What is an MTN?

In this Article:

• What is an MTN?
• What is a Folio Number?
• What is a Payer ID?
• What is a Beneficiary?
• What is a Transaction Fee or Transfer Fee?
• What is a Receiver Bank Fee?
• What is a Currency Code?
• What is XOF and XAF?

What is an MTN?

MTN or Money Transfer Number is the number you receive once you create a transfer request with Small World. This number helps you track the status of your transfer and get Customer Support’s assistance if an issue arises.

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What is a Folio Number?

A folio number is the number a beneficiary has to show at the time of cash pick up.

What is a Payer ID?

Payer ID is a unique identification number you create with your money transfer service provider so they can track your money transfer and address any issues that may arise.

The difference between Payer ID and MTN is that a Payer ID is a unique number for every individual customer. While an MTN is a unique number to identify a transfer. Every transfer gets a new MTN while the Payer ID is created once.

What is a Beneficiary?

A beneficiary is the person receiving the money from a money transfer. The individual who sends money to the beneficiary is known as the benefactor.

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What is a Transaction Fee or Transfer Fee?

Transaction fees or transfer fees is a small amount you pay your money transfer service provider for handling your money transfer for you.

What is a Receiver Bank Fee?

The beneficiary or receiver will be charged a fee by their bank. The fee may vary depending on the policies of the beneficiary/receiver’s bank.

What is a Currency Code?

Most countries, if not all, have their own unique currency code. In most cases, the currency code is an abbreviated version of the currency’s name itself. 

For example, USD for the United States Dollar, GBP for the Great Britain Pound, BDT for the Bangladeshi Taka, and PKR for the Pakistani Rupee.

What is XOF and XAF?

XAF is the abbreviated term for Central African CFA franc in currency markets. XAF is official currency in Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon.

XOF is the abbreviated term for the West African CFA franc in currency markets. It is the official currency in Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

Although they are different from each other, they are often used interchangeable as they hold the same monetary value against other currencies especially the Euro.