The charges for receiving funds in your virtual accounts vary depending on the currency
CURRENCY | FEE | DESCRIPTION | ESTIMATED DELIVERY TIME |
NGN | N0 | Only for Nigeria's local transfer | Instant. |
USD (ACH and Domestic Wire) | 0.8% with a minimum of $1.5 and capped at $15 | It can only be used to receive payments from the US through AC or Local wire transfer.
| 1 to 2 business days.
This also depends on the payment method used by the sender |
USD (SWIFT) | The amount received depends on the SWIFT fee method used by the sender (SHA, BEN, or OUR).
Raenest's fee is 0.8%, with a minimum of $10 and a maximum of $15. | SWIFT | 2 to 5 business days.
|
EUR | 0.7% with a minimum of ะ1.5 | It can only be used to receive payments from countries within the EEA region. | 1 to 2 business days |
GBP | 0.7% with a minimum of ยฃ1.5 | It can only be used to receive payments from the UK.
| 5 minutes to 1 day |
SWIFT FEE OPTIONS
There are three fee options available: shared (SHA), beneficiary (BEN), and sender (OUR). The sender's fee choice will impact the final amount deposited into your bank account.
Sender Covers Fees (OUR): The sender is responsible for all transfer fees. The full amount is delivered to the beneficiary.
Beneficiary Covers Fees (BEN): The beneficiary is responsible for the transfer fees. Fees are deducted from the transfer amount, and the beneficiary receives the net amount.
Shared Fees (SHA): The sender covers fees from the sending bank, while any fees from intermediary banks are deducted from the transfer. The beneficiary receives the net amount after these deductions.
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