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How to Send money to Nigeria from New York

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…

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.

Read: Banks and IMTOs are outdated and incapable to serve Millennials

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.

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Why FAZRemit is the best platform to send money from USA to Nigeria Bank Account

The USA, in particular, has a considerable Nigerian expatriate community and the need for safe, fast, and affordable remittance channels are vital. We are not confining money transfers to just…

The USA, in particular, has a considerable Nigerian expatriate community and the need for safe, fast, and affordable remittance channels are vital. We are not confining money transfers to just an individual’s personal needs. Business transactions also take up a lot of the volume.

To send money from USA to Nigeria bank account, FAZRemit scores over IMTOs, bank to bank transfers. A closer look at all options will reveal the downsides. The three areas that need to go under the microscope are what any customer would desire from a service provider. These areas in deciding the ways to send money from USA to Nigeria, namely the aforementioned security, speed, and affordability.

The transfer should be safe and secure

FAZRemit has in place safeguards for secure online money transfer from USA to Nigeria. First, every customer requires to go through a registration process, the establishment of his bona fides is through documents such as Passport, ID, proof of address, communication details, etc. These undergo a verification process, and a KYC control mechanism is put in place. Furthermore, at the receiving end, the customer can add a beneficiary, whose verification is also done. To make the entire process ironclad, in the event of something going amiss or non-receipt of the money,  FAZRemit guarantees a 100% refund.

They have taken the choices to send money from USA to Nigeria bank account to new heights, whilst fulfilling AML/CFT measures. No doubt, some customers view KYC compliance as a bother. But the reality is, it is a necessary evil purely to ensure safe and secure banking, much to one’s desire.

The transfer must be reasonably fast

An online money transfer from USA to Nigeria through a non-banking service, such as FAZRemit takes less than a minute (the name says it all). A bank wire service or IMTOs typically take a few days (maybe 3 to 5). Delays due to mistakes from the bank’s end. Or holidays fall in between.

Most importantly, the cost should be at a minimum. It should be affordable

To send money from USA to Nigeria bank account, the one single factor that should come under close scrutiny is the affordability.

Let’s Calculate…

For IMTOs, this is their bread and butter, and customers are unaware of the hidden costs. Here is an example:

A customer wants to remit 500 USD to Nigeria in Nairas(NGN).

Let us calculate the currency exchange fee applied by this Money Transfer Operator:

If the interbank exchange rate for 1 USD = 360 Naira

Money transfer operators’ average exchange rate margin is 2%. That makes the chargeable amount = 10 USD

Additionally, the transaction processing fee is 2% (if we take the best case scenario). This adds another 10 USD to the total chargeable amount.

So, the total amount you will be paying goes up to 20 USD when you are using MTOs.

The influencing factors for online money transfer from USA to Nigeria are the exchange rate offered and the processing fee. Banks inflate charges notoriously whereby the processing fee, may go up to 11%, Post Offices go to 7% and IMTOs anything between 2-9%.

FAZRemit charges very low transaction fees of 1.7% to 2% to send money from USA to Nigeria Bank Account for amounts <$500 to >$1000, for a minimum of $30 up to $10,000 per month. Beyond doubt, the cheapest rates anywhere.

Other considerations

Customers choose convenience over everything else when it comes to ways to send money from USA to Nigeria, and the customer is the boss. So, he must get what he is looking for.

How does FAZRemit ensure this? How do you enhance convenience without compromising on security? A few simple steps to facilitate the best online money transfer from USA to Nigeria, already in place at FAZRemit include:

  • Monitoring and acting upon customer feedback,
  • User-friendly website interface,
  • Flexible payment options: credit card, debit card,
  • Ease of document verification,
  • Customer support through Live Chat and email

The pundits are of the simple opinion that commoditization of remittances will happen, and become free so that nobody makes money out of it. Microfinance and loans will become the face of revenue generation through customers. Remittances, such as online money transfer from USA to Nigeria, will be just another anchor product.

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The Importance of Money Transfer and the Best Way to Send Money to Nigeria from USA

Nigeria is one of the countries in Africa that has shown greater economic development in the past decade. The government and people use the money they receive from their oil…

Nigeria is one of the countries in Africa that has shown greater economic development in the past decade. The government and people use the money they receive from their oil reserves. They also use the transfer money they receive from the Nigerians working in the different parts of the world. The government and people realised the amount they have been wasting on the bank and MTO based transactions. Hence the Nigerians have switched over to the best way to send money to Nigeria from USA. It is nothing but recent online based transaction techniques.

