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Raenest Pricing Update for Nigeria: We’ve reduced our deposit and conversion fees — now the best in the market
At Raenest, we know that how you earn money globally isn’t static. As you grow — taking on more clients, receiving larger payments, or moving money more frequently — the way fees affect you changes too.
Earlier this year, we introduced conversion fees as part of building a more sustainable platform. We also listened closely to your feedback and how those changes affected you. This update is a result of that: a refinement to make costs fairer, as your global income grows.
This post breaks down what’s changing and what these updates look like in practice.
What’s changing at a glance
Here’s a side-by-side view of how things worked before and how they work now.
Conversion Fees Updates: Lower conversion fees and caps
We’ve lowered conversion fees to 0.5%, as well as the minimum and maximum fees so that both small and large conversions cost less. The lowest amount you’d pay for conversion is $0.25 and the largest amount you’d pay is $2.70, no matter how much you convert.
More free deposits across ACH, Stablecoins, Domestic Wire, EUR and GBP
You now get 4 free deposits every month for ACH, USDC, USDT, EUR, and GBP deposits. This means your first 4 deposits in the month are not charged and you can receive money more frequently without paying fees upfront, especially for recurring inflows. Free deposits no longer apply for SWIFT payments.
Deposit fees: Reduced fees across ACH and Stablecoins
ACH, USDC and USDT deposits have moved from percentage-based fees to a flat $1 per deposit after you exhaust your 4 free monthly deposits. So no matter how much you receive, you’ll never pay more than $1 in fees. SWIFT and Domestic Wire deposit fees remain the same.
Why flat fees matter as your income grows
With percentage-based fees, the more you earn, the more fees you pay. A flat fee works differently:
- Receiving $100 costs the same as receiving $100,000
- Your fees stop scaling with your income
- Large payments no longer come with high charges
These updates reflect how most users receive money today, with a greater focus on ACH and stablecoin transfers and designed to better support users as they earn and receive larger amounts over time.
Some transactions, like SWIFT and wire deposits, come with variable external costs. In these cases, percentage-based fees help cover those costs fairly. Where this applies, Raenest combines low fees with caps to keep what you pay reasonable.
How Raenest compares with other platforms
To make the differences in pricing easier to understand, we’ve compared Raenest with two other global payment platforms in Nigeria, Cleva and Grey, using a simple, real example. The comparison below is based on a $300 ACH deposit and reflects how fees typically apply in practice.
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The table above shows that while many platforms continue to charge percentage-based deposit and conversion fees, Raenest offers multiple free deposits monthly and combines a flat $1 deposit fee afterwards with lower conversion fees and caps, so costs stop increasing.
It’s also worth noting that some platforms apply additional local withdrawal fees. Raenest does not charge an NGN withdrawal fee, so what you convert is what you receive in your bank account.
The result is a pricing structure designed not just for one-off transfers, but for people who earn globally, repeatedly, and over time.
What these updates mean for you
Taken together, these changes are designed to reduce surprise fees and give you more flexibility as you receive and move money globally. You’ll continue to have access to:
- Competitive exchange rates - Raenest has one of the best exchange rates in the market and it helps you keep more of your money.
- Raenest FastTrack - our first-of-its kind feature that gives freelancers access to their Upwork payouts in under one hour any time, any day.
- Simple tools to receive, spend, invest, and manage money across borders.
Our focus remains the same: helping you move money efficiently, affordably, and with confidence as your needs evolve.
If you have questions about these updates, our support team is always available to help. Reach out to us at support@raenest.com or send a message using the live chat feature in the app. Thank you for choosing Raenest.
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