The state of Texas ranks second in terms of population and total area in the US. The total population of the state is 28.7 million according to 2018 statistics. African Americans make up 11.8% of the population in Texas. Texas also has the largest Nigerian diaspora with around 60 thousand living in the state.
Nigeria is the largest country in sub-Saharan Africa with a 200 million-strong population. It has the largest number of migrants in the US, the UK, and many European countries. With economic instability ruining the country, remittances from its diaspora are helping the society to have stability. Money transfer to Nigeria from the US reached $7.2 billion in 2018. With such high remittance rates, customers who send money to Nigeria are not getting value for their remittances.
What are the prevalent sources for remittance services? Do online services like FAZRemit provide the user with a better platform?
Money Transfer to Nigeria with Banks and IMTOs
Banks hold the highest rates of remittances to benefactors across borders. The financial institution provides safe and secure transactions to benefactors at fluctuating prices. Banks in Texas take anywhere from 2 to 3 weeks to remit money to bank accounts in Nigeria. They also charge processing fees according to the foreign exchange rates. Because of Nigeria being a high-risk country, bank charges are never in favor of the customers.
International Money Transfer Operators try to ease the problems faced by money remitters in the corridor. The platform offers its services at a premium of 8-10% of the total remittance amount. This in no way helps the remitters get value for their transactions. These services take 2-3 days to remit and do not help people in time-locks. IMTOs, because of no competition in this field, make a profit out of the people in need of money in Nigeria.
Remittances to Nigeria form 6.2% of the country’s GDP. The families and friends of Diaspora require money transfers to Nigeria to live a stable life. Online money transfer platforms like FAZRemit tries to create a better service for the Nigerian Diaspora. The increase in internet use in Nigeria has made money transfers to Nigeria from Texas easier. Lower transaction rates, faster transactions and safe money transfers to Nigeria from the US are the main objectives of FAZRemit.
FAZRemit And Its Services
FAZRemit offers its customers fast, safe and affordable transactions online. The services give value to customers who send money to Nigeria. Families and friends can instantly receive money transactions online from the US.
Registering on the platform is easy and allows users to send money instantly. Having an account allows the user to send $2499 instantly to Nigerian users. The platform safeguards the users and their money with KYC checks during registration. This ensures that no illicit activities take place on the platform’s services.
The services which are fast and secure are also affordable. We provide the lowest processing fees of 1.7% for remittances to Nigeria from the US. It is the lowest in the market and provides users with a value for their transaction.
Join FAZRemit to send money to Nigeria from the US at affordable rates. This allows money to reach the ones in need when they need it.