The role of the economy in USA and Nigeria

The economy plays a huge role in developing the wealth and value of one’s own country. These people residing in these countries are dependent upon the government. They expect the government to take care of their welfare and social needs. The government is responsible for maintaining the economical status of the country. They also maintain a good client status dealing with the imports and exports of the country. Nigeria has a poor agricultural status. The government imports most of the crops from other neighbouring countries. The availability of cheap labour and oil resources along with abundant locations have attracted a large number of businessmen. These businessmen invest their money in Nigeria. Along with a foreign businessman, the country also has many Nigerians living in foreign countries. They send money from USA to Nigeria bank account for the development of the country.

Banking activities such as fund collection, money transfer, money deposition and withdrawal plays a humongous role the society. There are many ways to send money from USA to Nigeria. From bank transfer to online best transactions the choices are wide in range.  But the best way to send money from  Nigeria to USA is through the online transactions. They have proven to be an effective technique for the past few years.

The current economic situation:

The economic condition between USA and Nigeria is highly different from each other. The later is an oil-rich country that has lagged behind due to the corruption and instability prevailing in their own politics. Along with this they also have a poor infrastructure that has resulted in poor economic condition and management within the country.  The USA is the perfect contrast of the economic condition prevailing in Nigeria. With a per capita GDP of $49,800, the country is one of the topmost developed countries existing in the world. They have reformed themselves to be one of the powerful nations in the world along with Russia. The best way to send money to Nigeria from USA must include a cheaper form of transacting charges and other positives.

Online services: The best way to send money to Nigeria from USA

In today’s world money transfer has become one of the greatest assets for sending money from one country to another. Nowadays we make sure that the banks that we deposit our money in consists of a  modernised banking system. People nowadays prefer making an online money transfer. It makes them hassle-free so that one does not need to go to banks or ATMs for small things. The cards like debits and credits help us to cash out for the things we purchase. Through the online transaction, one could send money from Nigeria to USA online within a fraction of seconds. This is done by selecting a proper organisation.

Online transfer of money from debit cards does not require the account details of the sender. But it requires details like card number, name on the card, expiry date, and CVV number. Being one amongst the best way to send money to Nigeria from USA helps one such organisation to develop economically and grow as a stable community in the market. People are at ease now due to easy methods of transferring money without much of human input.

It is important for a  person to chose wisely the money transfer operator, depending on the basic and productive qualities that they possess. The online Money transfer service must ensure easy and quick transfer of money across the globe at any time. It must be flexible and user-friendly as compared to other banking systems. The operator must have a minimal transaction charge in order to benefit the users. In this fast running world, it is important to have a flow with time so that no opportunities are missed. Online money transfer helps oneself achieve that goal easily and send money from USA to Nigeria online.

The accurate and best way to send money from USA to Nigeria online

Nigeria is not a developed country as it’s per capita gross domestic product is very low. From abroad, one must find the best way to send money to Nigeria from USA. Transferring money is an easy process nowadays due to the availability of several online platforms. There are various difficulties in transferring in the money such as time limit and the huge charges that they apply. IMTO (International Money Transfer Organisation) is such an organisation which provides the operator with lower charges and quick transactions. It makes it easier to Send money from USA to Nigeria online as they provide services to the customers at cheaper rates.

FAZRemit Benefits:

One of such organisation includes FazRemit, the best amongst other organisations around the world. It is because this organisation takes in the complete charge of all proceedings, starting from the starting registration until the final transaction. This organisation is one amongst the fastest, cheapest and the most convenient form of transaction. This platform is very much hardworking. The customers or the senders could easily contact the branch officers in case of any queries arisen during any time of any day. The online transactions also encourage the users with various rewards, gifts and cash backs. This makes the sender transfer money frequently in the same organisation as possible.

In FAZRemit, the information provided by the users is completely safe and confidential. The FAZRemit contains a special procedure in order to transfer money from USA to Nigeria.  People can easily register their own account by using their particular mail ID. After registering the next procedure is to submit their KYC (Know Your Customer) document. The submission of these documents allows people to understand the sincerity of the organisation. They also provide proper security against the misuse of the data available. The final step is to send money from USA to Nigeria bank account being anywhere around the city.

These techniques have allowed the people residing in USA to send money to Nigeria without any issues. They aid the people to prevent the extra charges. So choose the best option available in the market for easy transactions.

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A Basic Guide When You Search: Wire Money Online to Nigeria

Online services providing money transfer across borders has created a space for wiring money online to Nigeria. This is especially true and significant because of the large Nigerian Diaspora present…

Online services providing money transfer across borders has created a space for wiring money online to Nigeria. This is especially true and significant because of the large Nigerian Diaspora present in the world. They would like to send money to Nigeria online for various purposes of their loved ones. Certain money streams like FAZRemit has also enabled businesses to set up in Nigeria and grow.

You can wire money online

It is practically easy to wire money online with the right documentation. With internet penetration in Nigeria rising to 42%, online transactions are on the rise. Africa’s largest economy is on its way to becoming truly cashless.  It would also help the economy as all transactions made online would directly play a part in the economy. This would create a transparent economy primed for future growth.

