List of Banks that Charge Zero transfer Fees

Are you tired of constantly being charged high transfer fees by your bank or digital payment platform? Are you looking for alternatives that won’t break the bank? You are reading the right article that will show you another digital payment platform that charges zero transfer fees.

The purpose of this article is to inform and educate you about various digital Fintech Companies in Nigeria that do not charge  transfer fees. 

In an extremely competitive market, some companies have found a way to attract customers by eliminating transfer fees altogether. Transfer fees are a big problem because these fees can add up over time and hurt your finances.  So why don’t some of these companies charge transfer fees? Well, some have found ways to cut costs in other areas, such as reducing costs by going online only or partnering with certain banks to streamline the transfer process. 

Others may have larger user bases or offer additional revenue-generating services.

Each of these companies has its own approach to offering zero transfer fees, and we encourage you to explore and research further to find the solution that best suits your financial needs. So why pay more when you can save with these companies? It’s time to take control of your finances and switch to a free transfer platform today.

LIst of Banks That Charge Zero transfer fees 

This is a list of digital payment platforms that charge zero transfer fees.

1. Kuda Bank: Kuda is the only digital bank operating in Nigeria. Its services are available through an app downloadable from the Apple App Store or Google Play Store. In addition to traditional banking services like savings accounts and loans, Kuda also offers free debit cards and free transfers to other Kuda accounts. Kuda’s app offers a user-friendly interface and is known for its reliable service and quick response time to customer requests. Additionally, Kuda promises to provide interest on your savings account balance, unlike many other traditional banks.

2. Rubies Bank: Rubies is a mobile-only bank that offers a variety of banking services to its users. It was launched in Nigeria in 2020 and aims to provide affordable and accessible banking services to its customers. Rubies Mobile offers checking accounts, virtual debit cards, and bill payments.  One of the main advantages of Rubies is accessibility: everything can be done through the application and there is no need to visit a physical branch or ATM. Rubies also offers a unique feature called “Social Banking ”, which allows users to send money to non-Rubies users through social media platforms like WhatsApp or Facebook, and the recipient can receive it. payments even if they don’t have a Rubis account. Rubies don’t charge any fees for transfers within the platform but charge a small amount for transfers outside the platform.

3. Palmpay: Palmpay is a growing mobile payment platform in Nigeria. Its services include mobile recharge, bill payments, and money transfers. Palmpay is accessible through its app or through merchant partners. Palmpay is unique in that it offers cashback rewards on certain transactions and promotions. Additionally, the Palmpay app is also known for its user-friendly interface and safe and secure payment options. Palmpay charges a small transfer fee when transferring to a non-Palmpay account, but in-app transfers are free.

4. Moniepoint: Moniepoint is a digital payment platform that allows users to send and receive money, pay bills, and purchase goods and services. It was founded in 2019 by a group of experienced entrepreneurs in the fintech sector. One of the benefits of using Moniepoint is speed and convenience. Users can transact at any time, anywhere from the comfort of their mobile devices. Another advantage is the security of the platform which ensures users’ personal information and transaction details are safe and protected.  Moniepoint does not charge transfer fees for transactions made within the platform. This helps users save money and allows them to transfer money comfortably without worrying about additional costs.

5. PAGA: PAGA is a mobile payment platform founded in 2009. It allows users to send and receive money, pay bills, buy airtime, and perform other transactions.

One of the benefits of using PAGA is its easy-to-use interface. The platform is simple and straightforward, making it easy for users to navigate and transact. Another advantage is its availability on different platforms including web, mobile apps, and USSD. This ensures that users can access the platform regardless of their location or device. PAGA does not charge transfer fees for transactions made within the platform. This allows users to transfer money freely without worrying about additional costs. However, users may be charged for services such as paying bills and purchasing airtime, depending on the service provider.

Other banks that charge N10 as transfer fees like Kuda and Palmpay.

