Nigeria has the largest amount of African Americans in the US. American Community Survey of 2016 estimates that 277,027 of the naturalized American residents were born in Nigeria. A larger number close to 380,785 US residents reported of Nigerian ancestry. With a population of 8,405,837, New York is the largest city in the United States. It has a 2% growth rate per year with a surplus of births over deaths. Immigrants also flock into the city due to the opportunities it presents.
Of that huge population, 29,619 accounts for Nigerian immigrants who are increasingly becoming a mainstay of the society. It has also increased the need to send money to Nigeria from New York. In recent times New York, New Jersey, and Long Island have seen money sent to Nigerian banks in huge volumes.
Current Structures in Place
The diaspora who currently reside or work in New York has limited means of remitting money back to Nigeria. They have to either make use of bank transfers or seek help from International Money Transfer Operators. Both of them prove tedious for reasons that are obvious. Banks charge rates for transfers according to the fluctuating foreign exchange. They provide security of transfer at premium rates and tortoise pace. It could be a double-edged sword which when coupled with the long delays like 2-3 weeks prove counterproductive.
International Money Transfer Operators(IMTOs) make use of a standard processing fee. They may be as high as 8 or 10% of the total amount. This processing fee is a huge loss for the diaspora and for their family in Nigeria who receive it. Most of them also do not have direct transfers to Nigerian banks which could prove troublesome with new laws. They can be called speedy at best with an average time of 2 days to send money to Nigeria from New York. Security issues also plague this once leader of the remittance industry.
The fast, affordable and secure online automated transfer platforms like FAZRemit has to be the future. FAZRemit assures instant transfers with rates that are lowest in the market. Being an online service also means the availability of services even in New York, New Jersey, and Long Island. But this in no means shows it to be insecure with consistent secure transactions being recorded.
Is FAZRemit For you?
FAZRemit assures services to send money to Nigeria from New York at a great value. Simply registering online with proper documentation is all that is required for you to avail their services. They provide international remittance to Nigeria at low rates of up to 1.7%. The customer-oriented service makes sure to do proper documentation in order to safeguard the customer’s money. KYC checks are carried out at the time of registration to assure a secure service from thereon. Being an online platform, transfers are instant and can be directly deposited to a Nigerian bank. FAZRemit also provides a large selection of banks in Nigeria to remit to.
The ease of use and affordability, coupled with speed and security has given the diaspora a hassle-free platform to trust. The 24/7 customer care and prompt communication can help you in times of doubt. It is impossible to find better services at any other bank or IMTO.
FAZRemit’s services in New York, New Jersey, and Long Island welcome you to send money to Nigeria online.