Wiring money online to Nigeria is easy with various service providers that offer fast, safe and affordable services. Yet it is imperative for the user to be completely satisfied as he or she has hundreds of services online to choose from.

As there is a chance that you will get the best deal, there is another side of it as well. You could become a part of internet frauds being reported now. Dating scam reports by Nigerian Americans have increased on the whole in the last few years. So, you need to stay safe from online scams while searching what’s best for you.

The Basic Safety Net

You can send money online to Nigeria with hundreds of platforms like FAZRemit with a few documents.

  • A valid email-ID
  • Valid ID Proof and Address Proof
  • A Valid Bank Account

But these form only the outer boundaries of the process.

It is also important to check up on

  • Delivery times of remittances
  • Safety procedures followed by the Service provider
  • The processing rate charged by the provider
  • The ease with which your loved ones can access the money sent.

Various platforms take 3-4 days in order to verify your credentials. This would inadvertently affect your need of the hour for fast transactions. The hidden processing charges by some providers also hamper your trust in wiring money online to Nigeria. The accessibility of the receiver is of paramount importance due to just 33% having a smartphone.
So, the question is – Do you need a Consistent Performer to Remit money to Nigeria?

FAZRemit can be your Channel

FAZRemit is an online service provider of money remittance from the US to Nigeria. FAZRemit is not an MSB in the US but instead acts as a digital platform for Choice Money Transfer Inc. It is licensed as a Money Transmitter by the New York State Department of Financial Services and by 17 jurisdictions. What this provides is a secure, authorized and most importantly, a reliable platform to send money to Nigeria online.

FAZRemit also has partnerships with over 25 banks in Nigeria to create a smooth remittance corridor from the US. This promises a convenient and fast path to the end-user while guaranteeing security.

The transaction fees by FAZRemit is also a gamechanger. With a flat rate to send money as high as $999, they lead this space. The amount of remittance one can send online is unlimited with the help of a simple compliance form.

These features, when packed into an easy to use interface, is the dream of the Nigerian Diaspora to send money online to Nigeria. The FAZRemit website is available 24/7 and people can use the features easily without any guidance or prior knowledge. FAZRemit has made the dreams of thousands of Nigerians abroad come true.

Fast, affordable and safe remittances to your loved ones back home is not a dream anymore. Join today at FAZRemit, to avail the best online service provider for yourself.

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How to Wire Money Online from United States to Nigeria?

The United States consists of the largest Nigerian diaspora in all of the world countries. It is evident from the remittance figures which stood at $7.2 billion in 2017. Furthermore,…

The United States consists of the largest Nigerian diaspora in all of the world countries. It is evident from the remittance figures which stood at $7.2 billion in 2017. Furthermore, there is speculation for an increase in the diaspora with 33% Nigerians planning to migrate in the next 5 years. A decrease in bank-backed remittances and MTOS in Nigeria has led to widespread fears of decline. The fact that Remittance grew from 14.1 billion in 2005 to $35 billion in 2016 adds to the unrest. That’s a 148% increase in remittance since 2005 that is in danger of decline due to dreadful service.

There are various online services that have sprung up to provide adequate services in the meanwhile. FAZRemit is determined to provide even more. Therefore, how to wire money online has become one of the hot topics of discussion.

The Basics of How to Wire Money Online

The need of the hour is to send money to Nigeria online directly. The use of online technology to wire money is catching up among Nigerians. The country has 56% internet penetration. This is fueled by 87% of its population having access to smartphones. These improvements have also enabled a shift towards a cashless economy.

One can easily make use of Online Money Transfer services like FAZRemit and their Mobile wallet services. They provide fast and affordable remittances. FAZRemit charges the lowest processing fee at 1.7% per $999. The use of the platform is secure due to proper documentation and checks. FAZRemit makes sure to verify documents properly in order to bar any illicit behavior.

Below are the documents requirements to send money to Nigeria online with FAZRemit.

  • A valid email-ID
  • Valid ID Proof and Address Proof
  • A valid Bank Account
  • Internet Connection

Start Sending Money to Nigeria

Once you have all the required documents, you can avail the services of FAZRemit easily. The following are the steps to be followed to make use of the FAZRemit services platform.

How to wire money online from the United States to Nigeria with FAZRemit –

  1. Register with FAZRemit with valid proof
  2. Add the beneficiary by giving beneficiary details
  3. Wait for verification of the beneficiary account
  4. Send up to $2,499 to the Beneficiary instantly.

Once the registration has been done, your documents will be approved after verification. This improves the security of the transaction process and safeguards you from any problems during the transaction. Getting the money to your beneficiary once verification is complete is simple.

Read: How to register on FAZRemit?

FAZRemit Is For You, the Customer!

