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Tag: best ways of money transfer to Nigeria from US

Here are 5 Indicators of a Convenient Money Transfer to Nigeria…

No matter how much Technology – an amalgamation of science, techniques, skills, and processes – advances, it will always have an ultimate objective – to make your life convenient. We…

No matter how much Technology – an amalgamation of science, techniques, skills, and processes – advances, it will always have an ultimate objective – to make your life convenient. We can apply the same to international wire transfers. There are millions of searches for cheap, fast and safe international money transfer providers. Ease of information because of technological advancement has already led to competitors implementing the best methods to achieve the basic concept of a market. But the unanswered question that plays a major role in a customer picking one service over the other for sending remittances from USA to Nigeria is whether a service provider can facilitate convenient money transfer to Nigeria from USA.

But How Do We Define Convenience in Remittance Industry?

The best counter-argument I found out while exploring an answer to this question was –

“Convenience is a very subjective term”. 

And I actually agree with this sentence. It is basically a state of being able to complete a task with ease. What one could term as a tedious task, for another, it could be the easiest.

So, what are the ‘’tangible’’ parameters that make an IMTO the most convenient money transfer service provider?

Obviously, a financial organization or platform has to provide instant transactions online at the most affordable processing fee. But we will not address them in this blog. Because there is a different concept of ‘convenience’ to be discussed. Is it all about getting the brand visible to the client? How can one aim for perfection, if that is an actual thing at all? Or is it just about the journey that all money transfer platforms need to take to become better than their competitors? Let us enlist all the parameters of a convenient IMTO.

1. Large Area Coverage – Boon or a Curse?

In the USA-Nigeria remittance corridor, FAZRemit received hundreds of queries from the customers regarding the service areas. Broadly, they are:

“Can I send Money from XYZ (American State)?”

“Can I send money to XYZ (Nigerian bank)?”

Big IMTOs have a huge customer-base distributed in multiple countries, however, their services come at a cost. Such IMTOs have a wide coverage area. It is best for their business’ profit. But is this what customers want who want to send funds from USA to Nigeria?

On the other hand, emerging platforms are giving them a tough time, especially when it comes to very selective demographics. Apart from simply the lowest processing fee and faster transaction, promising online money transfer service like FAZRemit are helping customers get the overall experience they want.

For instance, FAZRemit has a license to do business in the following states in the United States of America:

  • California
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Illinois
  • Maryland
  • Michigan
  • New Jersey
  • New York
  • North Carolina
  • Ohio
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Virginia

When it comes to transaction terminating points in Nigeria, FAZRemit facilitates money transfer to 23 Nigerian banks. Apart from actively participating in the Nigerian remittance market, FAZRemit also provides online wire transfer services to Ghana and Kenya.

From an organizational point of view, this could have certain limitations for a business, most of all being, the inability to tap into a bigger market. However, overcoming the FOMO effect, these platforms are able to concentrate on fulfilling the users’ demands and understanding their needs. Additionally, as per the customer feedback, they can easily monitor their own performance and make instant changes as per the customers’ feedback. Overall, this benefits the end-user, i.e. you, the customer.

2. Ease of Navigation within the Platform

Keeping it simple and goal-oriented must be the objective of a convenient money transfer service. This includes an interactive UX-design while keeping the overall outlook subtle and easily understandable. One should not face any difficulty in navigating the website. If you use any query and you don’t get what you are looking, well then, what’s the use of such a platform?

After all, your primary objective of visiting a website is to send money to Nigeria from USA. And if you are unable to achieve that task, well, the primary goal of the money transfer platform been defeated.

This does not mean that a good money transfer should totally discard the design-complexity. A good analogy to explain this would be the difference between the highly customizable Android and extremely simplistic iOS. Android has its own set of loyal customers but there is a reason why iOS is considered better by a majority.

3. Minimum document requirement

Right from the customer’s first point of contact, i.e. website, a convenient money transfer service would focus on keeping the data-entry and document submission to a minimum.

Cold-heart truth is that users hate KYC! Most of them do not apply for a new money transfer service provider. Why?

Not because of the fear of sharing details but because they do not want to go through the wearisome process of document verification. Talk about an individual’s hunger for convenience!

