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Author: Anoop Yersong

Safety Protocols When you Wire Money to Nigeria

Remittance inflows made up 83% of the federal budget capital for Nigeria in 2018. The sub-Saharan country with around 200 million people had a $25.08 billion remittance inflow. Migrants wire…

Remittance inflows made up 83% of the federal budget capital for Nigeria in 2018. The sub-Saharan country with around 200 million people had a $25.08 billion remittance inflow. Migrants wire money to Nigeria to support their families and friends. Remittances from Nigerian Americans accounted for $7.2 billion and will rise even more. The reality of remittances to Nigeria is widespread and wide-ranging.

Banks and IMTOs have long held the supremacy in services which help to transfer money to Nigeria from the US. These financial institutions offer their customers cross-border money transfer services at premium prices and little value. The users of these services have to decide based on speed, security, and affordability. But what do online money transfer services like FAZRemit help its users to achieve?

Checking the Corridors

Banks are the oldest financial institutions that help in cross-border transactions. Migrants have reduced bank wires because of the 2-3 week delay in remittances and the processing fees. Banks markup foreign exchange rates according to which they charge these services. This gives limited value to the users and people who need speedy transfers turn to IMTOs.

International Money Transfer Operators make faster remittances possible with branch-to-branch transfers. This means that people who use these services need to drop cash at collection branches in the US. The service helps to wire money to Nigeria within 2-3 working days. The receiver of the remittance needs to be physically present to collect the money from the IMTO’s branch. Just stating the process causes a lot of red flags to go up.

Disadvantages of using a wire transfer to Nigeria with cash

Using cash as a means of money transfer to Nigeria from the US creates a unique problem. Because of no accountability, these transactions do not help the economy. These transactions do not help reduce the problem, it aggravates it.

There are several reports which cite unaccountable wire transfers being used for illicit transactions. These illicit transactions can derail the economic growth of the country. Unaccounted money circulation leads to inflation. This would increase the price of household items and create more problems for household economies.

What can we do to reduce cash transactions?

Read: Common points to check for before you wire money to Nigeria

FAZRemit and safe wire transfer to Nigeria

FAZRemit is an online money transfer service that is creating remittances easy and accountable. The platform ensures its customers fast, safe and affordable money transfer to Nigeria from the US.

Online transactions remit money instantly, just as easy as it is to register on FAZRemit.  We do KYC checks during the registration to the platform. The service safeguards the money of the customer and the customer himself from illicit activities. Since we do the transactions through bank accounts, the transactions get accounted for. This money inflow also helps the government to better asses the economy and growth structures. FAZRemit’s partnerships with over 20 banks in Nigeria help customers be a part of the economy.

FAZRemit offers these services at 1.7% of the remittance amount. This is the lowest processing fee charged by any platform in this corridor.

Join FAZRemit to wire money to Nigeria from the US. Make legitimate, safe and affordable transactions to your friends and families who need it the most.

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How long will it take to Wire money to Nigeria?

The world knows Nigeria for its strong migrant population who send record remittances back to Nigeria. The unstable condition of the oil-driven economy of Nigeria has increased diaspora migrations. The…

The world knows Nigeria for its strong migrant population who send record remittances back to Nigeria. The unstable condition of the oil-driven economy of Nigeria has increased diaspora migrations. The 200 million-strong population lives in poverty and harsh social conditions. Child labor, unemployment, and social unrest are common themes the country is trying to outlive. Migrants wire money to Nigeria to help their families and friends to lead a better life.

Nigerian diaspora sends close to $25.08 billion in the year 2018. These remittances formed 83% of the federal government’s budget for the year. The remittances play an even more important role in the household economy. Remittances from the US stood at $7.2 billion in 2018. There are various corridors to transfer money to Nigeria from the US. Yet none of these services offer as much as online transfer services like FAZRemit. Why is it or why is it not?

How will you Wire Money To Nigeria today?

Bank wires were the most famous method of sending money to Nigeria. Banks are the oldest financial institutions that help people with international bank transfers. Using banks to wire money to Nigeria from the US remits it in the benefactor’s bank account. We can only do these transactions during banking hours which are normal working times for all. The banks also charge mark up foreign exchange rates causing it to become expensive.