The service has been set up such that anyone with a bank account and proper verification can use them. FAZRemit has a presence in the US cities of New York, Atlanta, Houston, Washington, Dallas, Chicago, Baltimore, Los Angeles, and Boston.

This hassle-free and transparent service have to be the answer on how to wire money online to Nigeria. FAZRemit has been used by thousands to send money to Nigeria online from the US.

Fast, affordable and safe remittances to your loved ones is not a dream anymore. Join today at FAZRemit, to avail these services yourself !

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Why Do Generations of Nigerian Immigrants Need to Send Money to Nigeria Online?

The Nigerian Diaspora is one of the biggest among the sub-Saharan countries in Africa. Money transfer to Nigeria from the United States has increased in recent years as well. A…

The Nigerian Diaspora is one of the biggest among the sub-Saharan countries in Africa. Money transfer to Nigeria from the United States has increased in recent years as well. A growing trend has seen them send money to Nigeria online

The United States of America has a total of 326,000 Nigerian first-generation Immigrants. This makes up 18.9% of the total African Immigrants in the US. More than 32% of Nigerians have an undergraduate degree and earn more than a normal American household.

According to a Newglobal Report, 33% of Nigerians plan to migrate in the next 5 years.

This will increase remittances to Nigeria even more in the coming years. Remittance services are therefore even more important than ever before.


So how do Remittances reach Nigeria? Do they use online services or use other means in order to transfer money to Nigeria?

Outdated and Cumbersome Past

Bank Transfers

International bank transfers are normal bank transfers but done across borders. Exchange rates of currency from the source of origin and termination of a transaction remain the only variable.

Banks charge a transaction fee for these across border transactions. These fees include exchange rates as well as processing fees. Banks providing money transfer to Nigeria from US charge around 10% as fees. It differs from bank to bank but can never go below 8%. This is a huge loss to both the sender and the receiver of remittances.

Bank-backed remittances take anywhere from maybe 2- 3 days to reach the destination. This is a loss of valuable time and can hamper immediate need of money.

 

Money Transfer Operators

The other option for Remittances is privately working Money Transfer Operators. They require a license from both the source and the destination to remit money legally. They also charge 2 – 9 % for transactions and may take a few days. The entire service is hassle filled and could cost more depending on the service provider.

The Nigerian Government also went on a banning spree of these operators in 2016. They cited some unwholesome activities of unlicensed money operators for the harsh step. This affected Money Transfer To Nigeria from USA and other countries causing unrest among the diaspora.

Online Money Transfer And the Future

The remittance structure to Nigeria seemed doomed until recently. The diaspora can now make use of services provided by service providers like FAZRemit to send money to Nigeria online.

When compared to MTOs and bank transfers, they offer a significant upgrade. Lower transaction fees and faster transactions prove their bedrock. The ease of use and secure transactions make them the best way to remit money online.

FAZRemit charges a transaction fee of 1.7% which is one of the lowest among online money transfer service providers. They also adhere to strict security checks for each transaction. KYC document checking and compliance forms can help the diaspora to securely send money to their loved ones.

Read: How to wire money to nigeria online in a matter of hours

The Move to Online Transactions

As noted earlier, almost 32% of Nigerians in the US have an undergraduate degree. Meaning they are prime candidates to use FAZRemit and other online providers for money transfer to Nigeria from US.

The change is on the horizon with 42% of Nigerians already having access to the internet. Moreover, 33% access it via their smartphones. Mobile Money transactions like those provided by FAZRemit prove to be on the rise.

Online transactions through FAZRemit have advantages like

  • Fast and easy payments
  • Ability to track your payments
  • Secure Transfers between parties
  • Easy to Use Interfaces

FAZRemit – The Best Platform to Send Money to Nigeria Online

According to a report by allAFrica, Remittance has increased from 14.1 billion in 2005 to $35 billion in 2016.

That’s a 148% increase that forms a major part of the Nigerian GDP. Money Transfer to Nigeria from US rose to $7.2 billion in 2017.

Remittance money forms a major party of the country’s GDP. This money is being used to diversify the oil-centric economy. Creation of jobs, raising standards of living and economic stability is on the agenda for the government. The Nigerian diaspora is a part of Nigeria’s growing mainstream economy through the remittance volumes.

This is an opportunity for money transfer services to improve and provide their best services for the customers. On this note, FAZRemit takes the cherry with instant and convenient money transfer to Nigeria from USA at the cheapest available rates.

Using FAZRemit assures you

  • Lightening-fast Money Transfer to Nigeria
  • 100% Security Guaranteed
  • 25 Strong Registered Bank Network
  • Cheapest International Money Transfer rates
  • Round-the-clock Chat & Email Support

With FAZRemit you can be sure to transfer money within a single day or less. The Know Your Customer security procedures help to maintain secure transactions. FAZRemit has come to the forefront for industry leading low cost transfers.  Send money to Nigeria online today at ease with no concerns.

