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What are the Benefits of Instant Money Transfer to Nigeria Online?

Instant money transfer to Nigeria helps remittance receivers of different backgrounds. Be it, individuals, businesses, government, or the overall national economy, inflow of $25 billion plays a crucial role in…

Instant money transfer to Nigeria helps remittance receivers of different backgrounds. Be it, individuals, businesses, government, or the overall national economy, inflow of $25 billion plays a crucial role in uplifting them all.

In this blog, we will look at how fast international transactions can help different Nigerian communities and the scenarios in which the need for a proper money transfer platform is a must!

Beneficiaries of Instant Money Transfer to Nigeria Online

1. Ease of Doing Business

Businesses can have easier cash flow management to distribute finance for receiving funds, paying off employees, and allocating budget.

Faster receipts, easier workflow, better operations, and certainty of financial transactions supports businesses to flourish.

2. For Individuals and Families

E-payments and well-equipped technical infrastructure save considerable cost and time. Indulging in other activities that matter the most, it empowers the ability of families to improve their standard of life.

It is estimated that over 113.3 million Nigerians will be connected to the internet by the end of 2019. This is a positive sign that more Nigerians are joining the digital revolution and are getting educated. However, the booming population (growing at an annual rate of 2.6%) and literacy rate (59.6%) need to improve a lot. So, just the number of internet users is not enough to conclude that the internet alone will curb the problem of poverty.

Banks charge a very high transaction fee (over 10% of the total transaction) for international money transfer and may take days (sometimes more than a week) to process the transaction. Devaluation of reliability on public institutions is a major cause of people not opening their bank accounts in the first place. This is where the introduction of a fast and cheap money transfer service to Nigeria can bring a drastic change.

Encourages individuals to overcome their unbanked or underbanked status by introducing them to the benefits of becoming part of the mainstream economy.

3. Improvement in Remittance Market

Global competition among businesses operating in multiple countries is encouraging everyone to work on a seamless platform. Although speed is not the only factor. Security and transparency are other factors but undoubtedly this competition encourages both private as well as public financial institutions to provide a better service. This constantly improves the quality of money transfer services themselves as they try to outgrow their own achievements.

Overall quality services extend right from a customer’s first point of contact to maintaining a strong customer experience. Competitiveness results in a transition towards a better solution, especially for market segments (consumers) that are underprivileged. At the same time, every single industry is, in one way or another, impacted by the cross-border transfer of funds.

Overcoming Adverse Situations With Instant Money Transfer to Nigeria

1. For Timely Bill Payments

Ana actively credit-driven economy increases financial liquidity facilitating ease of doing transactions. However, the system can benefit only when the debts are paid within the agreed time. Inability to do so because of slow international money transfer to Nigeria attracts a hefty penalty which could take a toll on the overall budget.

For different individuals and organizations, the numbers may vary but the problem is the same!

To clear daily expenses, school or university fee, accommodation charges, pay mortgages et cetera, thousands of Nigerian look up to international remittances, which if not received in time could make a dent in the system as a whole.

This distrust in the credit-backed financial system can be detrimental for individuals in the short-term but for Nigeria as a whole.

2. To Cope Up With Emergency Situations

With the largest number of poor in the world, a significant Nigerian population relies on a hand-to-mouth lifestyle. For such people and families, financial aid from local public or private entities is not possible. Migrants who can send money to Nigeria instantly can be their only source of help. To overcome hospital bills or in case of a disaster, political instability, or terrorist attacks, receiving the aid within the right time could make a significant difference.

On the positive side, out of total bank account holders in Nigeria (49% of the total population), 23% indulge themselves in online bill payment. At the same time, air-time top-ups make 22%.

These numbers, although are not good but considering the political instability that haunted Nigeria for years, it is a significant development and a positive and promising sign of the awareness of Nigerians and their developing interest in digital transactions.

This, in turn, creates an opportunity for money transfer services to improve themselves and provide the best services. This is where FAZRemit takes the cake with their ‘instant money transfer to Nigeria from USA’ service at the cheapest rates.

To avail our services, simply register on FAZRemit, and send money to Nigeria from USA using the best online money transfer platform.

