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Category: Nigeria

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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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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Know All About ‘The Abacha Loot’

There is breaking news of law enforcement in New Jersey USA seizing stolen Nigerian money. The actual worth of loot hidden in the tax haven of Channel Islands is close…

There is breaking news of law enforcement in New Jersey USA seizing stolen Nigerian money. The actual worth of loot hidden in the tax haven of Channel Islands is close to $267 million. Estimations show it is a fraction of the ‘Abacha loot’ worth around $4 to $5 billion.

In a time when Nigeria faces various threats on economic and social fronts, this is a windfall. But what are the facts concerning this and why do the migrants have to keep a lookout?

Sani Abacha and the Abacha loot

Sani Abacha was a Nigerian army officer who died of a heart attack in 1998. He was the first of his country to become a full star general without skipping a level. They revere him in the North and scorn at him in the South.

Sani Abacha was also a dictator who seized the power of the country during its democratic transition in 1993. Credits for economic reforms during his 5-year reign angelize him. Yet allegations of money laundering, which appeared after his death seem to be truer.

The former military dictator looted the country out of $3-5 billion between 1993 and 1998. This was during the time when Nigeria was having exponential growth as an oil producing country. He and his son allegedly laundered money through the purchase of bonds backed by the United States. We all know this stash of foreign loot as the “Abacha Loot”.

How is it Not in Nigerian control yet?

Nigeria is reported to have lost  $400 billion to corruption from 1960 to 1999. According to a press report authorities in Jersey have seized more than $267 million from associates of the late leader. This is not counting $550 million that the US authorities have in frozen accounts, pending clearance.

This money transfer from USA to Nigeria is not as easy as it is on FAZRemit. The challenges include an uncooperative attitude of the countries in possession of the loot and strict conditions. The United States and Switzerland have the largest amounts of the loot, yet both attach this loot with strict laws.

The US legislative laws need to have verification showing the money as illegally laundered. They also need strict confirmations of its future safety and accounts of its use for the good of Nigeria. Many fear these same regulations will lead to another loss of the Abacha Loot. Just as Nigeria gave up $480 million of the loot in 2014, they stand to lose this too.

What is at stake?

Any money that a country loses causes its depreciation in the world economy. Especially illegally looted money, or Black money, causes a nation’s economy to be badly affected. Foreign exchange rates against the country become bad and inflation rises. These foreign exchange rates affect any migrant who looks to send money to Nigeria or to their families.

Many are pleading the diaspora to join up in getting these stolen funds back to Nigeria. This returned money could wipe off the major problems of economic instability, food insecurity, and even child labor. Money transfers to Nigeria will get greater value. It will help stabilize the Nigerian households and provide for better futures.

With Services like FAZRemit leading the way of fast, affordable transactions, the value of remittances has never been higher. A better Foreign exchange and all-round growth of the country will only increase it more.

Read: Nigerian families need immigrants to send remittances more than ever

FAZRemit and its Services

FAZRemit is a service that helps migrants in online money transfer from the USA to Nigeria.

While the Abacha loot took years of work to find, a click of a button registers you on FAZRemit. Registering allows the user to send $2499 to their loved ones, instantly.

Unlike the years of legality that takes the Abacha loot to reach the country, remittances through FAZremit get done instantly.

The KYC checks during registration provide the user and their money with security. No illicit activity of money laundering would have gone on with FAZRemit.

While the Abacha loot increases the cost of sending money to Nigeria, FAZremit offers the opposite. We assure the lowest processing fee in the market for money transfers from US to Nigeria.

Maybe, Abacha should have used his loot for the good of Nigeria, just ask FAZRemit’s customer-centric services. But then again, he was a dictator, and we are the Nigerian remitters’ best friend.

Send money to Nigeria, and those who need it most, instead of looting it all up! Join FAZRemit today.