To avail the services of FAZRemit, simply register on FAZRemit.

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Why are Banks against IMTO’s to Send Money to Nigeria Online?

The Nigerian diaspora is anywhere between 5 to 15 million covering practically every part of the globe, the largest concentrations however being in the UK, USA and South Africa and…

The Nigerian diaspora is anywhere between 5 to 15 million covering practically every part of the globe, the largest concentrations however being in the UK, USA and South Africa and the need to send money to Nigeria online is vital.

In recent times, this emigration has come at a cost to Nigeria because of the brain drain, though the diaspora has grown in strength. A significant part of which is well educated and trained to hold professional jobs that command high median income levels. As with other diaspora groups, they maintain strong familial bonds and influence the social, political and economic development of Nigeria. In the US, Nigerians are the most educated ethnic group. With an average household income of $94030 (2012 US census), their contribution to the Nigerian economy equals oil revenues.

In 2018, remittances stood at $25 billion as per PricewaterhouseCoopers audit firm’s report as compared to US$26.1 billion in oil revenues (economic report released by the Central Bank of Nigeria)

The Central Bank of Nigeria pulled the shutters down on IMTOs…

because of, they maintain, the unwholesome activities of unlicensed operators. However FAZRemit is ideal for money transfer to Nigeria from US. FAZRemit is secure, fast, legal and affordable.

The move to disallow other money transfer operators (save 3 or 4) as illegal, restricting one’s ability to send money to Nigeria online and throttling the movement of legal money has far-reaching consequences. But first, what precipitated such a move by the Central Bank of Nigeria?

Money transfer operators have had a boom in Nigeria and most of them sell inward foreign exchange in the Lagos Parallel Market (Open Market) though it is legally binding to surrender the foreign exchange to the Central Bank in exchange for Nairas. The credit to the beneficiary’s account is through a local deposit.

The Central Bank’s foreign exchange reserves regarding overseas remittances remain stagnant. This triggers the Parallel market in appreciating foreign currencies against the Naira. Cause and effect; the official rate vis-a-vis the Lagos Parallel Market rate is markedly lower.

Source: http://abokifx.com/

The competition is crying wolf. Control measures have been enforced by The Governor of the Central Bank of Nigeria.

The offshoot of all these control mechanisms that have been set in place, is the inevitable backdoor hacking of the system by MTOs to their advantage. A sender can get 400 Nairas for a US dollars, whereas the official rate is near 360 Nairas (NGN). A sender may not care whether it is an official or regulated channel. Their interest is simply put, the biggest bang for the buck. But it is the duty of regulated institutions and online money transfer services like FAZRemit to encourage individuals to do the right thing for money transfer to Nigeria from US.

What is De-banking/ De-risking

Namely, the arbitrary measure of essentially shutting down operations of all other MTOs is de-banking. Consider one fine sunny day, you get a call from your bank telling you that they have put a closure on all their relations with you. Still reeling, you manage the question, but why? You are told that being a private concern it is their prerogative not to assign any reason. Period.

Also the escalation of severing business relationships with remittance companies and small local banks by Global financial players is a key. The driving forces behind this are profit/loss balance-sheet and AML/CFT risks.

The Risks of De-Risking

De-risking puts both legitimate bank customers and licensed IMTOs at risk. Instances run into millions, where banks use AML/CFT laws to ban multiple remittance accounts. Blocking a legitimate process to send money online to a consumer, it is obvious that because of the extreme de-risking laws, the consumer would either have to opt for less secure or even illegitimate channels for the same.

Remit customers, who are in genuine need of decent service, end up getting a push to such platforms which do not have an adequate AML/CFT clearance. This results in a far worse scenario for the vigilance authorities, thus plunging the entire process into jeopardy. Therefore it is important that the institutions promote and conduct strict but convenient KYC verification. Similarly, for companies and business transactions to Nigeria from USA, FAZRemit goes further by performing automated KYCB, KYCC and KYCCB verifications.

Finally…

There is a legitimate reason why banks are against IMTOs. Yes, risk is a huge factor for the audience and a PR nightmare. But the primary reason is – IMTOs are direct competitors of banks. And, until money transfer services do not upgrade their security level, the same allegations will haunt them. At the same time, it’s not just the business but the consumers who would also suffer.

Therefore, to navigate safely through, to send money to Nigeria online, it is sound advice for expats to go for FAZRemit.

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How are Remittances to Nigeria from USA expected to Change in 2019?

