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Category: Nigeria

How to Wire Money Online from United States to Nigeria?

The United States consists of the largest Nigerian diaspora in all of the world countries. It is evident from the remittance figures which stood at $7.2 billion in 2017. Furthermore,…

The United States consists of the largest Nigerian diaspora in all of the world countries. It is evident from the remittance figures which stood at $7.2 billion in 2017. Furthermore, there is speculation for an increase in the diaspora with 33% Nigerians planning to migrate in the next 5 years. A decrease in bank-backed remittances and MTOS in Nigeria has led to widespread fears of decline. The fact that Remittance grew from 14.1 billion in 2005 to $35 billion in 2016 adds to the unrest. That’s a 148% increase in remittance since 2005 that is in danger of decline due to dreadful service.

There are various online services that have sprung up to provide adequate services in the meanwhile. FAZRemit is determined to provide even more. Therefore, how to wire money online has become one of the hot topics of discussion.

The Basics of How to Wire Money Online

The need of the hour is to send money to Nigeria online directly. The use of online technology to wire money is catching up among Nigerians. The country has 56% internet penetration. This is fueled by 87% of its population having access to smartphones. These improvements have also enabled a shift towards a cashless economy.

One can easily make use of Online Money Transfer services like FAZRemit and their Mobile wallet services. They provide fast and affordable remittances. FAZRemit charges the lowest processing fee at 1.7% per $999. The use of the platform is secure due to proper documentation and checks. FAZRemit makes sure to verify documents properly in order to bar any illicit behavior.

Below are the documents requirements to send money to Nigeria online with FAZRemit.

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

Start Sending Money to Nigeria

Once you have all the required documents, you can avail the services of FAZRemit easily. The following are the steps to be followed to make use of the FAZRemit services platform.

How to wire money online from the United States to Nigeria with FAZRemit –

  1. Register with FAZRemit with valid proof
  2. Add the beneficiary by giving beneficiary details
  3. Wait for verification of the beneficiary account
  4. Send up to $2,499 to the Beneficiary instantly.

Once the registration has been done, your documents will be approved after verification. This improves the security of the transaction process and safeguards you from any problems during the transaction. Getting the money to your beneficiary once verification is complete is simple.

Read: How to register on FAZRemit?

FAZRemit Is For You, the Customer!

The service has been set up such that anyone with a bank account and proper verification can use them. FAZRemit has a presence in the US cities of New York, Atlanta, Houston, Washington, Dallas, Chicago, Baltimore, Los Angeles, and Boston.

This hassle-free and transparent service have to be the answer on how to wire money online to Nigeria. FAZRemit has been used by thousands to send money to Nigeria online from the US.

Fast, affordable and safe remittances to your loved ones is not a dream anymore. Join today at FAZRemit, to avail these services yourself !

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Why Do Generations of Nigerian Immigrants Need to Send Money to Nigeria Online?

The Nigerian Diaspora is one of the biggest among the sub-Saharan countries in Africa. Money transfer to Nigeria from the United States has increased in recent years as well. A…

The Nigerian Diaspora is one of the biggest among the sub-Saharan countries in Africa. Money transfer to Nigeria from the United States has increased in recent years as well. A growing trend has seen them send money to Nigeria online

The United States of America has a total of 326,000 Nigerian first-generation Immigrants. This makes up 18.9% of the total African Immigrants in the US. More than 32% of Nigerians have an undergraduate degree and earn more than a normal American household.

According to a Newglobal Report, 33% of Nigerians plan to migrate in the next 5 years.

This will increase remittances to Nigeria even more in the coming years. Remittance services are therefore even more important than ever before.


So how do Remittances reach Nigeria? Do they use online services or use other means in order to transfer money to Nigeria?

Outdated and Cumbersome Past

Bank Transfers

International bank transfers are normal bank transfers but done across borders. Exchange rates of currency from the source of origin and termination of a transaction remain the only variable.

Banks charge a transaction fee for these across border transactions. These fees include exchange rates as well as processing fees. Banks providing money transfer to Nigeria from US charge around 10% as fees. It differs from bank to bank but can never go below 8%. This is a huge loss to both the sender and the receiver of remittances.

Bank-backed remittances take anywhere from maybe 2- 3 days to reach the destination. This is a loss of valuable time and can hamper immediate need of money.

 

Money Transfer Operators

The other option for Remittances is privately working Money Transfer Operators. They require a license from both the source and the destination to remit money legally. They also charge 2 – 9 % for transactions and may take a few days. The entire service is hassle filled and could cost more depending on the service provider.

The Nigerian Government also went on a banning spree of these operators in 2016. They cited some unwholesome activities of unlicensed money operators for the harsh step. This affected Money Transfer To Nigeria from USA and other countries causing unrest among the diaspora.

Online Money Transfer And the Future

The remittance structure to Nigeria seemed doomed until recently. The diaspora can now make use of services provided by service providers like FAZRemit to send money to Nigeria online.

