To send money to Nigeria, the overall accessibility is better today than ever before because of the availability of multiple online platforms right from banks and International Money Transfer Operators…
Sending money to Ghana online does not just increase the financial strength of the recipients but also contributing to the overall country’s economy which during 2017 was up to US$2.2…
Sending money to Ghana online does not just increase the financial strength of the recipients but also contributing to the overall country’s economy which during 2017 was up to US$2.2 billion. To keep a check of the inflow of remittances, it is also important and moreover, it should be considered a high time for the government as well as the Ghanaians to aggressively turn towards online money transfer services. Reason being the drawbacks of traditional international money transfer system which includes banks that levy ridiculously high interest to send money to Ghana from US.
For an immigrant remittance sender in the US, 7-8% fee on every single transaction, which generally happens every fortnight, is not economically feasible. Moreover, in the long run, sending remittances to his or her native country could cost him hundreds of dollars. Not to mention that this money has already been taxed by the US government. This could indirectly encourage the individual to opt for informal sources to send remittances. Therefore it is the responsibility of the government of countries involved in an international trade corridor to put customer-friendly regulations in place for Other Financial Institutions (OFIs) to operate autonomously for providing the benefits that the citizens deserve without compromising with the AML/CFL laws.
How can they do that?
The answer to that is quite simple. With the worldwide introduction and acceptance of strict KYC laws, every single merchant and service provider should be responsible for each and every transaction taking place through its platform. To take comprehensive benefits of such services, FAZRemit operates in the direction of providing a secure facility to the users who can avail our services by following 3 simple steps to send money to Ghana from US:
Register yourself and complete your KYC verification
Login to your dashboard and add a beneficiary that you want to send the money to
Make the transaction and instantly wire money to Ghanaian bank account.
Send Money to Ghana from US
We, at FAZRemit, to ensure that every single customer gets the quality service that he or she aspires for, take regular feedback from our exponentially increasing clientele consisting mostly of immigrants from Ghana, Nigeria and Kenya who want to send money to their native country. Our primary objective is to provide a secure, reliable and convenient platform to instantly send money to Ghana from US at the most affordable prices. Considering the importance of transparency that is required in any good service, we allow users to make unlimited transactions in which one can transfer up to $2499 from United States to selected Ghanaian banks.
For a transaction of up to $499.99, we charge flat $8.99 which is the lowest among any other online money transfer service. For a higher amount, i.e. up to $999.99, the charges are $11.99$. To make sure that we provide the cheapest service to our customer, for any international money transfer from $1000 to $2499.99, FAZRemit charges a nominal fee of 2% which is the lowest among all other IMTOs as well as international money transfer service providers and platforms.
Direct remittances over the years have been a side-channel for Ghanaian natives to overcome the lack of confidence about the public sources because of the corruption involved in several monetary transactions. The involvement of middle-men, be it government officials when it comes to public subsidies and financial benefits, or even higher authorities in NGOs, the Ghanaian officials have more than often been accused of taking a considerable share of the overall fund. In the end, only a nominal and insufficient amount makes its way to the person in need who has to suffer the consequences. One of the major reasons for such problems was the involvement of multiple vendors, distributors, all-in-all manual intervention.
To overcome all such conflicts of interest, FAZRemit ensures that as soon as your KYC verification is completed, other than our customer support team, no one comes in between your transactions providing you the power to do choose the transaction you want to make without any third-party intervening in the overall costs.
We understand that when it comes to intra-family transfers where remittances can be the only source to help your friend(s) or family in need to fulfill their basic financial requirements, this transaction is not meant to be affected or delayed. Besides, personal investment transfers are equally important to take part in the evolving financial trend and encourage successful immigrants sharing their hard-earned money and looking for opportunities in Ghana to investing in the country itself which in the long run can benefit the investor as well as the country as a whole.
Considering all the abovementioned, this is why FAZRemit ensure to provide each and every customer with the fastest, most affordable and easiest platform to send money to Ghana online.