The United States of America is called second home by one of the largest Nigerian Diaspora in the world. They are also regarded as the most educated ethnic group in…

The United States of America is called second home by one of the largest Nigerian Diaspora in the world. They are also regarded as the most educated ethnic group in the US. The Nigerian-born population in the country rose to 221,000 in an American survey of 2018. The total diaspora in America adds up to just under 400,000 when accounting the children.

The Nigerian Diaspora continues to contribute to the development of their home communities back in Nigeria. Yet they lack a large scale formal structure to properly make use of resources. They are a great source of economic and social development for Nigeria due to large inbound remittances forming a large part of their GDP.

Current Trend of Remittances to Nigeria from USA

The 2018 end quarter report from the world bank shows $24.3 billion being remitted to Nigeria from diaspora worldwide. The remittances to Nigeria from USA alone are $4.5 billion according to 2018 reports.

The harsh reality is that they pay anywhere from 7% – 8% as fees for the service. Fees for money transfer to Nigeria from US through banks may be as high as 10%.

This creates a massive loss of actual money for both senders and receivers.

Money transfer to Nigeria from USA may take 2 weeks to be updated. It is imperative to create a fast and inexpensive corridor to send money to Nigeria from USA. Reason being, Nigeria is considered a high-risk zone. Because of the unavailability of proper technical infrastructure and data repository, financial companies hesitate to do business in the country. Why?

Because in case any compliance issue is reported, the institutions need to pay a hefty fine. Just to give a number, in the past decade, large institutions have paid over US$25 billion as penalty. Therefore, those who do provide services in such areas, charge very high transaction charges.

However, online money transfer services like FAZRemit ensures thorough customer verification. Consequently, the risk is minimised through automatic risk score generation. This cuts down the overall operational cost as well. Thus, customers get the cheapest way to send money to Nigeria securely and safely.

Read: Lowest Transaction Fee for Money Transfer Nigeria. But How Much?

What is on the horizon for Remittances to Nigeria from USA?

The technological and financial structure in Nigeria has stabilized with development. They show promises of future growth with 56% of Nigerians already having access to the internet.

Further statistics show that 87% of Nigerians use smartphones. Various efforts have been engaged to deploy mobile money services in Nigeria. Nigerians are finally using mobile money due to cheap and advanced telecommunication systems. Africa’s largest economy is on its way to becoming truly cashless.

Mobile banking improves financial inclusion for people in rural regions. It also affects immigration flows, poverty rates, and most importantly remittances.

What Are the Factors Driving Change?

The huge potential a mobile money market has in Nigeria is clear. Reasons include increasing mobile and internet penetration, finite physical banking reach, and a population touching 200 million. Despite these factors, Mobile money services were slow to reach the masses or be accepted.

That was until development really hit its stride. The Nigerians within the country are moving into a cashless economy. The popularity of smartphones and the absence of banks in rural areas has brought this to the forefront.

High costs of the Remittance service providers reduce the benefits of diaspora. Moreover, the De-risking action of banks leads to the closure of bank accounts of remittance service providers. This has led to a vacuum for better services like FAZRemit’s mobile money transfer.

Social changes and economic changes go hand in hand. Statistics show an increase in unemployment rates in 2019. It is important that the diaspora send money to Nigeria from USA in order to enhance society. Now it is more important to get remittances done in the fastest, safest and cheapest way possible.

How is Government Helping?

Money Transfer to Nigeria from USA has never been easier or faster.

Sending money to Nigeria online through mobile is the most cost-effective option. There has been an increase in this form when compared to any other form to send money to Nigeria from US.

Facilitation of safe transactions is a reality with the implementation of the Electronic Certificate of Capital Importation (eCCI) by the Nigerian banks. They also Keep in check illegal and illicit transactions into the country. Nigeria has also become a member of the International Association of Money Transfer Networks with economic development in the agenda.

The telecommunications sector is collaborating with finance to include mobile banking and e-payment apps. The government is thus encouraging services like FAZRemit’s Mobile Money Service to supplement remittances to Nigeria from USA.

Stay ahead to benefit – The Motto

In 2019 it is easy and fast to send money to Nigeria with the help of technology.

It is important to read all about service providers and their services. Not doing so leads to problems like

  1. High level of international transaction fees
  2. Tracking problems
  3. Fraudulent services
  4. Loss of valuable money and time for both the customers and service providers

This is where FAZRemit helps its customers stay safe with more than 25 banks registered on its online platform. This gives customers opportunities seldom provided by others. Your remittances to Nigeria from USA stay safe, not to mention easy, fast and affordable.

Banks may charge up to 10% of total transaction cost as service fees. While using FAZRemit customers can send money to Nigeria from USA at 1.7%. A huge difference and benefit!

The maximum transaction amount is $10,000 a month. In case one wants to send more money through the platform, he or she needs to fill a compliance form. So, basically, there is no limit!

Add to it the reach of Mobile Money services and money transfer from USA to Nigeria becomes very simple.

