Receiving payments from international clients can be a freelancer’s biggest headache. However, thanks to technology we’ve had fintech companies provide help with this difficulty. One of those fintech companies is Cleva foreign bank account.
Cleva foreign bank account provides a seamless way for freelancers to receive payments from abroad. Keep reading to learn more about Cleva foreign bank account and how to use it as a freelancer.
What is Cleva Banking?
Cleva bank is a foreign bank provider that makes receiving payments easy for African freelancers and SMEs and can also be used to save funds. It was founded in August 2023 by Tolu Alabi and Abel Philip. This foreign bank account has successfully received investors from different firms, including Y Combinator, FirstCheck Africa, The Raba Partnership, and Byld Ventures.
Furthermore, on a Cleva foreign bank account, payments made with ACH take 1 to 3 business days before you can receive them. For payments made with a Wire transfer from a US bank, you’d receive your payment in hours to 1 business day. If you’re receiving payments from a non-US bank, you’ll receive your payment within 1 to 5 business days.
Getting Started With Cleva Foreign Bank Account
Although Cleva is a relatively new foreign bank account provider, it has already made a significant impression with its user-friendly interface. Signing up for a Cleva foreign bank account is a breeze, taking only a few minutes to complete.
You can get a referral bonus after creating a Cleva foreign bank account. If the person you referred receives $300 for a deposit, you will be gifted $5 from Cleva foreign bank. To help you get started, I’ve put together a simple step-by-step guide on how to open a Cleva USD bank account.
How to Open a Cleva Account
- “Download” Cleva bank on the Google Play Store or App Store
- Click on “Create an account”
- Fill out the form provided. Ensure to select what you’d be using the Cleva foreign bank account for
- Then click on “Continue”
- You’ll need to verify your email. This usually takes 5 secs
How to Open a Cleva USD Account
Before you can open a USD account, you need to complete your KYC verification. The verification process involves three steps, and Cleva bank takes one day to get you verified. Follow the steps below to start your KYC verification:
- On the app, click on “Click here to complete KYC”
- Select the ID you wish to upload
- Go ahead to upload the document chosen and a picture of you holding the document
N/B: Your KYC verification will take 2-5 days to complete. Once it’s successful, you can go ahead and create a Cleva foreign account.
How To Create a Cleva USD Account
Once you’ve uploaded the required documents for your KYC verification and it’s been confirmed by Cleva, do the following:
- “Log in to” your Cleva bank account
- At the top of your screen, click on “Open Cleva USD account”
- Select “Create USD account”
Once you’ve done this, your USD account is ready for use.
How to Create a Cleva USD Card
To create a Cleva USD virtual card, you’ll have to pay a one-time fee of $3 from your USD account. $2 is the card creation fee, and $1 is the amount to top up your card. If your card gets declined while trying to make a payment with your Cleva USD card, Cleva will charge $0.3 from your account.
If you’re looking to create a Cleva USD card, you can follow the steps below:
- Log in to your Cleva app
- At the bottom end of your screen, select “Cards”
- Click on “Create Card”
- Confirm that you’ve accepted the one-time fee
- Select “Create card”
Your Cleva USD virtual card has been successful.
How to Fund Your Cleva USD Virtual Card
After creating your Cleva USD card, on the card section, do the following:
- Click on “Top up”
- Enter the amount you’d like to fund your card
- Click on “Add funds”
N/B: You can only fund your Cleva USD virtual card through your Cleva foreign bank account.
How to Fund Your Cleva Foreign Bank Account
Currently, you can’t fund your Cleva bank account using your local currency. You can only receive payments from your clients. With the funds received, you can then fund your Cleva USD virtual card.
Pros and Cons of Cleva Foreign Bank Account
Cleva bank has various benefits that make the platform worth using. However, there are certain limitations you need to be aware of. Below are the pros and cons of Cleva foreign bank.
Pros of Cleva Foreign Bank Account
- You can protect your account with either a pin or fingerprint
- Users can receive payment from platforms like Upwork, Payoneer, Fiverr, PayPal,
- You can create a virtual USD card
- As a freelancer, you can receive payments through ACH and wire transfers
Cons of Cleva Bank
- It’s only available in Nigeria
- For now, you can create a naira account
If you’re looking for a foreign bank account provider that allows you to create a naira account, you can check out Geegpay foreign bank account, or Grey foreign bank account.
Users Thoughts on Cleva Foreign Bank
Below are reviews from Cleva bank users on the Google Play Store:
My Thoughts on Cleva Foreign Bank Account Provider
I personally love how easy it is to make use of Cleva foreign bank. I also love the fact that they are intentional about users’ privacy. However, I think Cleva banking needs to integrate the “remember password” feature into the mobile app.
This would be useful for individuals like me who barely pay attention to saving our passwords. Also, while carrying out my KYC verification, I noticed that I wasn’t just to upload my personal ID but I was also required to take a picture with the ID. Well, I found that stressful because I wasn’t ready to go through the stress. I believe requesting users to take a picture of them with their ID is extra stressful.
Final Thoughts on Cleva USD Bank Account
Cleva foreign bank account is a user-friendly solution for freelancers and SMEs in Nigeria to receive international payments with ease. With its seamless sign-up process, and referral bonuses Cleva banking offers a convenient and secure way to manage international transactions.
While there are some limitations and Cleva USD bank account is still working on some features, the various benefits it offers makes it a valuable platform. Try Cleva today and experience the simplicity of global banking.
Frequently Asked Questions on Cleva USD Bank Account
1. What is Cleva Used For?
Cleva bank can receive payments from platforms such as Deel, Rippling, Remote.com, Upwork, and others.
2. What is a Cleva Card?
A Cleva card is a virtual USD card that can be used to make payments for goods and services purchased internationally online.
3. Who is the Founder of Cleva Foreign Bank Account?
Tolu Alabi is the founder of Cleva foreign bank account. Her co-founder is Abel Philip.
