Chicago is the third-most populous city in the United States of America with a total population of 2,705,994. It also holds one of the largest amounts of African immigrant population, with 15,389 coming from Nigeria. Nigeria is the largest country in Africa in terms of population and has seen widespread immigration in recent years. This has been due to the political and economic imbalance in the country and slow growth. Nigerian Americans find the US to be a gateway towards a brighter future. This has also led to an increase in the amount of money remitted to the African nation from the US. Nigerian Americans send money to Nigeria from Chicago, Joliet, and Naperville to support the flailing economy. It accounted to $7.2 billion the last year, with the use of online platforms like FAZRemit rising.
How is Money Remitted to Nigeria?
The US plays a major role in the amount of money that is being remitted to Nigeria yearly. The increase from $6.2 billion to $7.2 billion during the last year is seen as justified growth. Nigerian Americans make use a variety of platforms to send money to Nigeria.
Banks offer secure money remittance services to Nigerian banks at fluctuating foreign exchange rates. The fluctuating processing fees depend upon the foreign exchange rate prevalent at times of transfer. This can adversely affect the diaspora and cause losses for them over a while. The time taken for these remittances to reach the Nigerian banks may be anywhere from 2-3 weeks. This can also be a hindrance for the customers.
International Money Transfer Operators(IMTOs) make use of branch to branch money transfers in order to make it a faster service. They may still take anywhere from 2-3 days to remit money and it may still not be in the Nigerian banks. This is a for the remittance benefactors who may find it troublesome to go to the IMTOs branches in Nigeria.
Automated Online Platforms
Automated online platform services like FAZRemit transfer money through bank accounts at fast and affordable rates. They have been used increasingly to send money to Nigeria from Chicago, Joliet, and Naperville instantly. Security is not an issue due to diligent security checks for safer transactions. FAZRemit also assures its customers the fastest transactions at the lowest processing fees. Benefits from online automated services like FAZRemit far outweigh the traditional methods.
FAZRemit’s Online Money Transfer Platform
Customers can register on the FAZRemit platform to avail services to send money to Nigeria from Chicago, Joliet, and Naperville. Online transactions can be used to send up to $2499 instantly to Nigerian Banks of the benefactors. FAZRemit understands the importance of remittances in the flourishing of Nigerian lives. They have a customer-centric approach which creates a user-friendly interface and service.
The internet boom in Nigeria is further assisted with Mobile-wallet services offered by FAZRemit. They assure fast, safe and affordable transactions directly into the Nigerian Bank accounts of benefactors.
Documentations submitted during the registration are reviewed for the safety of its customers. This enables secure transactions and safeguards the customer’s money. All these transactions can be instantly remitted at low processing fees.
FAZRemit users can send money to Nigeria from Chicago, Joliet, and Naperville at the click of a button. 24/7 customer service enables prompt support and creates a user-friendly experience. All the details are directly accessible to the customer enabling swift decisions to be taken based on them.
The control of the remittances lies with the customer whereas the platform provides safety and security. Join FAZRemit today to avail these services to remit money to your loved ones.