International Money Transfer Operators (IMTOs) also help migrants transfer money to Nigeria from the US. IMTOs offers its customers services faster than bank wires. Yet their services are not instant like online services. They also charge a processing fee which can go up to 8-10% of the total amount. IMTOs wire money to their branches which made having bank accounts not a necessity. Yet the lack of accountability makes it a corridor for illicit transactions.

The Time-queue

The advancement in technology has still not made wire transfers faster. Bank wires take a minimum of 5 working days to remit to the receiver’s account. Occasionally, a mistake in the process request can lead to longer remittance times. Holidays also make these transactions delay further.

IMTOs use bank accounts of their own in certain cases, which gives a closer remittance time to bank wires. Certain IMTOs work with cash to provide a 2 or 3-day service. The receiver gets the remittance in cash from a pickup point or their subsequent branch. But the lack of accounting through banks make these unsafe and not recommended.

Read: Why should International cash transfers be avoided?

We know that it takes time to wire money to Nigeria. But online money service platforms like FAZRemit has offered remitters a new instant corridor.

Wire money to Nigeria instantly with FAZremit

FAZRemit offers its users the most affordable, safest and fastest service to transfer money to Nigeria from the US. Registering onto the platform online takes less time than opening a bank account. The registration also covers the KYC checks that ensure the customers and their money stay safe during transactions. FAZRemit also ensures instant transactions to users using online technology. The service is also the cheapest with FAZRemit charging a 1.7% processing fee. This is the lowest processing fee in the corridor.

The fast, safe and affordable transactions make using FAZRemit a joy for the customer. 24/7 customer service helps the customer with prompt replies to their queries. With higher online penetration in Nigeria, online money transfer platforms like FAZRemit are the future.

Join FAZRemit today to wire money to Nigeria instantly at affordable rates.

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Why you should not pay a hefty fee to wire money to Nigeria?

We should not pay huge amounts of money in order to transfer our money from one country to another country. The economic growth of the country is dependant upon the…

We should not pay huge amounts of money in order to transfer our money from one country to another country. The economic growth of the country is dependant upon the money they receive from within the country and other income their receive from other countries like remittance money, tourist money, etc. For migrant workers from who wire money to Nigeria, it has become an expensive chore. They often send their hard earned money to their developing home country, in fact, it has crossed $550 billion recently, manipulating foreign direct investment.

All these facts have been disclosed by the World Bank. A hefty chunk of transmission fee is intolerable, and we should not pay it. Let us understand why!

The necessity to not pay

Remittance services have been facing an exclusive phenomenon of derisking. Banks believe that anti-money laundering and counter financing of terrorism and regulations and enforcement practices have made serving money transfer operators (MTOs) too risky from a legal and reputational perspective. For banks, the profit of serving MTOs is not considered sufficient to justify the level of effort required to manage these increased risks.

Avoid extra charges

Nowadays, transferring money globally is a common practice – people work with clients from across the world and money transfers have become essentiality. Using bank services is the first option which prompts to our mind when it comes to money transfers. Although all banks have their own policies for money transfers, one thing is always the same – charges that you have to pay for a wire transfer. Along with it, banks may also charge you with hidden fees that occur in the form of unfavorable and not so genuine exchange rate margins. This hidden fee charged by banks and several MTOs is inappropriate as it many a time takes big chunks of the basic amount of money.

As per recent ratings by it has been found that 20 to 30 US dollars are charged as remittance from people who wire money to Nigeria from USA. If people would be continuously sending money with traditional methods of MTOs and banks, then it would cost them a lot as these sources charge a hefty amount of remittance as transmission fee. Their financial stability would be affected to a greater extent as the most amount of money would be deducted from the actual amount of money they are sending.

What is the Best way to send money to Nigeria from USA?

Because of the above reasons, you should not pay these hefty fees when you have other options available to wire your money like FAZRemit. People should opt for  FAZRemit for sending money. People can save their money by avoiding a huge amount of transaction fee. FAZRemit provides you with a most transparent, secure and convenient method to wire money charging the lowest transmission fee.

