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Category: Remittance

Safety Protocols When you Wire Money to Nigeria

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

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

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

Checking the Corridors

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

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

Disadvantages of using a wire transfer to Nigeria with cash

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

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

What can we do to reduce cash transactions?

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

FAZRemit and safe wire transfer to Nigeria

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

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

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

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

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How long will it take to Wire money to Nigeria?

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

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

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

How will you Wire Money To Nigeria today?

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

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

The Time-queue

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

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

Read: Why should International cash transfers be avoided?

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

Wire money to Nigeria instantly with FAZremit

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

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

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

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

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

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

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

The necessity to not pay

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

Avoid extra charges

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

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

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

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

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

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

How Much Can You Save with FAZRemit?

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

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

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

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

About FAZRemit

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

 

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

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

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

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

Wire money to Nigeria for cheap remittance using FAZRemit

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

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

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

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

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Send money to Nigeria online with emerging corridors

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

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

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

With an eye on the Future

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

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

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

Read: The instant benefits of convenient Online money transfers

Wise Money Transfer to Nigeria with FAZremit

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

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

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

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

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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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How are Remittances to Nigeria from USA expected to Change in 2019?

The United States of America is called second home by one of the largest Nigerian Diaspora in the world. They are also regarded as the most educated ethnic group in…

The United States of America is called second home by one of the largest Nigerian Diaspora in the world. They are also regarded as the most educated ethnic group in the US. The Nigerian-born population in the country rose to 221,000 in an American survey of 2018. The total diaspora in America adds up to just under 400,000 when accounting the children.

The Nigerian Diaspora continues to contribute to the development of their home communities back in Nigeria. Yet they lack a large scale formal structure to properly make use of resources. They are a great source of economic and social development for Nigeria due to large inbound remittances forming a large part of their GDP.

Current Trend of Remittances to Nigeria from USA

The 2018 end quarter report from the world bank shows $24.3 billion being remitted to Nigeria from diaspora worldwide. The remittances to Nigeria from USA alone are $4.5 billion according to 2018 reports.

The harsh reality is that they pay anywhere from 7% – 8% as fees for the service. Fees for money transfer to Nigeria from US through banks may be as high as 10%.

This creates a massive loss of actual money for both senders and receivers.

Money transfer to Nigeria from USA may take 2 weeks to be updated. It is imperative to create a fast and inexpensive corridor to send money to Nigeria from USA. Reason being, Nigeria is considered a high-risk zone. Because of the unavailability of proper technical infrastructure and data repository, financial companies hesitate to do business in the country. Why?

Because in case any compliance issue is reported, the institutions need to pay a hefty fine. Just to give a number, in the past decade, large institutions have paid over US$25 billion as penalty. Therefore, those who do provide services in such areas, charge very high transaction charges.

However, online money transfer services like FAZRemit ensures thorough customer verification. Consequently, the risk is minimised through automatic risk score generation. This cuts down the overall operational cost as well. Thus, customers get the cheapest way to send money to Nigeria securely and safely.

Read: Lowest Transaction Fee for Money Transfer Nigeria. But How Much?

What is on the horizon for Remittances to Nigeria from USA?

The technological and financial structure in Nigeria has stabilized with development. They show promises of future growth with 56% of Nigerians already having access to the internet.

Further statistics show that 87% of Nigerians use smartphones. Various efforts have been engaged to deploy mobile money services in Nigeria. Nigerians are finally using mobile money due to cheap and advanced telecommunication systems. Africa’s largest economy is on its way to becoming truly cashless.

Mobile banking improves financial inclusion for people in rural regions. It also affects immigration flows, poverty rates, and most importantly remittances.

What Are the Factors Driving Change?

The huge potential a mobile money market has in Nigeria is clear. Reasons include increasing mobile and internet penetration, finite physical banking reach, and a population touching 200 million. Despite these factors, Mobile money services were slow to reach the masses or be accepted.

That was until development really hit its stride. The Nigerians within the country are moving into a cashless economy. The popularity of smartphones and the absence of banks in rural areas has brought this to the forefront.

High costs of the Remittance service providers reduce the benefits of diaspora. Moreover, the De-risking action of banks leads to the closure of bank accounts of remittance service providers. This has led to a vacuum for better services like FAZRemit’s mobile money transfer.

