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Tag: Send Money from USA to Nigeria

How to Send Money from USA to Nigeria for Helping a Nigerian Student

The Federal Republic of Nigeria has a large population and economy in the west of Africa. Nigeria is the third country with the youth-dominated population, after India and China. The…

The Federal Republic of Nigeria has a large population and economy in the west of Africa. Nigeria is the third country with the youth-dominated population, after India and China. The “Giant of Africa”, situated in the Gulf of Guinea in West Africa. It is a populated country and termed as a “mixed economy emerging market”. According to the World Bank, it has already reached the lower middle-income status with abundant natural resource supply, well-developed financial, legal, communications, transport sectors. Thanks to the Nigerian Stock Exchange, this is the second largest stock exchange in Africa. People move as immigrants to countries like the USA and send money from USA to Nigeria through transaction services.

Education Requirement in Nigeria

If we talk about development, the first step that we should consider is education. As per the reports by UNICEF, the Nigerian government has put pressure on the country’s resources, public services, and infrastructure. However, when it comes to a basic level of education, there is still a grave problem in Nigeria. Since people belonging from poor family backgrounds cannot afford to educate the young ones. And also, Nigeria falls under the umbrella of lower economic country. Therefore, for the development of this country, education must be the strong pillar.

Poor structures, overcrowding and lack of adequate furniture are some features of public schools. Nigeria currently has the highest number of out-of school-children in primary schooling. And the quality of education is questionable. The factors for the poor quality of education include the absence of the tutor or student and irrelevant and unresponsive curricula. Apart from this, the lack of teacher’s content knowledge and insecurities play a major role. What to do? The answer is that we need to provide them with special funding so that there can be some initial development. And that’s exactly where the USA enter the picture.

The early USA

Right after World War 2, the USA became the super-power of the world. With this, higher job opportunities flooded in. And the progression in Research and Development began. With the growth in the RnD department, the quality of education started blooming. Thus this made the USA education system the best. It is because of this education quality that parents want their kids to study in US educational boards. Thus, to achieve the same, high numbers of migrants are students. People believe that with this quality of education, they will land up in good package jobs. These jobs will raise their current standard of living.

To achieve the same quality of education, migrants from a place such as Nigeria, fly to the USA. However, it is difficult for poor students back home to receive the same quality of education. So, the process of educating the poor stays at a standstill. There is one way in which this can happen — the solution zeros to funding. With the help of adequate funding, this can be achieved. But how to send money from USA to Nigeria?

Methods to Send Money from USA to Nigeria?

Remittance is one method wherein funds sent by the migrants can be deployed for social causes, such as education. Coming back to our question, how to send money from USA to Nigeria.

The service providers:

Here is a list of service providers along with their rate that will help you to choose as per your convenience:-

  • Ria Money Transfer: – It is believed to be slow (takes 3-5 days) as compared to its other competitors. To send 1$ from the USA to Nigeria, their fees are 10$, and its foreign exchange conversion rate is 2$. This sums up to 12$ on every 1$ transfer. For faster services of the same, to send 1$ from the USA to Nigeria, their fees is 28$, and its foreign exchange conversion rate is 2$. This sums up to 30$ on every 1$ transfer.
  • Money Gram: – Probably the fastest in this group (within a few minutes). To send 1$ from the USA to Nigeria, their fees are 16$, and its foreign exchange conversion rate is 6$. This sums up to 22$ on every 1$ transfer.
  • Easy exchange: – Expected delivery is assumed to be five days. To send 1$ from the USA to Nigeria, their fees is 10$, and its foreign exchange conversion rate is 2$. This sums up to 12$ on every 1$ transfer.
  • World Remit: – Delivery time is 1-3 days. To send 1$ from the USA to Nigeria, their fees is 6$, and its foreign exchange conversion rate is 22$. This sums up to 28$ on every 1$ transfer.
  • Western Union: – Expected delivery time is four days. To send 1$ from the USA to Nigeria, their fees are 12$, and its foreign exchange conversion rate is 21$. This sums up to 33$ on every 1$ transfer. For faster service, to send 1$ from the USA to Nigeria, their fees is 41$, and its foreign exchange conversion rate is 28$. This sums up to 69$ on every 1$ transfer.
  • Wire transfer: – Delivery time is 3-5 days. To send 1$ from the USA to Nigeria, their fees are 25-40$, and its foreign exchange conversion rate is 10-20$. This sums up to 35-60$ on every 1$ transfer.
  • Xpress Money: – Expected delivery time is 3-5 days. To send 1$ from the USA to Nigeria, their fees is 30$, and its foreign exchange conversion rate is 37$. This sums up to 67$ on every 1$ transfer.
  • Transfast: – Expected delivery time is 3-5 days. To send 1$ from the USA to Nigeria, their fees is 0$, and its foreign exchange conversion rate is 74$. This sums up to 74$ on every 1$ transfer. For faster service (within 24 hours), to send 1$ from the USA to Nigeria, their fees is 5$, and its foreign exchange conversion rate is 97$. This sums up to 102$ on every 1$ transfer.

Even though these MTO’s offer some of the best services in money transfer, FAZremit has exceeded them all with its service and quality. This online money transfer service has the lowest processing fee (that never exceeds 2%) in the wire transfer market. And for this very reason, it is the fastest and cheapest money transfer service in the world.

This gives us clarity about how to perform money transfer to USA from Nigeria. Though the migrants from here send money for social development, more funding is possible. If big companies consider Nigeria, there is manpower available here. The companies can set-up their plants here and can get cheap labor. With this, the land here can progress and thus help the education structure here. Therefore, this reason can be treated as a potential point for how to send money from the USA to Nigeria.

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