Nigerian Americans have been hailed as the most successful immigrant diaspora in terms of education-attainment in the US. Nigeria has also been hailed as the African country with the largest diaspora in the US. The metropolitan area of Washington is the second most popular destination for African immigrants. The remittance data to Nigeria show that $7.2 Billion was sent to Nigerian banks in 2018 alone. The demand for a corridor to send money to Nigeria from Washington, Arlington and Alexandria have been on the rise. The 171,000 strong African Americans from Washington are finding remittance corridors to send money to their loved ones.
Let us take a look at their options including online automated services like FAZRemit.
The existing services for remittances include banks, International money transfer operators and online services. Banks provide a reliable money transfer to their customers. The transfers across borders take into account the fluctuations in foreign exchange. This could be a boon or bane for the users according to the foreign exchange fluctuation. Moreover the time they take for the transfers to go through creates a problem for the users in time locks. Bank transfers take anywhere from 2-3 weeks to remit money to African countries like Nigeria.
IMTOs are faster on this front and also provide standard rates. The standard rates may add up to 8-10% of the total amount remitted which is a loss for the users. 10% of the remittance records of $7.2 billion sent to Nigeria is a huge amount to pay as fees. Even though they claim fast remittances it may take 2-3 days to send money to Nigeria from Washington. That in this age of time is unacceptable. Also, most of them are unable to send money directly to the Nigerian banks. Even though it may seem better than the banks, there is a better solution.
The solution to sending money to Nigeria from Arlington, Alexandria, and Washington are correlated with the technological growth in Nigeria. There are signs of major growth on the internet front in Nigeria. Now 87% of Nigerians own a smartphone and 56% have access to the internet. This paves the path for automated online money transfer service providers like FAZRemit to be a force in remittance services. FAZRemit proves to be a frontrunner with fast, affordable and safe transactions to Nigeria from the US.
FAZRemit and The Revolution
Remittances from the US reached $7.2 billion in 2018, which was an increase from $6.2 billion the year before. This remittance corridor supports the growth of families of the diaspora back in Nigeria. FAZRemit offers its online services to send money to Nigeria from Washington and various other states in the US.
Online registrations help the diaspora to send money instantly to Nigerian banks at very low prices. The safety and security of the users are of utmost importance to FAZRemit. The platform offers these services at the lowest processing fee often amounting to just 1.7%.
Send money to Nigeria from Arlington, Washington, and Alexandria in an instant using FAZRemit. Join today to avail these services at your fingertips.