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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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IMTOs VS Banks – How IMTOs are Revolutionizing the Remittance Market?

International Money Transfer Operators (IMTOs) mostly use international banking network to carry out high-speed transactions. Licensed IMTOs, in their initial stages, were considered as a subsidiary of banks. However, because…

International Money Transfer Operators (IMTOs) mostly use international banking network to carry out high-speed transactions. Licensed IMTOs, in their initial stages, were considered as a subsidiary of banks. However, because of multiple factors, migrants, NGOs, businesses are turning down the banks. In this blog, we will put 7 reasons why IMTOs are being preferred over international money transferring banks.

1. Alternative to High Cost and Processing Time

Banks used to levy a ridiculously high transaction fee (8-10%) for international transactions and also, take a week to send money to Nigeria from USA.

But banks are not the only option to make international transactions anymore.

After complying with the KYC regulations, registered money transfer operators like FAZRemit facilitate instant transactions at the most affordable prices.

2. IMTOs Provide More Personalized Experience

Since IMTOs cater to a very limited audience, as compared to banks, they can easily make considerable changes in their operations. Banks, being process-oriented organizations, are more likely to follow a specific protocol and are adamant to any drastic changes.

So, basically, it is the difference between a traditional legacy and innovation.

Right from improving the mobile experience to timely tweaking the platform, and giving better customer support, IMTOs have the capacity to use their innovative ideas and strategies to overcome the incumbency. Actively participating in reforms and giving value to customer feedback allows IMTOs to explore the market. They are overcoming the traditional methods by proving them as tangible differentiators to become better. Consequently, the ultimate beneficiary is the customer, who can select from a pool of competitors dedicatedly trying to upgrade their game.

3. The Derisking/De-banking Blunder

Derisking pushed millions of formal transactions from a regulated environment into an opaque space. Most of the licensed IMTOs were asked by the Central Bank of Nigeria to discontinue their services which created a lot of uproar from not just the businesses but also common people. The common people stood by the side of IMTOs and the CBN then had to reform its policies.

It is evident that online money transfer scams have increased multi-fold in the past decade. And this was one of the major reasons to take such a drastic step. However, there were more side-effects than the advantages of this step.

De-risking or de-banking caused a notable ripple in the ongoing process of a global objective. Low-Income individuals from poverty-stricken nations such as Latin America and Carribean countries faced a huge blow as remittance is one of the major sources of their overall income. So, the only way is to find a solution instead of taking a drastic action like de-risking and creating more problems when there are already many.

It is, therefore, the responsibility of money transfer services to take banks and financial regulators into confidence. Both need to work in synergy to avoid such scenarios in the future.

This is where AML/CFT laws can ensure that every individual or business making an international transaction is identified and verified. This would help achieve the ultimate objective – to curb Money Laundering and Terror-funding.

4. Distrust in Banks

With 40% Nigerians underbanked and more than 60 million unbanked individuals, the Nigerian population is yet to actively participate in the mainstream Nigerian economy.

Underbanked individuals simply use their bank accounts to receive salaries and then transact the money all at once. On the other hand, unbanked do not own a bank account at all.

Because of the high level of corruption and political instability that keeps hovering above Nigerians, it is difficult for them to get over the past. However, IMTOs give them a ray of hope. MTOs ensure that the middlemen are cut short altogether. Additionally, if one is formally associated with an MTO by providing proper documentation, he or she can rely on the organization itself that it would safeguard his or her personal and financial interests.

Authorities and banks, in collaboration, have always been opposing the rise of IMTOs. I have thoroughly debunked their arguments in multiple blogs.

Read: Debunking Myths About Online Money Transfer to Nigeria

It’s not that the Government of Nigeria (GOK) and CBN are not doing their parts. In fact, CBN has claimed to bring the underbanked rate to 20%. Even this is not a very good number for a promising nation like Nigeria. However, it is, apparently, much better than 40%.

5. The Fear of Missing Out (FOMO)

The digital age has brought with it – Peace, prosperity, and convenience. However, its a shame on the part of the government as well as the MTOs that they have not been able to spread awareness of the benefits that economically and socially backward countries are missing out on.

Because of the internet boom, it is not easy for even poorest societies of the world to stay completely unaware of the important discussions, especially the ones affecting them. Still, this section of the population deserves to get the information. Banks and government institutions have got a long way to go to earn the trust of the general public.

And this benefits the IMTOs too. Overcoming the incumbency of banks, IMTOs have indeed made a mark in the remittance market. And the FOMO effect is encouraging more people to sign up for something better than what they already had. Reason being, those who have opted for this change, a majority of them, if not all, availed the benefits much more than they had expected.

6. IMTOs Focus on Details

Banks have a specific policy, i.e. to expand their horizons and audience. On the other hand, the primary objective of emerging MTOs, like FAZRemit, is to enhance their verticals.

Instead of tapping into multiple countries, FAZRemit, at present, caters to specific demographics and operated within limited remittance corridors. For all the individuals who want to transfer money from USA to Nigeria, Ghana or Kenya, the online money transmitter provides a flexible (customer-driven) yet highly secure platform.

This strategy, when implemented in the best manner, earns the trust of a specific community. In the long run, it helps emerging organizations to repeat the same feat while expanding. On the other hand, banks already have widespread connectivity and affiliation due to which most of them have similar market penetration. It could be good for business and even the stakeholders. But now, the trend is shifting.

7. Competition Among MTOs

IMTOs are constantly competing with each other. For every single international financial corridor, there are hundreds of online money transfer services. While they cut down their operational costs with the help of technology, their primary emphasis on Research and Development enables them to take a step ahead. Instead of choosing between a well-established IMTO and a bank, a customer sending money to Nigeria deserves more. He or she needs instant money transfer from USA to Nigeria at the cheapest rates with the ease of accessibility plus an assurance of high-grade financial security. This is where FAZRemit stands out of the rest.

Furthermore, an exponential increase in entrepreneurship and innovation has accelerated our progress. While some of the big names in the industry always try to set their monopoly, there are some who are different.

The virtual reality is taking over all the businesses and making them accessible to everyone instead of a specific set of people. Therefore, making an argument that in the future, all international transactions will be as convenient as opening a browser, is not a far-fetched estimation. We are on the way to make bill payment in Nigeria, and all sorts of funds transfer extremely accessible without compromising with global security. It may take time to reach that point but it’s not too far away!

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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?

what-do-you-want-sending-money-to-nigeria-online-fazremit

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…

enlightening-words-sending-money-to-nigeria-online-fazremit

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.

documentation-sending-money-to-nigeria-online-fazremit

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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