Remittance is an important aspect of the global economy in 2015, it was around  $601 billion USD.

The United States is currently the largest source of international remittances in the world. Nigeria accounts for nearly 5.7% of remittance money from USA. The GDP of recipient country Nigeria is 481.016 and the percentage GDP of the recipient country is 1.18%.

How Much Can You Save with FAZRemit?

FAZRemit charges only $8.99 as a fee on money transfer for money transfer margins until $499.99 and $11.99 for a money transfer of $499.99 to $999.99 and 2% on money transfer of up to  $1000 to $ 2499.99.

So, for example, if a person tries to send an amount of 400 dollars through bank his charges will be $20 and for amounts greater than that, the percentage of transmission fee will increase. But because of this fixed transmission fee in FAZRemit people can send money from one place to another, especially, Nigeria by saving a lot of money which can be used for their extra savings. This data depicts that FAZRemit is the most economical way to transfer money to Nigeria from US.

The unfavorable exchange rate is the most important reason for variations between declared and real fees that you pay to a bank for sending money abroad. Every bank has its own exchange rate fee that applies when you transfer money from one currency to another. You have to pay attention to the bank’s exchange rates and their currency conversion fee.

According to your payment type, banks charge high hidden fees. But this is not right.  We should be preventive and should percent this by choosing the best alternatives in the market. Remittances can be the driver of industrialization and can also complement debt financing, so there creates no chance to pay these unnecessary remittances and use smart solutions indeed. Money transfer to Nigeria from US should be with a minimum remittance fee and with FAZRemit, this is exactly what you get!

About FAZRemit

FAZRemit is one of the cheapest methods to wire money to Nigeria. The online money transfer service provider has won the trust of millions of customers in the United States of America. It is ultra fast by making an international transaction within 60 seconds. Without compromising with the security, FAZRemit’s strict profile verification and encrypted transaction ensure that each and every transaction is done by KYC verified customers within a highly secured platform.

 

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How you do won’t have to pay a hefty fee to wire money to Nigeria

Money transfer plays an essential role in one’s life. When it comes to transferring money from one country to another, high remittances hampers the entire process. High remittances affect not…

Money transfer plays an essential role in one’s life. When it comes to transferring money from one country to another, high remittances hampers the entire process. High remittances affect not only the individual who is sending money but also particularly for the country as high remittances can disrupt its economy. Remittances can be a boost for industrialization and can complement debt financing for investment purpose. Nigeria is the largest receiver of the amount of money sent by immigrants of Sub-Saharan Africa. It increased to 10% to records of  $41 billion in 2017. High remittances hamper domestic savings. The hefty fee to wire money to Nigeria is wrong and does not make any sense because it is basically just a waste of money.

Also, this money of remittance can be used for serving various purposes like enhancement of industries, the advancement of new technologies, combating money laundering and financing of terrorism. Nearly 6 to 10% remittance is unreasonable, they need to be demolished.

Wire money to Nigeria for cheap remittance using FAZRemit

FAZRemit is one of the most exclusive and convenient methods of making money transfer to Nigeria from US. FAZRemit is best because it has won the trust of millions of customers worldwide. It is ultra fast, it makes the transaction within 60 seconds. FAZRemit is basically operated by  Alpha fortress, LLC. It is regarded as one of the best global money transfer and bill payment service provider. FAZRemit provides its users with a high level of security and safety. It involves strict profile verification and encrypted transaction in order to ensure safety to your money transfer process. FAZRemit provides you with amazing and transparent services along with the cheapest transmission fee. On money transfer of up to $499.99 fee is just  $8.99. On money transfer of 500 to $999.99, it is just $11.99. On money transfer of $1000 to $2499.99, it is only 2%. The process to wire money to Nigeria using FAZRemit-

  • Add your beneficiary, then verify its account. Afterward, you will receive a mail from FAZRemit verifying it further.
  • Fill your payment details and make a transaction to your beneficiary.
  • You can track your payment procedure through emails. You also receive a transaction receipt via email.