Sending money to Kenya online has been reported by the Central Bank of Kenya (CBK) as one of the growing markets that are aiding the natives to overcome their fundamental…
Sending money to Kenya online has been reported by the Central Bank of Kenya (CBK) as one of the growing markets that are aiding the natives to overcome their fundamental needs and lead an overall better quality of life. This support is increasing every year at an astounding 30% and sometimes even more than that. This not only improves the quality of life of the native Kenyans but also keeps the currency, i.e. Kenyan Shilling, strong in the international market. With this flourishing market, Kenyan diaspora, sending $1.57 billion in the previous year is constantly looking for better alternatives to send money to Kenya.
The outdated international transaction fees of banks along with an absurd amount of processing time encourages the remitters to search for other alternatives. In the meantime, to overcome this problem, even the rise of International Money Transfer Operators (IMTOs) has established a new market altogether – the Bidding market. So, a customer is left with little but no choice rather than choosing speed or affordability. This is where FAZRemit comes in. To transfer money to Kenya, all one needs to do on our platform is to follow 3 simple procedures:
Due to positive efforts by the Kenyan Government, in 2011, the overall economy of the country took a boost as for the first time, per capita income crossed US$800. Although, when one looks at the chart, it seems as if the remittances took a fall during that period but on the contrary; it was Kenya’s retail, wholesale, transportation, and all other private as public services that accounted for an overall 58% of its GDP. Therefore, underestimating the potential of a nation, receiving more than $2.3 billion worth remittances from across the world that constitutes 5% of its overall GDP today, would not be wise.
Apart from being a huge transporter under African Groth and Opportunity Act (AGOA) terms, which adds more than US$300 million to the country, Kenya is also a major remittance destination in the US-Kenya corridor. Kenyan government’s efforts to provide favorable taxes and to remove duties on raw materials and capital equipment has encouraged the United Kingdom to invest in their industrial sector making the United States the next biggest investor. Therefore, online money transfer from USA to Kenya has been a promising deal for investors and looks like it would continue to do so for a country that, as per the KCB, is expected to witness an estimated 6 percent GDP growth for which remittance inflows will be playing a key role.
Why Choose FAZRemit?
Because of the risks involved in international money transfers, government agencies, as well as international organizations, have mandated financial institutions to follow strict AML/CFL laws. This has resulted in de-risking and de-banking. However, all of this can be avoided by the individuals as well as businesses if an international payment service provider highly secured, transparent and accountable platform that provides feasible services with the ease of service. This is where FAZRemit stands out of the rest. We facilitate the fastest, cheapest and most affordable online money transfer from USA to Kenya.
To send money to Kenya from USA, register on FAZRemit today and experience the service that you deserve and aspire for!
In this era of technology, completing the basic banking deeds have become an easy task. Today one can transfer money not only from one state to another but from any part of the world to another…
In this era of technology, completing the basic banking deeds have become an easy task. Today one can transfer money not only from one state to another but from any part of the world to another. With the help of banks and money transferring platforms, it has become very easy to transfer money and to complement these transfers, a complementary currency conversion (or in some cases, as additional charges) with the basic transaction is also available. In this article, we’ll discuss the ways to money transfer to Nigeria from US.
Types of International Money Transfer Services
International money transfer is a broad topic and it is divided into various segments. Generally, international transfers are made either for personal use or for professional and/or business use. Basically, if someone wants to send money to Nigeria online, it is best to use interbank transfers, through wired transfer, private money transferring platforms or through bidding sites. Let’s take an overview of these options –
Generally, every bank has its own rules and regulations to transfer the money. Since, in the general population, there is a fear of fraudulent activities by private organizations, therefore, for big transactions, especially for FIAT currency exchange, banks are considered the most reliable option by the most.