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International Day of Family Remittances 2019

The world commemorates the 16th of June as International Day of Family Remittances since 2015. The International Fund for Agricultural Development (IDAF) proclaimed it in February 2015. The United Nations…

The world commemorates the 16th of June as International Day of Family Remittances since 2015. The International Fund for Agricultural Development (IDAF) proclaimed it in February 2015. The United Nations adopted it as recently as June 2018. The day aims to shine a light on the massive contribution of the migrant workers to their families and their country of origin.

Remittance refers to the money sent home by migrant workers to an individual or their family in their home country. It is not for gaining goods or services per se. The recipient households spend the economic gains of family remittances for the most basic human needs. This includes education, health upkeep, and household expenses. It would also serve the purpose of upliftment of the society and enables formal economic stability.

What is at stake?

The commemoration tries to celebrate the impact of remittances on the developing world. Remittances make up a huge part of the GDP of all developing countries. India was the benefactor of the largest remittance inflow in the world in 2018. The low – medium developing countries in the African continent also saw high remittance inflows. Nigeria, the sub-Saharan country with the highest population saw a remittance inflow of $24.08 billion in 2018. That made up 83% of Nigeria’s federal capital budget for the year according to the PwC report. Online Money Transfer Services like FAZRemit opens up corridors for greater remittance inflows.

The celebration also aims at encouraging such remittances and providing migrants with a value for their transactions. The wide-ranging impact of these funds is present everywhere, from infrastructure to education to a stable economy.  Remittances have increased ever since 2000 and still only make up 1% of the global GDP. But the value it holds for the household dependent on them is not quantifiable. Services like FAZRemit helps to send money online to Nigeria at the most affordable rates. We offer the Nigerian Diaspora the best value for their remittances.

What is the Global Remittance Scenario?

Migrants go through banks or IMTOs to transfer money to their families back home. Along with strict ID checks they also have to pay high processing fees and wait for days before the transaction goes through.

Banks sending money to Nigeria and other African countries do not provide the customers with value. They often give unfair currency exchange rates for these high-risk countries and transfers take weeks. The IMTOs follow suit with these banks and charge a percentage as processing fees. It leaves the migrants having to pay a premium with the charges often reaching double figures.

The average cost to send $200 globally is 7.1% while for Sub-Saharan countries, it is 9.4%. This, in fact, provides the migrants with no value for their hard earned money. And the recipient households bear losses for the inefficient transfer methods.  

While remittances grow, it is the job of the institutions handling them to reduce the transfer costs. FAZRemit does their bit in reducing the cost of remittances. It offers the lowest transaction fees for remittances to Nigeria, Ghana, and Kenya from the US. The platform offers services for migrants to send money online to Nigeria at just 1.7% handling fees.

Read: Remittances to Nigeria hit $35 billion in 2016

Why does Nigeria Need More Family Remittances?

The developing nation of Nigeria was oil dependent, but the economy has shifted since the oil crisis. The government has diversified the economy for future economic stability. It is in this transition phase that remittances play an even more important role for the Nigerian society. The families of migrants and the Nigerian citizens are facing a lot of hardships right now.

Unemployment rates are the highest, with 16 million people unemployed. Child Labor is increasing and adversely affecting the holistic growth of the younger generation. It plunges the future of the country into doing manual labor when they should be in schools. About 20 million child laborers are present in Nigeria as of 2018. Food safety and food security are invisible and are a humanitarian crisis in many parts of the country.

The economic instability and social turmoil the country finds itself in is heart-breaking. And it is the Diasporas who are helping the country the most.

Where does FAZRemit fit in?

FAZRemit offers the Nigerian Diaspora in the United States with online money transfer services to Nigeria. We ensure safe, fast and affordable transactions into Nigeria. Affordability is key for the platform.

Registering to FAZRemit is easy. Automated KYC document checks allow for far greater security of transactions and the user’s money. Instant online money transfers to Nigeria provide your loved ones with an easy solution to any economic hardship they face. FAZRemit also prides itself in ensuring the lowest processing fees for remittances to your families. The fee of 1.7% is the lowest in the market and provides an insane value for the customer.

