Sending money abroad from developing countries have proven to be a nightmare for many. The traditional options like Western Union, Money gram, and international debit cards have taken a swipe from current decisions of central banks around the world (in a bid to reduce dollar outflow from their economies).
This has made people resort to different options like the use of agents (who receive money in local currencies) and send to the final receiver through their bank accounts and wallets abroad. This however, requires a great deal of trust, as many have been scammed this way.
Some others still stick to the domiciliary account option, which itself may require going to an actual bank to effect a transaction – which could take forever!
THE VIRTUAL CARD OPTION
Thatnotwithstanding, some other options exist, which is the focus of this article.
Today, advancement in technology has brought about the ‘virtual card’ option. This is like the traditional visa card, but without a physical card, hence ‘virtual’. You get the usual 16-digit code, a 3-number CVV, and the expiry date, but in an electronic format.
In Africa, with Nigeria as a case study, popular options include ALAT, Eversend, Chipper Cash, amongst others.
However, we will focus on the most-downloaded option on Google play store – Chipper Cash.
CHIPPER CASH
With over 5 million downloads, Chipper Cash does not merely provide a virtual card option to make international payments; it also has a ‘Visa-Direct’ option, to make payments directly into your visa card!
Also, it has the option of opening an actual US Dollar account from the comfort of your home! With this, you can receive and make payments internationally. You also have the option to open a USD business account. You may also opt for a naira virtual card if you wish.
Another amazing option offered by Chipper Cash is that you can trade in US stocks, and even cryptocurrencies directly from the app.
For all these to function seemlessly, one must be able to convert currencies at will in-app, and you can!
STEPS TO SET UP AND USE CHIPPER CASH
1. Download Chippercash from your app store
2. Create an account
3. Verify your account
4. Set up your virtual Chippercash dollar card
5. Fund your Chipper Cash account through your traditional bank accounts
6. Convert your funds to USD in one click
7. Top-up your virtual card from your USD wallet in the app
8. Shop abroad!