What are the fees at PaySika ?

You are looking for an accessible solution that allows you to make online transactions securely. You then research the rates offered by PaySika to see if these prices meet your expectations.

First of all, let us tell you that PaySika positions itself as an innovative and accessible financial solution, offering its users simple, convenient, and, above all, economical banking services. Unlike traditional banks, PaySika focuses on cost transparency and reduced fees, thereby facilitating access to banking services for all.

Please note that no financial transaction is free for a financial institution. If you see non-existent or lower fees compared to the competition, it’s because the institution covers most of the costs.

Here is a detailed overview of the prices and fees associated with PaySika services:

1. Free and simple account opening

One of the main advantages of PaySika is that account opening is completely free. From the mobile app, you can create your account in just a few minutes, with no registration fees or hidden charges. This allows everyone to manage their money quickly without an initial financial barrier.

2. Virtual bank card: an accessible and innovative tool at low cost

We offer a virtual VISA payment card, ideal for making secure online purchases. At PaySika, there are two types of virtual cards: the XAF virtual bank card and the USD virtual bank card. Naturally, their rates vary.

• XAF Virtual Bank Card: The first PaySika card is free. In case of expiration or deletion, subsequent cards will cost 1,800 FCFA. NB: Although our partners charge for card creation, we have decided to offer the first one for free at PaySika.
• USD PREMIUM Virtual Bank Card: The first card costs 4,150 FCFA, as do the following ones. A pre-financing of $1 is required during card creation, which will remain available on it. If you decide to delete the card, this amount will be immediately refunded to your PaySika account. The conversion rate is set at 700 FCFA per dollar during reloads.

3. Physical bank card: more freedom to pay anywhere

In addition to the virtual card, we offer you the possibility of requesting a physical VISA bank card. This card allows you not only to make online purchases but also to pay in stores or withdraw cash from ATMs.

• Price: This card costs 5,000 FCFA, broken down as follows:
  • 3,000 FCFA for the purchase of the card.
  • 2,000 FCFA for home delivery.
  • No maintenance fees.

4. Deposits and withdrawals: simplicity and flexibility with PaySika

For clarity, we have segmented this section into several parts.

4.1 Deposit into the PaySika account

At PaySika, recharging the account and the bank card are separate for better flexibility.

• 4.1.1 Recharge via Mobile Money: Recharging your account from Orange Money or MTN Mobile Money is currently free, as PaySika covers the withdrawal fees of its partners.

NB: This service may change in the future, but for now, PaySika continues to cover these fees.

• 4.1.2 Bank deposit recharge: You can also recharge your account via a bank deposit at no additional cost.
• 4.1.3 Recharge from another PaySika account (PtoP): Another PaySika user can transfer money to your account for free.

4.2 Deposit on the PaySika bank card

To recharge your XAF card, you can do so in two ways, while the USD card can only be recharged in one way.

• 4.2.1 Deposit from your PaySika account: Once your PaySika account is recharged, you can transfer the money to your card. It’s free for the XAF card, while fees apply for the USD card based on the amount deposited:
  • 150 FCFA for a deposit of $1 to $5.
  • 300 FCFA for a deposit of $6 to $10.
  • 600 FCFA for a deposit of $11 to $40.
  • 2.5% for any deposit exceeding $40.
• 4.2.2 Deposit via a Visa card: You can also receive funds on your PaySika card from another Visa card (Visa Direct). This option is available only for the XAF card and incurs a fee of 500 FCFA per transaction.

NB: This operation requires that the sender has a Visa card and that Visa Direct is activated on their application.

4.3 Withdrawal from the virtual bank card

You can withdraw money from your virtual card to your PaySika account at any time. It’s free for both XAF and USD cards, although the dollar conversion rate may vary.

4.4 Transfer from your PaySika account

Two methods are available to withdraw money from your PaySika account:

• 4.4.1 Transfer to a Mobile Money account: A minimum balance of 600 FCFA is required for each transfer, with a fee of 2.5% per transaction.
• 4.4.2 Transfer to another PaySika account: This transfer is free. Just ensure the recipient has a verified PaySika account.

5. Secure and transparent online payments

With your virtual or physical card, you can make secure payments. All fees are clearly detailed.

• 5.1 Payment fees with the XAF card: The payment fees are 1.79% (including VAT), plus Visa fees of 500 FCFA for transactions in another currency.

For online payments < 16k, you will pay 500 FCFA in partner fees. For online payments > 16k, you will pay 350 FCFA in partner fees.
Additional fees may apply depending on the platforms used.
For money transfers with the PaySika bank card, a transaction fee of 3.5% is applied to the amount transferred to Revolut, Moneygram, Remintly, etc.

• 5.2 Payment fees with the USD card: No additional charge, as you have already paid the reload fees.

NB: Rates may change depending on the partners providing the bank cards.

For physical cards, the rates will be communicated once they are available.

At PaySika, there are no unpleasant surprises: we are committed to offering transparent rates with no hidden fees. Unlike traditional banks, which may impose hidden fees, PaySika guarantees complete transparency regarding prices and services. All fees are clearly displayed in the mobile app, allowing users to manage their budget with confidence.