The best part about FAZRemit is that it is a properly online process and it saves the sender from paying hefty transmission fee which is quite nominal in Fazremit transaction fee. It saves us time as well as our money.

FAZRemit is most prominently digital platform of transferring money from one country to another. It is licensed by the jurisdiction of CA, CT, DE, DC, FL, GA, IL, MD, MI, NJ, NC, OH, PA, RI, TN, TX, VA. It has also been licensed by the New York State Department of  Financial Services. Fazremit is regarded as one of the safest gateways of money transactions. With this help of this secure and transparent platform, you can easily transfer money to your family members, friends, acquaintances and business associates in no time and without any worries.

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Send money to Nigeria online with emerging corridors

Nigeria saw an increase of 6.4% of the total mobile subscribers in 2018. The figures stood at 172 million which is 87% of the total population of the country. The…

Nigeria saw an increase of 6.4% of the total mobile subscribers in 2018. The figures stood at 172 million which is 87% of the total population of the country. The oil-driven Nigerian economy is stabilizing albeit with trouble. The families and household economies still face harsh conditions. They require remittances more than ever to fight the ever-rising prices in the economy.

The country is very much dependent on money inflows into the country which is a staggering $25.08 billion. The remittance amount of 2018 made up 83% of the country’s federal budget for the year. Yet, the high-risk-tagged economy faces issues with providing the remitters with value. The situation of money transfer to Nigeria is changing soon. With online service providers like FAZRemit, users can easily send money to Nigeria online.

With an eye on the Future

In 2016, the government brought stricter foreign exchange laws into effect to strengthen their currency. It is difficult for the government to control the rate for transfers with current remittance trends. Customers prefer cash-point to cash-point transactions as their prevalent corridor to send money to Nigeria. IMTOs and banks make use of the high-risk economic situation to charge bigger fees than necessary. Banks and IMTOs charge customers 7-10% of the total amount as processing fees for their services.

With 112 million Nigerians having access to the internet and an 87% mobile penetration the country is looking for a change. Online money transfer services like FAZremit help the diaspora in America to send money to Nigeria instantly. Our services also provide the customers with a value for money transfer to Nigeria. Estimates also show that 89% of migrants will send money to Nigeria using online services by 2022.

Using online money transfer services can help bolster the Nigerian economy. The country can achieve greater remittance inflows with a reduction of processing charges. Migrants can pay less to send more by deducting middle agents while they send money to Nigeria online. The estimates put the total remittance money to Nigeria to reach $42 Billion by 2022. Saving 10% of this can help the Nigerian economy so much.

Read: The instant benefits of convenient Online money transfers

Wise Money Transfer to Nigeria with FAZremit

The Nigerian diaspora in the US remitted $7.2 billion in 2018. FAZRemit offers its users with safe, fast and affordable money transfer to Nigeria. With the online penetration in Nigeria ever growing, it is easy to register to FAZRemit online.

The platform does online KYC checks which ensure the user and his money security against fraud. We are also a wise choice for remittances to Nigeria because of its 1.7% handling charges. We offer our users the lowest processing fee in the corridor.

With FAZRemit, users can send money to their families and loved ones in an instant. The platform has ongoing partnerships with 25 banks in Nigeria and we expect it to grow further. This will provide our customers with even more options and choices for hassle-free transfers. FAZRemit provides value to users who send money to Nigeria online.

Join FAZRemit today to make money transfers to Nigeria from the United States. Use our services to make a difference in the lives of people you care.

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Online Money Transfer to Nigeria from Tennessee

Nigeria is a sub-Saharan country in Africa with a 200 million-strong population. The country is in economic instability with social life in stages of growth. Remittances to the country from…

Nigeria is a sub-Saharan country in Africa with a 200 million-strong population. The country is in economic instability with social life in stages of growth. Remittances to the country from its diaspora stood at $24.5 billion in 2018. This is very important for supporting the families in Nigeria undergoing a shift and growth. Money transfer to Nigeria from the United States stands at $7.2 billion in the same year.

