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Frequently Asked Questions

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Getting Started

Transaction activities

Others

We know how important it is for immigrants to remain in touch with their roots and understand the need to continue to show up for the ones they love back home. Kaoshi is the one-stop shop for immigrants’ financial needs in their home country. Using financial data and profiles of immigrants abroad, we provide access and control to essential services back in their home country. Services like remittance, health insurance coverage for loved ones, merchandise financing, mortgage, and more. Immigrants can now send money to Africa and be there for their loved ones just like they never left.
Any user in our established locations, 18 years of age and above.
All you need is an email address and a bank account to open a Kaoshi Network account.
Kaoshi Network is currently a web-based platform. Nonetheless, the website is optimized for mobile use.
No, Kaoshi Network is not a money transmitter. Kaoshi Network is never in possession of a customer’s fund nor does it ever process any customer’s payment. Rather, Kaoshi Network utilizes real time financial data to enable users to send money internationally in a cheap and convenient manner. Kaoshi aggregates and links to other remittance service providers, allowing its users to shop across the different remittance services, and ensuring that they get the best service at any given time

P2P Swap is an exciting new product that allows you to send money internationally by swapping your currencies with other users looking to send money in the opposite direction. Because it is a direct swap between you and other users, you get the best deals – great exchange rates and low fees! Kaoshi Network allows you to engage in P2P swaps with other users on the Kaoshi Network. For more on this, check out this brochure

Kaoshi’s P2P swap allows you to send Naira to your recipient. US Dollars are still sent to Nigeria as required by the Central Bank of Nigeria’s recent remittance guideline, however, the US Dollars sent to Nigeria are swapped with other Kaoshi users who have Naira but are in need of US dollars. This is one of the merits of the P2P Swap. For more on this check out an article on our blog
To create an account, you will need to verify your name as it appears on your government-issued ID or Bank Statement and date of birth. Further information will be required during your onboarding as a part of our KYC process.
For users exchanging their naira (from their naira accounts) for inflow US dollars; ALL US dollar transfers to your Nigerian domiciliary account are completed via a licensed international money transfer operator (IMTO) in compliance with existing remittance regulations. For more information on this, see this brochure .

Almost immediately! Once you have created your account, added your contact details (email, physical address and phone number), your payment method, and your delivery method (if needed), you should be able to transact. All of this only takes a few minutes!

Typically anywhere from a few minutes to no more than a few hours after we have verified that you have completed the transaction.

Australia, Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, France, Germany, Ghana, Gibraltar, Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Japan, Kenya, Latvia, Lithuania, Luxembourg, Malaysia, Malta, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, UK and the USA.
Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Netherlands, Portugal, Spain, Sweden, the United Kingdom and the United States of America.
For sending money to Nigeria or Ghana via P2P swap, Kaoshi charges a fee that is capped at 1 USD/GBP/CAD/EUR. However, third party remittance companies may also charge their own fees as well in addition to the Kaoshi fee. For converting Naira to any of the available currencies via P2P swap, Kaoshi charges a 2.5% fee.
No, your beneficiary in Nigeria does not need to have a Kaoshi account to receive the naira you send to them.
Yes, your benefactor (the person abroad you are requesting money from) needs to have a Kaoshi account to be able to fulfill the payment request. You also need to open a Kaoshi account yourself to make this payment request.
You have a limit of 1000 USD/GBP/EUR/CAD per transaction depending on where you are sending money from, but you can make multiple transactions a day. As part of our KYC/AML measures, you may also be required to provide a Government-issued ID if the need arises to be able to complete multiple transactions.
Most of our transfers are matched and completed within hours, the rest are same-day completions.
All unmatched offers expire after 24 hours and the fund held previously placed on your naira account (for the specific amount you wanted to send/swap) is released. You will receive all your naira, including the amount paid for transaction fees.

Using an example, this is how:

 

  • The bank, of User A (who is looking to swap his naira for a particular amount of foreign currency), places a fund hold on User A’s naira account for the equivalent naira amount he wants to swap until the transaction is completed. 

 

  • Once Kaoshi verifies the FX payment from User B (the person who needs User A’s naira and can fulfil his FX request) to the account of the matched peer (User A’s beneficiary), the fund hold on User A’s naira account is released, and the naira automatically leaves into the naira account of User B’s beneficiary, in real-time. 

On Kaoshi Network, you can shop from the most reliable health insurance providers in your home country, allowing you to directly purchase health insurance protection for your loved ones back in your home country. No more emergency calls and messages to send unbudgeted funds back home. You can leave it all to these reliable health insurance providers rest assured that your family’s medical expenses back home will be taken care of. Here is a short user story video.

  • Our support team is available via online chat on our web application, you can also send us an email at info@kaoshi.network or send us a WhatsApp message on +1 773 726 0033. 
  • You can also reach us via direct message on Twitter, Instagram and Facebook at @KaoshiNetwork.

Stay tuned for more exciting