However, because of the strict and in fact necessary policies by the government, such institutions can be tracked down and are accountable for any illicit activity on their platform. This has empowered the individuals and businesses who have the options to choose from the three most common ways to send money, namely, ACH which is the cheapest, wire transfer – the fastest and bank transfers that are considered as compared to be secure. Next on the list are
Platforms like PayPal, Swift wire charge a fixed percentage or cut and transfer money from one country to another. These platforms operate on their own and provide comprehensive security throughout the entire process. These platforms are used for any country, for instance, if one seeks out for money transfer to Nigeria from US or wants to make a transaction from any part of the world to another, he or she can do easily it through online payment systems. FAZRemit, being one of those sites not just provides the fastest platform to wire money to Ghana, Nigeria or Kenya from US, but also ensures that the transaction cost is the lowest, and that only verified entities, be it individuals or businesses, are involved, thereby making the process highly reliable and secure from the point of view of both, the customers as well as legal entities.
This option is not so popular among the international money sending customers but it can surely help in achieving the task. All that one needs to do is create a task and all the money transfer operators bid on it. Although it provides a competitive rate for the customer, at the same time, this is a rarely used option because of the additional cost involved due to the involvement of a middle-man.
What is IMTO?
In the overall International money transfer market, which is currently worth more than a trillion dollars, there are a few fraudulent money transfer platforms that are luring in individuals with schemes that are too good to be true.
To stop such activities, financial regulatory bodies such as Central Bank of Nigeria has licensed only a few IMTOs, and it is highly recommended that one chooses from them. Few of these registered IMTOs facilitating money transfer to Nigeria from US in the US-Nigeria corridor include:
Smallworld Financial Services (licensed partner of FAZRemit)
UAE Exchange Centre LLC,
Wari limited, and
Home Send S.C.R.L.
Nigerian Banks v/s IMTO
Generally, it is recommended that one must choose banks over IMTOs but there are multiple reasons why the latter is steadily gaining its speed and the global market is undergoing the paradigm shift. First is the scale at which they can operate. Unlike banks, IMTOs are constantly upgrading their services based on the customer feedback while on the other hand, there are no groundbreaking upgrades in the banks’ functioning which, in the long run, could prove fatal for the banks. Secondly, the significantly low processing time plus the overall charges levied by IMTOs has always been much ridiculously low as compared to banks.
In Nigeria, this list also includes one more problem, i.e. distrust among the common people for the banks and especially government agencies which although have gone through challenges over the years but have not delivered on their promises of providing the most basic amenities to the common people. This perception is also shared by the immigrants and remittance senders.
How to find the best money transfer to Nigeria from US?
Money is an essential and hard-earned commodity, and it is one’s obligation if not the only option to check all the criteria before opting for any money transfer providing services. To put it in a simple manner, there are just 4 criteria to find the best money transfer options –
It is easy to go on any platform and get a persuasive webpage that would try to attract a user. Basically, this is the purpose and the sole objective of creating any website, moreover, any online content but it in the end, what matters the most for a user is to find ‘value’ that can only be achieved through a balanced and analytical approach to make the final decision.
Check out the cheapest rate list for users to Send money to Nigeria, Kenya and Ghana from USA.
While there are multiple IMTOs claiming to provide the most affordable way to send money from US to Nigeria, Ghana or Kenya, FAZRemit makes sure that you apply for the best.
As soon as you register on FAZRemit, you are enrolling yourself with the most transparent, secure and convenient online money transfer platform to wire money to Nigeria, Ghana or Kenya at guaranteed cheapest rates. Apart from being a platform that is an amalgamation of the best ideas hand-picked from all the leading IMTOs, we ensure that whatever application you send your remittances for, you and your added beneficiary can take the full benefit of it in the least amount of waiting time.
Apart from knowing the banks that we support in Nigeria, Ghana, and Kenya, it is crucial for a user to know the exact rates at which his or her money will be wired to the aforementioned countries. Addressing that problem, the following are the nation-specific money transfer rates provided by FAZRemit.
Mobile wallets are secure, fast and convenient. And that is exactly what FAZRemit stands for!
A Mobile Wallet, as the name suggests, is a revolutionary concept to overcome the traditional way to pay your bills, send remittances or use it at POS (Point-of-service). Instead of going down your pocket and taking out the cash, digital transactions and commerce were introduced offering more convenience to fasten up the process of the transaction. Right from generating the invoice or bill to calculating the amount of change during a transaction, the motive of digitizing a financial deal was to decrease the total time taken by the former alternative. This concept, although required even the most tech-skeptic individuals to invest some time and understand the technology behind it, other than the intended advantages, it provided more than what the users had expected.