The US has the largest Nigerian Diaspora in the world with the most qualifications. Nigerian Familie households have a higher median income than the average American household. Tennessee, a state in the US has 16.8% African Americans in the population. The state is home to around 6.7 billion people which makes it the 16th most populated in the country. Nigerian Americans who send money Nigeria do not get value for their remittances. Online money transfer services like FAZRemit can help change that.

Money Transfer to Nigeria without Value

The diaspora in the country who remit money to Nigeria has trouble from the start. The country is in a high-risk economy because of fluctuating oil prices globally. Because of this, banks and International Money Transfer Operators take advantage of the users. There is a better method for these users to remit money to their loved ones in Nigeria.

Banks take anywhere from 203 weeks to remit money to accounts in Nigeria. They charge money transfer to Nigeria at foreign exchange rates which are never favorable to the migrants. The users lose most of the money they remit to their family and friends in processing fees.

International Money Transfer Operators (IMTOs) assure customers faster and cheaper service to Nigeria. They charge the customers 8-10% of the total remittance amount as processing fees. The service takes 1-2 days which is not quick enough for customers in time-locks. The service offers no value for the customers, unlike online platforms.

Online money transfer services like FAZRemit ensures the customers, value for their money transfers to Nigeria. The increase in online penetration in Nigeria has created a unique opportunity for citizens. Nigerian diaspora can send money to Nigeria using FAZRemit directly to the benefactor’s account.

Read: Is the Oil-driven Nigerian economy banking on remittances from Migrants?

FAZRemit and Its Services

FAZRemit offers its customers fast, safe and affordable money transfer to Nigeria. The platform offers the lowest processing fee in the corridor.

Migrants in Tennessee can register on the platform online. The registration process is simple and quick. The platform does automated KYC checks at the time of registration. This ensures safety for the customer and their money during online transactions.

The user can send up to $2499 instantly online to their benefactors in Nigeria. We offer our partnership with 25 banks in Nigeria to make transactions hassle-free. 1.7% of the remittance amount is the processing fee charged for the service by FAZRemit. This offers the diaspora value for the remittances they make. These transactions help many families and individuals in Nigeria to lead a better life.

Join FAZRemit today. Send remittances to Nigeria from the US to help the ones you care about.

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Money Transfer to Nigeria from Texas

The state of Texas ranks second in terms of population and total area in the US. The total population of the state is 28.7 million according to 2018 statistics. African…

The state of Texas ranks second in terms of population and total area in the US. The total population of the state is 28.7 million according to 2018 statistics. African Americans make up 11.8% of the population in Texas. Texas also has the largest Nigerian diaspora with around 60 thousand living in the state.

Nigeria is the largest country in sub-Saharan Africa with a 200 million-strong population. It has the largest number of migrants in the US, the UK, and many European countries. With economic instability ruining the country, remittances from its diaspora are helping the society to have stability. Money transfer to Nigeria from the US reached $7.2 billion in 2018. With such high remittance rates, customers who send money to Nigeria are not getting value for their remittances.

What are the prevalent sources for remittance services? Do online services like FAZRemit provide the user with a better platform?

Money Transfer to Nigeria with Banks and IMTOs

Banks hold the highest rates of remittances to benefactors across borders. The financial institution provides safe and secure transactions to benefactors at fluctuating prices. Banks in Texas take anywhere from 2 to 3 weeks to remit money to bank accounts in Nigeria. They also charge processing fees according to the foreign exchange rates. Because of Nigeria being a high-risk country, bank charges are never in favor of the customers.

International Money Transfer Operators try to ease the problems faced by money remitters in the corridor. The platform offers its services at a premium of 8-10% of the total remittance amount. This in no way helps the remitters get value for their transactions. These services take 2-3 days to remit and do not help people in time-locks. IMTOs, because of no competition in this field, make a profit out of the people in need of money in Nigeria.