We firmly believe that the money saved in these processing fees can help those in real need. It would also help to grow the country of Nigeria into one of the developed democracies in the world. With food safety, future employment options and the abolishment of Child labor, the country can move forward.

Join FAZRemit today to invest in this noble idea by saving money to send more money. Use this platform this International Day for Family Remittances to send money to Nigeria online from US. Help your families and your country to prosper.

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Join FAZRemit to fight against Child Labor in Nigeria

International Labor Organization (ILO) launched June 12th as World Day Against Child Labor in 2002. The day is a commemoration of the millions of children forced to work illegally globally….

International Labor Organization (ILO) launched June 12th as World Day Against Child Labor in 2002. The day is a commemoration of the millions of children forced to work illegally globally. Various reasons around the globe force 168 million children to engage in child labor. The event tries to highlight the problems faced by child laborers and how to prevent child labor.

Child Labor refers to employing children under the age of 14 in dangerous work environments. Being in child labor prevents their ability to attain education to achieve growth for the future.

Child labor is present in every country in the world. However, it is more so in the economically unstable sub-Saharan countries of Africa. UN estimates show 48 million children are working before the age of 14 to support their families in these countries.

Child Labor in Nigeria

Nigeria is the largest country in Africa in terms of population. The economy of the country is oil dependent and part of the OPEC nations. We see the recent effects of the global oil markets in the country’s economy. The Nigerian economy is reeling under instability leading to increased market prices and living costs.

Child labor in Nigeria is at an all-time high according to the 2018 estimates. Estimates in 2017 reported that 15 million child laborers were present in the country. Today, almost half of Nigeria’s 79 million children between 5 and 17 are child laborers. Economic instability has fueled this increase in many parts of the country.

The Causes and Path to Abolishment

Nigerian officials point towards widespread poverty, rapid urbanization and breakdown of family affiliations as causes for an increase in child labor. Child labor of various types have gradually eroded the bright future of the Nation.

Poverty is the major cause of Child labor in the nation. It is a major source of income for the families under the poverty line in Nigeria. The country is high on poverty rates with 87 million estimated to be under the poverty line. Scarce employment opportunities for the qualified have increased the number of Nigerians leaving the country in search of brighter futures.

The government needs to bring in strict laws against child labor which would be a start. Educating the growing younger generation will help to create opportunities for a better future. The gradual reduction of poverty and better economic stability can help abolish child labor.

Nigeria has diversified its economy from oil in the past few years, yet the GDP needs considerable help through remittances. The Nigerian Diaspora around the world remitted $24.5 billion in the last year. They received $7.2 billion from the United States alone in 2018. Personal remittances represent 5.9% of the country’s total GDP for the year 2018.

Remitting For a Brighter Future

The Diaspora understands the hardships the country is under and their loved ones face. It is even more important to not taint the help they receive but value it. Remittance money often helps the benefactors to have a better life. It allows their children to attend school to build brighter futures.

The mediums of remittance in use today do not value the importance of remittances enough. Banks and IMTOs are slow and charge a premium for the humanitarian aid that is reaching the country from its Diaspora. Well, it is changing and changing for good.

The increase in mobile and internet penetration in Nigeria is leading to the use of online money transfer services like FAZRemit. FAZRemit assures its customers, value for their transactions and the lowest processing fees. We know the importance of these remittances in helping to abolish child labor.

Read: Importance of an affordable medium of Money Transfer to Nigeria

Use FAZRemit for Remittances to Nigeria from the US

FAZRemit provides its customers with fast, safe and affordable transactions to Nigeria from the US.

Registering with the service is easy to do online. KYC documentation checks of the initiation and end points safeguard the customers and their money from online scams. FAZRemit provides the opportunity to make a difference in the lives of your loved ones.

The processing fee for the services offered by FAZRemit amount to 1.7% of the total remittance amount. This assures the customers, value for their transactions and the least loss of economic progression.

