on Kyshi is a request for exchange between naira and dollar/pounds. When you create an offer, you input your preferred exchange rate and how much you desire to exchange.
There are two ways to send and receive dollars with Swap as a naira holder on Kyshi. They are:
creating an offer
accepting an offer
Follow these steps to create an offer:
Step 1: Log into your Kyshi app, click on “Send,” and select “Swap.”
Step 2: Select your sending and receiving currency, input your transaction amount, choose your preferred exchange rate, and click on “Continue”
Step 3: Click on “Continue with my offer,” select your receiving medium, and “Proceed.”
Once you do that, you will have your offer on the marketplace, waiting to be accepted by another Kyshi user.
Alternatively, you can click on “Offers” immediately you log in and select “Create new offer.”
Please note that your offer will get reposted automatically at Kyshi’s rate when it expires.
4. Accept A USD Offer
If you do not want to go through the process of creating a USD offer and sending it to the marketplace for acceptance, you can accept an already existing offer that suits you. To do this;
Log into the app and click “Offers.”
You can scroll through the marketplace to select an offer that best suits you. However, you can also use the “Filter” button at the top-right corner of the page to find the kinds of offers you desire.
Once you have accepted a USD offer, proceed to complete your transaction and receive your funds almost instantly.
Please note that your first USD transaction on Kyshi is free, while subsequent transactions will only cost 1% of your transaction.
FAQs
What Are The Fees For Dollar To Naira Exchange On Kyshi?
Naira to dollar exchanges on Kyshi cost only 1% of your transaction amount. However transactions between $/£50 and $/£99 cost only $/£1.
What Is The Dollar to Naira Exchange Rate on Kyshi?
Kyshi allows you to exchange dollar for naira and back on Swap at your desired exchange rate.
Can I Buy Naira With Dollar In The Us?
You can exchange naira with dollars in the United States or Nigeria with Swap on Kyshi at your preferred rates.
How Long Does It Take To Complete a Dollar-naira Transaction On Kyshi?
When you exchange dollars for naira on Kyshi, your transaction completes within 24 hours.
Conclusion
Kyshi harnesses the power of financial technology to ease remittance burdens between Nigeria and the Diaspora. It creates this ease uniquely through its extremely low transaction costs and user freedom on exchange rates. Do you want to enjoy seamless currency exchanges between home (Africa) and Abroad? Use Kyshi– at your own rates.