Remittances to Nigeria form 6.2% of the country’s GDP. The families and friends of Diaspora require money transfers to Nigeria to live a stable life. Online money transfer platforms like FAZRemit tries to create a better service for the Nigerian Diaspora. The increase in internet use in Nigeria has made money transfers to Nigeria from Texas easier. Lower transaction rates, faster transactions and safe money transfers to Nigeria from the US are the main objectives of FAZRemit.

Read: Why are Migrant remittances important for the Families in Nigeria?

FAZRemit And Its Services

FAZRemit offers its customers fast, safe and affordable transactions online. The services give value to customers who send money to Nigeria. Families and friends can instantly receive money transactions online from the US.

Registering on the platform is easy and allows users to send money instantly. Having an account allows the user to send $2499 instantly to Nigerian users. The platform safeguards the users and their money with KYC checks during registration. This ensures that no illicit activities take place on the platform’s services.

The services which are fast and secure are also affordable. We provide the lowest processing fees of 1.7% for remittances to Nigeria from the US. It is the lowest in the market and provides users with a value for their transaction.

Join FAZRemit to send money to Nigeria from the US at affordable rates. This allows money to reach the ones in need when they need it.

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Money Transfer to Nigeria from Virginia

Virginia is the 35th largest state in the southeast part of America. Virginia has the honor of being the first new world English colony set up by the London company…

Virginia is the 35th largest state in the southeast part of America. Virginia has the honor of being the first new world English colony set up by the London company in 1607. Virginia has the 12th largest population in the country. The population in Virginia stands at 8.5 million as of 2018. The population in Virginia is diverse with 19.7% being African American heritage.

Nigeria, the largest sub-Saharan country in terms of population has the largest successful diaspora in the US. reports show that 61.4% of the Nigerian Americans have at least a bachelor’s degree. The diaspora continues to send money to Nigeria to help their failing economy, their families and friends. Money transfer to Nigeria from the United States stood at $7.2 billion as of 2018. But online services like FAZRemit will help it grow more. What are the needs of the diaspora in Virginia?

The Predominant Corridors for Money Transfer to Nigeria

The predominant corridors include the Banks and the IMTOs. Let us look at how they are not providing value to their customers.

Banks

Banks are the oldest financial institution that helps its customers with international money transfer. Banks are also the slowest in terms of the time these transfers take. Services offered by banks take 2-3 weeks to remit money to the benefactors account in Nigeria from the US. They charge their customers based on the fluctuating foreign exchange rates which creates a problem for the diaspora. The shortcomings of the banks created a space for the IMTOs.

IMTOs

International Money Transfer Operators filled the shortcomings of banks with promises. They promised faster transactions at better rates but never gives value to these services. They ensure money transfers to Nigeria from the US in 1-2 days and charge a premium for them. They charge 8-10% of the total remittance amount which is very expensive. These IMTOs, because of no competition in this corridor, give the customers no value for their service.

Money Transfer to Nigeria Made Easy Online

The remittances from the diaspora in the US are to help the families and individuals in Nigeria. And the prevalent corridors of money transfer do not provide the users with value. The increase in internet and mobile penetration in Nigeria has provided the platform for online money transfer services. FAZRemit provides its customers with a fair value for their transfers.

Read: What are the advantages of using Online Money Transfer Services?

FAZRemit and their services

FAZRemit offers fast, affordable and safe money transfer to Nigeria from US. The platform allows its users to send money to Nigeria instantly using the platform.

Registering on FAZRemit is easy to do online. Having an account on the platform allows the user to send up to $2499 instantly to benefactors in Nigeria.

The service is safe because of the use of KYC checks during registration. This allows the platform to safeguard the user and their money during transactions. We help the customer remit money to Nigeria at the lowest processing fee in the market. The service charges the customer 1.7% of the total remittance which offers the customer value.

FAZRemit allows users to remit money to their loved ones at fast affordable rates. We understand the importance of remittances to help families and friends.

Join FAZRemit and send money to Nigeria instantly from Virginia at affordable rates.

