UBA International Transfers & Exchange Rates

As one of the biggest banks in Africa, millions of customers rely on UBA to send money overseas, especially to and from Nigeria. We strive to provide our customers with the most up to date and accurate information about financial service providers around the world, and in this guide we will be focusing our attention on this pan-African banking group.

About UBA

United Bank of Africa (UBA) plc. is one of the biggest and leading banks in the African continent. It operates in 20 African countries, U.K., the U.S.A., and France. UBA is proud of its seven decades of growing presence in Africa, serving more than 18 million customers through 1,000 of their office branches. Their recent awards show their sustained presence winning the African Bank of the Year awards in 2019 to 2020 from The Banker, International Bank of the Year (2020) and Bank of the Year 2020 from BusinessDay Banks.

UBA Exchange Rates and Fees

Exchange Rate

UBA provides their exchange rates through FXMart, which centralizes all of their exchange rates for different countries. They do not publicly disclose their exchange rates on their website. They encourage their customers to visit any UBA business office to determine their exchange rates.

Transfer Fees

UBA uses various money transfer methods for international money transfer. They offer the option of transferring with Moneygram, Western Union, World Remit, Bureau de Change, and UBA International transfer. Although UBA guarantees affordable fees and competitive rates, they do not share the costs entailed for any of the transfer options they provide.

Additional Costs

UBA does not disclose any of the fees that customers might have to pay to accomplish money transfers.

How Do UBA Transfer Fees Compare to Using a Money Transfer Provider?

UBA does not disclose their transfer fees to their customers even for reference purposes. Customers of UBA may prefer money transfer providers that are transparent and can reach different African countries. Wise covers those needs that may serve as an alternative for UBA customers.

Wise calculates their total transfer fees based on the market rates, a flat fee, transfer method, location and currency of the recipient account, and the total amount sent. Typically, the larger the amount sent, the larger the transfer fees become. If UBA customers can avail fixed transfer fees through any money transfer option UBA provides, they should use it instead of Wise, especially if they need to transfer large amounts of money.

Although Wise covers some African countries, such as Kenya, Ghana, Zambia, and more, their reach in Africa is not as extensive as UBA’s reach. UBA has branches in lesser known African countries, so UBA customers might also need to weigh this when it comes to overseas money transfers.

UBA Pros and Cons

Customers interested in banking with UBA may want to consider the salient pros and cons about the bank.

UBA Swift Codes

Opening an Account

Although UBA does not share each step of the process of an account opening, it can be done online if the customer has details needed for opening in the country of their choice. In that country, they must have a permanent address, identification card, and utility bill to complete the application. Other requirements might be required for verification purposes. The whole process can be done online.

Transferring Money

UBA partners with international money transfer companies, such as MoneyGram, Western Union, Ria Money Transfer, and World Remit, to accommodate the needs of customers for international money transfers. MoneyGram and Western Union require customers to visit UBA branches to use their service, while Ria Money Transfer and World Remit can transfer money online. UBA does not share the transfer fees charged when using these services. All of these services can send money real-time.

Africash can be used by customers for transferring money within Africa. This can be used electronically or by visiting a UBA branch. This also promises a real-time arrival of funds after a successful transaction.

Additional Information

Aside from personal banking, UBA supports digital banking, energy banking, corporate banking, and small and medium-sized enterprise (SME) banking. UBA supports these specialized fields to give a different banking experience tailored to their needs. For example, customers interested in energy banking can transact with import, export, and oil products and trading; UBA’s corporate banking services provide comprehensive portfolios for different business sectors.

Customer Service Details for Users of UBA

Customers can reach UBA through their hotlines: (1) +234 700 2255 822 (0700-CALL-UBA), (2) +234 1 280 8822 (2808UBA), (3) or +234 1 631 9822. UBA does not specify certain issues associated with any of the hotline, so customers can try any of the above for any inquiries or concerns.

Customers can also email UBA at cfc@ubagroup.com.

An online form can be filled out at UBA group’s website for filing complaints or asking inquiries. Customers are not required to share their personal information when filling out this form.

UBA created a chat assistant called Leo that can be reached on FB Messenger, WhatsApp, and Apple Business Center for any inquiries related to UBA. Customers should use the keywords “UBA Chat Banking” to look for Leo.

Summary

UBA offers extensive products and services for their customers within Africa and in the U.S.A., U.K., and France. UBA improves the banking experience of their customers by giving them debit cards that can be used anywhere, many customer service options, different accounts for varying needs, and an app that allows customers to increase their mobility. UBA extends their services to industry specific fields, such as energy banking and SME banking, with their technology, workshops, loans, and industry experts. UBA continues to win the best bank awards in recent years because of their continuous improvement of service that led them to serve more than 18 million customers through more than 1,000 branches.

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