Digging into the History of Wallets
The first ‘Mobile Payment System’ although its patent was filed in 2000, the interoperability and acceptance by different mobile services began in the later period. The concept of micro-payment which was envisioned as a global technique to pay for the content, services, in-game purchases, and information all across the globe could facilitate transactions as small as 1 cent. Multiple venture-capitalist-funded-businesses emerged in the market but the second generation of Mobile Payment System outclassed all of them. During this time, a few models went obsolete, for instance, Zong mobile payment that used to add charges to the user’s mobile bill but then emerged international bill payment services, and what we today know as the 21st century model of mobile bill payment.
As per the data provided by Statista, the global digital exchanges and money transfer value has reached US$3,208,184 million in 2019, and by 2023, it is estimated at a staggering US$6,335,811 million. The reason behind its overwhelming success and its undoubted ability to emerge as a stepping stone for the next level digital exchanges, like the crypto-currency, is the wide range of advantages that it offers to the users, both at the customer and the service provider’s end.
What are the Advantages of Using Mobile Wallets?
Here is a list of all the advantages that mobile money users avail over traditional payment methods or even credit or debit card users.
Irrespective of the Operating System, device, or even country, any user can access mobile wallets and developed further after getting feedback from them. From the data generated by FAZRemit, we noticed that most of our users use their mobile phones to carry out transactions that make up a massive 84.5% of the total devices, among which android users outnumbered IOS users. That being said, it was clearly seen that the diversity among mobile users is boosting the overall growth of the mobile payment system. The reason for that being, the security offered by our platform, or in fact some other legitimate and secure transaction platforms.
Mobile transactions through FAZRemit use encrypted information, along with 2-step authentication, which is better than any cash or credit card. Furthermore, instead of owning and carrying multiple traditional transaction cards which one seldom uses, it is better to integrate all of them into one wallet. This would not only improve the ease of carrying out any transactions for the users but this would also ensure that all the transactions taking place can be easily monitored through legal agencies in case of suspicious transactions.
Also, in case of theft, unlike the cards or cash, one can remotely wipe out all the sensitive data or simply change his or her password or authentication properties.
Financial freedom and convenience
Carrying a bulky wallet in your pocket when you already own a mobile device that you never let go of, could be a subject of discussion among the future generations. In line with that, the mobile wallet provides the users with easy-to-use concise storage.
Right from one’s address proof, driver’s license, social security number to any other personal or professional document, everything is accessible without carrying a physical copy of it. In fact, it is hysterical that when we are already downloading our identification documents from a server and there is no actual need to get a physical authorization by a specific entity; we are still partially relying on digital signature which is not just easy to generate but also economically feasible.
What is the Biggest Challenge of the Mobile Wallet?
Banks across the globe have moved on to use EMV (Europay, MasterCard, Visa) payment that uses chips in debit and credit card payments instead of the past magnetic strips. On the other hand, in NFC payment, a specific QR code, a number code or a user’s face ID is generated as a personal identification format that ensures further security along with ease. Although the mobile payment offers several applications including
NFC (Near-field-communication) that is capable of facilitating contactless payment(s) at POS (point of service),
Global payment transaction data tracking and analysis, and
all of that while saving time, effort and money of the entities involved, it is on its way to becoming a prominent movement in the global financial transaction. At the same time, the biggest challenge mobile money faces is the same as that of any other innovation that affects a massive population, i.e, its acceptance in the market dominated by a majority of the population which is yet to overcome a long hangover of physical money. But the future seems to have a different plan!
Although the mobile POS payment is estimated to overlap with the overall digital commerce, or in fact, become the new norm, this trend signifies that the future will be cash-less but the bigger question is –
Are we yet prepared to go card-less? If not, then when?
Or is it just another intermediary stage before reaching the ultimate?
