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 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.
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.