However, even if a regulated money transfer platform wants to, it cannot and should not compromise its legal and moral obligations. This is where KYC documents are important. But where is the convenience in this?

Read: Why Do You Need to Submit KYC Documents?

FAZRemit only requires 2 types of documents from its customers – Identity and Address Proof. Furthermore, generally, document verification for a customer takes a few hours to even a couple of days, or even more. However, at FAZRemit, if the documents are clearly visible, then the document verification can be concluded within a few minutes after which the user can start making payments to his or her beneficiary.

4. Payment Options – Credit, Debit, Bank Account

After the registration and verification part, we get down to the real deal – the Payment. Option to use a credit card, debit card or internet banking allows users the ultimate flexibility. It gives them the power to Choose!

Every single IMTO has a certain maximum limit for a single transaction to avoid excess paperwork or for security purposes. Although there are multiple points in favor of IMTOs in the ‘IMTOs vs Banks‘ debate, this is one of the points where banks have the upper hand.

But, according to FAZRemit, till March, in 2019, the average money transfer from USA to Nigeria in a single transaction is considerably low. FAZRemit allows a minimum transaction of $25 and has a maximum limit of $950 for a single transaction. This limit is just another point that’s put forward but it doesn’t change anything as customers, who want to send money to Nigeria conveniently, as such, do not seem to have any problem with this trade-off.

Same goes for the number of transactions that a user can make. Through FAZRemit, a verified customer can make an unlimited number of transfers to his or her beneficiaries in Nigeria from USA.

Furthermore, the user can save a beneficiary and make recurring payments. Also, you can make a payment in your dashboard and schedule it for later.

5. How You Respond is Important…

The crucial factor, and apparently, the most important one, that defines real convenience in sending money to Nigeria is, undoubtedly, Customer support.

You would not want to talk to a representative who keeps running to the technical team to get answers of every single question. At the same time, the last thing you want from the support agent is to use jargons that you are completely unfamiliar with. In fact, this would be absolutely frustrating!

Be it instant chat support or prompt email response, an experienced and well-versed customer support staff not only addresses all your queries but also maintains a comfort level during the conversation.

FAZRemit’s customer support team ensures that you get the information you want in the most convenient way. Their primary objective is to strengthen their reliability while making the customer feel comfortable.

For a better explanation of all the FAZRemit’s services and to give the best response for FAQs, they even refer to YouTube videos and images that can help customers in an even better fashion.

You don’t want to type? They’ve got it covered!

Undoubtedly in the competitive digital world, the competition among IMTOs and in fact for all service providers finally comes down to the user experience. But at the same time, is the responsibility of the service provider to strike just the right balance between its aspirations to facilitate the most convenient money transfer to Nigeria without compromising with the mandatory security protocols. And, it should not be wrong to expect the same from the customers as well.

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What is the Importance of Affordable Money Transfer to Nigeria?

Fast, convenient and affordable money transfer to Nigeria has always been a dream for Nigerian migrants living across the globe. Although the average remittance cost to Nigeria dropped to 10%…

Fast, convenient and affordable money transfer to Nigeria has always been a dream for Nigerian migrants living across the globe.

Although the average remittance cost to Nigeria dropped to 10% from 14% in 2008, it is still the highest in the world. Furthermore, all the Sub-Saharan nations suffer from the same problem. Nigeria’s share of overall remittances inflow has decreased, but that signifies something else. Irrespective of the high international transaction cost, other African countries have embraced the trend and are currently witnessing a boom in the remittance market.

For the largest economy in Africa – Nigeria – remittance is a major economic driver. In 2017, overall remittance revenue surpassed oil revenues of the so-called ‘oil-driven’ Nigerian economy by $2 billion. Moreover, the recorded remittance figure, as opposed to oil revenue, was considered being a conservative estimation. Reason being, only 40% of the Nigerians are banked.

Further, the rest 37% unbanked Nigerian population relies on the informal revenue inflow. This doesn’t mean that all of them are receiving remittances, however, a considerable amount of people do.

