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Tag: Send money to Nigeria

What Do I Get If I Remit Money To Nigeria Using FAZRemit?

What is the best way to remit money to Nigeria? How convenient is it? Does the online money transfer platform offer its services at affordable rates? Is it the fastest…

What is the best way to remit money to Nigeria? How convenient is it? Does the online money transfer platform offer its services at affordable rates? Is it the fastest online service to send money to Nigeria? Some FAZRemit users, after registering and completing the document verification, or in some cases, before that, have the question of what do they get while sending remittances or paying bills in Nigeria from USA using FAZRemit.

No Cash Involved!

First of all, because of stringent security protocols, FAZRemit does not allow any sort of cash transactions as there are multiple risks involved in it. Moreover, being a licensed and responsible online money transfer platform, we also encourage our registered users as well as all the online remittance senders to avoid international cash transfers.

100% Security Guaranteed

For both, our customers as well as banks in Nigeria, FAZRemit ensures that every single transaction is 100% legitimate. Our comprehensive document verification for remittance senders ensure that every verified FAZRemit user has no possibility of creating a high-risk transaction. At FAZRemit, we strictly abide by AML/CFT regulations. From the user’s end, we verify the beneficiary. This ensures that every transaction is as safe as it can be. If because of any reason, a transaction is not completed, there are no deductions at all. So, with FAZRemit, either the users get 100% satisfaction or 100% refund.

Lightening-fast Money Transfer to Nigeria

Once the documents are verified, and a transaction is created by the user, it only takes an instant to send money. Currently, users can get this service only during business hours, i.e. Monday to Saturday, from 9.00 AM to 5.30 PM EST. All the transactions created at any other time are catered by our team on the next business day. Currently, you can send up to $995 in a single transaction and send up to $10,000 per month using our instant money transfer.

Round-the-clock Chat & Email Support

Whatever may be your query. Be it regarding our services, registration on FAZRemit, document verification, sending remittance to Nigeria, or any post-transaction query, we have everything sorted out. You have the option to contact us via E-mail at support@fazremit.com. Also, if you want to have a real-time conversation, all you need to do is – visit www.fazremit.com. Our 24×7 online chat support will attend you. Talk about convenience in money transfer!

Cheapest International Money Transfer

While banks may charge you up to 10% of the total transaction cost and IMTOs charge up to 5%, FAZRemit has specific transaction slabs. Thus, if you transfer 499.99 USD to Nigeria, you will just pay US$8.99. This makes FAZRemit the most affordable platform to remit money to Nigeria at just 1.7%. Even if you make the maximum one-time transaction (i.e. $995), you still pay a maximum of 2% of the total amount.

Furthermore, there is a very high maximum limit of $10,000 per month. Considering the affordability and the accountability FAZRemit provides, our recurring customers choose us to remit money to Nigeria from USA.

Information is the Key…

Apart from just providing the best online remittance services from USA to Nigeria, FAZRemit dedicatedly works towards keeping the customers updated with the latest trends. Through our regular blog posts and active social media presence, we connect with our audience personally. We give them the most relevant information in the field of remittance, finance and banking in Nigeria. Our blog posts also cover Ghana, Kenya and all other African nations.

Furthermore, we are well aware of our audience that mostly consists of immigrants residing in USA. Therefore, it is our responsibility to provide them with unbiased and analytically backed information.

Shouldn‘t This Be The Best Way to Remit Money to Nigeria?

Apart from all the above perks, we are overwhelmed by the positive feedback of our customers. At the same time, as soon as we implement their suggestions, we also send them a special letter of thanks. Our customers make FAZRemit the best online money transfer platform, and we do everything best to become their most preferred option to remit money to Nigeria from USA.

To experience all of the above and more, register on FAZRemit and instantly send money to your loved ones in Nigeria from USA at the most affordable rate.

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What are the Causes of Nigerian Economic Problems?

