Best Virtual Cards For Foreign Transactions In Nigeria 2024
The days of Nigerians being unable to obtain foreign currency are long gone. You can now establish reliable business relationships with clients worldwide and choose from various possibilities. Furthermore, sending and receiving money from friends and relatives who live overseas is no longer prohibited due to the availability of virtual cards.
Virtual cards are digital payment cards that financial institutions or payment service providers typically issue for financial transactions. They are designed for online transactions and can be used for secure and convenient payments without the need for a physical card. Virtual cards are often used for online shopping, subscription services, and other digital transactions.
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Virtual cards are only used online. In certain situations, using a virtual card number may need the use of a specific software, browser extension, or other technological instrument. Additionally, you might need to utilize a desktop or laptop computer instead of a mobile device to use it.
What is a Virtual card?
A virtual card is a digital card used for online transactions, which is capable of keeping fraudsters away from your account because it is a digital, one-time card number that is different from the one on your credit card. Online transactions frequently include the usage of virtual credit cards.
Although it is linked to your account, the 16-digit number on a virtual credit card is different from the number on a real credit card. Furthermore, the security number and expiration date on a virtual credit card are not the same as those on an actual credit card. There’s even a chance that a virtual card has a different credit limit.
A virtual card in Nigeria is a digital payment card that is issued by financial institutions or payment platforms for online transactions. Unlike traditional physical cards, virtual cards exist only in digital form and are typically used for online purchases or payments.
Virtual cards in Nigeria are designed to enhance security and convenience for users by providing a unique card number, expiration date, and security code for each transaction. These cards are often used for online shopping, subscription services, and other digital payments, offering users a safe and efficient way to conduct transactions without the need for a physical card.
Although virtual credit cards provide additional protection and convenience features, they might not be the best option for everyone, particularly if one prefers to use a smartphone for online purchases or if you don’t shop online frequently.
Top 10 Best Virtual Cards For Foreign Transactions In Nigeria 2024
In this article, we have helped you to select the 10 Best Virtual Cards For Foreign Transactions In Nigeria 2024 putting into consideration some factors such as security, card limit, and fees, accessibility, and user-friendliness among others.
Here are the 10 Best Virtual Cards For Foreign Transactions In Nigeria 2024
1. Chipper Cash
2. Bitnob
3. Payday
4. Eversend
5. ALAT
6. Fundall
7. Klasha
8. Changera
9. Geegpay
10. Kuda
1. Chipper Cash
Chipper Cash is a fintech startup that has gained significant traction in the African market for its innovative mobile payment platform.
Chipper Cash was founded in 2018 by Ham Serunjogi and Maijid Moujaled, it is aimed at providing accessible and affordable financial services to users across the continent. The platform allows users to send and receive money, pay bills, and purchase airtime using their mobile phones, making it a convenient and efficient solution for everyday transactions.
One of the key features of Chipper Cash is its cross-border capabilities, enabling users to send money to friends and family in different countries within Africa. This feature has helped facilitate remittances and foster financial inclusion in regions where traditional banking services may be limited.
Additionally, Chipper Cash has garnered attention for its user-friendly interface and commitment to security, ensuring that users can transact with peace of mind.
How to use Chipper Cash
1. Download the app
2. Create an account
3. Verify your account. The verification process takes about 7 days to complete
4. After verification, create a virtual dollar card that you may fund and use for your transactions.
5. Fund your Chipper Cash account by adding money from your regular bank account.
2. Bitnob
The next on our list is Bitnob. With Bitnob, users may send and receive money both internationally and within African nations.
In addition, the app makes it simple for users to buy, sell, and save Bitcoin automatically. It also makes cross-border transactions and remittances easier by enabling users to send and receive money between eight African nations: Nigeria, Ghana, Kenya, Senegal, Ivory Coast, Benin Republic, and Togo.
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With Bitnob’s Virtual Dollar Card, you may pay on more international websites and with a wider selection of merchants without being constrained by unfavourable government regulations. You may shop and pay for subscriptions on thousands of platforms that accept Visa cards worldwide with the Bitnob Virtual Card.
How to use Bitnob
1. Download the app
2. Create an account
3. Tap on “Cards” on the Quick Links section of the homepage
4. Click on “Create a new virtual card”
5. Customize your card by giving it a name and changing the color you prefer.
6. Enter the amount you want to fund your card with. You can top up a minimum of $3 and a maximum of $1,000.
7. Personalize your card then tap on ‘Next – Confirm your transaction pin’
8. Enter your transaction pin
3. Payday
We also have Payday on our list of 10 Best Virtual Cards For Foreign Transactions In Nigeria 2024. With Payday, customers can make online payments using their virtual cards without disclosing their private banking details.
