How the best use of your Wewire Account

Date

November 15, 2023

|

5 min read

Cover Image for How the best use of your Wewire Account

Introduction

Africa has immense potential, and its markets are burgeoning with untapped opportunities. However, facilitating financial transactions that involve payments within and outside Africa has often been daunting. That's where WeWire steps in. We provide businesses with cutting-edge tools that empower you to make payouts effortlessly, local or international.

Our platform is designed to offer a seamless experience, enabling you to navigate the complexities of cross-border transactions confidently. No more hassles or delays - just smooth and secure financial operations.

This article explains what Wewire Africa can do for your business and how to use Wewire Africa best to empower your business.

How to make the best use of your Wewire Account

To enjoy all the awesome features you can get from having a Wewire Account, here are a few things you should know about the features you can access from your Wewire Africa dashboard.


Quick Currency Conversion

One of the standout features of Wewire is its lightning-fast currency conversion. Whether you're a business owner with businesses in multiple geographies or simply curious about the value of your funds in another currency, Wewire makes it a breeze. The intuitive interface allows you to input the amount, select the source and target currencies, and voilà get an instant conversion. No more puzzling over exchange rates or hunting for calculators; Wewire puts the power of currency conversion at your fingertips. Also, converting your funds from one currency to another is FREE on Wewire Africa.


Create Multiple Currency Wallets

Wewire continues beyond simplifying currency conversions. It goes a step further by allowing you to create multiple currency wallets. This feature is particularly valuable for international businesses, frequent travelers, or anyone who deals with various currencies. With Wewire, you can conveniently have money in different currencies in different wallets with one account, eliminating the need for multiple bank accounts and making it easier to manage your business finances. Plus, having multiple currency wallets lets you easily swap from one currency to another and take advantage of favorable exchange rates.

Multicurrency Payouts

With Wewire Africa, you can easily make payments in different currencies and pay people within and outside your country. To perform a payout on Wewire Africa, log in to your dashboard and create a currency swap to ensure you have the amount of money to be sent in the receiver’s currency. Once you have swapped, click the payout button to enter the receiver's banking details and complete the payout.


Create a Virtual Dollar Card

In this era of online transactions, having a versatile card for making online payments is essential. Wewire understands this need and offers you the option to create a virtual dollar card. This virtual card is a digital representation of your physical card, enabling you to make online purchases, subscriptions, or payments.

For businesses, Wewire understands that business expenses don't stop, especially in companies with multiple teams. With Wewire Africa, businesses can create cards for different teams, assign cards to team members, and manage these expenses easily, as reconciliation is easy on our digital platform.


Team Management

Wewire Africa was created for businesses, and businesses usually have teams. With the team feature, you can add team members to one business account and assign roles with different levels of access to them. If needed, you can also easily edit, limit, or delete team members and roles. You can also create expense cards and assign them to different team members for different functions.


The features of Wewire Africa extend beyond currency conversion to simplifying cross-border payments for businesses. It's a comprehensive platform designed to empower your business endeavors. With quick currency conversion calculations, the ability to create multiple currency wallets, manage teams, and the convenience of a virtual dollar card, Wewire offers robust features to empower your business and expand across geographies.


Take advantage of the opportunity to supercharge your financial capabilities. Discover the world of Wewire Africa and experience financial empowerment like never before. Whether you're an international business professional, a globetrotter, or someone who values financial convenience, Wewire has you covered. Start using Wewire Today.

To stay updated on our services and product offerings, connect with us on all Social media platforms @wewireafrica, and for follow-up questions, suggestions, or inquiries, Email us at Hello@wewireafrica.com or Support@wewireafrica.com.



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Cover Image for Wewire Africa -The magical solution for International Payments

Wewire Africa -The magical solution for International Payments

Once upon a time, in a small town called Payville lived a business owner named Alex. Alex's business was thriving, and as it grew, so did his connections worldwide. He had suppliers in different countries, and his customer base expanded rapidly.


One day, as he sat in his cozy office, Alex received a big order from a client on another continent. Excited about the opportunity, he realized he needed to make an international payment to his suppliers to secure the deal. However, the thought of navigating the complexities of international transactions left him feeling overwhelmed.


Just when Alex was starting to worry, he heard about a magical platform called "Wewire Africa" Intrigued, he decided to give it a try. As soon as he registered on the platform, he was astonished at how simple and user-friendly it was.


