The city of Los Angeles is famous for its glitz and glamour. With a total population of close to 4 Million, it is the most populous city in the State of California. Numbers suggest that 365,118 African Americans are present in this diverse city. It makes up 10 % of the total population in the city. Nigeria has close to 300000 people in the US with California housing around 23,302. These numbers are subject to change just like the remittances which are increasing year by year from the US. The Nigerians in California send money to Nigeria banks from Los Angeles, Long Beach, and Santa Ana.
They make use of various services for remitting money back home, but do they know their choices? What does FAZRemit have in store for these important services?
What are the Choices?
The diaspora mainly makes use of two platforms to remit money to Nigeria. The banks offer safer and more secure transfer services. Yet the processing fee for the international money transfer is completely dependent on the fluctuating Foreign exchange rates. An unfavorable fluctuation to the rates can increase the processing fee for transfers, causing trouble for the users. They also take anywhere from 2-3 weeks to remit the money to banks in Nigeria from the US. Banks offer security but neither affordability nor quick transactions.
International Money Transfer Operators make use of branch-to-branch transactions in order to speed up the transfer service. This platform charges the customers a premium for availing their services. The fees may rise up to 10% of the total remittance amount. This “faster” service takes 2-3 days to remit money into their Nigerian branches. The branch model of remittances also causes more work for the end users who want to deposit it into their accounts. IMTOs offer fast and reliable transactions, yet the processing fees can burn a hole in the pockets of customers.
The New Entrant
This niche in the market saw a new platform, online money transfer service providers like FAZRemit. Fazremit is able to provide fast, reliable, safe transactions at affordable rates. The Nigerian diaspora can send money to Nigerian banks from Los Angeles, Long Beach and Santa Ana in an instant. Online services have been on the rise due to the increase in the online presence of Nigerian citizens. Estimations show 56% Nigerians having access to the internet in Nigeria.
FAZRemit And Its Services
FAZRemit assures its customers’ fast transactions online with the click of a button. The requirements for registering are minimum yet they offer banking-level safety. KYC documentation during registration creates a user-friendly and legally compliant platform. Moreover, it can be accessed from anywhere online to send money to Nigeria from the US.
FAZRemit offers the lowest transaction fees and the highest value for its services. The transfers take place directly into Nigerian bank accounts of the benefactors.
With FAZRemit, it is easy to send money to Nigeria from Los Angeles, Long Beach, and Santa Ana at the click of a button.
Join FAZRemit today in order to take advantage of instant money transfers.