When compared to MTOs and bank transfers, they offer a significant upgrade. Lower transaction fees and faster transactions prove their bedrock. The ease of use and secure transactions make them the best way to remit money online.

FAZRemit charges a transaction fee of 1.7% which is one of the lowest among online money transfer service providers. They also adhere to strict security checks for each transaction. KYC document checking and compliance forms can help the diaspora to securely send money to their loved ones.

Read: How to wire money to nigeria online in a matter of hours

The Move to Online Transactions

As noted earlier, almost 32% of Nigerians in the US have an undergraduate degree. Meaning they are prime candidates to use FAZRemit and other online providers for money transfer to Nigeria from US.

The change is on the horizon with 42% of Nigerians already having access to the internet. Moreover, 33% access it via their smartphones. Mobile Money transactions like those provided by FAZRemit prove to be on the rise.

Online transactions through FAZRemit have advantages like

  • Fast and easy payments
  • Ability to track your payments
  • Secure Transfers between parties
  • Easy to Use Interfaces

FAZRemit – The Best Platform to Send Money to Nigeria Online

According to a report by allAFrica, Remittance has increased from 14.1 billion in 2005 to $35 billion in 2016.

That’s a 148% increase that forms a major part of the Nigerian GDP. Money Transfer to Nigeria from US rose to $7.2 billion in 2017.

Remittance money forms a major party of the country’s GDP. This money is being used to diversify the oil-centric economy. Creation of jobs, raising standards of living and economic stability is on the agenda for the government. The Nigerian diaspora is a part of Nigeria’s growing mainstream economy through the remittance volumes.

This is an opportunity for money transfer services to improve and provide their best services for the customers. On this note, FAZRemit takes the cherry with instant and convenient money transfer to Nigeria from USA at the cheapest available rates.

Using FAZRemit assures you

  • Lightening-fast Money Transfer to Nigeria
  • 100% Security Guaranteed
  • 25 Strong Registered Bank Network
  • Cheapest International Money Transfer rates
  • Round-the-clock Chat & Email Support

With FAZRemit you can be sure to transfer money within a single day or less. The Know Your Customer security procedures help to maintain secure transactions. FAZRemit has come to the forefront for industry leading low cost transfers.  Send money to Nigeria online today at ease with no concerns.

To avail the services of FAZRemit, simply register on FAZRemit.

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FAZRemit – The Cheapest Way to Send Money to Nigeria from USA and more…

People have been using money transfer services all over the world and despite the development of technology, certain issues still remain unresolved. Money transfer is one such issue where there…

People have been using money transfer services all over the world and despite the development of technology, certain issues still remain unresolved. Money transfer is one such issue where there still exists the problem of providing money transfer service at a cheap price and at a quicker pace. Even though the online website portals have are faster when compared to the other service like banks and MTO’s comparatively they still have a long way to go before achieving the best service. The money transfer has always been facing certain problems due to the varying exchange rates and increased transfer fee. The recent development in online websites like FAZRemit provides the cheapest way to send money to Nigeria from USA when compared to the previous methods.

The Positive Features

Some of the common features of these web-based portals include,

Extremely Affordable

These web-based portals have an added advantage of providing cheaper and faster money transfer services due to the absence of middlemen present in the normal bank transfers and MTOs. The presence of middle will incur a lot of other extra charges which can be completely avoided in these online based transactions.

Read More: Importance of Affordable Money Transfer to Nigeria

Super easy with advanced technology

These websites offer advanced technology services that are not available in banks and other forms of money transfer. These technologies will provide them with a better technical infrastructure than the banks and the process is much faster and easier.

Faster than any other service

The one who is getting money can receive it within one day or even faster. Some banks in the US still takes several days to transfer money to Nigeria. Hence this money transfer services for much faster and easier.

Read More: Benefits of Instant Money Transfer

Provide proper Security

The whole transaction from the US to Nigeria occurs in a very secure way. The transfer is protected by using proper security key and other forms of Blockchain technology.

Convenient service to the people

The convenience of the customers also plays a major role in the transaction process. Hence these web-based services are available 24/7 without any form of disturbance. So people can send money anytime anywhere without any form of restriction allowing them to feel convenient.

Read More: 5 Indicators of a Convenient Money Transfer

Easy steps to perform the Cheapest way to send money to Nigeria from USA

Money is as important as food for life so it is necessary for the people to have the required knowledge about the whole transaction. The steps below define the cheapest way to send money to Nigeria from USA. The money can be easily sent by choosing a proper website portal. People can compare the transaction fee rate and exchange rate margin in online before selecting and making a final decision. People can then easily transfer money from the USA to Nigeria. It’s not just the sender’s it is also easy to receive the money on the other side where the money is directly deposited in the bank account.

Certain Problems in Money Transfer

This type of money transfers involves certain common problems occurring continuously. They include,

Extremely demanding rates

The rates for the money transfer to Nigeria from USA depends on the economy of both the countries. As we know a country can be defined on the basis of its economy. The economic condition differs for every country.