Africans both inside and outside of the continent can send and receive money with the help of the fintech company Payday.
Users can open a virtual account in USD, GBP, or EUR with the Payday app, giving them a quick and safe way to handle their money anywhere in the world.
Users can store, send, and receive money in several currencies with this account, and they can make use of several financial services.
How to use Payday
1. Download the app.
2. Sign up your account
3. Verify your email.
4. Complete your KYC and set up your virtual card.
5. Fund your Payday account from your local bank account.
6. Fund your virtual card.
7. Proceed to pay with the virtual card from your USD account and wherever you are.
4. Eversend
Eversend is a digital financial platform that offers a range of services, including the ability to send money internationally. Users can use the Eversend app to send money to friends, family, or businesses in different countries, facilitating cross-border transactions with ease.
Eversend leverages technology to provide a secure and convenient way for users to transfer funds, offering competitive exchange rates and low fees compared to traditional banking methods.
In addition to money transfers, Eversend also provides other financial services such as currency exchange, bill payments, and virtual debit cards.
How to use Eversend
1. Download the Eversend app
2. Signing up and register on the app
3. Verify your Eversend account
4. Complete your KYC and set up your virtual card
5. Fund your Eversend account
5. ALAT
The next on our list is ALAT. ALAT is a digital bank in Nigeria that offers innovative banking solutions to its customers.
The platform provides a range of financial services, including savings accounts, current accounts, loans, bill payments, and investment opportunities, all accessible through its mobile app.
ALAT is known for its user-friendly interface, convenience, and flexibility, allowing customers to manage their finances on the go.
As a digital bank, ALAT eliminates the need for physical branches, enabling customers to conduct their banking activities online or through the mobile app.
This approach not only enhances convenience but also reduces operational costs, allowing ALAT to offer competitive rates and fees to its customers.
How to use ALAT
1. Download the ALAT app.
2. Click Get Started
3. Click Continue on the value proposition page
4. Validate your account by taking a photo of your face and signature
5. Get to the ALAT Dashboard and get an Account number.
6. Fundall
We also have Fundall on our list of 10 Best Virtual Cards For Foreign Transactions In Nigeria. Fundall is a virtual dollar card provider in Nigeria that offers a virtual card denominated in dollars that lets you make cross-border payments without any problems.
The Fundall software allows you to create a virtual dollar card, and the initial virtual card creation is free. Creating numerous virtual dollar cards fast to make a one-time payment for ongoing purchases is another function of Fundall.
Fundall provides tools for budgeting, saving, investing, and tracking expenses, all within a user-friendly mobile app. The platform aims to promote financial literacy and empower individuals to make informed decisions about their money.
However, to use the virtual card, you must fund it with as little as $5 (or the equivalent in naira). Fundall also serves as a valuable tool for users looking to take control of their finances and work towards their financial goals.
How to use Fundall
1. Download and sign up on the Fundall app. If you have an account, log into your existing account.
2. Click on the “Spend” feature.
3. Select the “Cards” option.
4. Select “Add new card.”
5. Choose the “Virtual US Dollar Card” option.
6. Add a label and your preferred billing address.
7. Fund your account with as low as $5.
8. Click “Fund Card” to complete your card creation process and you can proceed to your virtual card
7. Klasha
Klasha is a cross-border payment and shopping platform that enables users to shop online from global brands and pay in their local currency.
The platform aims to provide a seamless shopping experience for customers in Africa by offering a wide range of products from international retailers.
Klasha also facilitates secure and convenient payment options, allowing users to make purchases without the need for a foreign currency account or credit card.
How to use Klasha
1. Download Klasha app
2. Setup your Klasha Account
3. Complete the two verification levels
4. Tap on the card icon at the bottom of your home screen
5. Select the card you wish to create
6. Click on Continue and fund your card with a generous amount
8. Changera
Virtual dollar cards are among the many goods and services offered by the payment platform Changera making it rank on our list of 10 Best Virtual Cards For Foreign Transactions In Nigeria.
Customers of Changera can make various online payments on any trading platform worldwide by using the virtual dollar card.
You get access to a variety of Changera’s card models as a user. With its free plan, customers can generate virtual dollar cards to pay for purchases and other transactions.