And finally, what does the penultimate technology even mean?
The millennials have the responsibility to correct the mistakes of the past to lay a strong foundation for the upcoming generations and it all starts with education!
Nigerian diaspora is the most successful ethnic community in the United States of America.
The Nigerian government needs to make policies that encourage formal remittance services that wire money to Nigeria.
The educated young Nigerian immigrants have the responsibility and show a promising ability to drive the wheel of global socio-economic welfare.
Remitters need to understand all the options before availing any online money transfer service offered by banks or IMTOs.
“Migrants are bringing down the economy. They are a threat to the United States. They undermine the All-American lifestyle. Migrants are – very bad!”
You must have heard similar language or context if not exactly the same sentences used for migrants even by “some of the most powerful people in position of authority” but the question arises –
Is it true?
What are the immigrants doing in a different country?
What is their own country doing to stop the migration?
How are the millenials contributing to the development of their native country?
To get answers to all the questions one by one, it is strongly recommended that you continue to read this blog. Putting it in the most simple terms, the hypothetical threat imagined from even legal migrants by the general population is a clear indication of lack of knowledge of the perceivers. The ones who claim migration as evil, first of all, need to understand that the most powerful nation, United States, as we know it today, is a land of immigrants. In fact, there is no ‘American culture’ so to speak. The amalgamation of cultures, rituals, celebrations, ideas, opinions, dissent, and the diversity has led the country to acquire its current status and for that, a huge amount of credit goes to the 13.5% population consisting of migrants from across the world. Among them, one of the most successful ethnic group is the Nigerian diaspora – the young community which, as per the World Population Review, has a median national age of just 18.4 years. Apart from providing a highly educated workforce to the migrated country, the Nigerian diaspora currently contributes US$22 billion to their own nation’s GDP by wiring money to Nigeria.
Value of Remittance in Nigerian Economy
To understand the importance of remittance, we can take a look at the inflow of remittance in Nigeria that has a 9% share in the overall global International remittance market and more than 6% of its own Gross Domestic Product relies on it. Moreover, the total money transfer to Nigeria from all over the world is estimated to cross $42 billion by 2022. Further, this sub-Saharan country has a 75% share in the total remittance inflows within the African sub-continent.
The Federal Republic of Nigeria, being a steadily developing country in West Africa, spends almost $1.15 billion annually to overcome poverty through public programmes. In 2006, Nigeria became the first African nation to repay its debts (which is estimated to be $30 billion) owed to the Paris Club in which the international money wire transfer contributed a significant amount as the total transactions went over the roof from $1.063 billion in 2003 to $16.932 billion in 2006.
So, in this article, we will discuss how the remittance market has become a major source of income for the Nigerian population and how it is acting as a gateway for high-end investors. We will shed some light on the steps that the government must take for the upliftment of this sector and the challenges they are likely going to face along the way. Further, we will understand the role that the Nigerian youth has to play and how they can take the first and the most important step in this direction.
Underperforming Nigerian Government
Nigeria has 82 million hectares of arable land out of the 91 million total land area with 30% of its population involved in the agriculture sector. However, lack of tools and infrastructure has led to a highly underperforming agriculture sector, because of which the Ministry of Agriculture and Rural Development claims to spend more than US$23 billion on food imports to feed its 186 million population.
Furthermore, in 2005, Nigeria had the highest deforestation rate in the entire world. Because of the lack of resources and the exploding population, young Nigerians are moving out of the country seeking better opportunities. Because of this trend, famously known as Brain drain, Nigeria has also become one of the developing nations witnessing a high deficit of experts in medical, engineering, academics and other professional sectors. But that being said, the multinational state comprising 250 ethnic groups with the third-largest youth population after India and China, undoubtedly has an immense potential to spearhead the next agricultural revolution.
Although the country is struggling to keep a hold of their talent and minds, the same migrants are contributing in a different manner. In 2007, the International Organization for Migration announced a fresh data pointing to the dramatic increase in Nigerian remittance inflow from $2.3 billion to a whopping $17.9 billion within just a short span of 3 years. But these numbers do not give a detailed account of the problems that this trend entails which includes the channels being used for sending money internationally.