Varying transfer rates

The online web transaction services have made money to transfer an easier process. But even then and there is a huge variation of transfer rate between the websites.

False websites

The presence of False websites is also growing day by day along with the authentic websites. These false websites are threatening the authenticity of the other websites and also breakdown the trust people have with the online websites. These websites attract people with their low transfer fees and other options like lighting delivery.

Read: How to Stay Safe From Online Dating Scams?

Even though these websites have certain disadvantages choosing the proper website like FAZRemit with their new technology and advanced security service have made sure to overcome these disadvantages and provide people with the money transfer service they require at a cheaper price.

About FAZRemit

Cheap Rate

Because of these above problems people have been staying away from these online websites. Websites like FAZRemit with their proven authenticity and features have regained the trust of the people over time. These websites allow people to send money to Nigeria from USA online easily. They provide the cheapest rate in the market.

Fast transfer

The money will reach the person within a time span of two days. People can easily log inside the website can transfer money without any kind of proof submission up until $10,000. The FAZRemit website is available 24/7 and people can use the features easily without any guidance or knowledge. They allow people to send money from the USA to countries like Nigeria, Ghana and Kenya. With the help of the FAZRemit sight, people can easily send money from anywhere at any time to their loved ones. The website is authenticated and preferred by most of the users who are willing to send money to Nigeria from USA online.

So stop worrying about sending money through a bank or the MTO’s and use the wide services provided by the websites. Start using them and enjoy a happy transfer of your money by using the cheapest way to send money to Nigeria from USA.

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The Choice to Wire Money to Nigeria from USA Using Faster, Easier and Safer Technology

Nigeria is at the forefront of all remittance transactions done to sub-Saharan African countries since 2009. The trend continued, with a total of $25.08 billion remitted by Nigerian Diaspora according…

Nigeria is at the forefront of all remittance transactions done to sub-Saharan African countries since 2009.

The trend continued, with a total of $25.08 billion remitted by Nigerian Diaspora according to the 2018 reports. This represents a 14% increase from the year 2017. It is almost $3 billion more than the World Bank’s estimate of $22 billion.

Even though Nigeria is behind the likes of India, China, Philippines, and Mexico, it has the highest remittance inflow in Africa and fifth-highest globally. The remittance amount to Nigeria from the USA alone is $4.5 billion.

Remittance prices have seen a reduction to 3% from 10.36% in 2009 according to the IMTO index. This number has dropped further down to just 2% due to online services like FAZRemit. This is a reason for the exponential increase in remitted funds.

Another Obstacle in Wiring Money to Nigeria

Even with the high expenses, the main obstacle staring in the face of thousands of Nigerian immigrants is De-Risking.

The recognized banking institutions in the country are terminating or restricting business with remittance companies and regional banks . This is a practice called “de-risking” which cites Anti-Money Laundering/Countering the Finance of Terrorism.

De-risking puts legitimate bank customers and licensed International Money Transfer Operators (IMTOs) at risk. This also shines banking reforms that need to be undergone for the development of the country in a bad light.

The use of AML/CFT laws is to help the economy become stable and accountable. Yet the notion is very different from stark reality. Banks make use of AML/CFT laws to ban multiple IMTOs’ accounts. This forces the Diaspora to opt for less secure or even illegitimate transactions across the border.

To rub salt in the wounds, the remittance fee levied by banks is much higher than Online Money Transfer Operators. This puts the Diaspora in a position of losing their hard-earned money to processing fees. Furthermore, only 40% of Nigerians are banked. The rest get their remittance through cash or shady operations. This hinders the economy of the country and their future as a whole.

So, how can the Nigerian Diaspora Wire money to Nigeria?

Initially, banks were the only source of sending remittances. However, with the emergence of International Money Transfer Operators in the online market, the trend has changed.

New technologies encourage transparency and information-sharing, facilitating better communication between institutions of finance. It also improves banks’ ability to accurately identify illegal activity.

Sending money to Nigeria online makes remittances quicker, cheaper and with lower error rates than ever before. IMTOs generally have AML/CFT checks and KYC background checks. This means migrant Nigerians can wire money from anywhere without fear of security.

But what could we offer in 2019 that far surpasses these dated remittance methods?

The Future Is Here – Online Transactions!

There has been an increase in the use of smartphones and the internet in Nigeria during the past 5 years. Reports state that 33% of Nigerians use smartphones and 42% of Nigerians have access to the internet.

Sending money to Nigeria online through mobile is the most cost-effective option for remittances when compared to any other form.

While many people are skeptical about online security, AML/CFT laws and mandatory KYC Documents‘ submission has changed the situation drastically. There has been a significant difference in the number of illegitimate transactions globally in the right direction.

Furthermore, IMTOs has developed better risk management and bank connectivity. This lowers vulnerability to cyber threats and reduces the number of errors while sending money online or by using a Smartphone.

