This is a pretty important topic, especially for those who use Opay and deal with international transactions. So, let’s break it down in simple terms.
What is Opay?
First, a quick refresher on Opay. Opay is a versatile mobile payment service that’s gained popularity for its user-friendly approach.
It’s designed to make financial transactions easy and accessible for everyone.
From sending money to paying bills, Opay has become a go-to for many people.
Without wasting any more time, let’s jump into the main question of the day!
Can Opay Receive Dollars?
Absolutely, Opay can receive dollars, thanks to its collaboration with Worldremit.
This feature positions Opay as an invaluable resource for those engaged in international commerce or for individuals with family overseas.
Yet, it’s important to note that while Opay can accept dollars, it doesn’t hold them in that currency.
The platform automatically converts any received dollars into Nigerian Naira, maintaining your balance in the local currency.
So, for those wondering, “Can Opay store my dollars?”, the current answer is no.
This means when dollars are sent to your Opay account, they’re instantly converted to Naira at the existing market exchange rate.
Understanding this mechanism is crucial for Opay users contemplating international transactions.
So, when you think about receiving dollars via Opay, remember how the conversion process works.
How to Receive Dollars with Opay
In discussing the capability of Opay to handle dollar transactions, it’s crucial to highlight the role of WorldRemit in this process.
WorldRemit stands out as a modern solution for international money transfers, offering the convenience of sending money to over 150 countries via a smartphone or computer.
Understanding the collaboration between Opay and WorldRemit is key to comprehending how to receive dollars in Nigeria through Opay.
Below is a step-by-step guide to the process:
- The sender begins by choosing ‘Nigeria’ as the target country and selecting ‘Opay’ as the preferred payout method on the WorldRemit platform, which could be their app or website.
- Next, they enter the desired amount to be sent.
- The critical step involves inputting the recipient’s phone number, which acts as the identifier for the Opay account.
- To complete the process, the sender clicks on “SEND”, initiating the transfer of funds to the specified Opay account.
- Upon receiving the funds, Opay converts the dollar amount into Nigerian Naira at the current exchange rate and credits it to the recipient’s account.
This streamlined process significantly enhances the utility of Opay accounts, enabling users to receive international transfers directly, thus bridging the gap between local and global financial transactions.
Can Opay Receive Dollars – FAQs
Can I receive dollar in my Naira account?
Yes, you can receive foreign currencies in your normal naira account, but the bank is at liberty to fix the rate for you. For instance, if your client, family member, or friend were to send $150 into your naira bank account, the bank gets to decide how much naira you get for $150.
Does OPay support international transfer?
Yes, Opay support international transfer. Opay has been given approval by the Central Bank of Nigeria (CBN) to commence international money transfer.
Which countries uses OPay?
OPay Digital Services Limited is a company founded by Opera Norway AS Group with footprints in emerging markets across Asia, Africa, and Latin America in countries like Mexico, Nigeria, Egypt, and Pakistan.
Can I get an OPay card without NIN?
No, you can not get Opay card without NIN. You need to be verified before you will be allowed to use Opay card and to be verified you need to link your BVN and NIN to the account.
Can I use OPay card for international payment?
Yes, OPay ATM cards can be used both locally and internationally, allowing users to make payments and withdraw cash when traveling abroad.
Who regulates OPay in Nigeria?
The Central Bank of Nigeria.
OPay has positioned itself as a leading force in financial technology. The company is licensed and regulated by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation.”
Can OPay send money internationally?
Nigerian financial service technology company, OPay has announced a partnership with leading global digital payments platform WorldRemit, to offer international money transfers directly into OPay mobile wallets in Nigeria.
How many Nigerians use OPay?
OPay Nigeria was founded in 2018 and has grown tremendously to become a household name for Nigerians with over 40 million users, 500,000 agents, and 300,000 merchants who trust and use OPay for everyday payments and collections.
Conclusion on Can Opay Receive Dollars
To sum up, Opay has indeed expanded its services to include receiving dollars, thanks to its partnership with Worldremit.
This is a big step for users engaged in international dealings or those with family overseas.
However, it’s important to note that while Opay can receive dollars, it doesn’t store them.
Instead, the amount is automatically converted into Nigerian Naira at the prevailing exchange rate.
For now, if you’re looking to maintain a balance in dollars, Opay might not be the solution.
But for straightforward conversions and receiving international payments, it’s a valuable tool.
Keep an eye on Opay’s features as they continue to evolve in this global digital economy.
If you have any questions regarding this post, simply leave us a comment in the comment section below and we will get back to you as soon as possible!
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