We want to tell you about another bank like Palmpay that charges as low as N10 for transfers outside the platform. Most of those digital banks charge N10 or below that for transfers outside their platform. 

1. V Bank: V Bank is a virtual bank providing digital banking services to customers. It is a product of VFD Microfinance Bank,  licensed by the Central Bank of Nigeria. The benefit of using V Bank is that it provides a seamless banking experience with a simple account opening process and allows customers to conduct banking transactions on their smartphones. V Bank does charge N10  transfer fee and offers instant transfer and bill payment services.

2. Carbon: Carbon (formerly known as Paylater) is a digital financial platform that allows users to access loans, payments and investments. The benefit of using Carbon is that it offers flexible loan options with competitive interest rates and no hidden fees. Carbon charges 10N10 as a transfer fee and enables transparent and secure transactions.

3. ALAT: ALAT is an innovative virtual bank that provides digital banking services to customers. This is a product of Wema Bank,  licensed by the Central Bank of Nigeria. The advantage of using ALAT is that there are no account maintenance fees and no minimum balance requirement. ALAT does charge N10  transfer fees for transfers outside Wema Bank and provides customers with a user-friendly platform to conduct banking transactions.

4. Eyowo: Eyowo is a mobile payment platform that allows users to send and receive money, pay bills, and make purchases. The advantage of using Eyowo is that it provides a safe and fast way to make financial transactions without the need for a bank account. Eyowo charges N10 as a transfer fee and offers various features such as biometric verification and integration with other payment channels.

5. Sparkle: Sparkle is a digital bank launched by Unity Bank. Its aim is to provide financial services to Nigerians on the go, focusing on simplicity and user-friendliness. One of the key benefits of Sparkle is that it is completely digital, meaning users can transact and access banking services from their mobile devices 24/7. Sparkle also supports various payment options like bill payments, airtime and data top-ups, virtual card creation, and money transfers.   Sparkle charges  N10 transfer fees for transactions outside the Sparkle network.

6. Wema Bank: Wema Bank is one of Nigeria’s leading banks, with a long history of serving customers. It provides a wide range of financial services to individuals, businesses, and enterprises. Wema Bank’s digital platform provides customers with a convenient and secure way to access financial services, including money transfers, bill payments, airtime top-ups, and financial inquiries. accounts, anytime, anywhere, and from anywhere in the world.  Wema Bank charges a nominal fee of 10 Naira for transferring money within the bank and to other banks in Nigeria.

7. First bank: First Bank is one of the oldest and largest banks in Nigeria, with a presence in over 750 locations across the country. It provides a wide range of financial services to individuals, businesses, and enterprises. First Bank’s digital platform provides a seamless banking experience to its customers, with features such as money transfers, bill payments, airtime top-ups and value-added services. The platform is also highly secure, with multiple layers of authentication to protect customer information.

First Bank charges a nominal fee of 10 naira for transferring money within the bank and to other banks in Nigeria.

FAQs on Apart from Opay and VBank, what other banks charge zero transfer fees?

Besides Opay and VBank, which banks offer free transfer fees?

Some banks that do not offer transfer fees include GTBank, Access Bank and Zenith Bank, PAGA, carbon, Robies, and Moniepoint.

Are there any special conditions to benefit from zero transfer fees?

Yes,  specific conditions may vary between banks, but in general, transactions can only be made between accounts opened at the same bank.

Is there a limit to the amount that can be transferred for free? 

Yes, there may be a limit to the amount that can be transferred for free. Some banks may impose daily or monthly transaction limits.

Are there any downsides to using these banks without transfer fees?

A potential downside could be longer processing times in certain cases, such as sending money internationally.

How does using a bank without transfer fees benefit customers?  

Using a bank without transfer fees benefits customers by reducing financial transaction costs, making it more affordable to send money to friends and family or pay bills. This can lead to significant savings over time.

Conclusion 

We have provided you with the list of banking services that charge zero transfer fees and also the ones that charge N10 for transfers outside their platform. It’s now left for you to make a decision on the one to use.