In 2019 it is easy and fast to wire money to Nigeria with the help of blockchain/bitcoin services. They dramatically optimize online remittance by sharing data in an efficient, secure, and transparent manner.

FAZRemit’s Mobile Money Service makes sure to provide a faster, affordable, and most importantly, safer transactions by facilitating strict KYC verification and AML/CFT guideline integration checks. This ensures that every single transaction goes from one verified customer in the United States to another verified individual in Nigeria.

The Role of the Government

The remittances to Nigeria made up 83% of the federal government’s 2018 budget in value. Hence it is only paramount that the government gives importance to transparent and efficient control of money being sent into the country by the diaspora.

Nigeria is implementing rapid development in its physical and industrial infrastructure, transforming from a mono-product economy to a diversified, industrialized economy. The increase in government support to add more of Nigeria’s population into the banking circle is truly astounding.

By sending money to Nigeria online, the government gets to create a studied evaluation about future trends and can diminish illicit or shady cash dealings which bleed the economy.

Finally…

The economy of Nigeria is stabilizing and growing by making use of the technology. The shining light of the sub-Saharan continent gets a helping hand from its large diaspora who wire money back to Nigeria for the upliftment of their family and country. FAZRemit provides a secure payment gateway for Nigerians in the USA to wire money to Nigeria easier, faster and without security fears.

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Nigerians need immigrants more than ever to wire money to Nigeria!

The Nigerians Living all over the world wire money to Nigeria. The Nigerians receive the highest rate of remittance when compared to other nations in Africa. Their oil export and…

The Nigerians Living all over the world wire money to Nigeria. The Nigerians receive the highest rate of remittance when compared to other nations in Africa. Their oil export and multiple immigrants living in other countries are the reasons for this high level of incomes. Immigrants living in other countries have developed their position as businessmen and other important positions in the country allowing them to transfer money to their country for internal development in the infrastructure of the country.

The development of the country

The economic condition of the country remains poor until now. Immigrants from the USA and every other country in the world transfer their hard earned money to Nigeria to improve their poverty. These remittances are mainly used for the following operations. They include,

Developing Education system

Nigeria houses nearly 10 million young people and most of them are uneducated due to the lack of a proper education system. Food and education are important requirements for a developing country. Most of the remittance money sent to Nigeria are used for building and developing their education system allowing the youngsters to structure their future properly. Education for women is given more importance in the country.

Proper health care

The Health care system is extremely poor in the countries and the rate of hospitals, when compared to the sick patients, is also considerably lower. So the next best investment of the remittance money is on these health care methods. Nigeria is having a major reduction in population due to diseases like Tuberculosis and maternal mortality.

Develop the Economy

The next step required in the development of the remittance money is to develop the economic condition of the country by introducing technology and increase the job opportunities within the country. This will increase the economic condition of the country along with the people in it.

These developments using remittance money received a huge backlash during 2016 when the government suspended the MTO’s to prevent the illegal transfers happening in the country. But considering the economic condition of the country the Central Bank reversed the decision and returned the permission to many MTO’s.

By 2017 The remittance rate grew up to 11. 4 % in the Subsaharan African countries. Among them, Nigeria received a remittance of nearly 21. 9 billion, which is the highest among the other countries in Africa. People use many money transfer services to send money to Nigeria online which is the recent method that has provided a pathway for the rise in remittance money.

What are the most effective choices to wire money to Nigeria from the USA?

To exchange to a ledger in Nigeria, the least expensive supplier right now is WorldRemit, with zero exchange charges and an aggressive USD-NGN transformation rate (current rate: 1 USD = 355 NGN).

When considering the conversion standard and the charges, the complete expense of your exchange with WorldRemit is 6.05 USD, in correlation, you would pay an all-out expense of 13.71 USD (generally 2x increasingly costly) if you somehow managed to utilize Xoom for the extremely same exchange.

The least expensive alternative at present is Xoom, with 4.99 USD for the exchange charges and a focused USD-NGN conversion scale (their present rate is 1 USD = 350.0142 NGN).

How is FAZRemit better than all of them

Along with these services FAZRemit allows people to wire money to Nigeria from the USA with the cheapest rate in the market. The transfer rate is also higher which is 60 seconds to 2 minutes when compared with other forms of transactions. This 24/7 online transaction service is completely transparent and they allow people to transfer money in a secure way possible.

These methods have reduced the power of banks and MTO’s over the department of money transfer and they allow people to transfer money easily. The rate of remittance income has considerably increased in the past few years because of these websites that allow people to wire money to Nigeria.

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Why native Nigerians need immigrants to wire money to Nigeria?

The Nigerians living in the country depend a lot upon their relatives living as immigrants in other countries. The economic loss along with their poverty has hosted them to depend…

The Nigerians living in the country depend a lot upon their relatives living as immigrants in other countries. The economic loss along with their poverty has hosted them to depend upon the immigrants who wire money to Nigeria for their relatives. These wired money transfers form a thin line between complete poverty and their way of living now. This money is also used as investments and fundings for other welfare and educational activities.

