There are three reasons.
Card transfers are suitable for day to day consumption requirements. They are however expensive. Their cost is linear, meaning that the amount you pay is directly related to the amount sent. The more you send, the more you pay.
Investment transfers (to buy land, shares, homes etc) which are much larger are best done by bank transfer where costs are fixed regardless of the amount transferred. The same goes for local payrolls, supplier payments, paying off various creditors (accounts payables) etc .
Amount sent: USD 5,000
Cost: USD 70 (varies from bank to bank)
% cost to amount sent: 70/5,000= 1.4%. If the amount sent had been $10,000, the proportional cost would fall to:
70/10.000 = 0.70%
By increasing the denominator, the % cost will keep falling. This is much cheaper than the linear card transfer.
We are committed to keeping your financial information safe and making sure you can transact with us securely.
LionPay is here to help with your questions. If you have any queries, please access our "Contact Us" page.
Having converted the initial transfer, you can choose to make local payments at your own speed. You will be provided with a statement of your balances and the detailed movements in your account. You give us the instructions and we do all te work!
We pay to bank and other forms of accounts as well as to mobile wallets.
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