AsWhile habituating to our day-to-day activities, we even forget at what point our lifestyle has changed. One such question is to find the origin of online wire transfer. We can’t figure it out exactly when we changed to it. It just happened! Earlier it used to take days to transfer money. But now it is not even taking seconds to send money to Nigeria from USA.
The Movement Towards Online Money Transfers
It is said that every 15 years there will be a complete change in the lifestyle. From the time money has been part of people, banks and financial institutions existed. It used to take several weeks to transfer money, especially when international money transfers are concerned. But globalization gave birth to immigration and industrialization impacted technical infrastructure. In the finance sector, this change gave birth to wire transfers.
In the earlier days, if one of the family members moved to USA for living and needs to send money to Nigeria from USA, they preferred sending them through friends or through the banks. This delayed financial aid. And it had dire implications whenever there was an urgent need for it.
But now online money transfers have made our life simpler and easier. Wherever you are in the world, whatever device you may have, be it a mobile, laptop or a desktop, you can easily transfer money with no complications.
When we consider USA, there are immigrants from Nigeria, Ghana, Kenya, and all over the globe who moved to the states in search of a better standard of life. Now, these immigrants send money to their homeland and the term – Remittances – was coined.
Remittance Trends of Nigeria
According to the World Bank Migration and Development, Remittances to low and middle-income countries reached a high record as of 2018. As compared to 2017, there was an exponential increase of 9.6 percent in 2018. In 2019, low and middle-income countries are expecting a remittance flow that is estimated to reach $550 billion. Furthermore, remittances to sub-Saharan African nations raised almost 10% of the total remittance as of 2018. Among the entire sub-Saharan African countries, the money transfer to Nigeria from USA is $45 billion as the records of 2018.
If you need to send money to Nigeria from USA, it costs you around an average of 6.94 percent of the amount sent. The IMTO index tracks the prices of various IMTO’s and gave the conclusion that in 2018 the price came down to 3% from its first recorded value of 10.36% in 2009. And because of FAZRemit, this number has dropped further down to just 2%.
The Money Transfer Industry
In the business of money transfer to Nigeria from USA, International Money Transfer Operators gave a tough competition to the absurd transaction rates of banks. And now online money transfer services are fighting for clear domination in this space.
To keep a track of remittance payment worldwide is a little difficult task because many countries do not maintain a track of funds sent or received. We can easily blame it on the underdeveloped technical and financial infrastructure. And even though countries like Nigeria have been trying to improve it, they have a long journey ahead.
Furthermore, circulation of the informal economy because of cash transactions is another hurdle for the government. We can call it the aftermath of the failure to implement effective government policies. But now it has started to become a reason for it as well since the financial regulators and government are unable to track the money flow. Therefore, we can infer that the total remittances received by Nigerians are much more than $25 billion.
Alternatives for money transfer to Nigeria from USA
For an immigrant on whom his or her friends and/or family members are relying on, sending money at the right time is of utmost importance. And along with that, while sending money to someone in need should not burn a hole in your pocket. So, it is important that we know all the options to send money to Nigeria from USA.
Let us consider an example, say, there’s a Nigerian immigrant in the United States of America. If he wants to send funds to Nigeria, the first alternative is – Banks. But money transfer to a Nigerian bank account directly through banks may take 3 to 4 working days or sometimes even a week. Furthermore, they have the highest transaction processing charges.
The next method which most people trusted to send money to Nigeria from USA is – International Money Transfer Operators. They have licensed money transfer agents. They work similar to the bank but are faster and have lower transaction cost. So, it could be one’s option but what if there’s something better available?
How Money transfer to Nigeria from USA can be Instant?
FAZRemit ensures that any customer wiring money to Nigeria gets the fastest service at the most affordable cost. Strongly abiding by the KYC/AML laws, FAZRemit facilitates proper KYC verification. This ensures that every single transaction goes from one verified customer in the United States to another verified individual in Nigeria, Ghana or Kenya.
It’s not difficult to money transfer to Nigeria from USA in 2019. The only differentiating factor is – Which one is better for you. In case you feel that FAZRemit is not for you, the platform also welcomes feedback from all the customers. Moreover, they send a Thank You note to everyone for sending them feedback. At the same time, there are additional discounts for highly constructive feedback.
In 2019, use the internet responsibly. Do proper research before availing any services, and to send money to Nigeria from USA, register on FAZRemit today!