How to Convert Funds from USD to GHS/NGN

How to Convert Funds from USD to GHS/NGN

Introduction

Need to pay local vendors or manage a project in Ghana or Nigeria? Fara allows you to convert your USD funds into local currencies (GHS for Ghana, NGN for Nigeria) directly on the platform. This ensures quick, transparent transactions without the need for third-party money changers.

What is Currency Conversion in Fara?

  • A built-in feature that lets you change your USD balance into local currencies.

  • Enables you to fund project wallets or pay beneficiaries directly in their local currency.

  • Uses Fara’s secure and transparent FX system, so you always see the applied rate.

Why Convert Funds?

  1. Vendor Payments: Most local vendors prefer to be paid in their local currency.

  2. Project Expenses: Keeps your budgets aligned with local costs.

  3. Speed: Avoids the delays of external conversions or manual transfers.

  4. Transparency: The FX rate is displayed upfront before you confirm the transaction.

How to Convert Funds from USD to GHS/NGN

  1. Log In

    • Access your Fara dashboard.

  2. Go to Convert Funds

    • Click on Convert Funds in your wallet menu.

  3. Select Currencies

    • Choose USD as the currency you’re converting from.

    • Select GHS (Ghanaian Cedi) or NGN (Nigerian Naira) as the destination currency.

  4. Enter the Amount

    • Input the exact amount of USD you want to convert.

  5. View FX Rate

    • The system will display the real-time exchange rate and show how much GHS/NGN you will receive.

  6. Confirm Transaction

    • Review the details.

    • Click Confirm.

    • Your transaction will be logged and your converted funds will appear in your selected wallet.

Notes & Tips

  • Conversion rates are updated daily and may vary slightly depending on market conditions.

  • Once confirmed, conversions cannot be reversed.

  • Check your project’s budget before converting to avoid over-funding or under-funding.

FAQ

Q: Can I convert directly from USD to both GHS and NGN at once?
A: No, each conversion must be done separately.

Q: Are there fees for conversion?
A: Fara may charge a small FX margin, which will be displayed before you confirm.

Q: Where do converted funds go?
A: They go into your chosen local currency wallet, ready to be allocated to projects or expenses.

Q: Can I convert GHS back into USD?
A: Currently, conversions flow one way — from USD to local currencies.


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