Introducing Transfers to bank accounts in Ghana

We’re excited to announce Transfers to bank accounts in Ghana. Paystack already allows businesses to make single or bulk disbursements (Transfers) to any Ghanaian mobile money wallet. With this update, you can now also transfer money with Paystack to any Ghanaian bank account!

Why transfer money with Paystack?

Using Transfers on Paystack saves time because you can send money from the same platform where you accept payments. Here are some other reasons to send money with Paystack:

• Send money to multiple bank accounts at once: Reduce errors and save time by sending money to multiple bank accounts at once. Instead of sending different sums to different recipients one at a time, you can simply upload a spreadsheet of your recipients’ bank details and click send.
• Verify your customers’ bank account details: Our Resolve Account Number service ensures that you can verify the bank account details of your recipient, minimizing the risk of sending money to the wrong recipient. Another reason to validate the identity of the owner of a bank account is to avoid making transfers to fraudsters who might impersonate your recipients by swapping out their bank details for their own. Learn more about our Resolve Account Number service here.
• Build custom transfer experiences via API: No matter how complex or unique your business needs are, the Paystack Transfers API allows you to easily build a solution that gives you fine-grained control over how you send money. For example, you can set up webhooks that update you on whether a transfer was successful. You can also set up an automation to fetch your Paystack Balance before initiating a transfer request using the Check BalanceAPI endpoint. Learn more about using Paystack’s API to create custom experiences here.
• Control who can make transfers from your Paystack account: This means that while multiple team members can access your Paystack Dashboard to support their work, only you and the specific team members you select can send money out from your Balance.

How are businesses using Paystack Transfers?

Businesses with different needs and levels of operational complexity use Paystack in various ways. Here are some examples:

• Tech startups can use the Transfers API to build beautiful, seamless experiences for their customers. For example, lending, investment, or savings fintechs can build elegant payout flows that send money to customers quickly and with minimal manual input.
• Businesses can quickly pay their vendors for products or services, using Paystack Transfers right from their Dashboards.
• Businesses can use the bulk transfer option from the dashboard or API to pay their staff salaries, all at once.

How to use Paystack Transfers

To use the Transfers feature, you need to be a Registered Paystack Business. Once you’re registered, the next step is to make sure you have money in your Paystack Balance. This can be done using our Topup feature, which allows you to move money from a mobile money wallet or debit card into your Paystack Balance. Click here to learn more about the Topup feature.

Alternatively, Ghanaian merchants can use our new Manual Payouts feature. This feature, created with our bank partners, gives you more control over the funds you receive from your customers.

With Manual Payouts, whenever you receive payments from your customers, Paystack will hold the funds in your Paystack Balance, instead of automatically settling the money into your bank account. Learn more about the Manual Payouts feature here.

Once your Paystack Balance is topped up, you can transfer money to bank accounts or mobile money wallets.

• For a step-by-step guide on transferring money from your Paystack Dashboard, check out this guide →
• If you’d like to send bulk money transfers from the Dashboard, check out this guide →
• For more complex needs and to send money via the Paystack API, you can check out our developer documentation on Transfers →
• Lastly, here’s a guide on how to use the Resolve Account Number API to validate the details of your recipients’ bank accounts before sending them money.

Common questions

Does Paystack charge for Transfers?
Paystack charges a small fee per successful transfer. Check out our current pricing here →

Is there a minimum and maximum amount that can be sent with Paystack?
The minimum amount you can transfer at a time is GHS 1, and the maximum amount is GHS 100,000.

Can merchants in Ghana transfer money to non-Ghanaian bank accounts?
Merchants in Ghana can only transfer money to Ghanaian bank accounts for now.

Can merchants in Ghana transfer money to more than one bank account at a time?
Yes, using our Bulk Transfers feature, you can add all the recipient bank accounts and corresponding amounts to a spreadsheet, upload it, and click send. If you’d like to send bulk money transfers from the Dashboard, check out this guide →

How long can I choose to keep my collected funds in my Paystack Balance?
Once you switch your Paystack account to the Manual Payouts option, you can keep funds received from your customers in your Paystack Balance for as long as you like, with the condition that you initiate at least one transfer within 90 days.
If you don’t initiate a single transfer within that period, Paystack will automatically settle your funds to your designated settlement account. This is a regulatory requirement to ensure that funds are being used only for Transfers.
Learn more about the Manual Payouts feature here.

Can both Starter and Registered Businesses use Paystack Transfers?
Only Registered Businesses can use the Transfers feature for now. If you have a Starter Business, you can upgrade to a Registered Business account here →

With Paystack Transfers, you get more control and convenience for your business. If you have any more questions or need a hand getting started, kindly send us a message. We’re happy to help! 💙