With Wewire Africa, Alex could easily send money to his overseas supplier with just a few clicks. No more complicated bank forms or tedious processes. The platform took care of everything, ensuring his payment reached its destination securely and on time.


But that was not all; another enchanting feature of Wewire Africa caught Alex's attention. His business often involved making multiple payments to various customers at once. In the past, this was a time-consuming task that required managing numerous accounts and records. But with Wewire’s beneficiary instant pay feature, Alex could now easily make all those payments simultaneously. He also could assign virtual payment cards to various departments in his company. The marketing dude doesn't chase after him anymore for marketing budget money.


He couldn't believe how much time and effort the platform saved him. With the burden of international payments lifted from his shoulders, Alex's business flourished even more. He had more time to focus on expanding his customer base, introducing new products, and nurturing valuable partnerships.


Alex's success story spread throughout Payville and beyond as the years passed. Other businesses in the town started using Wewire Africa, and they, too, experienced the same magic and convenience.


From that day on, whenever anyone in Payville needed to make international payments or send multiple payments quickly, they knew where to turn—the trusted and reliable platform that simplified the process, just like magic — Wewire Africa.

And so, Payville continued to prosper, thanks to the wonders of Wewire Africa, making dreams come true for entrepreneurs like Alex and building stronger connections worldwide.


Like Alex initially was, many business owners are currently struggling with figuring out how to connect to the rest of the world through International Payments. Wewire Africa was created to solve this challenge.
Sign up Now and join the train today.

Cover Image for How OTC Trading is solving cross-border payments for African  businesses

How OTC Trading is solving cross-border payments for African businesses

Introduction

In the Financial Services space today, Over-The-Counter (OTC) trading is fast becoming a pivotal force. This article will examine how OTC trading is utilized within the financial services industry, emphasizing its role in revolutionizing cross-border payments using Wewire Africa as a case study.

Understanding OTC and Cross-Border Payments

Over-the-counter (OTC) trading is a popular way of buying and selling assets without relying on an intermediary. OTC trading allows both parties to negotiate directly with each other, avoiding price slippage and accessing higher liquidity.

Cross-border payments are payments from one country to another, usually involving different currencies.

A business might need to send money from one country or continent to another for many reasons.

For context, in Africa today, a business in Nigeria that needs to send money to Ghana will have first to convert the local currency, which is the Naira, to USD and then send USD to Ghana.

OTC trading is fast becoming the preferred way to tackle the many bottlenecks of cross-border payment. OTC trading's relative ease of implementation and practical usefulness to customers have made it attractive for providers trying to move transaction volumes quickly.


The Current Landscape of Cross-Border Payments


According to
research, the B2B Payments Market Size was valued at USD 1,324.43 billion in 2022 and is anticipated to reach USD 1,589.56 billion in 2023. It is projected to reach USD 2,456.76 billion by 2031, growing at a CAGR of 9.2% during the forecast period (2023-2031). However, challenges such as high transaction fees, currency exchange rates, and compliance with regulations and tax laws must be addressed to streamline B2B payments and improve efficiency. In Africa, Diverse payment systems, currency fluctuations, and limited banking infrastructure have hindered African cross-border payments. High costs, additional fees, and security concerns further complicate transactions.

OTC in Cross-Border Payments: A New Approach

One of the most significant applications of OTC trading is in the realm of cross-border payments. Traditional methods of international fund transfers have long grappled with high fees, slow processing times, and volatile exchange rates. OTC trading provides a solution by facilitating direct currency exchanges, reducing costs, and expediting transaction times.

Platforms like Wewire Africa harness cutting-edge OTC platforms and technologies to facilitate cross-border payments. This ensures transaction speed, easy customer accessibility, and secure and transparent transactions.

When a customer who lives in Nigeria and has Naira in his possession needs to pay his supplier in China, for example, for raw materials, there's a need to look for Yuan, which is the Chinese currency. Hence, a currency trade has to be made.

OTC Trading flow

Currency trading is the process of buying and selling currencies. When a customer needs to move money from one currency to another, a trade has to happen, trading his currency for the currency needed, like buying and selling. Depending on the transaction volume, The customer comes to an OTC trader such as Wewire Africa and explains his specific needs. Then, an offer is made. This means that rates are agreed upon, and the trading team completes the transaction.



