- FAQ
* This page is currently being updated
Getting Started
Who can send or received payments and remittances on PEXBANK?
PEXBANK is a friendly exchange for anyone looking to receive or send money home or abroad. This includes freelancers, travelers, tourists, international students, parents, multinational employees, ad sense bloggers, affiliate marketers, microexporters and importers, eCommerce players, dropshippers, migrants and more.
Do I need to be a Nigerian to use this website?
Absolutely not. You might be someone who wants to own a virtual Naira wallet for the purpose of eCommerce or business activities in Nigeria. However, at this early phase of our operations, verifying users from other countries is delayed.
Registration & Login
- Locate the signup page.
- Verify your email address.
- Provide other required information.
- Submit form.
There are a few reasons why this might happen:
- Your password might be wrong. Try recovering or resetting your password, then reattempt logging in again.
- Your information may not have been registered to the server due to poor internet connection. Reattempt sign up.
- You might have been trying to log in using the wrong username or email details. Check your login details properly for misspellings in supplied characters.
My email have already been used. What to do?
Try logging in at this point, your registration details might have already been accepted. If you are able to login, then there might have been some error on the form at the point of registration.
If your login attempt fails, try password recovery and reset option.
Why can’t I do transactions more than $50?
This is because your account has not been fully verified. kindly upload your KYC for verification. Once verified, you can do as many transactions as you wish.
How do I change my email address?
Head over to your Dashboard – Settings – Personal Information. You’ll find your email details below and you can change it from there.
User Verification
How long does verification take?
Verification takes a period of 24 – 72 hours.
Can I register and verify more than one account?
You are permitted to have only one account. All accounts that are verified cannot use information registered to another account.
ID Verification document not uploading
The maximum upload size is 1mb. If your image exceeds that size it will not upload. You’ll have to use an image resizer to reduce the file size. There is a link to an image resizer on the verification page or you can search for an online resizer on Google.
Fees
Minimum (flat fee) for any transaction is N500.
Regular transaction fee is 3.5% max. Weekly subscriptions to Business Plan or Exchanger Plan cuts down regular fee to 1.75% and 0.35% respectively.
Withdrawal fees cost only N150.
However, if you have multiple orders, you may want to wait for all your orders to be completed to avoid making multiple withdrawals after each order.
This depends on the payment channel or 3rd party service provider engaged.
- Manual/Diect Bank Deposits (free).
However, it may takes some period of short or extended delays for your payment to reflect. - Credit card (0-2%)
- Virtual banking (0-1.5%)
- Valid identification details (free).
- Invalid identification details (N150).
This means that for every wrong identification information provided for verification, this fee must be paid to re-attempt verification. Please, always ensure that the information provided is accurate before submission.
Orders
After funding my wallet, do I start order first or the seller will deliver before I pay?
When your wallet is funded, you are expected to start your order first. After your order is active, the Sender can proceed to deliver funds to you.
Does the Sender have to be online before I start my order?
Absolutely No. If you have received the right approvals and can see the start order button, proceed immediately with your order. The sender will begin working on your order after receiving order notifications.
Does the Receiver have to be online before I send funds?
Absolutely No. If you have received an order, deliver funds to receiver immediately and wait for their confirmation after which they can release money to you.
How will the fund get to me after the seller approves me to order?
At the point of order, you will find an input box where you should submit your funding account details to the sender.
Does the Sender receive my cash deposits directly for orders?
No, Pexbank receives your cash deposits, which is credited to your account wallet to enable you start an order.
Messaging
Can I contact anyone directly via Private Messaging?
Yes, Pexbank allows user interactions and communication for the purpose of preorder negotiations.
Deposits & Withdrawals
Are there deposit charges for this service?
It depends on the payment channel engaged. Manual Bank Deposits are free, but it takes some time for your payment to reflect.
Other channels that offer instant and automated deposits may come at very little costs, such as credit card, auto banking etc
How long does it take to withdraw from my account?
It takes a period of 12 to 24 hours. Sometimes, it takes less, depending on payment queues.
Is there any withdrawal fees involved?
Withdrawal fees cost only N150.
However, if you have multiple orders, you may want to wait for all your orders to be completed to avoid making multiple withdrawals after each order.
Why do I get an authentication error?
This often occurs because a secret key was not added during the withdrawal process. A secret key is your 8 digit alphanumeric password for withdrawals. Create one or add your existing secret key to successfully initiate a withdrawal.