Why Nigerian Formal Remittance has been on the Back Foot?
Since the last 50 years, as stated in the World Bank’s Excerpts for International Conference on Migrant Remittance, Nigerians have been relying heavily on the money sent by migrants residing in developed countries such as the United States of America and the United Kingdom. Because of the distrust in the Nigerian formal financial institutions that have been unsuccessful in providing the general population with minimal requirements such as competent transportation and communication facilities, both the Nigerian senders as well as receivers prefer the informal international transactions which currently dominate the US-Nigeria and UK-Nigeria remittance corridors.
So what should be done about that? – Improve public policies especially targeting the millennials’ needs.
Education – The Fundamental Change
After becoming a republic in 1960, lack of stable policies because of 30 years of intermittent governance and military rule crippled multiple sectors of Nigeria including education, health, and economy.
Without a unified set of education policies for the booming population, as per the UNICEF’s Nigerian Education Statistics, 45% of Nigeria’s 171 million population is under 15 years of age. With a concerningly gigantic number – 10.5 million – Nigeria has the world’s largest out-of-school youth population. Only 20.1% education accessibility because of lack of government funding along with social factors like early marriages and low perception of the value of education among the general population has resulted in, as education activist Malala Yousafzai puts it,
“An education state of emergency in Nigeria”
Economic prosperity can only be achieved through proper education and administrative support. Nigeria is in a dire need of government-funded education for which the Ministry of education needs to implement an inclusive and functional education system. With the 3rd largest youth population in the world, the country is not short of any potential but the question arises – how can Nigeria plan for their future while it is heavily dependent on Oil trade that does not seem to have a very bright future.
The Future of Nigerian Oil and Gas Export
Nigeria relies on oil and gas trade as 83% of its export revenue, two-thirds of the public revenue, and 9.4% of its GDP depends on it. Although the myth – “oil is reaching total depletion” – has been critically refuted by several environment scholars but the research and development in ‘clean and renewable energy sources‘ have been showing promising results with a welcoming global response which could affect the oil trade. This implies that it is high time for the Nigerian government to prepare for an oil-less future even if not because of the lack of gas then because of the undergoing paradigm shift which was noticed in the third quarter of 2018 with a 4% contraction of oil sector as compared to the previous year.
Meanwhile, it may seem from the outside that the Nigerian economy is highly dependent on oil exports, which it currently is, however, it would be wrong to underestimate the diversity of a country that, as per McKinsey Global Institute’s ‘study of the country’ report, can become the 26th largest global economy within the next 12 years. The steady improvement of 1.5% in the non-oil sector in the second quarter of 2018 followed by 2.3% in the third quarter indicates remarkable efforts by the Nigerian government to achieve economic and fiscal stability by constructively using their abundant resources and a strategic geographic location.
The constantly growing consumer class paired with an energetic youth fueled by a high entrepreneurial spirit are also attracting investments from across the globe. The developing trend in Nigeria is being viewed as an emerging business opportunity for the investors who are envisioning to tap the largest African economy estimated to provide a $1.4 trillion market by 2030 for food and non-food consumer goods. Even in this sector, however, the government needs to facilitate the ease of doing business.
How can they do that? – By NOT de-regulating MTOs and other businesses.
Instead of hindering the success of the emerging industries, if the Nigerian government provides adequate support for the taxpayers and public beneficiaries, and formulates modern trade policies, it can pave the way and could significantly accelerate the process of leading multinational corporations contributing to the Nigerian economy and social welfare. Apart from foreign endeavors, a long-term and stable federal budget allocation for education, healthcare, infrastructure, and security can also check brain-drain. Moreover, positive steps could also be a boon for Nigeria reversing the brain drain to return-migration, thereby brain-gain.
Now that we know the extent of the impact that good governance can have, especially for the Migrant nation, let us take a look at some of the numbers showing how despite facing multiple challenges, the Nigerians have made their mark in the world.