Since Nigeria adopted Child Labor laws 20 years ago, 20 million children still work as child labors. 6 million of Nigeria’s children do not even go to any schooling. This is a world crisis that needs to be managed properly.

This year’s theme for Child Labor Day on June 12 is: Children shouldn’t work in fields, But on dreams.

Use FAZRemit to help your loved ones to dream of a better future and achieve it. Join FAZRemit to save money on remittances to use it on the real need. Let us help to Abolish Child Labor.

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Oil-driven Nigerian Economy Now Depending on Remittances from USA to Nigeria

Nigeria has been a member of the Organization of the Petroleum Exporting Countries(OPEC) since 1961. It would be wise to think exporting oil is its main GDP contributor. The fact…

Nigeria has been a member of the Organization of the Petroleum Exporting Countries(OPEC) since 1961. It would be wise to think exporting oil is its main GDP contributor. The fact is remittances from its diaspora increased by 19% to $24.3 billion in 2018. This is a new high for the Nigerian economy supposed to be oil-driven. Remittances from USA to Nigeria made up almost 30% of it. This is while crude oil exports fell by almost 30% during the same time.

Afrinvest, an investment firm, states that Nigerians in the United States are the main contributors to the remittance inflows.

What are the Absolute facts?

On the Oil-Driven Economy

Since joining the OPEC in 1971, Nigeria has seen little development economically other than in the last decade.

The highest oil output of 2464 barrels per day was attained in 2010. This was after heavy investment in oil-related infrastructure by foreign companies. With high fuel prices at the time, it seemed a step forward in the right direction. Fast forward just 7 years and you see the drop in production due to various reasons. Production reached a new low in 2017 when just 1738 barrels were produced per day by the OPEC nation.

On the Remittance front

Nigerians living outside the country are the biggest export” according to the chief economist at PriceWaterCoopers (PwC) Nigeria, Prof Andrew Nevi. It is hard to not agree with him when the effect it has on the Nigerian economy is astounding. Out of $24.3 billion dollar remittance, almost $7.2 billion was remittances from USA to Nigeria. The increase of remittance flow by 20.8% makes the USA the highest remitting country to Nigeria.

What Do they Project?

Nigeria’s GDP growth jumped from 0.8% in 2017 to 1.9% at the end of 2018. This was still below the projected 2.3%, mainly due to variations in prices of crude oil and its output globally. Looking at the oil supply and demand on a global scale, there are various uncertainties. These are adversely affecting the Nigerian economy.

Read: Stabilised economy after dip in Oil Prices

All this while the 3 million-strong Nigerian diaspora in the US contributes significantly to the growing economy. The remittances to Nigeria made up 83% of the federal government’s capital budget in 2018. $7.2 billion remitted by Nigerians in America was more than the entire capital expenditure for 2019. The capital expenditure of Nigeria stood at $6.7 billion for 2019. This is according to Afrinvest again.

What Does it all Mean?

Stats do not lie when they show that an oil-driven economy is depended on remittances from its diaspora. It is especially true for the Nigerian economy where remittances from USA to Nigeria play a part in it. These are used for the basic needs of the population in the sub-Saharan country. Health upkeep, education, and physical empowerment are the main spending areas of the nation’s population.

More Efficiency can go a long way

Total remittances grew from 4.86% to 5.86% of the total GDP of the country in 2018. It is, therefore, most important to make use of online services like FAZRemit which improves the efficiency of remittances. FAZRemit offers fast, affordable and secure remittances from USA to Nigeria. They also provide the lowest rates for remittances at 1.7%. And it can be done in an instant with its online platform.

Join today at FAZRemit, to remit money to loved ones in Nigeria.