Social changes and economic changes go hand in hand. Statistics show an increase in unemployment rates in 2019. It is important that the diaspora send money to Nigeria from USA in order to enhance society. Now it is more important to get remittances done in the fastest, safest and cheapest way possible.

How is Government Helping?

Money Transfer to Nigeria from USA has never been easier or faster.

Sending money to Nigeria online through mobile is the most cost-effective option. There has been an increase in this form when compared to any other form to send money to Nigeria from US.

Facilitation of safe transactions is a reality with the implementation of the Electronic Certificate of Capital Importation (eCCI) by the Nigerian banks. They also Keep in check illegal and illicit transactions into the country. Nigeria has also become a member of the International Association of Money Transfer Networks with economic development in the agenda.

The telecommunications sector is collaborating with finance to include mobile banking and e-payment apps. The government is thus encouraging services like FAZRemit’s Mobile Money Service to supplement remittances to Nigeria from USA.

Stay ahead to benefit – The Motto

In 2019 it is easy and fast to send money to Nigeria with the help of technology.

It is important to read all about service providers and their services. Not doing so leads to problems like

  1. High level of international transaction fees
  2. Tracking problems
  3. Fraudulent services
  4. Loss of valuable money and time for both the customers and service providers

This is where FAZRemit helps its customers stay safe with more than 25 banks registered on its online platform. This gives customers opportunities seldom provided by others. Your remittances to Nigeria from USA stay safe, not to mention easy, fast and affordable.

Banks may charge up to 10% of total transaction cost as service fees. While using FAZRemit customers can send money to Nigeria from USA at 1.7%. A huge difference and benefit!

The maximum transaction amount is $10,000 a month. In case one wants to send more money through the platform, he or she needs to fill a compliance form. So, basically, there is no limit!

Add to it the reach of Mobile Money services and money transfer from USA to Nigeria becomes very simple.

Finally…

FAZRemit’s Mobile Money Service makes sure to provide a faster, affordable, and most importantly, safer transactions. This ensures that every single transaction goes from one verified customer in the United States to another verified individual in Nigeria.

The future of sending money from USA to Nigeria looks bright with the help of easy safe and fast services like FAZRemit. So, register now!

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Why and How to transfer money from USA to Nigeria for business investments?

Nigeria is one among those countries which are expected to emerge as an economic hub of Africa. It is a populated country and termed as a “mixed economy emerging market”….

Nigeria is one among those countries which are expected to emerge as an economic hub of Africa. It is a populated country and termed as a “mixed economy emerging market”. It has reached the lower middle-income status with abundant natural resources, well-developed financial, legal, communications, transport sectors. Thanks to the Nigerian Stock Exchange, it is the second largest stock exchange in Africa. The one thing that needs attention here is population.

In Nigeria, the people living below the poverty line are 33.1% of the total population. In fact, a report says, Nigeria has the highest rate of extreme poverty globally. This is because many locals depend upon farming which has rotten in the past few years. Low productivity and national insecurities are big reasons. And so, people have the only option available to them, migration. People migrate to countries like the USA and send money from Nigeria to USA through transaction services. Yet, this is for those who still have some economic stability. But, what about the ones who struggle to afford a living. This is where the USA comes into the picture.

The need to involve…

During the second World-war, the USA had to enter the war-zone. So, many civilians entered military services. This is because labour demand for war industries generated a vast opportunity for the youth to earn. And so, post WW2, the USA was a better condition in the world economy. By 1890, the USA gained the status of “World’s most productive economy”. The Bretton Woods agreement in 1944 declared the dollar as the global currency. Earlier, trades involved gold exchange. This agreement allowed other countries to trade with the dollar rather than gold.

Later, due to many industrial sets up, there was a void for job applicants. So, many youths planned to move to the USA thereby helping strengthen their economy. With the salary earned, people from the poverty-hit states sent in remittances home. Since the USA is the highest job producer in today, with a good standard of living, it is the global leader. And even today, the USA is the largest job providing ocean for youths. With bigger companies offering better jobs, USA has become the premium choice for all. And so, thousands of Nigerians migrate to USA for better living. And most of them have to support their families in their native countries. Therefore they are searching for – how to transfer money from USA to Nigeria?