In 2018, Nigeria received the highest amount of remittances ($25 Billion) among all Sub-Saharan countries. The total amount sent home crossed $625 billion. Nigeria has always dominated this market by…

In 2018, Nigeria received the highest amount of remittances ($25 Billion) among all Sub-Saharan countries. The total amount sent home crossed $625 billion. Nigeria has always dominated this market by a considerable margin yet other Sub-Saharan countries like Ghana and Kenya are catching up. It can be estimated that money transfer from USA to Nigeria was worth $6.2 billion in total.

With a $400 billion GDP and receiving a considerably large amount of money inflow,  the nation is still struggling with issues on multiple fronts. Booming poverty level, overpopulation, political instability, and socio-economic problems have been haunting the nation. Even if the money transfer operators and banks try to mend things in the remittance department, the country is far from completely overcoming its economic problems. In this blog, we will go through some major obstacles pulling down the Nigerian economy.

1. Informal Economy Overshadows Formal Economy

Nigerian individuals and citizen groups cannot trust the government, their financial institutions, and above all, their commitment to serve the country. Even at the time when online banking and online bill payment are considered the easiest, the number of unbanked and under-banked Nigerians is still very high.

This may not be the only reason for Nigerians not signing up for bank accounts and maintaining them. But the incompetent government infrastructure cannot cater to the needs of the general population. This is why a significant portion of the population opts for cash transactions.

This analysis also puts light on another side of the story. This means that the total remittances actually received by Nigerian citizens are far more than just the formal estimation.

De-risking was introduced to curb money-laundering but in turn, it caused havoc in the partially formal, and mostly under-banked Nigerian communities. CBN did license a limited number of operators to continue their operation in Nigeria after the social backlash. However, the damage was already done, and it was more like a damage-control move.

Instead of strengthening and guiding the bank account holders, this drastic step severely affected Nigerians, especially those with the lowest income and severe economic problems.

2. Bad Economic Policies of the Government

If corruption was not enough, disastrous economic policies and public disagreements between the Finance minister and CBN governer fuel the problem. Delay in important regulations, especially in the case of oil prices, and putting political interests in front of the national economy has contributed to pushing the Nigerian economic down south.

Read: 5 Ways Buhari killed Nigeria’s economy

Federal government setting absurd prices of basic necessities like fuel has distributive effects on the overall economy. Direct intervention in the Nigerian market is also a major cause of distress. Instead of deciding what an individual can or cannot buy or sell by altering the value of goods and services, the government needs to ensure that it facilitates a healthy competition in the commercial market.

3. Induced Economic Problems

Because of the government’s lack of emphasis on allocating significant budget for education and health, 24% Nigerians are unemployed. This number worsens if we consider only Nigerian youth.

Unchecked corruption in education and health sector is pulling back the development agenda.

A majority of students coming out of Nigerian universities have, more or less, educational degrees in their hands but have very less to no professional skills.

Lack of medicines, inexperienced doctors and inadequate health facilities further leads to more economic problems faced by the poor.

The poor condition of oil fields in the Niger delta directly affects the inhabitants. Oil spillage affects the water, soil, and finally the health and economy of Nigerian agriculture. This has even led to a strong rebellion in the South. Insurgency is a major concern for the nation, and its root cause is the inability to satisfy the needs of the natives.

And when we consider its overall impact on the nation, the situation worsens.

4. Lack of Basic Amenities

Without sufficient electricity supply, and the electric department unequipped with the required skills, impacts foreign investment as well. Constant power failures, inability to nourish talent and to satisfy the natives as well as present and potential investors could be a deciding factor in worsening Nigerian economic problems. But a decisive government with sound decisions can change the tides.

Businesses and investors from across the globe vision Nigeria as a future economic giant because of the huge natural and human resources available at its disposal. It is the responsibility of the Federal Government of Nigeria to take well-calculated steps hereon. So, it would be interesting to see how Buhari’s government performs. Promises have been made by the head-of-the-state but would he be able to solve the economic problems of Nigeria? We will see in the upcoming days.