Value of Remittance in the Nigerian Economy

To comprehend the significance of settlement, we can investigate the inflow of settlement in Nigeria that has a 9% share in the in general worldwide International settlement market and over 6% of its own Gross Domestic Product depends on it. Also, all out cash exchange to Nigeria from everywhere throughout the world is assessed to cross $42 billion by 2022. Further, this sub-Saharan nation has a 75% offer in the absolute settlement inflows inside the African sub-mainland. Nigerian immigrants from all over the world send money to Nigeria online to meet the requirements of their countries economic condition.

The success of Nigerian immigrants

Nigerian-Americans have more post-advanced educations than some other racial or ethnic gatherings. But, they speak to a minutia part of the U.S. populace, 37 percent of them hold a four-year certification and 17 percent a master’s. 29 percent of Nigerian-Americans matured 25 and also, have an advanced education, contrasted with 11 percent of the US populace. Nigerian records for under 1 percent of the dark populace in the United States, yet, they make up about 25 percent of every single Black understudy at Harvard Business School. It goes to nothing unexpected that Nigerian-Americans’ accomplishments in the realm of instruction top some other U.S. foreigner gatherings, including Asian-Americans. Today, a developing number of Nigerian-Americans are business visionaries, CEOs and organizers of tech organizations over the U.S. who wire money to Nigeria.

The need for the immigrants to wire money to Nigeria

Around 90 million individuals – generally a large portion of Nigeria’s populace – live in outrageous neediness, as per gauges from the World Data Lab’s Poverty Clock. Around June 2018, Nigeria overwhelmed India, a nation with multiple times its populace, at the base of the table. Put in another specific situation, if poor Nigerians were a nation it would be more crowded than Germany. Very nearly six individuals in Nigeria fall into this device consistently. So most of the people depend upon their immigrants living in other countries to wire money to Nigeria to increase their condition.

As worldwide consideration turns towards the nation, Nigeria, here are three different ways that concerned partners and policymakers can aid the endeavours to accomplish the first of the Sustainable Development Goals (SDGs) – to end neediness.

Invest in girls’ education

Nigeria is home to more than 10 million out-of-younger students, around half of whom are young ladies – and it is not really unintentional that the nation with the world’s most astounding number of out-of-younger students is home to the most noteworthy number of individuals living in extraordinary destitution. 66% of this populace are amassed in Nigeria’s profoundly populated north-west and north-eastern areas, the two of which have been assaulted by the dread gathering, Boko Haram, bringing about an instructive crisis influencing about 2.8 million kids.

Invest in health and wellbeing

Expanded interest in human services is connected to financial development, and thusly to lessening neediness. Nigeria is doing combating with various squashing wellbeing pointers including intestinal sickness, tuberculosis and baby and maternal mortality, all of which sweepingly affect efficiency.

Expand economic opportunities and embrace technology

Completion destitution in Nigeria will involve improving the nation’s financial profitability and open doors for its natives. This will mean putting resources into human capital potential and making occupations for ladies and youngsters, expanding money related access and openings these gatherings in-country networks and progressing mechanical advancement.

Nigeria positions 152 out of 157 nations on the World Bank’s Human Capital Index. One of the low-hanging organic products is grasped instructive changes that emphasis on growing new abilities through vigorous and well-subsidized specialized and professional training and preparing programs for those a huge number of Nigerians outside the formal educational system, or

who have just an essential instruction.

Along with these reasons, there are other personal reasons that require the immigrants to wire money to Nigeria to keep up their economic condition in the country. The online website like FAZRemit helps people to send money to Nigeria online through faster transfer rate and cheap prices.

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Importance of Fast, Easy and Cheap platform to wire money to Nigeria

Nigeria is a nation with a blended economy and a developing business sector both within and outside nation that wire money to Nigeria. In the course of the most recent…

Nigeria is a nation with a blended economy and a developing business sector both within and outside nation that wire money to Nigeria. In the course of the most recent decade, Nigeria had encountered a powerful development driven not just by its proliferated characteristic assets as oil yet in addition by the way that it turned out to be more administrations arranged, with some well-created areas these days like money related, stock trade, interchanges and transport ones.

It is classified “Mammoth of Africa” on account of its enormous populace as well as in light of the fact that Nigeria is the biggest economy in Africa starting at 2014 and it is anticipated it will have the most elevated development on the planet between 2010 – 2015. There are plans towards financial broadening, the advancement of more grounded open private associations for streets, agribusiness, and power yet in addition improvement of monetary administration.

Nigeria is unmistakably a centre power in global issues. The US is Nigeria’s biggest outside speculator and biggest oil exchanging accomplice and furthermore, an enormous fare/import accomplice for the products advertised.