How to use Changera
1. Download the Changera app
2. Create an account.
3. Verify your account and fund it.
4. Enter all necessary information on the app.
5. Verify your proof of residency.
6. Click on the cards button to request a card.
7. Click on “Get cards” on the card page, then select your wallet to make payment.
8. Once payment is successful, click “Continue” to see your new virtual card.
9. Geegpay
The next on our list of 10 Best Virtual Cards For Foreign Transactions In Nigeria is Geegpay. Geegpay was founded by Raenest and it is a product aimed at African gig workers.
Gig workers can create invoices and get compensation with Geegpay. They also get a virtual dollar card and a USD account.
Geegpay virtual dollar card is available for $2 and can only be obtained once the user has finished the registration and verification procedures.
Hence you need to make sure you have the information you’ll need on hand, including your work offer, occupation, employer’s data, proof of address, and identity before proceeding to register.
How to use Geegpay
1. Visit the Official Geegpay Website
2. Click on “Create Account”
3. Choose Account Type
4. Fill in Your Email Address
5. Verify Your Email
6. Set Your Password
1\0. Kuda
Kuda is a digital bank based in Nigeria that makes quick payments possible all around the country. Its mobile app allows you to access a virtual dollar card, one of its offerings.
Rather than using a domiciliary account with a typical bank, you can send and receive money in US dollars using a Kuda virtual dollar card.
Similar to other virtual cards, you can use the Kuda virtual card to make online payments using the USD card that is supplied to you upon the completion of verification.
How to use Kuda
1. Download Kuda on Google Play or the App Store.
2. Open the app and follow the prompts on your screen to open an account.
3. You can use a referral code but it is optional
4. Add money to your account and start enjoying KUDA-free benefits
Advantages and Disadvantages of Virtual Cards in Nigeria
Virtual cards indeed have the ability to offer a secure, convenient, and flexible payment solution for online transactions, however, it has their drawbacks such as limited access, and network issues among others.
Advantages of Virtual Cards in Nigeria
1. Enhanced Security
In Nigeria, Virtual cards offer increased security compared to traditional physical cards, as they are typically single-use or limited-use cards that can help prevent fraud and unauthorized transactions like the physical cards that are used for most transactions.
2. Convenient Online Payments
Another advantage of Virtual cards in Nigeria is that Virtual cards allow for easy and secure online payments without the need to share sensitive card details, this makes them a convenient and secure option for digital transactions.
3. Customizable Spending Limits
It helps in reducing unnecessary spending. This is because Virtual cards can be easily generated and managed online, providing users with the ability to set specific spending limits for different purposes or merchants, offering greater control over their finances.
4. Flexibility and Versatility
Virtual cards can be used for specific purposes or limited to certain merchants, offering flexibility and customization for different payment needs, making them a versatile payment solution for various transactions in Nigeria.
5. Instant Issuance and Accessibility
Another advantage that Virtual cards have over physical cards is that Virtual cards can be quickly generated and accessed online, providing users with instant access to a payment method without the need to wait for a physical card to be delivered, making them a convenient and accessible payment option.
Disadvantages of Virtual Cards in Nigeria
Nigerians still face some demerits of using Virtual cards despite the numerous advantages that virtual cards have, some of the disadvantages are as follows:
1. Limited Acceptance
In Nigeria, Virtual cards are not generally acceptable by all merchants as a means of payment, hence restricting the usability of virtual cards in certain situations.
2. Internet Connectivity Requirement
The internet service of Nigeria has not fully reached that standard that allows availability of high-quality service to every area in Nigeria and Virtual cards typically require an internet connection to generate, access, and use, which may be a limitation in areas with poor connectivity or during network outages.
3. Potential Technical Issues
Another demerit is that Virtual cards are reliant on technology and online platforms to carry out a successful transaction, which can be susceptible to technical glitches, system failures, or cyber-attacks, leading to potential disruptions in payment transactions.
4. Security Concerns
While virtual cards offer enhanced security features, they are still vulnerable to cyber threats, such as hacking, phishing, or data breaches, which can compromise the confidentiality and integrity of card information. Users must remain vigilant and take precautions to protect their virtual card details from unauthorized access.
Conclusion
Nigerian internet payments have been completely transformed by virtual dollar cards, which provide simplicity, security, and user-friendliness. You can get the ideal card that meets your wants thanks to the large selection of virtual dollar card suppliers that are accessible. Select the ideal supplier to take advantage of virtual dollar cards.
