No matter how much Technology – an amalgamation of science, techniques, skills, and processes – advances, it will always have an ultimate objective – to make your life convenient. We can apply the same to international wire transfers. There are millions of searches for cheap, fast and safe international money transfer providers. Ease of information because of technological advancement has already led to competitors implementing the best methods to achieve the basic concept of a market. But the unanswered question that plays a major role in a customer picking one service over the other for sending remittances from USA to Nigeria is whether a service provider can facilitate convenient money transfer to Nigeria from USA.
But How Do We Define Convenience in Remittance Industry?
The best counter-argument I found out while exploring an answer to this question was –
“Convenience is a very subjective term”.
And I actually agree with this sentence. It is basically a state of being able to complete a task with ease. What one could term as a tedious task, for another, it could be the easiest.
So, what are the ‘’tangible’’ parameters that make an IMTO the most convenient money transfer service provider?
Obviously, a financial organization or platform has to provide instant transactions online at the most affordable processing fee. But we will not address them in this blog. Because there is a different concept of ‘convenience’ to be discussed. Is it all about getting the brand visible to the client? How can one aim for perfection, if that is an actual thing at all? Or is it just about the journey that all money transfer platforms need to take to become better than their competitors? Let us enlist all the parameters of a convenient IMTO.
1. Large Area Coverage – Boon or a Curse?
In the USA-Nigeria remittance corridor, FAZRemit received hundreds of queries from the customers regarding the service areas. Broadly, they are:
“Can I send Money from XYZ (American State)?”
“Can I send money to XYZ (Nigerian bank)?”
Big IMTOs have a huge customer-base distributed in multiple countries, however, their services come at a cost. Such IMTOs have a wide coverage area. It is best for their business’ profit. But is this what customers want who want to send funds from USA to Nigeria?
On the other hand, emerging platforms are giving them a tough time, especially when it comes to very selective demographics. Apart from simply the lowest processing fee and faster transaction, promising online money transfer service like FAZRemit are helping customers get the overall experience they want.
For instance, FAZRemit has a license to do business in the following states in the United States of America:
- District of Columbia
- New Jersey
- New York
- North Carolina
- Rhode Island
- South Carolina
When it comes to transaction terminating points in Nigeria, FAZRemit facilitates money transfer to 23 Nigerian banks. Apart from actively participating in the Nigerian remittance market, FAZRemit also provides online wire transfer services to Ghana and Kenya.
From an organizational point of view, this could have certain limitations for a business, most of all being, the inability to tap into a bigger market. However, overcoming the FOMO effect, these platforms are able to concentrate on fulfilling the users’ demands and understanding their needs. Additionally, as per the customer feedback, they can easily monitor their own performance and make instant changes as per the customers’ feedback. Overall, this benefits the end-user, i.e. you, the customer.
2. Ease of Navigation within the Platform
Keeping it simple and goal-oriented must be the objective of a convenient money transfer service. This includes an interactive UX-design while keeping the overall outlook subtle and easily understandable. One should not face any difficulty in navigating the website. If you use any query and you don’t get what you are looking, well then, what’s the use of such a platform?
After all, your primary objective of visiting a website is to send money to Nigeria from USA. And if you are unable to achieve that task, well, the primary goal of the money transfer platform been defeated.
This does not mean that a good money transfer should totally discard the design-complexity. A good analogy to explain this would be the difference between the highly customizable Android and extremely simplistic iOS. Android has its own set of loyal customers but there is a reason why iOS is considered better by a majority.
3. Minimum document requirement
Right from the customer’s first point of contact, i.e. website, a convenient money transfer service would focus on keeping the data-entry and document submission to a minimum.
Cold-heart truth is that users hate KYC! Most of them do not apply for a new money transfer service provider. Why?
Not because of the fear of sharing details but because they do not want to go through the wearisome process of document verification. Talk about an individual’s hunger for convenience!
However, even if a regulated money transfer platform wants to, it cannot and should not compromise its legal and moral obligations. This is where KYC documents are important. But where is the convenience in this?
FAZRemit only requires 2 types of documents from its customers – Identity and Address Proof. Furthermore, generally, document verification for a customer takes a few hours to even a couple of days, or even more. However, at FAZRemit, if the documents are clearly visible, then the document verification can be concluded within a few minutes after which the user can start making payments to his or her beneficiary.
4. Payment Options – Credit, Debit, Bank Account
After the registration and verification part, we get down to the real deal – the Payment. Option to use a credit card, debit card or internet banking allows users the ultimate flexibility. It gives them the power to Choose!
Every single IMTO has a certain maximum limit for a single transaction to avoid excess paperwork or for security purposes. Although there are multiple points in favor of IMTOs in the ‘IMTOs vs Banks‘ debate, this is one of the points where banks have the upper hand.
But, according to FAZRemit, till March, in 2019, the average money transfer from USA to Nigeria in a single transaction is considerably low. FAZRemit allows a minimum transaction of $25 and has a maximum limit of $950 for a single transaction. This limit is just another point that’s put forward but it doesn’t change anything as customers, who want to send money to Nigeria conveniently, as such, do not seem to have any problem with this trade-off.
Same goes for the number of transactions that a user can make. Through FAZRemit, a verified customer can make an unlimited number of transfers to his or her beneficiaries in Nigeria from USA.
Furthermore, the user can save a beneficiary and make recurring payments. Also, you can make a payment in your dashboard and schedule it for later.
5. How You Respond is Important…
The crucial factor, and apparently, the most important one, that defines real convenience in sending money to Nigeria is, undoubtedly, Customer support.
You would not want to talk to a representative who keeps running to the technical team to get answers of every single question. At the same time, the last thing you want from the support agent is to use jargons that you are completely unfamiliar with. In fact, this would be absolutely frustrating!
Be it instant chat support or prompt email response, an experienced and well-versed customer support staff not only addresses all your queries but also maintains a comfort level during the conversation.
FAZRemit’s customer support team ensures that you get the information you want in the most convenient way. Their primary objective is to strengthen their reliability while making the customer feel comfortable.
For a better explanation of all the FAZRemit’s services and to give the best response for FAQs, they even refer to YouTube videos and images that can help customers in an even better fashion.
You don’t want to type? They’ve got it covered!
Undoubtedly in the competitive digital world, the competition among IMTOs and in fact for all service providers finally comes down to the user experience. But at the same time, is the responsibility of the service provider to strike just the right balance between its aspirations to facilitate the most convenient money transfer to Nigeria without compromising with the mandatory security protocols. And, it should not be wrong to expect the same from the customers as well.