Overseas remittances

In Nigeria, settlements are really the second wellspring of remote trade profit because of every one of those Nigerians living abroad, with practically 17.5 million inhabitants in outside nations. One of the greatest wellsprings of authority settlements is the US, trailed by the UK, Italy, Canada, Spain and France. Immigrants play an important role in the process to wire money to Nigeria

World remit

WorldRemit is a minimal effort online cash exchange administration that gives you a chance to send cash from to another country to your family and companions utilizing PC, cell phone or tablet. You can send cash from your charge card or ledger direct to the beneficiary’s financial balance. It is one among the most voted method to wire money to Nigeria.

Moneygram

Moneygram allows you to send money on the web or in person clearly to the recipient budgetary equalization or flexible wallet. It’s an overall money trade and portion organizations associated with the proximity of more than 200 countries. Moneygram has an overall arrangement of around 350,000 authority regions, including retailers, worldwide post work environments and banks. It is easy to wire money to Nigeria through this method.

Western Union

The vast majority are as of now most likely mindful of Western Union, the 130+ year organization that is overwhelmed global cash exchanges for a considerable length of time. Western Union isn’t any very different from Money gram regarding their activities. You can send cash face to face from their specialist’s areas or on the web or through an App. The beneficiary can get their cash from western association operator areas face to face or cash can be exchanged legitimately to their ledger. Western Union gives you the choice of sending cash from your charge/Visa or legitimately from your ledger.

What are the most effective choices to wire money to Nigeria from the USA?

The best way is to send the money to Nigeria online FAZRemit Money transfer Online. They allow people to send money online at a faster rate within 60 seconds. They have the cheapest transfer rate in the market. They also provide proper security and open transfer that allow the sender and receiver to check their status while sending money. They also allow people to perform online transaction until $10000 dollars without registration. The further registration requires proof a normally formality required by all the other MTO’s as well.

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How Can One Send Money to Nigeria from USA Instantly in 2019?

AsWhile habituating to our day-to-day activities, we even forget at what point our lifestyle has changed. One such question is to find the origin of online wire transfer. We can’t…

AsWhile habituating to our day-to-day activities, we even forget at what point our lifestyle has changed. One such question is to find the origin of online wire transfer. We can’t figure it out exactly when we changed to it. It just happened! Earlier it used to take days to transfer money. But now it is not even taking seconds to send money to Nigeria from USA.

The Movement Towards Online Money Transfers

It is said that every 15 years there will be a complete change in the lifestyle. From the time money has been part of people, banks and financial institutions existed. It used to take several weeks to transfer money, especially when international money transfers are concerned. But globalization gave birth to immigration and industrialization impacted technical infrastructure. In the finance sector, this change gave birth to wire transfers.

In the earlier days, if one of the family members moved to USA for living and needs to send money to Nigeria from USA, they preferred sending them through friends or through the banks. This delayed financial aid. And it had dire implications whenever there was an urgent need for it.

But now online money transfers have made our life simpler and easier. Wherever you are in the world, whatever device you may have, be it a mobile, laptop or a desktop, you can easily transfer money with no complications.

When we consider USA, there are immigrants from Nigeria, Ghana, Kenya, and all over the globe who moved to the states in search of a better standard of life. Now, these immigrants send money to their homeland and the term – Remittances – was coined.

Remittance Trends of Nigeria

According to the World Bank Migration and Development, Remittances to low and middle-income countries reached a high record as of 2018. As compared to 2017, there was an exponential increase of 9.6 percent in 2018. In 2019, low and middle-income countries are expecting a remittance flow that is estimated to reach $550 billion. Furthermore, remittances to sub-Saharan African nations raised almost 10% of the total remittance as of 2018. Among the entire sub-Saharan African countries, the money transfer to Nigeria from USA is $45 billion as the records of 2018.

If you need to send money to Nigeria from USA, it costs you around an average of 6.94 percent of the amount sent. The IMTO index tracks the prices of various IMTO’s and gave the conclusion that in 2018 the price came down to 3% from its first recorded value of 10.36% in 2009. And because of FAZRemit, this number has dropped further down to just 2%.

The Money Transfer Industry

In the business of money transfer to Nigeria from USA, International Money Transfer Operators gave a tough competition to the absurd transaction rates of banks. And now online money transfer services are fighting for clear domination in this space.

To keep a track of remittance payment worldwide is a little difficult task because many countries do not maintain a track of funds sent or received. We can easily blame it on the underdeveloped technical and financial infrastructure. And even though countries like Nigeria have been trying to improve it, they have a long journey ahead.

Furthermore, circulation of the informal economy because of cash transactions is another hurdle for the government. We can call it the aftermath of the failure to implement effective government policies. But now it has started to become a reason for it as well since the financial regulators and government are unable to track the money flow. Therefore, we can infer that the total remittances received by Nigerians are much more than $25 billion.

Alternatives for money transfer to Nigeria from USA

For an immigrant on whom his or her friends and/or family members are relying on, sending money at the right time is of utmost importance. And along with that, while sending money to someone in need should not burn a hole in your pocket. So, it is important that we know all the options to send money to Nigeria from USA.