Among those, there are many who are skeptical about the regulated channel because of their distrust in the government and financial institutions. However, it is the responsibility of the government and the money transfer operators (MTO) to spread awareness about the services that provide affordable money transfer to Nigeria online. Such individuals and families must be made familiar with the benefits of online international transactions.

In this blog, we will lay down some points why Nigerians need to look a reliable and affordable platform to send money to Nigeria from USA one and how can they choose the best of them all.

1. Pay Less, Pay Smart – Choose Wisely

Gone are those days when you didn’t have any choice. Either there were limited banks or selected Money Transfer Operators. The digital world has eradicated all sorts of restrictions. Nowadays, just by browsing through the internet, one can easily compare one platform with the other and select the best one as per his or her specific requirements.

Removing the banks out of the question because of their exceptionally “generous” international transaction rates, an average affordable money transfer to Nigeria would cost anywhere from 5% to 7% of the total transaction.

But here‘s the problem!

While you are surfing through the internet, you may come across hundreds of money transfer platforms.

To ensure that it is a reliable platform, you must clarify the total transaction cost in advance. There are some platforms who do not include the currency exchange rates in their overall calculation. Such hidden fees could spoil your experience completely. So, beware!

However, FAZRemit ensures that for every money transfer to Nigeria from USA, the customer pays the lowest fee. Before making any transaction, you see the exact cost you want to pay, how much would your beneficiary get, and what would be your total cost.

Read: Cheapest Money Transfer Services from USA to Nigeria

2. Faster and Unlimited Transactions

Cash transfers are not just costlier but also slow, and here again, I am removing the “esteemed” banks out of the equation.

Cash transfers could be, in fact, very difficult in terms of feasibility as well as security. This is why you must avoid international cash transactions.

If you are taking a regulated course for an international transaction to Nigerian from USA, that you always must, you will be required to submit your KYC documents. Physical presence within the working hours and waiting in line will also compromise your convenience. Why would you want to do it to yourself when you can do it at your own convenience?

Along with convenient and instant wire transfers, the price is also very important. All of them have their own significance. FAZRemit, therefore, facilitates the fastest money transfer services from the United States to Nigeria, Ghana and Kenya to ensure that you get the best experience within the affordable range that you seek!

3. Actively Participate in the Country’s Economic Development

You must always make money transfer through a licensed and regulated channel. This ensures the security of your funds. In a case, because of any reason, your funds do not reach to the beneficiary, you can have your money back. If not regulated, there is a possibility that you may not be able to get your hard-earned money back! Well, that’s a bummer!

There are many benefits to choose a registered platform. On a personal level, you can get the best and competitive services.

On the broader side, once you choose a formal channel of financial transaction, you become a part of the national economy. This helps the government to create more accurate statistics of money-flow.

The Federal Government of Nigeria, then, can use these statistics to develop better policies. This could benefit not just you, your family, your community, but the entire nation.

Although there are economic problems and challenges that the Nigerian government needs to solve. But, if you, the citizen, do not comply with the basic requirements of the government, the vicious cycle of blaming one another could continue endlessly!

4. Always Get the Best Because You Deserve it!

There is a neck-to-neck competition in the market. In the digital era, you, as a customer, are the most valuable asset that any service provider cherishes. While competing for the throne of service providers facilitating the most affordable money transfer to Nigeria, you can easily get the best in the market. All you need to do is – Explore!

Central Bank of Nigeria (CBN) is targeted to drop down the unbanked population from 37% to 20%. The remittance trend is shifting drastically. In the age of millennials, the world is moving towards a more accessible and better choice every single day. And, the government will play a decisive role if they want to promote this trend and prosper or slow their pace and fall behind the race in which they have already taken a good lead. With a decisive victory in Nigerian elections 2019, Mr. Buhari has undertaken this humongous responsibility and the entire world is watching.

Billions are pouring in the Nigerian remittance market every single day. Everyone wants ‘More’. So, why not take the full benefit of it and choose the service that provides the most affordable money transfer to Nigeria?

 

To avail this service now, Register on FAZRemit today!

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What are the different ways of money transfer to Nigeria from US?

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 –

Bank Transfer

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

Private Platforms

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.

Bidding Sites

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)
  • TRANS-Fast Remittance,
  • WorldRemit limited,
  • 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.

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