The 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.
NB: 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 to get money into your Paystack Balance
Before you can use the Transfers feature, you need to have money inside your Paystack Balance, and you can do this using the Topup feature which helps you quickly move money from a card or Nigerian bank account into your Paystack Balance. Learn more about the Topup feature.
Once your money is in your Paystack Balance, you'll be able to use the Transfers feature to move it into any bank account in Nigeria.
How to use Paystack Transfers
Using Paystack Transfers is very easy!. 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.
7. Transfer Reference: You can type in a personalised reference code here.
Click 'Start Transfer' and you are Done!
Minimum Transfer amount
You can transfer a minimum of NGN 100.
How much it costs to do a Transfer
There's a flat NGN 50 fee for all Transfers, regardless of the amount that is sent. This means that whether you send NGN 500, or NGN 500,000, you'll still be charged a flat NGN 50 fee.
Other parts of the Transfers feature
The View History button shows you a timeline of Balance activity
Withdraw Balance lets you immediately transfer your entire Paystack balance to the settlement bank account connected to the business.