Finally…

FAZRemit’s Mobile Money Service makes sure to provide a faster, affordable, and most importantly, safer transactions. This ensures that every single transaction goes from one verified customer in the United States to another verified individual in Nigeria.

The future of sending money from USA to Nigeria looks bright with the help of easy safe and fast services like FAZRemit. So, register now!

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Why and How to transfer money from USA to Nigeria for business investments?

Nigeria is one among those countries which are expected to emerge as an economic hub of Africa. It is a populated country and termed as a “mixed economy emerging market”….

Nigeria is one among those countries which are expected to emerge as an economic hub of Africa. It is a populated country and termed as a “mixed economy emerging market”. It has reached the lower middle-income status with abundant natural resources, well-developed financial, legal, communications, transport sectors. Thanks to the Nigerian Stock Exchange, it is the second largest stock exchange in Africa. The one thing that needs attention here is population.

In Nigeria, the people living below the poverty line are 33.1% of the total population. In fact, a report says, Nigeria has the highest rate of extreme poverty globally. This is because many locals depend upon farming which has rotten in the past few years. Low productivity and national insecurities are big reasons. And so, people have the only option available to them, migration. People migrate to countries like the USA and send money from Nigeria to USA through transaction services. Yet, this is for those who still have some economic stability. But, what about the ones who struggle to afford a living. This is where the USA comes into the picture.

The need to involve…

During the second World-war, the USA had to enter the war-zone. So, many civilians entered military services. This is because labour demand for war industries generated a vast opportunity for the youth to earn. And so, post WW2, the USA was a better condition in the world economy. By 1890, the USA gained the status of “World’s most productive economy”. The Bretton Woods agreement in 1944 declared the dollar as the global currency. Earlier, trades involved gold exchange. This agreement allowed other countries to trade with the dollar rather than gold.

Later, due to many industrial sets up, there was a void for job applicants. So, many youths planned to move to the USA thereby helping strengthen their economy. With the salary earned, people from the poverty-hit states sent in remittances home. Since the USA is the highest job producer in today, with a good standard of living, it is the global leader. And even today, the USA is the largest job providing ocean for youths. With bigger companies offering better jobs, USA has become the premium choice for all. And so, thousands of Nigerians migrate to USA for better living. And most of them have to support their families in their native countries. Therefore they are searching for – how to transfer money from USA to Nigeria?

But the one thing that skipped our minds is, the USA has a strong industrial base, and Nigeria has abundant manpower. So, what this information has to do with the current scenario? Simple integration of the two points will do wonders, which means, if US-based companies, especially manufacturing plants, set up in Nigeria? There are a bunch of reasons why this is one of the apt reasons for transfer money USA to Nigeria.

Business opportunities in Nigeria

Cheap Land availability

As most of the land here is drought prone, the residents are willing to sell off their land at cheaper rates. So, land availability becomes easy. So, for giant manufacturing plants, land purchase is not an issue.

Cheap Labor

Being among populated region with a high number of people under the poverty line, Nigeria is the place with cheap labour. So, for bigger companies, a few employable skills, profits can be achieved.

Government support

Owing to the soaring economy, the government of Nigeria has made proposals to attract big companies for investing in their country. In return, the government is willing to provide them with all the necessary facilities.

The present scenario

Nigeria has consistently been ranked as one of the top three destinations for foreign direct investment (FDI) in Africa over the past decade until 2014, with Nigeria’s FDI stock reaching 98.73 billion in 2016, a 3% increase from 2015. While most of the investment is directed at the oil & gas sector, FDI flows are diversifying. This gives investors a strong reason to choose Nigeria.

Cheap petroleum supplies

As Nigeria is situated closer to the Atlantic Ocean and reports suggest that this country has dense petroleum supply. The fuels will be cheaper and readily available.

Cheap internal Transportation

As fuels are cheap here, internal transportation will be cheap. Thus, heavy transports will cost a minimal amount.

Access to major continent and countries

As this country is closer to an oceanic belt, transportation via ocean to continents like America, Europe, Australia and Asia, along with Gulf countries will be cheap.

These are the major reasons why one needs to invest in Nigeria.

Sources to transfer money from USA to Nigeria

Now the next question that arises in one’s mind is that how to transfer money from USA to Nigeria? Here is an idea that gives us an instance of how one can send money from USA to Nigeria.

Remittance method

After getting a job abroad, migrants send in a fraction of their salary back home. This is remittance. Remittance funds support the families of the migrants and help social causes. For example, undertaking development projects like the award of scholarship to students, provision of free medicare, the building of schools, health centres, town unions, rural electrification projects, and road construction. Remittance is the largest source of income in some countries, after FDI. Now, these funds can be used by the government to strengthen the public sector.