Contributing More than the Natives
Immigration has always been a debatable topic but for a nation’s economy, especially when we consider the United States of America, migration has brought a fortune. Simulations by ProPublica show how immigrants can further escalate the American economy by supplementing approximately US$54.5 trillion.
You be the Judge…
Further, let us have a look at some of the statistics about the performance of Nigerian migrants who are doing pretty well in the United States,
The average household income of a Nigerian-American is $62,351 as compared to the overall average of $57,617.
37% of all the Nigerian-Americans hold a bachelor’s degree and 17% have master’s.
With just 1% of the total black population in the US, 25% of Black Harvard students are Nigerian natives.
Other than holding reputable positions in medicine, law, and engineering professions, non-conventional career choices including NFL and Hollywood have also welcomed and embraced Nigerian-Americans.
This trend is similar in European nations such as the United Kingdom, Italy, Spain, Germany, Ireland and all other destinations across the globe where 33% of the total Nigerian migrants move to and send remittances from. Consequently, overcoming discrimination and racism, the Nigerian diaspora has excelled and contributed to both the migrated country as well as Nigeria, directly or indirectly. In line with that, the eventual beneficiaries, i.e. the general population, especially the youngsters, are responsible for the development of the country and as mentioned earlier, education has been and will continue playing a pivotal role in uplifting Nigerian socio-economics while repaying what they owe to the migrated country better than their own natives.
Being part of an unstable and war-stricken nation, Nigerians and especially the millennial generation has come a long way as compared to other nations like Syria, Iraq, and Afghanistan. Also, migrants, in general, are able to sustain themselves on their own, however, for some people living in their home country (Nigeria, Mexico, India, China et cetera), remittance could be the only source to survive and/or to overcome personal problems, financial setbacks, political instability, terrorist attacks or even natural disasters.
Although currently there is no authentic data classifying the remit senders on the basis of age, education profile or financial status, the purpose itself makes a compelling case why all the migrants who send money to Nigeria should understand how they can take the full benefit of international online money transfer services.
How to Select the ‘Best Money Transfer Nigeria’ Service?
Online research and analysis of the remittance market by FAZRemit provided a list of the top 5 search queries used by the customers on different search platforms so as to wire money online, namely,
Money transfer to Nigeria
Wire money Nigeria
Send money to Nigeria online
How to send money to Nigeria
How to wire money online
To address all the aforementioned search queries, let us discuss how one can select the best money transfer service to send remittances to Nigeria. The US$689 billion worth global remittance market has been prompting IMTOs from across the globe to dive into this huge financial pool that carries unparalleled opportunities for small to large scale businesses. To increase their clientele comprising of individual remittance senders and even MNCs conducting online money transfers, banks and IMTOs have been constantly upgrading their services to provide a wide range of international money transfer services. With so many choices, the customers thus have the advantage to select the best option on the basis of 4 major factors:
1. Is it affordable?
This is the reason why most of the remittance senders are turning towards IMTOs instead of banks as the average transaction fee levied by banks to send money to Nigeria from the United States has always been much higher. As per the last survey conducted by the World Bank in June 2017, international money wiring via banks is currently 1.47% higher than the global average whereas most of the IMTOs charge 3.06% lesser than the banks.
The cheapest wire transfer includes the international Automated Clearing House (ACH) payments, also known as a direct debit or electronic transfer, in which the transaction fee is the lowest, and the service provider, most of the time, provides additional discounts to the recurring customers. At the same time, however, there have been instances where operators charge an additional fee without giving any further notice to the customers which could result in overdrawing money from your account making this a huge downside of the ACH payment.
2. How fast is the money transfer?
While ACH is the cheapest, it can take anywhere from a few hours to seven business days to complete the transaction. Overcoming this problem is wire transfer which is the fastest in the ‘international money transfer’ section.
Although this digital money transfer is more expensive, one may find it comparatively much more difficult to deal with the bank for this service because of the stringent documentation and tedious verification. Moreover, some overseas banks and credit unions could also charge an additional fee to receive such transactions. This is where IMTOs can help one to avoid such problems.