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Money Transfer to Nigeria from South Carolina

The state of South Carolina was the first state to opt out of the confederation. It is the 40th largest state in terms of land area but 23rd in terms…

The state of South Carolina was the first state to opt out of the confederation. It is the 40th largest state in terms of land area but 23rd in terms of population. The state houses 5,084,127 as of 2018. The ethnic demographics of the region paints it as having 27.3% African Americans. Migrants flock to this state because of the low taxation and high-income rates. The Nigerian diaspora in South Carolina needs a better remittance system. Is FAZRemit that system? Is FAZRemit better than Banks and IMTOs for the money transfer to Nigeria and the families of migrants?

The Prevalent Corridors

Banks

Banks have been the go-to for migrants who need to send money across international borders. It was because of the years of service of banks and the security they provided. Yet the services they provided do not value the customer as they value the service. It may take 1-2 weeks to send money to Nigeria which is an inconvenience for the migrants. They charge handling fees dependent on the foreign exchange rates in the global economy. And as we know, Nigerian migrants face a huge hurdle in this aspect because of Nigeria’s economic instability.  But given a choice will preference for banks stay the same?

IMTOs

International Money Transfer Operators offer cross-border transactions at standard processing rates and faster speeds than banks. They provide their services to Nigerian migrants at a premium which may reach double figures. An 8-10% handling fee on remittance transactions creates a loss of value for the migrants.

The money they send to Nigeria for helping their families get handicapped by these high processing fees. IMTOs also take anywhere from 2 to 3 days to remit money to the ones in dire need in Nigeria. IMTOs are a step up from banks, but are they the best on offer in the United States?

Read: International Cash transfers should be avoided to Nigeria

The Importance of Online Remittance

Remittances make up almost 6 percent of Nigeria’s total GDP and are of great importance to the unstable economy. The total remittance amount to Nigeria in 2018 adds up to $34 billion. Online money transfer services like FAZRemit ensure a safe, fast, and affordable medium. It is important that the migrants get value for their remittances, which FAZRemit gives.

The New Routine for Money Transfers to Nigeria – FAZRemit?

FAZRemit is the best platform for money transfer to Nigeria from the US. We provide fast, safe and affordable transactions to families of migrants in Nigeria.

Registering on FAZRemit allows the user to send money to Nigeria instantly. Money reaches the benefactor at the click of a button from South Carolina. The online platform makes KYC checks to safeguard the user and their money.

We offer affordable transactions to users at the lowest processing fees in the market. These allow the migrants to send more money to the families in need.

Do you still think FAZRemit is not the better option for money transfer to Nigeria from the US? Join FAZRemit to send money to your families in Nigeria at safe, fast and affordable rates.

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Best Way To Send Money To Nigeria From USA

Nigeria has the largest migrant population out of all Sub-Saharan countries in Africa. The main reason for high migration rates in the country is the condition of the oil-driven economy….

Nigeria has the largest migrant population out of all Sub-Saharan countries in Africa. The main reason for high migration rates in the country is the condition of the oil-driven economy. With global oil markets fluctuating, the country’s economy feels weak, creating 87% unemployment rates. Rising living costs in the country means it is important for a household to receive remittances from their loved ones abroad. The remittance inflow of $25.08 billion last year gives hope for this year. Nigeria receives one of the highest remittance inflows in Africa. The country receives its highest remittance amounts from America.

The Nigerian migrants in the US send money to Nigeria to help their families and friends. They collectively sent $7.2 billion in 2018 through various mediums of transfers. But, with one of the highest remittance charges, they are on the lookout for sending money to Nigeria cheap way. It is important for the diaspora to save every penny they can to send more money to their loved ones. With prevalent banks and IMTOs being expensive mediums, can an online money transfer service like FAZRemit help? Is FAZRemit the best way to send money to Nigeria from USA?

Mobile money transfer concept. Banking payment apps.

How to Send Money to Nigeria from USA?

Nigerian Diaspora in the United States is one of the most educated and successful ethnic groups living in the country. The diaspora has a higher median household wage than an average American household. This is the extent of their success in education with over 27% of the diaspora having a post-graduate degree. This enables them to help their families and friends back home during times of hardship. But the diaspora still doesn’t know how to send money to Nigeria from USA in the best possible way.