Let us consider an example, say, there’s a Nigerian immigrant in the United States of America. If he wants to send funds to Nigeria, the first alternative is – Banks. But money transfer to a Nigerian bank account directly through banks may take 3 to 4 working days or sometimes even a week. Furthermore, they have the highest transaction processing charges.

The next method which most people trusted to send money to Nigeria from USA is – International Money Transfer Operators. They have licensed money transfer agents. They work similar to the bank but are faster and have lower transaction cost. So, it could be one’s option but what if there’s something better available?

How Money transfer to Nigeria from USA can be Instant?

FAZRemit ensures that any customer wiring money to Nigeria gets the fastest service at the most affordable cost. Strongly abiding by the KYC/AML laws, FAZRemit facilitates proper KYC verification. This ensures that every single transaction goes from one verified customer in the United States to another verified individual in Nigeria, Ghana or Kenya.

It’s not difficult to money transfer to Nigeria from USA in 2019. The only differentiating factor is – Which one is better for you. In case you feel that FAZRemit is not for you, the platform also welcomes feedback from all the customers. Moreover, they send a Thank You note to everyone for sending them feedback. At the same time, there are additional discounts for highly constructive feedback. 

In 2019, use the internet responsibly. Do proper research before availing any services, and to send money to Nigeria from USA, register on FAZRemit today!

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Wire money to Nigeria – What are the Problems in International Transactions?

Nigeria – the “Giant of Africa” – situated in the Gulf of Guinea in West Africa, is a densely populated country, is termed as a “mixed economy emerging market”. According…

Nigeria – the “Giant of Africa” – situated in the Gulf of Guinea in West Africa, is a densely populated country, is termed as a “mixed economy emerging market”. According to the World Bank, Nigeria has already reached the lower middle-income status with abundant natural resource supply, well-developed financial, legal, communications, transport sectors. The Nigerian Stock Exchange, which is the second largest stock exchange in Africa, has contributed a lot to cover this journey and most of the credits go to the agricultural department. As of 2010, 30% of the total population has been employed in the agricultural sector. But there is something that links remittance and the people of Nigeria. People wire money to Nigeria online nowadays through many websites that have reduced the power of banks and MTO’s in money transfer. But despite the development, there have been some problems in the money transfer services of the Nigerian government.

Nigerian government suspends Wire Money to Nigeria Online Services

The Central Bank of Nigeria recently appealed to the localities to beware of the unwholesome activities of some unlicensed International Money Transfer Operators in the country. This advisory became important as there were unregistered and illegal International Money Transfer Operations that came into notice by the government there and had the potential to harm the Nigerian Economy. The Acting Director, Corporate Communications Department, CBN, Isaac Okoroafor, in a statement, asked the Nigerian financial service providers to be duly licensed. He added, “their objective must be to protect the customer and the financial system as well as to ensure the credibility of financial transactions in Nigeria.”

They also added to beware of unregistered IMTO’s. This move by the Nigerian government has become a big problem for the migrants and this has now put the public works, in Nigeria, on a stand-still. But, until the entire matter of unregistered IMTO’s doesn’t settle down, the development work cannot stop. Therefore, what can be done at this point in time is the big question.

Healthy Public and Private Sector Competition

This can aid the need for an overall economic and social development of the country. The Nigerian government has direct control over the social and economic sector. However, their policies affected Nigerian foreign aid. And to overcome this severe blow, CBN relicensed multiple derisked bank accounts. But at the same time, the government has to take the support of the Private Sector. However, this can only be achieved if there is healthy competition between the two major sectors. So, basically, the new government needs to facilitate the competition instead of completely eradicating it. And we are hopeful that they will do it!

Dollar deficiency

Oil production and export is one of the major economic drivers for Nigeria. But most of the Nigerian household items and the basic supplies are not available in Nigeria. Hence, they import them from foreign countries and to make this exchange, they require foreign currencies which is a challenge considering the dropping value of Naira in the international market.

At the same time, various Nigerians saved dollars looking forward to exchanging them when it would hit a higher limit. This is why Nigerian individuals even offered a low exchange rate to the foreigners visiting their country. Apart from the individual stories, the Nigerian government is on the verge of a severe dollar shortage-crisis. In case of a global dollar shortage, it is a high possibility that developing nations and especially countries like Nigeria could take the worst hit!

However, when it comes to exchanging the extra amount back into dollars, it gets difficult for them. Because of this dollar deficiency, exchanging money has been quite difficult.

Along with these, there are some common problems like:

High level of transmission fees

Because of these increased exchange rates, it has been quite difficult for the Exchangers to maintain a constant transmission fee. So most of the banks and MTO’s charge a huge amount for international transaction fee. The transaction fee varies from bank to bank and in MTO’s also. Even when a money exchange offers a transaction fee-free program, the diluted exchange rates make up for the lost money.