Advantages of OTC Trading in Cross-Border Payments

Adopting OTC solutions for cross-border payments by Wewire Africa translates into tangible benefits, especially for users. Users experience expedited transaction times, reduced fees, and increased accessibility. The flexibility of OTC trading enables Wewire Africa to tailor its services to the unique needs of cross-border transactions.

When asked, one of Wewire’s customers, Mr Roger Gbeve of Maison T'acier, a steel manufacturing company with a presence in 3 African countries, said that before he started using Wewire Africa, he would usually have to go to the bank for his cross-border payments needed by his business. Still, he was never sure that the banks would be completely helpful. With Wewire Africa, he always has the foreign currency he needs to pay his suppliers or sort out his business operations across multiple geographies, which was made possible by OTC trading. Some reasons why customers prefer Wewire Africa for OTC trading in cross-border transactions include

  1. Volume of transaction
  2. Ability to negotiate price
  3. Liquidity availability
  4. Security or Safety
  5. The human factor

Mitigating Challenges and Risks of OTC Trading in Cross-border Payments

While OTC trading offers substantial benefits, acknowledging potential challenges and risks is crucial. Wewire Africa addresses these risks by ensuring thorough regulatory compliance, security, and innovative security measures on the digital platform. For any customer to be able to perform a transaction, they must have completed their verification with complete background checks, as well as had their business verified to be legitimate.

Conclusion

In conclusion, OTC trading has become a dynamic force within the financial services industry, especially in making cross-border payments accessible globally.

You're better off going the OTC route as a business owner who utilizes large liquidity in multiple currencies and across different countries for business transactions.

Contact Wewire Africa to get a quote today. Visit the website or send an email to Hello@wewireafrica.com to get started now.

Cover Image for How to make the most of Holiday Period Sales

How to make the most of Holiday Period Sales

Thanksgiving, Black Friday, Cyber Monday, Christmas, Boxing Day, New Year’s Day are all important days of the year not only because they herald the festive season as well as end-of-the-year festivities but also because there are amazing discounts, sales and promotions that brands are always running as part of their end of the year campaigns.

This makes the holiday period the perfect time to snag amazing deals and discounts from your favourite brands, but to do this well, one must be prepared, which is why we prepared this short guide to help you make the best of Sales this period.

Here are a few tips to help you make the most of the Holiday period using the Wewire virtual dollar card:


  1. Plan Ahead: Create a budget and a shopping list. Research the best deals and discounts available during the festive season.
  2. Leverage Rewards and Cashback: Using cashback apps like Rakuten, Many brands also offer rewards and cashback on purchases. Utilize these benefits to gain additional value from your shopping.
  3. Compare Prices: Be sure to look around and compare prices across various platforms or retailers. Look for the best offers to get the most value for your money.
  4. Monitor Price changes: Keep track of your purchases by setting up notification alerts and emails that inform you of when these brands go on sale or go live with their discounts. That way, you’re surely ready to maximise these promotional offers.
  5. Last but not least, use the Wewire Virtual dollar Card to shop this festive season: Wewire offers you a fail-safe dollar card that works on all the websites you would like to shop from? Create an account if you haven’t already and create a dollar card too!

Benefits of Using Your Wewire dollar card

  • Security and Safety: Wewire dollar cards offers secure transactions, minimising the risk of fraud or theft during the shopping frenzy of festive sales.
  • Easy Online Transactions: With your Wewire dollar cards, accessing online deals becomes effortless. You can shop from the comfort of your home and avail yourself of discounts on a global scale.
  • Currency Conversion: Many festive season sales happen worldwide. Your DollarCard simplifies international transactions, saving you from currency conversion hassles and providing competitive exchange rates.

Conclusion

The festive season sales can be overwhelming, but with the right strategy and your Wewire virtual USD card, you can make the most out of these opportunities. Maximise discounts, protect your purchases, and enjoy a stress-free shopping experience during this joyous season. Happy Shopping!

By employing these tips and leveraging the benefits of your DollarCard, you'll not only bag fantastic deals but also ensure a secure and rewarding shopping spree.

Smart planning and wisely utilising your Wewire USD Card can turn the festive season into a shopping extravaganza filled with savings and delight.