In case of emergency, when one requires his or her money to be transferred instantly, just like wire transfer, there are several other options available for everyone. All one needs to do is – look at the right place.
3. Is it a safe money transfer?
Wire transfer is fast but possibly the only disadvantage with this type of transaction is the inability to reverse it. Even if some agencies including banks and IMTOs could provide such a facility but this could result in you paying a hefty fee for the same. Meanwhile, it is crucial for a customer to conduct a background check of service providers before availing their service. Due to strict AML laws, the Nigerian government has licensed only certain IMTOs. So, even if you are getting alluring discounts, you must either choose the certified institutions or their subsidiaries. It is important to notice the documentation and verification that is being done by the service provider. In case the MTO does not ask for mandatory documents or gives you an offer that seems ‘too good to be true’, it becomes even more important that you get your query resolved.
This is one of the main reasons why individuals prefer banks for large money transfers. However, even if you are using a certified Money Transfer Operator, you are more likely to get similar reliability if not better but without any doubt, considering the lack of investment in infrastructure and outdated mechanism in the public sectors in Nigeria, you can be guaranteed a better service right from the first point of contact to the final transaction and even beyond.
4. Are there any hidden charges?
To put it in a simple manner, no business can be conducted without any benefit. So, if you see any free international money transfer option, you must know that the concerned operator, in advance, has combined the exchange rate and transaction fee in the total charges. So, it is important for the customer to search and then verify the service provider claiming to provide you with the most affordable service. In simple terms – Save yourself from the ‘hidden fee’ trap.
Referring to all the aforementioned factors before actually transferring money can assist anyone to make a safe, secure and fast international money transfer at the most affordable price.
The baton of ‘economic change’ has already been handed over to the next generation – the millennials – and it is their responsibility to make analytically sound decisions by gaining impartial knowledge while minimizing the risks and avoiding the mistakes committed by the previous generations in order to avail the full benefits of each and every opportunity. And this is how millennials can revolutionise the future by actively taking part in one of the most beneficial trades that has a promising future for the Republic of Nigeria.
Sending money to Kenyan bank account is easier if you know the banks. Here’s a list of all the banks supported by FAZRemit’s online money transfer services.
If you are searching for a platform to send money to Kenya bank account from the United States of America, it is important that you know all the banks that you can wire your money to. Our authorized banks in Kenya include:
List of all the banks where the registered FAZRemit users can avail the benefits of wire transfer and send money from US to Nigeria.
US citizens can instantly send money to Nigeria bank account in USD. Guaranteeing the best exchange rate and fastest money transfer, registered users can send remittances to the following banks in Nigeria:
Know all the steps from adding the beneficiaries to completing the wire transfer on FAZRemit.
To send money to Nigeria from US, the first step is to register for an account. As soon as your request is verified, you will be notified of the same via email and then you can add multiple beneficiaries to wire money into their account.
1. Add Beneficiary
To ensure that every transaction is sent to the right account without any delay, apart from just the user verification, we also verify the beneficiary’s account by asking you for the following information:
After filling in all the details, and hitting ‘Save‘, you will receive an email from FAZRemit as an acknowledgement of your action:
Also, as soon as you add the beneficiary, our automated tools begin the verification. Once verified, you can start making payment(s) to him or her. You can make an unlimited number of instant transactions of up to US$ 2,499 to your beneficiaries.
2. Wire Money to Beneficiary
If you want to make payment to your beneficiaries, add a transaction to open the following window:
Once the transaction details are saved, this is how your dashboard will look like:
Finally, you will be redirected to your dashboard on which you can check all the details. Once verified, just click on ‘Make Payment‘ to get redirected to our payment gateway:
Once the payment is done, you will see the following screen.
You can check the status of your transaction in your own dashboard.
Along with this dashboard, FAZRemit will also send you a payment receipt via email. Meanwhile, it is strongly recommended that you do not delete your transaction receipt until the payment is complete.
Right from the addition of your beneficiary to your transferred amount reflecting in your beneficiary’s account, your FAZRemit dashboard will be updated in real-time.