Eversend Adds EUR Payouts for Faster Europe Transfers

In Short

• Eversend has launched a EUR Payout feature to help users send money to Europe.
• Transfers can be made to European bank accounts using an IBAN, which is a standard bank account number format used across Europe.
• The feature also supports in-app currency swaps into euros for travel spending.

What Happened

Eversend says users can now send money to Europe directly to individuals and businesses with European bank accounts. The product update is positioned as an alternative to traditional wire transfers, which can be slow and come with higher fees.

The company says payouts can be initiated by entering the recipient’s IBAN or bank account details in the app, selecting EUR as the payout currency, and confirming the amount and exchange rate. In simple terms, it works like paying a local bank transfer, but the destination account is in the Eurozone.

Eversend also highlights the ability to fund a “native” EUR bank account, meaning a real euro-denominated account in Europe, not a temporary holding account. It is aimed at diaspora users sending support, freelancers paid in euros, and businesses paying European suppliers.

Why It Matters

Cross-border payments are still a pain point for many African users and SMEs, especially when they need to pay international contractors or suppliers. A direct EUR payout flow can reduce the number of intermediaries involved, which often means fewer delays and clearer pricing.

The in-app currency swap into EUR is also relevant for frequent travelers. Instead of converting cash at airports, users can convert from local currencies like NGN, KES, or XAF inside the app and hold a euro balance before they travel.

Overall, the launch signals continued competition among African fintech apps focused on remittances, multi-currency wallets, and faster settlement into major corridors like Europe.