But the one thing that skipped our minds is, the USA has a strong industrial base, and Nigeria has abundant manpower. So, what this information has to do with the current scenario? Simple integration of the two points will do wonders, which means, if US-based companies, especially manufacturing plants, set up in Nigeria? There are a bunch of reasons why this is one of the apt reasons for transfer money USA to Nigeria.

Business opportunities in Nigeria

Cheap Land availability

As most of the land here is drought prone, the residents are willing to sell off their land at cheaper rates. So, land availability becomes easy. So, for giant manufacturing plants, land purchase is not an issue.

Cheap Labor

Being among populated region with a high number of people under the poverty line, Nigeria is the place with cheap labour. So, for bigger companies, a few employable skills, profits can be achieved.

Government support

Owing to the soaring economy, the government of Nigeria has made proposals to attract big companies for investing in their country. In return, the government is willing to provide them with all the necessary facilities.

The present scenario

Nigeria has consistently been ranked as one of the top three destinations for foreign direct investment (FDI) in Africa over the past decade until 2014, with Nigeria’s FDI stock reaching 98.73 billion in 2016, a 3% increase from 2015. While most of the investment is directed at the oil & gas sector, FDI flows are diversifying. This gives investors a strong reason to choose Nigeria.

Cheap petroleum supplies

As Nigeria is situated closer to the Atlantic Ocean and reports suggest that this country has dense petroleum supply. The fuels will be cheaper and readily available.

Cheap internal Transportation

As fuels are cheap here, internal transportation will be cheap. Thus, heavy transports will cost a minimal amount.

Access to major continent and countries

As this country is closer to an oceanic belt, transportation via ocean to continents like America, Europe, Australia and Asia, along with Gulf countries will be cheap.

These are the major reasons why one needs to invest in Nigeria.

Sources to transfer money from USA to Nigeria

Now the next question that arises in one’s mind is that how to transfer money from USA to Nigeria? Here is an idea that gives us an instance of how one can send money from USA to Nigeria.

Remittance method

After getting a job abroad, migrants send in a fraction of their salary back home. This is remittance. Remittance funds support the families of the migrants and help social causes. For example, undertaking development projects like the award of scholarship to students, provision of free medicare, the building of schools, health centres, town unions, rural electrification projects, and road construction. Remittance is the largest source of income in some countries, after FDI. Now, these funds can be used by the government to strengthen the public sector.

Since 2005, Nigeria has been considered to be among the “Next Eleven” – the countries identified by Goldman Sachs investment bank as having a high potential of becoming, along with the BRICS – the world’s largest economies. Therefore, investment banks should be sporty to provide funds to companies willing to set up their branch in Nigeria. Companies must initiate to set up plants in Nigeria for the points mentioned above.

International organizations should provide commercial funding to Nigeria. Thus, this initial assistance will help the present government improve commercial as well as educational grounds. Thus, these points duly answer how to transfer money from USA to Nigeria for business investment. The conclusion is that it is profitable to take a chance to invest in Nigeria. It will be cheaper as compared to working with expensive nations.

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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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What is The Future of Businesses that Wire Money to Nigeria from USA?

Nigerian people especially the youths travel to faraway lands with the dream of living a normal life. They provide money for the family living in Nigeria by working in these…

Nigerian people especially the youths travel to faraway lands with the dream of living a normal life. They provide money for the family living in Nigeria by working in these foreign lands. This Nigerians who lived in other countries depend upon money transfer services to send money to their loved ones. Hence people wire money to Nigeria to transfer money for their loved ones and for funding their developments.

In short,  both the government and people use the remittance revenue for social causes. Therefore, after foreign direct investment, remittance has become one of the largest sources of financial inflow in Nigeria.

Early Cross-border Money Transfer – The History

There was a time in human history where people exchanged goods instead of money. During the Mesopotamian and Harappan civilization, people developed the concept of trading. Hence, they conducted trade through the exchange of gold, silver, ivory, precious stones, spices, musk, camphor, sandalwood, wine, tea, salt, wool, silk, muslin under the barter trade. Later there were metal coins and currency exchange, followed by International Banking in the 15th century. After the discovery of the US dollar in the 17th century, followed by some advancement, they discovered the Wire Transfer method for electronic fund transfer.

