People have many alternatives to transfer money from one place to another in the entire world. A majority of them prefer the ones with low transaction fees. As a result, they forget to estimate all other benefits that they could be losing out while yielding in that direction. Let us consider the money transfer to Nigeria from US. Suppose we need to transfer the amount, we will look for all the alternatives. There are banks and then there are International Money Transfer Operators (IMTOs).
Now what we will do? We will start research on both the ways and their exchange rates and how secure the transactions are in all alternatives. Let us consider both the cases – what features do Banks provide and how MTO’s are challenging them.
Bank Transfers – The Traditional Way…
International bank transfers are like normal bank transfers within the country. But as the currency differs from one country to another, exchange rates apply. International money transfers bear a transaction fee which includes exchange rates and processing fee. On average, to wire money from USA to Nigeria, generally, banks charge an overall transaction fee of around 8 to 10%. This charge may vary from one bank to another. However, it is absurdly high!
This may sometimes include processing charge. That differs from one bank to another. The next factor which we consider is the speed of the transaction. There will be many intermediate bank transfers before they deposit your funds to the recipient’s bank account. This may take 2 to 3 working days. This delay might be because of the remitting platform(s) or the respective bank’s technical infrastructure.
Money Transfer Operators – International Transactions 2.0
Apart from bank transfers, the other option of money transfers is MTO’s.
When it comes to Money Transfer Operators, it is essential for an MTO to get a license from both the source of origin of a transaction as well as the termination point. Generally, international transfers are charged anywhere from 2% to around 9% of the total transaction amount. However, this entire process of online funds transfer is not only tedious for an individual but could also burn a hole in his or her pocket.
So, Whats’ the Alternative?
Online money transfer service provider – FAZRemit – is licensed by the New York State Department of Financial Services to send money to Nigeria from USA. They not only guarantee the most affordable international transactions but also 100% security and fastest international transaction processing speed.
Initially, banks were the only source of sending remittances. However, with the emergence of Money Transfer Operators in the online market, the trend changed. And now, it seems like the stage has been set for yet another big player to come and take over. And it is – online money transfer services! Apparently, this is the reason why people are turning from traditional money remittances to the new and evolved ones.
Online Money Transfer to Nigeria from US
Coming back to the topic, it’s quite obvious that we will choose one of the money transfer operators. On the papers, transferring money through an MTO sounds like the best alternative but there are many who would always look for something better! After all, we are paying for it!
There are many operators and online service providers who offer zero percent transaction charge. But here’s the catch!
In the same market, some other service providers would say that they provide the services at zero percentage exchange rate margin.
So, what are they doing?
They either increase the exchange rate or the processing fee and market their service by leveraging the other. And why is it working out for them? Simply because we are falling for it!
How FAZRemit stands out?
Without any hidden fee, FAZRemit charges a straight overall processing fee. The best part – unlike the IMTOs who charge at least 2% of the overall payment (now we’re talking about what you, as a user, would have to pay), FAZRemit’s transaction rates are capped at a maximum of 2 percent.
Dealing with high-risk locations while strictly adhering to global AML/CFT compliance and committing to proper KYC is not an easy thing to do as a business.
Guaranteeing that the funds one transfers reach to the right individuals within the right time at the right price, FAZRemit strives to create the overall experience of the users highly convenient.
More About Online Transfers…
At present, using FAZRemit, you can send up to $950 (excluding transaction charges) in one transaction. The maximum limit is $10,000 for a month.
24×7 live chat and prompt email responses enable customers to get their queries resolved instantly. Apart from online money transfer services to Nigeria, FAZRemit also provides the facilities to transfer money to Ghana and Kenya from the USA.
FAZRemit meets all the customer requirements like lowest transaction charges, highly secure and fast transactions, and convenient experience.
So, we have an option, a better one! Yes, it is yet to make its mark in the international market but it does promise a lot that we are getting from MTOs. But if we would have been content with the banks, there would have been no IMTOs. The same should apply for the present market!