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Why Do You Need KYC Documents To Send Money to Nigeria from USA?

Know your Customer, a.k.a KYC, documents demanded by FAZRemit includes two types of documents: 1.  Customer Identification Document: a. Driving Licence, b. Passport, and c. State-issued identity card. 2. Document…

Know your Customer, a.k.a KYC, documents demanded by FAZRemit includes two types of documents:

1.  Customer Identification Document:

a. Driving Licence,

b. Passport, and

c. State-issued identity card.

2. Document for Address Proof:

a. Gas bill,

b. Credit card statement,

c. Bank statement,

d. Electricity bill, and

e. Water bill.

As soon as a user uploads these KYC documents on his or her dashboard, our document verification process initiates. We strongly recommend that:

1. The scanned or downloaded documents must have clearly visible Name, Address, and Date of issue. When it comes to utility bills, one must provide the latest documents, preferably a recent proof less than 90 days.

2. The document should be clear and whole, i.e. it must not have any cut or hidden or blurred information therein.

3. Online banking documents and bills must be downloaded or scanned and then sent to FAZRemit as a file attachment. Screenshots are not accepted.

Importance of KYC Documents?

While providing financial services, it is the responsibility of the organization to maintain a legitimate environment.

In the financial community, during the initial stages, non-bank organizations didn’t care about the details of the customers. It was his or her responsibility to fill the correct information. There were multiple drawbacks of this system:

1. Incorrect details sometimes lead to funds getting transferred to wrong destinations.

2. Money launderers could send and receive money from multiple accounts.

There was no regulation that could keep a check on such transactions. Moreover, non-bank financial institutions could do as they please. However, with AML/CFT laws and mandatory KYC documents’ submission, the situation has changed drastically. There has been a significant difference in the number of illegitimate transactions globally.

So, How Does KYC Document Verification Works?

For instance, there is a customer who wants to send money from USA to Nigeria, Ghana or Kenya. After completing the registration, he or she would be redirected to a personal dashboard. Once all the documents are submitted as mentioned, they undergo verification.

During document verification, we ensure that:

1. The person sending the documents is exactly who he or she is claiming to be.

2. There are no previous records or allegations on the concerned individual regarding money laundering. We ensure that the person does not fall in the PEPs (Politically Exposed Persons) category.

3. When it comes to organizations, FAZRemit runs a thorough check on the concerned company. All the beneficiaries are thoroughly scrutinized.

Once the evaluation is complete, and only if all the details are acceptable, then our Money Laundering Reporting Officer (MLRO) can permit the person to make any transactions.

At FAZRemit,

We keep the record of every single transaction.

To ensure that the funds reach to the right person, the beneficiary is also verified. Once the corridor is verified, customers can make unlimited transactions using FAZRemit.

Taking our legal obligations extremely seriously and without compromising with the civic morality, FAZRemit assures every customer that every single transaction on the platform is 100% safe. Every member of the FAZRemit community is a verified customer because we actually ‘know our customers’.

We completely understand that submitting KYC documents and waiting for its verification could seem like a long time. However, if the documents are clear and fulfill all the criteria as mentioned at the beginning of this blog, our automated software analyzes and concludes the verification process within a few minutes.

Regulated as Money Transmitter by the New York State Department of Financial Services, FAZRemit strives to provide its customer the safest, most convenient, and affordable money transfer services.

So, to experience an unparalleled online platform to send money to Nigeria, Ghana or Kenya from USA, register on FAZRemit today. In case you have any query, you can always write to us at support@fazremit.com.

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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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Online Remittances Are The Biggest Source of Nigerian Families’ Development

Nigeria, being the biggest remittance centre in the entire African sub-continent received more than $25 billion as remittances in 2018. Yet, 87 million Nigerians are living in extreme poverty which…

Nigeria, being the biggest remittance centre in the entire African sub-continent received more than $25 billion as remittances in 2018. Yet, 87 million Nigerians are living in extreme poverty which is the largest in the number.

