The state of South Carolina was the first state to opt out of the confederation. It is the 40th largest state in terms of land area but 23rd in terms of population. The state houses 5,084,127 as of 2018. The ethnic demographics of the region paints it as having 27.3% African Americans. Migrants flock to this state because of the low taxation and high-income rates. The Nigerian diaspora in South Carolina needs a better remittance system. Is FAZRemit that system? Is FAZRemit better than Banks and IMTOs for the money transfer to Nigeria and the families of migrants?
The Prevalent Corridors
Banks have been the go-to for migrants who need to send money across international borders. It was because of the years of service of banks and the security they provided. Yet the services they provided do not value the customer as they value the service. It may take 1-2 weeks to send money to Nigeria which is an inconvenience for the migrants. They charge handling fees dependent on the foreign exchange rates in the global economy. And as we know, Nigerian migrants face a huge hurdle in this aspect because of Nigeria’s economic instability. But given a choice will preference for banks stay the same?
International Money Transfer Operators offer cross-border transactions at standard processing rates and faster speeds than banks. They provide their services to Nigerian migrants at a premium which may reach double figures. An 8-10% handling fee on remittance transactions creates a loss of value for the migrants.
The money they send to Nigeria for helping their families get handicapped by these high processing fees. IMTOs also take anywhere from 2 to 3 days to remit money to the ones in dire need in Nigeria. IMTOs are a step up from banks, but are they the best on offer in the United States?
The Importance of Online Remittance
Remittances make up almost 6 percent of Nigeria’s total GDP and are of great importance to the unstable economy. The total remittance amount to Nigeria in 2018 adds up to $34 billion. Online money transfer services like FAZRemit ensure a safe, fast, and affordable medium. It is important that the migrants get value for their remittances, which FAZRemit gives.
The New Routine for Money Transfers to Nigeria – FAZRemit?
FAZRemit is the best platform for money transfer to Nigeria from the US. We provide fast, safe and affordable transactions to families of migrants in Nigeria.
Registering on FAZRemit allows the user to send money to Nigeria instantly. Money reaches the benefactor at the click of a button from South Carolina. The online platform makes KYC checks to safeguard the user and their money.
We offer affordable transactions to users at the lowest processing fees in the market. These allow the migrants to send more money to the families in need.