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Pledge to Ensure Food Safety with FAZRemit | World Food Safety Day 2019

June 7, 2019, will be the first-ever World Food Safety Day commemoration in the history of mankind. The United Nations General Assembly adopted it in December 2018. The theme for…

June 7, 2019, will be the first-ever World Food Safety Day commemoration in the history of mankind. The United Nations General Assembly adopted it in December 2018. The theme for this year is “Food Safety: Everyone’s Business”.

Food is the starting point of energy, health, and wellbeing of a person. More importance is on the quality of food, rather than the quantity. To have a healthy diet, it is important that nutritious food is available to the person.

The Nigerian economy, reeling under instability has led to increased market prices.  Remittance money flowing in to aid the beloved families of Nigerian immigrants due to the soaring prices have increased. You too can send money to Nigeria online to support your loved ones using FAZRemit at affordable rates.

What is Actual Food Safety?

To understand the importance of the decision to commemorate food safety, we need to know what food safety is.

Food safety is the absence of hazardous ingredients in the food that a human consumes. Bacteria, pesticide and insecticide residues in the meals we eat will harm our body and make it prone to diseases.

Unsafe food is a concern for developing nations because of the lack of economic ability to sustain safety measures. It affects women, children, migrants and populations affected by conflict. It is especially relevant to the Sub-Saharan countries for the lack of economic capabilities to sustain such standards.

With about 600 million cases on average relating to food safety issues, it is high time to work on this issue. Therefore, food safety is important for a healthy and energetic population of a country aiming for economic and social development.

Read: Food Safety is related to Food Security

Where does Nigeria stand?

The country of Nigeria is one such with unemployment on an all-time high along with economic instability. Less than 40% of the 200 million-strong population is under full employment. The country is high on poverty rates with 87 million estimated to be under the poverty line.

The country’s GDP highly depends on oil and agriculture. Yes, agriculture. Yet as exports soar, people still have no money to buy food.

The inflation in the country has increased year by year since 2016. It made prices to jump up by 70% in the time between 2015 and 2017. This makes it a hard ask to focus on food safety in Nigeria. Especially,  when there is no food on the table for over 25% of the population.

Fluctuations in foreign exchange rates have also affected bank transfers into the country. This has increased the use of services like FAZRemit to send money to Nigeria online.

What is June 7th changing in Nigeria?

Organizations and individuals are trying their best to ease this pain of food safety for the Nigerian people. They have involved NGOs like Food Bank Nigeria to address food security challenges. People worldwide are using online money transfer services to help the cause in Nigeria.

Action Against Hunger (AAH) reports that the food security challenge is a humanitarian crisis in Northern Nigeria.  This crisis has already displaced 1.5 million people with over 4 million affected on the whole. They need Humanitarian help for the crisis and to provide food security to the citizens in Nigeria.

How Does FAZRemit help?

The economy of Nigeria heavily depends on the remittance from its diaspora. With over $24.5 billion being remitted, it makes up 6% of the total GDP of the country. It increases the importance of having a safe and affordable money transfer service to Nigeria.

FAZRemit offers a fast, safe and affordable online money transfer services to Nigeria from the United States.  At this time of need, it is important to have the best value for remittances and FAZRemit knows this best.

FAZRemit offers its services at the lowest rates in the market. We charge a fee of 1.7% to send money to Nigeria online which offers insane value.

Registering to FAZRemit is easy to do online. The platform checks KYC documents of the customer for the safety and security of the transactions. Everyone can use the easy-to-use interface and it gives the customer complete access to online transactions.

FAZRemit helps the diaspora to aid their loved ones and the economy in Nigeria with remittance inflows. They help the diaspora send money to Nigeria online to their families to help support their basic needs. Food safety is related to Food Security in more ways than one. With the current economic situation of the country, citizens need all the help they can get to attain food security.

Join FAZRemit to save money on your remittances to use it on the real needs at hand.

This June 7th, use FAZRemit as your online money transfer service to make a difference to the Nigerian community.

