PEXBANK introduced two subscription plans on the 29th of July, 2022 to further cut the cost of transfer to as low as 0.35%. Given that international remittance fees are the highest for sub-Saharan Africa and pegged at about 9%, this is a huge feat and one that is most desired. How does this help?
As mentioned earlier, there are two subscription plans – The business Plan and the Exchanger plan. Let’s compare these two plans in the table below:
| Description | Regular Plan | Business Plan | Exchanger Plan |
|---|---|---|---|
| Savings | 0% | 50% | 90% |
| Default fee | 3.5% | 1.75% | 0.35% |
| Pexcredit | Enabled | Disabled | Disabled |
| Renewable | No | Weekly | Weekly |
| All Payment Category | Yes | Yes | Yes |
| Cumulative Transaction Volume | All | ~ $3,000+ | ~ $5,000+ |
| Micro/Macro Transactions | Yes | Yes | Yes |
| Current Cost | $0 | $40 (N25,000) | $63 (N40,000) |
The Business Plan
The business plan is appreciated by those whose practice and involvement with payments and money transfers are practically for business and commerce. Users in this category can pay up to 50% lesser fees every week to send/receive or buy/sell funds for cumulative sums of payments or transfers totaling up to the equivalent of $3,000 or more in currency transactions. This eliminates the focus on the prevailing prices of exchange rates served per season. This gives individuals the uttermost freedom to send payments cheaper, transfer assets, or make payments at desirable prices while giving you the opportunities to leverage or acquire private funding from individuals for timely, and profitable payments to support commerce and entrepreneurial pursuits.
The Exchanger Plan
The exchanger plan targets individuals with substantial financial assets by reasons of their access to huge volumes of resources through global commerce, diaspora links, friends and family, business partnerships and sponsorships, international grants, etc who can make their resources available to boost access to fx supplies, at the official/best exchange rates and can sustain supply and availability. Users in this category can pay up to 90% lesser fees every week to send/receive or buy/sell funds for cumulative sums of payments or transfers totaling up to the equivalent of $5,000 or more in currency transactions. Again, this eliminates much more effectively, the focus on the prevailing exchange rates served.
This table below reveals the effectiveness of each irrespective of price action
