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?
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.
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.
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.
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.