 

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Why FAZRemit is the best platform to send money from USA to Nigeria Bank Account

The USA, in particular, has a considerable Nigerian expatriate community and the need for safe, fast, and affordable remittance channels are vital. We are not confining money transfers to just…

The USA, in particular, has a considerable Nigerian expatriate community and the need for safe, fast, and affordable remittance channels are vital. We are not confining money transfers to just an individual’s personal needs. Business transactions also take up a lot of the volume.

To send money from USA to Nigeria bank account, FAZRemit scores over IMTOs, bank to bank transfers. A closer look at all options will reveal the downsides. The three areas that need to go under the microscope are what any customer would desire from a service provider. These areas in deciding the ways to send money from USA to Nigeria, namely the aforementioned security, speed, and affordability.

The transfer should be safe and secure

FAZRemit has in place safeguards for secure online money transfer from USA to Nigeria. First, every customer requires to go through a registration process, the establishment of his bona fides is through documents such as Passport, ID, proof of address, communication details, etc. These undergo a verification process, and a KYC control mechanism is put in place. Furthermore, at the receiving end, the customer can add a beneficiary, whose verification is also done. To make the entire process ironclad, in the event of something going amiss or non-receipt of the money,  FAZRemit guarantees a 100% refund.

They have taken the choices to send money from USA to Nigeria bank account to new heights, whilst fulfilling AML/CFT measures. No doubt, some customers view KYC compliance as a bother. But the reality is, it is a necessary evil purely to ensure safe and secure banking, much to one’s desire.

The transfer must be reasonably fast

An online money transfer from USA to Nigeria through a non-banking service, such as FAZRemit takes less than a minute (the name says it all). A bank wire service or IMTOs typically take a few days (maybe 3 to 5). Delays due to mistakes from the bank’s end. Or holidays fall in between.

Most importantly, the cost should be at a minimum. It should be affordable

To send money from USA to Nigeria bank account, the one single factor that should come under close scrutiny is the affordability.

Let’s Calculate…

For IMTOs, this is their bread and butter, and customers are unaware of the hidden costs. Here is an example:

A customer wants to remit 500 USD to Nigeria in Nairas(NGN).

Let us calculate the currency exchange fee applied by this Money Transfer Operator:

If the interbank exchange rate for 1 USD = 360 Naira

Money transfer operators’ average exchange rate margin is 2%. That makes the chargeable amount = 10 USD

Additionally, the transaction processing fee is 2% (if we take the best case scenario). This adds another 10 USD to the total chargeable amount.

So, the total amount you will be paying goes up to 20 USD when you are using MTOs.

The influencing factors for online money transfer from USA to Nigeria are the exchange rate offered and the processing fee. Banks inflate charges notoriously whereby the processing fee, may go up to 11%, Post Offices go to 7% and IMTOs anything between 2-9%.

FAZRemit charges very low transaction fees of 1.7% to 2% to send money from USA to Nigeria Bank Account for amounts <$500 to >$1000, for a minimum of $30 up to $10,000 per month. Beyond doubt, the cheapest rates anywhere.

Other considerations

Customers choose convenience over everything else when it comes to ways to send money from USA to Nigeria, and the customer is the boss. So, he must get what he is looking for.

How does FAZRemit ensure this? How do you enhance convenience without compromising on security? A few simple steps to facilitate the best online money transfer from USA to Nigeria, already in place at FAZRemit include:

  • Monitoring and acting upon customer feedback,
  • User-friendly website interface,
  • Flexible payment options: credit card, debit card,
  • Ease of document verification,
  • Customer support through Live Chat and email

The pundits are of the simple opinion that commoditization of remittances will happen, and become free so that nobody makes money out of it. Microfinance and loans will become the face of revenue generation through customers. Remittances, such as online money transfer from USA to Nigeria, will be just another anchor product.