Since 2005, Nigeria has been considered to be among the “Next Eleven” – the countries identified by Goldman Sachs investment bank as having a high potential of becoming, along with the BRICS – the world’s largest economies. Therefore, investment banks should be sporty to provide funds to companies willing to set up their branch in Nigeria. Companies must initiate to set up plants in Nigeria for the points mentioned above.

International organizations should provide commercial funding to Nigeria. Thus, this initial assistance will help the present government improve commercial as well as educational grounds. Thus, these points duly answer how to transfer money from USA to Nigeria for business investment. The conclusion is that it is profitable to take a chance to invest in Nigeria. It will be cheaper as compared to working with expensive nations.

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FAZRemit – The Cheapest Way to Send Money to Nigeria from USA and more…

People have been using money transfer services all over the world and despite the development of technology, certain issues still remain unresolved. Money transfer is one such issue where there…

People have been using money transfer services all over the world and despite the development of technology, certain issues still remain unresolved. Money transfer is one such issue where there still exists the problem of providing money transfer service at a cheap price and at a quicker pace. Even though the online website portals have are faster when compared to the other service like banks and MTO’s comparatively they still have a long way to go before achieving the best service. The money transfer has always been facing certain problems due to the varying exchange rates and increased transfer fee. The recent development in online websites like FAZRemit provides the cheapest way to send money to Nigeria from USA when compared to the previous methods.

The Positive Features

Some of the common features of these web-based portals include,

Extremely Affordable

These web-based portals have an added advantage of providing cheaper and faster money transfer services due to the absence of middlemen present in the normal bank transfers and MTOs. The presence of middle will incur a lot of other extra charges which can be completely avoided in these online based transactions.

Read More: Importance of Affordable Money Transfer to Nigeria

Super easy with advanced technology

These websites offer advanced technology services that are not available in banks and other forms of money transfer. These technologies will provide them with a better technical infrastructure than the banks and the process is much faster and easier.

Faster than any other service

The one who is getting money can receive it within one day or even faster. Some banks in the US still takes several days to transfer money to Nigeria. Hence this money transfer services for much faster and easier.

Read More: Benefits of Instant Money Transfer

Provide proper Security

The whole transaction from the US to Nigeria occurs in a very secure way. The transfer is protected by using proper security key and other forms of Blockchain technology.

Convenient service to the people

The convenience of the customers also plays a major role in the transaction process. Hence these web-based services are available 24/7 without any form of disturbance. So people can send money anytime anywhere without any form of restriction allowing them to feel convenient.

Read More: 5 Indicators of a Convenient Money Transfer

Easy steps to perform the Cheapest way to send money to Nigeria from USA

Money is as important as food for life so it is necessary for the people to have the required knowledge about the whole transaction. The steps below define the cheapest way to send money to Nigeria from USA. The money can be easily sent by choosing a proper website portal. People can compare the transaction fee rate and exchange rate margin in online before selecting and making a final decision. People can then easily transfer money from the USA to Nigeria. It’s not just the sender’s it is also easy to receive the money on the other side where the money is directly deposited in the bank account.

Certain Problems in Money Transfer

This type of money transfers involves certain common problems occurring continuously. They include,

Extremely demanding rates

The rates for the money transfer to Nigeria from USA depends on the economy of both the countries. As we know a country can be defined on the basis of its economy. The economic condition differs for every country.

Varying transfer rates

The online web transaction services have made money to transfer an easier process. But even then and there is a huge variation of transfer rate between the websites.

False websites

The presence of False websites is also growing day by day along with the authentic websites. These false websites are threatening the authenticity of the other websites and also breakdown the trust people have with the online websites. These websites attract people with their low transfer fees and other options like lighting delivery.

Read: How to Stay Safe From Online Dating Scams?

Even though these websites have certain disadvantages choosing the proper website like FAZRemit with their new technology and advanced security service have made sure to overcome these disadvantages and provide people with the money transfer service they require at a cheaper price.

About FAZRemit

Cheap Rate

Because of these above problems people have been staying away from these online websites. Websites like FAZRemit with their proven authenticity and features have regained the trust of the people over time. These websites allow people to send money to Nigeria from USA online easily. They provide the cheapest rate in the market.

Fast transfer

The money will reach the person within a time span of two days. People can easily log inside the website can transfer money without any kind of proof submission up until $10,000. The FAZRemit website is available 24/7 and people can use the features easily without any guidance or knowledge. They allow people to send money from the USA to countries like Nigeria, Ghana and Kenya. With the help of the FAZRemit sight, people can easily send money from anywhere at any time to their loved ones. The website is authenticated and preferred by most of the users who are willing to send money to Nigeria from USA online.

So stop worrying about sending money through a bank or the MTO’s and use the wide services provided by the websites. Start using them and enjoy a happy transfer of your money by using the cheapest way to send money to Nigeria from USA.

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