The banks and MTO’s have been ruling the world of international currency transaction for many years until the online transaction websites came into existence. These online websites have made transactions easier and predictable. So people can now send money to Nigeria online without paying a hefty price.

Tracking problems

One of the major problems occurring continuously in this type of international payment system is the inability of the regulators to track their payment. Online money transfer platforms like FAZRemit ensures that the customers are able to know the exact status of their transaction. At the same time, it gets convenient for the regulators to audit the functioning of the platform. 

Prior to this, banks and IMTOs didn’t have this amount of accountability. Although they are evolving too but still, their operational cost seems to take a toll on them now.

Fraud services

Online money transfer industry is by far one of the highest genres of online scams. There are hundreds of online websites who claim to do the transactions instantly. But only some of them are licensed. This is one of the major reasons why customers opt for big names in the industry. However, since the past decade, people have started intense research before opting for any product or services. And this is what FAZRemit recommends!

A proper solution – Wire Money to Nigeria Online

Sending money to Nigeria to your loved ones and making business transactions have become much easier nowadays!

As compared to MTOs and bank transfers, online transactions have paved a new future for the financial sector. With a low transmission fee, faster transactions, secure documentation, and overall accountability, people rely on online money transfers to wire money to Nigeria more than the traditional methods.

Like any other business, online money transfer is also a business. The world bank reported nearly 689 billion US dollars worth remittances in 2017. So, it is important that platforms like FAZRemit take on this responsibility and get ready for the future. Because the baton is changing hands and soon they will be running with it!

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Online Money Transfer Services – Are They Better than MTOs?

Although IMTOs provide more affordable money transfer services to the customer, there is another side of the story. Central Bank of Nigeria (CBN) terminated the license of multiple IMTOs. Their…

Although IMTOs provide more affordable money transfer services to the customer, there is another side of the story. Central Bank of Nigeria (CBN) terminated the license of multiple IMTOs. Their biggest concern on papers was the illegitimate transfer of economy. At the same time, banks received tough competition from the International Money Transfer Operators.

But even today, in Africa’s biggest remittance receiving nation – Nigeria – banks are charging a very high transaction fee. Furthermore, banks take anywhere from 2 days to a week, and sometimes, even more. This is why Nigerian migrants are turning towards platforms like FAZRemit that facilitate online money transfer services to Nigeria.

In this blog, we will discuss how such online platforms are overshadowing the reign of IMTOs. We will enlist all the claims made by IMTO’s. While we do so, we will be critically arguing with their points.

Let’s Debunk Some of IMTOs’s Arguments

1. Deregulating IMTOs will give way to a completely unregulated economy

IMTOs have been accepting cash payment for a long time. This threatens security and has the potential of violating AML/CFT. Now that KYC is mandatory, it affects the instant registration service of the IMTOs. However, under the umbrella of IMTOs, financial transactions are unable to be tracked. Even if it is not true, this is used by financial regulators to undermine the advantages of IMTOs and question their business.

On the other hand, online money transfer services partner up with the banks. The unregulated economy, as claimed by the IMTOs, is a major concern for the Nigerian economy. But this is the reason why FAZRemit strongly recommends customers to avoid international cash transactions.

2. IMTOs have the best technical infrastructure

Yet IMTOs are charging a considerably high transaction fee. When compared to banks, apparently, it is very low. However, when it comes to online money transfer services, this fee is cut down by a considerable margin.

Read – FAZRemit’s Lowest Transaction Fee for Money Transfer Nigeria. But How Much?

Simply put, IMTOs take a longer time to complete KYC verification. Moreover, time and again, their system has proven inefficient to ensure that all their registered users are legitimate. This ends up in the organization committing mistakes and allowing fraudsters, money-launderers and terrorism-funding parties to do the transaction. Even if an IMTO’s intentions are right, they are paying more heed to convenience than security.

3. An international wire transfer cannot be cheap for users

Yes, overcoming this problem is what a unique service – online money transfer – does! Unlike all the banks, IMTOs and even other international money transfer service providers, FAZRemit’s processing fee never exceeds 2% of the total transaction amount. This is why FAZRemit claims to provide the cheapest money transfer to Nigeria from USA.

ReadFAZRemit’s Wire Transfer Fee – Rate List.

Why Are We Far From All-around Digital Remittance?

The world is moving towards digitization and at an explosive pace. Yet, around 100 million Nigerian adults are unbanked. The worse part is – this number is increasing at an alarming rate. There are multiple advantages of digital transactions but some limitations as well. And undoubtedly, now with poverty and more stringent international KYC laws, scalability will be a huge problem.

There is a lot of competition in the market. And this competition gets even fierce when financial transactions are involved. But with the emergence of revolutionary ideas and implementation, there is one party that always wins – You, the customer! But the question is – How many?

To put it in the most relatable words, we are uncertain of who will be sitting on the throne of international remittance. But among the characters that we know today, online money transfer services surely is the favourite. To experience fastest online money transfer to Nigeria from the USA, register on FAZRemit today!

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