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The Importance of Money Transfer and the Best Way to Send Money to Nigeria from USA

Nigeria is one of the countries in Africa that has shown greater economic development in the past decade. The government and people use the money they receive from their oil…

Nigeria is one of the countries in Africa that has shown greater economic development in the past decade. The government and people use the money they receive from their oil reserves. They also use the transfer money they receive from the Nigerians working in the different parts of the world. The government and people realised the amount they have been wasting on the bank and MTO based transactions. Hence the Nigerians have switched over to the best way to send money to Nigeria from USA. It is nothing but recent online based transaction techniques.

The role of the economy in USA and Nigeria

The economy plays a huge role in developing the wealth and value of one’s own country. These people residing in these countries are dependent upon the government. They expect the government to take care of their welfare and social needs. The government is responsible for maintaining the economical status of the country. They also maintain a good client status dealing with the imports and exports of the country. Nigeria has a poor agricultural status. The government imports most of the crops from other neighbouring countries. The availability of cheap labour and oil resources along with abundant locations have attracted a large number of businessmen. These businessmen invest their money in Nigeria. Along with a foreign businessman, the country also has many Nigerians living in foreign countries. They send money from USA to Nigeria bank account for the development of the country.

Banking activities such as fund collection, money transfer, money deposition and withdrawal plays a humongous role the society. There are many ways to send money from USA to Nigeria. From bank transfer to online best transactions the choices are wide in range.  But the best way to send money from  Nigeria to USA is through the online transactions. They have proven to be an effective technique for the past few years.

The current economic situation:

The economic condition between USA and Nigeria is highly different from each other. The later is an oil-rich country that has lagged behind due to the corruption and instability prevailing in their own politics. Along with this they also have a poor infrastructure that has resulted in poor economic condition and management within the country.  The USA is the perfect contrast of the economic condition prevailing in Nigeria. With a per capita GDP of $49,800, the country is one of the topmost developed countries existing in the world. They have reformed themselves to be one of the powerful nations in the world along with Russia. The best way to send money to Nigeria from USA must include a cheaper form of transacting charges and other positives.

Online services: The best way to send money to Nigeria from USA

In today’s world money transfer has become one of the greatest assets for sending money from one country to another. Nowadays we make sure that the banks that we deposit our money in consists of a  modernised banking system. People nowadays prefer making an online money transfer. It makes them hassle-free so that one does not need to go to banks or ATMs for small things. The cards like debits and credits help us to cash out for the things we purchase. Through the online transaction, one could send money from Nigeria to USA online within a fraction of seconds. This is done by selecting a proper organisation.

Online transfer of money from debit cards does not require the account details of the sender. But it requires details like card number, name on the card, expiry date, and CVV number. Being one amongst the best way to send money to Nigeria from USA helps one such organisation to develop economically and grow as a stable community in the market. People are at ease now due to easy methods of transferring money without much of human input.

It is important for a  person to chose wisely the money transfer operator, depending on the basic and productive qualities that they possess. The online Money transfer service must ensure easy and quick transfer of money across the globe at any time. It must be flexible and user-friendly as compared to other banking systems. The operator must have a minimal transaction charge in order to benefit the users. In this fast running world, it is important to have a flow with time so that no opportunities are missed. Online money transfer helps oneself achieve that goal easily and send money from USA to Nigeria online.

The accurate and best way to send money from USA to Nigeria online

Nigeria is not a developed country as it’s per capita gross domestic product is very low. From abroad, one must find the best way to send money to Nigeria from USA. Transferring money is an easy process nowadays due to the availability of several online platforms. There are various difficulties in transferring in the money such as time limit and the huge charges that they apply. IMTO (International Money Transfer Organisation) is such an organisation which provides the operator with lower charges and quick transactions. It makes it easier to Send money from USA to Nigeria online as they provide services to the customers at cheaper rates.

FAZRemit Benefits:

One of such organisation includes FazRemit, the best amongst other organisations around the world. It is because this organisation takes in the complete charge of all proceedings, starting from the starting registration until the final transaction. This organisation is one amongst the fastest, cheapest and the most convenient form of transaction. This platform is very much hardworking. The customers or the senders could easily contact the branch officers in case of any queries arisen during any time of any day. The online transactions also encourage the users with various rewards, gifts and cash backs. This makes the sender transfer money frequently in the same organisation as possible.