Banks

Most international transactions happen with the help of banks. The oldest financial institution in the world help transfer money internationally to Nigeria from the US, with pitfalls. Customers who need to transfer money need to wait for various procedures. It takes anywhere from 5-7 days to get it deposited in their benefactor’s account in Nigeria. Banks make use of intermediary banks to transfer money to banks in Nigeria which could cause even more delays.

They charge the customers for these transactions based on foreign exchange rates. The oil-driven economy of the high-risk country does not help remitters get fair values for their transfers to Nigeria. Fluctuating foreign exchange rates means they never find one rate for transfers either. These pitfalls of the banks push some to move to IMTOs.

IMTOs

International Money Transfer Operators provide faster services than banks, but not at cheap or affordable prices. Their fast services take 1-2 days to reach Nigeria. These transfers are wire transfers. The remitter can deposit cash at an agent location of IMTOs like MoneyGram and Western Union in the US. The benefactor can collect cash from an agent location of the same IMTO in Nigeria after 2 days, even more. The need to physically collect cash from agent locations can deter certain customers with travel in Nigeria a problem.

The cost of these transactions rob the customers of any value that they might receive from these remittances. Certain IMTOs charge the customer $5 to send $50 dollars to their families and friends in Nigeria. Most IMTOs charge between 8-10% for wire transfers to Nigeria from USA. They could also have hidden fees for currency exchange services required for international transfers. This causes a double-whammy for the customers who are daylight-robbed. Moreover, they are wire transfers that need collection in cash.

These cash transfers also lack security measures to deter illicit activities and fraud. With anonymous transactions being normal, the platform is a target for scammers to scam victims of money. Most scams originating in Nigeria have one common aspect – all of them request a wire transfer using one of the IMTOs. Wire transfers done with easily duplicatable documents are untraceable once collected. So the next time a stranger asks you to send money to Nigeria Western Union kindly double-check the credentials.

 

Read: FTC charges Western Union for turning a blind eye to Illicit Money Laundering and Fraud on their platform.

Online Money Transfer Services

Online Money transfer services are gaining popularity in the country. With fast and instant transactions, they are increasing the value of emergency transactions. Platforms like FAZRemit also ensures the safety of transactions with an account to account transactions. FAZremit is best known for being the most affordable and cheapest service of the lot. People still consider these services as the secondary service rather than a primary medium.

Nigeria as a developing country has 187 million strong mobile users base. 55% of them make use of internet services in the country. The best take away is that they project the GDP of the country to grow by 1.9% in 2019 from the 0.9% growth in 2018. This is the best time to make use of online money transfer services, with swift transfers covering any emergency needs. Households and businesses will profit from the use of online mediums than any other prevalent medium.

FAZRemit and Its Services

FAZRemit aims to provide the Nigerian diaspora and their families with the most value for their remittances. FAZRemit ensures a fast, safe and affordable online money transfer service from the USA to Nigeria. It is even more accessible now with the increase in smartphone users in Nigeria. Sending money on the platform is easy with the easy-to-use user interface. We can even use it to pay bills in various countries like Nigeria, Ghana, and Kenya. Mobile wallet services can help push for a cashless economy, which has a wide range of possibilities.

 

Becoming a user on the platform is simple with a onetime-registration taking less than 5 minutes. Registering on the platform ensures safety and security. KYC documents and background checks safeguard the money and the user during transactions. Users can send up to $2499 to their benefactors account online through the platform. These transactions happen instantly. The money you send is available in the benefactor’s account in less than a minute. Transaction details are available from the user profile in the application for future reference.

FAZremit offers its fast, safe transactions at the lowest processing fee in the corridor. Users can send money to Nigeria from USA online at 1.7% processing fees. This provides the users of FAZRemit and their loved ones with the most value for their remittances. With FAZRemit, sending money to Nigeria cheap way is possible. Who said cheap and affordable does not mean safe and reliable?

Find out the best way to send money to Nigeria online yourself. Join FAZRemit to send money to Nigeria from USA at fast, safe and affordable rates. Help the ones in need in Nigeria with your valuable remittances.

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