When the International Banks eased the banking scenario and had gained enormous popularity. As a result, the SWIFT system (Society for Worldwide Interbank Financial Telecommunication) came into existence. It strengthens international payments. And now, with the ease of internet services, we have services that have made online money transfer possible. These ‘wire money to Nigeria’ services come at a fraction of the cost that most money transfer operators and banks were charging. Today, there are digital currencies like Bitcoins, Ethereum, and other cryptocurrencies. These are changing the perspective of cross-border money transfer.

Many youth’s, who search for a better lifestyle, often keep the USA as their first choice. Moreover, the fastest growing economies, China and India have the highest share in the global remittance market. So, Nigeria is on the right path…

USA – The Global Leader of Remitters

During the second World-war, the USA had to enter the war-zone. Therefore, many civilians entered to military services and labor demand of war industries generated a vast opportunity for the youth to earn. And so, post WW2, the USA was a better condition in the world, in terms of economy. By 1890, the USA gained the status of “World’s most productive economy”. As per Bretton Woods agreement in 1944, the dollar was declared as the global currency. And in the current scenario, all the trades were dealt with the gold exchange. This agreement made people prefer dollar as a form of investment rather than gold.

Later on, due to many industrial sets up, there was a void for job applicants. Hence youngsters planned to move to the USA thereby helping strengthen their economy. And with the salary earned, people from the poverty-hit states sent remittances to their homelands. Since the USA is the highest job producer in today’s time with a high standard of living, the USA is the global leader when it comes to the number of remittance sending immigrants. But, why is it that Nigerian’s are the driving force for escalating the remittance trend?

Wire Money Nigeria – The Trend

As the primary occupation in Nigeria is farming and agriculture, which was not in good condition, people belonging from working-age found opportunities in the US. The global economic growth is one factor responsible for higher inflow of remittance to Nigeria.

And since, Nigeria is rich in oil reserves, the soaring price in oil has helped Nigeria get more funds. Although there were a few setbacks in 2016, now Nigeria has adopted different measures to attract remittance inflows that will contribute to economic development. These factors are responsible for escalating the remittance to Nigeria, and the growth of people who send money to Nigeria online is increasing day by day.

Business Investment in Nigeria…

Investing in US-based businesses that have connections with Nigeria is a great source of profit. Nigeria is also the most populous country in Africa with approximately 200 million people (estimated to be 480 million by 2050). It is a nation of the youth – over 36% Nigerians are between the ages of 15-35 years. Nigeria enjoys a dynamic private sector, which has assured greater responsibilities under the new economic environment with free flow of investment into Nigeria.

The government has liberalized Exchange control regulations. They ensure a free flow of international finance and Foreign Direct Investment guarantying unrestricted movement of investment capital. Nigeria also boasts a well-developed banking and financial sector with easy access to working capital and other credit facilities. There is an abundance of skilled labor at a fraction of cost compared to developed economies, resulting in very low production costs; among the lowest in Africa.

So, in a rapidly growing population, businessmen see very high demand and opportunity to make a profit. At the same time, wiring money to Nigeria for investment will not only serve the investors but would also help the natives to achieve a better standard of life. Maybe, this is what Nigeria actually needs, and a lot!

The Present Nigerian Economy

Nigeria is implementing rapid development in its physical and industrial infrastructure, in terms of transportation, communications, electricity and water supply. They have started a structural transformation from a mono-product economy to a diversified, industrialized economy. After a long time, it seems that Nigeria is now prepared to live in a stable political environment. And a vast amount of resources are at their disposal. These include minerals, agricultural and human resources.  Nigeria also offers the market in sub-Saharan Africa. The Nigerian market potential also stretches into the growing West African sub-region.

The government has created a favorable climate for business, investors and industrial ventures. They have ensured that administrative and bureaucratic procedures are streamlined and modernized with policies and programs that guarantee a free market economy. There are hundreds of problems in the Nigerian economy but the government seems to make the changes in the right direction. And this is what the businessmen and investors need!

Final Remarks…

So any person looking forward to doing business in Nigeria can gain more profits. And as a result of people nowadays generally invest money in the businesses that wire money to Nigeria. Despite certain problems like varying transmission fees, exchange rate margins and other forms of problems people still prefer investments in Nigeria because of the exclusive profits they reap from the country and its wealth of oil.

To facilitate this, there are money transfer services that provide a platform to instantly send money to Nigeria online at the lowest transaction rate. To avail the services, register on FAZRemit today!

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