In FAZRemit, the information provided by the users is completely safe and confidential. The FAZRemit contains a special procedure in order to transfer money from USA to Nigeria.  People can easily register their own account by using their particular mail ID. After registering the next procedure is to submit their KYC (Know Your Customer) document. The submission of these documents allows people to understand the sincerity of the organisation. They also provide proper security against the misuse of the data available. The final step is to send money from USA to Nigeria bank account being anywhere around the city.

These techniques have allowed the people residing in USA to send money to Nigeria without any issues. They aid the people to prevent the extra charges. So choose the best option available in the market for easy transactions.

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A Basic Guide When You Search: Wire Money Online to Nigeria

Online services providing money transfer across borders has created a space for wiring money online to Nigeria. This is especially true and significant because of the large Nigerian Diaspora present…

Online services providing money transfer across borders has created a space for wiring money online to Nigeria. This is especially true and significant because of the large Nigerian Diaspora present in the world. They would like to send money to Nigeria online for various purposes of their loved ones. Certain money streams like FAZRemit has also enabled businesses to set up in Nigeria and grow.

You can wire money online

It is practically easy to wire money online with the right documentation. With internet penetration in Nigeria rising to 42%, online transactions are on the rise. Africa’s largest economy is on its way to becoming truly cashless.  It would also help the economy as all transactions made online would directly play a part in the economy. This would create a transparent economy primed for future growth.

Wiring money online to Nigeria is easy with various service providers that offer fast, safe and affordable services. Yet it is imperative for the user to be completely satisfied as he or she has hundreds of services online to choose from.

As there is a chance that you will get the best deal, there is another side of it as well. You could become a part of internet frauds being reported now. Dating scam reports by Nigerian Americans have increased on the whole in the last few years. So, you need to stay safe from online scams while searching what’s best for you.

The Basic Safety Net

You can send money online to Nigeria with hundreds of platforms like FAZRemit with a few documents.

  • A valid email-ID
  • Valid ID Proof and Address Proof
  • A Valid Bank Account

But these form only the outer boundaries of the process.

It is also important to check up on

  • Delivery times of remittances
  • Safety procedures followed by the Service provider
  • The processing rate charged by the provider
  • The ease with which your loved ones can access the money sent.

Various platforms take 3-4 days in order to verify your credentials. This would inadvertently affect your need of the hour for fast transactions. The hidden processing charges by some providers also hamper your trust in wiring money online to Nigeria. The accessibility of the receiver is of paramount importance due to just 33% having a smartphone.
So, the question is – Do you need a Consistent Performer to Remit money to Nigeria?

FAZRemit can be your Channel

FAZRemit is an online service provider of money remittance from the US to Nigeria. FAZRemit is not an MSB in the US but instead acts as a digital platform for Choice Money Transfer Inc. It is licensed as a Money Transmitter by the New York State Department of Financial Services and by 17 jurisdictions. What this provides is a secure, authorized and most importantly, a reliable platform to send money to Nigeria online.

FAZRemit also has partnerships with over 25 banks in Nigeria to create a smooth remittance corridor from the US. This promises a convenient and fast path to the end-user while guaranteeing security.

The transaction fees by FAZRemit is also a gamechanger. With a flat rate to send money as high as $999, they lead this space. The amount of remittance one can send online is unlimited with the help of a simple compliance form.

These features, when packed into an easy to use interface, is the dream of the Nigerian Diaspora to send money online to Nigeria. The FAZRemit website is available 24/7 and people can use the features easily without any guidance or prior knowledge. FAZRemit has made the dreams of thousands of Nigerians abroad come true.

Fast, affordable and safe remittances to your loved ones back home is not a dream anymore. Join today at FAZRemit, to avail the best online service provider for yourself.

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