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You Must Know These Points Before Sending Money to Nigeria from USA

Is this a scam? How much do you charge? Why is the Document Verification taking so long? Can I be sure that my funds will reach the correct recipient? Why…

Is this a scam?
How much do you charge?
Why is the Document Verification taking so long?
Can I be sure that my funds will reach the correct recipient?
Why is it taking this long to process the transaction?
When can I get a response to my queries?

Before sending money to Nigeria from USA, a majority of customers are skeptical about money transfer services. Moreover, this is worth it considering that there are hundreds of Ponzi schemes and platforms online. Awareness about the subject could mean the difference between making the right choice or getting scammed. Discovering new offers, benefits and services can get you the best deals and everyone would recommend it. However, scammers are also looking for such targets. This does not mean that you should drop the idea of exploring completely.

Which is the best alternative to transfer money to Nigeria online?

Instead of this, a better question would be – ‘Which is the best online money transfer service for you?’ because the answer to that depends on multiple factors. There are several platforms and IMTOs who would provide their service at a cheaper cost while others may have faster transaction processing time. Some may claim to have the best security protocol whereas others may claim convenience as their USP.

So, the question is – What do you want?

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Let us discuss all the problems you may come across while searching for a reliable platform to transfer money to a Nigerian bank account from the United States of America.

Is the Operator Hiding Anything?

The credibility of online money transfer platforms has undoubtedly been compromised publicly because of the widespread active network of scammers seeking opportunities to lure in people. According to Washington State’s Attorney General, US citizens lose millions each year to wire transfer scams. So, examine the operator, its claims, cross-verify, and then avail the services with precaution.

Another prevalent method of making immoral profits in the money transfer industry is – Hidden Charges. In this case, companies or online platforms do not reveal a complete payment breakdown. Once a transaction is made, a significant amount gets deducted from the ill-informed customer.

Here’s something to ‘enlighten’ you about this topic…

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While sending money to Nigeria from USA, or making an international transaction, exchange fee and transaction fee are always levied. So, make sure you are well aware of the total breakdown of the total transaction charges beforehand.
One of the recommended ways to examine a promising platform is to make a minimum transaction instead of directly going with the big numbers because of the offer you are getting. Just don’t get manipulated. Give the platform a try by taking a calculated risk. On the basis of your experience, judge whether you want to continue with it.

Is the Response Appropriate?

Almost every single money transfer platform claims ”fastest transaction”. Others would do it at the cheapest fee.
So, compare a few platforms, read about the experience of those who have availed the services. There is no point in sending money if it does not get to the right person at the right time, especially in emergency situations. Same can be said about paying absurdly high transaction costs. As per your personal preference, you need to strike a proper balance between both options.

Going a step forward, what matters more than this is the response time by the operator. Due to unforeseen technical problems, at times there could be delays in the process, however, it’s the responsibility of the service provider to address the query without any delay.

customer-chat-response-sending-money-to-nigeria-online-fazremit

Good customer support is a major parameter to determine reliability. In case you put across your query and the service provider doesn’t respond or takes a lifetime to satisfy the customer, consider this a red flag.

How Does the Platform Ensures Security?

When it comes to financial services, security is a must. To ensure that the funds you transfer reach to the correct bank account(s) and that not a single step violates any AML/CFT regulations, a responsible money transfer service provider must have proper documentation protocol.

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The money transfer operator must ask for KYC documents from you. Also, the company must verify details of the beneficiary or recipient’s bank account.
This system not only secures a user’s hard-earned money but also ensures that the platform has strict guidelines against unlawful exercises.

How Serious Are They About Accountability?

Having a personal dashboard certainly makes the money transfer experience extremely convenient. But at the same time, you must have a recorded transaction statement from the service provider as your personal copy.
There have been multiple instances in the remittance market that while wiring money to Nigeria from USA, the money gets deducted from the user’s account but does not reach its required destination. Therefore, it is important that you keep a copy of the transaction until the funds are completely processed.
You can use that receipt to put up a strong case for your refund. And if the platform does not, you can easily get your funds through the legal channel.

Therefore, it is important that you look for a service provider that respects and encourages customer empowerment.

FAZRemit, the one-stop online money transfer platform, ensures that anyone and everyone sending money from USA to Nigeria, Ghana or Kenya, gets the best overall experience.

 

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