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Introduction

The Transfers API enables secure movement of funds between accounts using various payment methods. Whether you’re sending payments to vendors, paying out to customers, or managing internal transfers, our flexible API supports both domestic and international transactions.

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Transfer Types

Outgoing Transfers

Send money to beneficiaries:

  • Vendor payments
  • Customer refunds
  • Payroll disbursements
  • Business expenses

Internal Transfers

Move funds between accounts:

  • Currency conversions
  • Balance management
  • Account consolidation
  • Settlement transfers

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Supported Payment Methods

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Currency Support & Exchange

NGN

  • Local bank transfers
  • Real-time payments
  • Account validation
  • Daily Limit: ₦100,000,000

USD

  • ACH/Wire transfers
  • Stablecoin settlements
  • International payments
  • Daily Limit: $500,000

CAD

  • Interac e-Transfer
  • EFT payments
  • Wire transfers
  • Daily Limit: C$100,000

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Key Concepts

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Beneficiaries

A beneficiary represents a recipient of funds. They can be:

  • Bank account holders
  • Crypto wallet addresses
  • Binance Pay users
  • Interac recipients

Each beneficiary type requires specific validation:

  • Bank accounts: Account number and routing verification
  • Crypto addresses: Chain and address format validation
  • Interac: Email registration verification

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Transfer Flow

1

Create Beneficiary

Add and validate recipient details

  • Verify account/address information
  • Validate against destination requirements
  • Store beneficiary ID for future use
2

Initiate Transfer

Specify amount, currency, and purpose

  • Check against transfer limits
  • Verify sufficient balance
  • Include required reference information
3

Authentication

Complete any required verification

  • 2FA if enabled
  • Transfer PIN validation
  • Additional security checks
4

Processing

Monitor transfer status via webhooks

  • Track transfer progress
  • Handle notifications
  • Process confirmations

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Transfer Status Lifecycle

Transfers progress through these states:

  1. created - Transfer initiated and validated
  2. processing - Funds being transferred
  3. successful - Confirmed and completed
  4. failed - Transfer unsuccessful
  5. cancelled - Manually or automatically cancelled

Each status change triggers a webhook notification to your registered endpoint.

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Best Practices

  1. Pre-transfer Validation

    • Verify beneficiary details before transfer
    • Check sufficient balance availability
    • Validate against all applicable limits
    • Consider currency exchange rates
    • Use test mode for integration

  2. Error Handling

    • Implement proper retry logic
    • Monitor transfer status
    • Handle timeout scenarios
    • Log all transfer attempts
    • Process webhook notifications

  3. Security & Compliance

    • Implement proper authentication
    • Validate webhook signatures
    • Monitor for suspicious patterns
    • Follow regulatory requirements
    • Maintain audit trails

  4. Rate Management

    • Cache exchange rates appropriately
    • Handle rate expiration
    • Implement rate refresh logic
    • Show clear rate information