Sending Money with Bloc
Bank transfers with your Bloc Dashboard allow you to send money to any bank account in Nigeria. You can send money to one bank account or choose to send to up to 1000 bank accounts at once.
We typically processes bank transfers in less than 2 minutes.
How do Transfers work:
Our banking services are powered by three banking institutions;
- Providus bank
- Wema bank
- Bloc Microfinance bank
All fully licensed and approved by the CBN, and all of our bank accounts (local and global) are deposit-insured.
Also, we are directly integrated into Nigeria Inter-Bank Settlement System (NIBSS), a central switch infrastructure responsible for processing instant transfers between banks through Banc Corp Microfinance bank. This allows us to process transfers faster than usual.
In this article, you'll learn how to send money with Bloc to any bank account.
How to Send Money with Bloc
There are two ways to send money on Bloc:
- Single transfers
- Bulk transfers
How to make a Single Transfer
Single transfers are like your normal bank transfers. You can send money to any bank with a single transfer.
- Go to the Home page.
- Click on Make a Transfer on the top of your screen.
- Choose Single Transfer in the overlay and select which of your accounts (main account or a sub-account) you're sending from.
- Provide the recipient's bank name and account number.
- The recipient's account name will be generated for confirmation. Confirm this name and input the amount you want to send to the recipient.
- Type in a narration (if you have one). This is optional.
- Click on Send Money and enter your transaction PIN.
- And you're done!
If there is no money in the bank account you have chosen to transfer from, your transfers will fail and not be processed.
How to Make a Bulk Transfer
Bulk transfers are a feature of Bloc that allows you to send money to up to 1,000 bank accounts at once in a few minutes. This is useful for case scenarios like batch payments, vendor payments, salary payments etc.
How much does it cost to transfer money?
Our cost varies depending on the amount you are trying to transfer.
| Feature | Band | Price |
|---|---|---|
| Transfers Out | Transfers of NGN 5,000 and below | NGN 10 per transfer |
| Transfers between NGN 5,001 and NGN 50,000 | NGN 25 per transfer | |
| Transfers above NGN 50,000 | NGN 50 per transfer |
When making a transfer, we show you the corresponding fee based on the amount you want to transfer. We also deduct this fee from your Account Balance.
Is there a transaction limit for bank transfers?
You can transfer as low as NGN 10, and the maximum amount of money you can transfer out in one transaction is NGN 10,000,000.