How do I make transfers on Paystack?
Our Transfers feature allows you to send money from your Paystack balance to any bank account in Nigeria. This feature is only available to Paystack Registered Businesses in Nigeria.
Important to Note:
Paystack Starter Businesses do not have access to the Transfer feature on the Dashboard. If you wish to make transfers from your Paystack balance, you can upgrade your business to a Paystack Registered Business, where you're required to submit your business registration document by CAC, and your business corporate account. Click Here to upgrade your business now.
How do I get money in my Paystack Balance?
Before you can use our Transfers feature, you need to have funds in your Paystack Balance, and you can do this using our Topup feature. Topping up your balance helps you move money from a Nigerian bank account into your Paystack Balance, click here to learn more about the Topup feature. Once you have money in your Paystack Balance, you'll be able to use our Transfers feature to move it into any bank account in Nigeria.
How do I use Paystack Transfers?
First, go to the Transfers tab on your Dashboard and click on the "New Transfer" button in the middle of the page. You should see a similar page like the one below.
1. Choose Balance: This lets you choose which of your Paystack balances you want to transfer from. You can only change this if you have more than one Paystack balance tied to your business. 'Choose Balance' also shows the amount in your balance that is available for transfer.
2. Amount to Send: This is where you input the amount you would like to transfer. Please note that you cannot transfer less than NGN 100.
3. Bank Name: Click the 'Choose bank' drop down to select the name of the bank you want to make a transfer to.
4. Account Number: Type in the account number you would like to make the transfer to. The account number must be an account of the bank name you selected in No. 3 above.
5. Account Name: After you have typed in the bank name and account number, the account name will appear here after a brief period. If no name appears, it means we could not find the account number in the bank you specified. You can type in the account name by yourself, if you are very sure the bank name and account number are correct.
6. Transfer Note: You can type in a brief description of the transfer here. This note should appear in the narration of this transaction both in your account statement and the credit alert text message that will be sent to the receiver of the funds. This is optional.
7. Transfer Reference: You can type in a personalised reference code here. This is optional.
Click ' Start Transfer' and you are Done!
What is the minimum amount I can transfer?
The minimum you can transfer is NGN 100.
How much does it cost to do a transfer?
There's a flat NGN 50 fee for all transfers, regardless of the amount that is sent. This means that if you send NGN 500, or NGN 500,000, you'll still be charged a flat NGN 50 fee.
How do I modify a transfer recipients name?
- To modify a transfer recipient's name, click on 'view all' highlighted below to see a list of all your transfer recipients.
- Next, click on the 'pencil icon' beside any recipient and a pop-up will show, which enables you to modify the recipient's name and email address. See an illustration of this below:
- You can also choose to delete a transfer recipient.
Other parts of the Transfers feature
The ' View History' button shows you a timeline of your balance activity, here is a screenshot of how it looks:
'Withdraw Balance' lets you immediately transfer your entire Paystack balance to the settlement bank account connected to the business or any other bank account you choose. The withdrawal process is exactly the same as making a transfer, and the N50 charge still applies.