Non-recipients of remittances have shown a negligible change from the state of poverty as compared to the families receiving remittances. Further, the recipients use this money to spend on basic household expenses.

Remittances uplift the overall standard of life. In that line, the recipients spend the financial aid on crucial social amenities including education, health, and better housing. Remittances allow Nigerian families to improve their creditworthiness and strengthen them to take part in the formal economy. Collectively, the overall nation benefits from this increased contribution.

So, what should be done?

The Nigerian government is yet to lay down specific policies to constructively use the revenue generated through remittance inflow. World Bank has also recommended the Nigerian government to strengthen its remittance policies by lowering the transaction costs. In the meantime, it is important to understand that things are not as simple as they sound. There are after-effects of every single decision. In the case of developing nations, they have to overcome the problem of brain-drain.

Complications

Even renowned global financial institutions have pointed out that the overall remittance trend is causing money-drain.

But, how?

Educated Nigerian youth that returns to his or her own country, generally, prefers imported goods instead of local products and services. At the same time, one can argue that remittances help limited Nigerian families. But those who become successful, start getting attracted towards western culture. Consequently, their preferences and spending structure changes. And, a major part of the money starts flowing towards foreign investors instead of the national economy.

money-drain-nigerian-families-fazremit

This is a concerning issue. However, in the short-term, especially in the current scenario, this influx could significantly help poor and struggling Nigerian families earn a piece of bread. To conclude that remittance alone can change the course of the downtrodden Nigerian economy would not be right. But in the end, it’s the Nigerian government that needs to take notable initiatives to strike a balance between the pros and cons of foreign aid, investment, and remittance.

Recommendations

It would be best for the Nigerian government to best let the remittance trend benefit its backward communities which are struggling the most. Lack of education is leading to unemployed people joining the rebels, especially in Southern Nigeria.

Coping up with insurgents would require more federal reserves to be allocated for security. The same security budget that exceeded $1.7 billion in 2017. If the same trend continues, it would continue to take its toll on the economy. Moreover, the Nigerian families that could be assisted sooner will keep suffering for a longer time. This would further stimulate more anger, distrust and feeling of rebellion among the common people. Hence, it is a vicious cycle that needs to be stopped as soon as possible.

unending-cycle-fazremit-nigerian-families

Although this is just one of the many reasons, it is crucial for the government to control the situation now. To achieve that, the Government of Nigeria (GON) must check the fluctuation in social spending (budgets for education and health of Nigerian families).

Lastly, A Note for the Nigerian Families

At the same time, Nigerians need to actively participate in the Nigerian economy by limiting the use of cash. To understand the extent to which this can help on a global level:

Digital and cashless services, if accepted worldwide, can save enough revenue for 30 million books for schools and 20 million school uniforms in low-income nations. This can be a boon for at least 200,000 out of 12 million (highest in the world) out-of-school Nigerian children.

Although the government has a major role in uplifting the economy of the country, Nigerian migrants can also play their role by opting for the best money transfer services as the banks are unable to provide them with the same. To achieve this, FAZRemit provides the cheapest money transfer services to Nigeria from the USA. Because of the fastest transaction speed, FAZRemit ensures that every beneficiary receives the money at the right time. This could be just the first step towards revolutionizing the way migrants send money to Nigeria but it is undoubtedly the need of the hour.

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Social Media in Nigeria – The Future of Online Money Transfer to Nigeria

Millennials want convenience. They are not at all interested in drafting an email with a subject, greetings, and salutation. Gone are those days when response time were days or even…

Millennials want convenience. They are not at all interested in drafting an email with a subject, greetings, and salutation. Gone are those days when response time were days or even hours apart. Being a service and quality centric generation, they need the resolution of their queries the fastest. Enter – Social Media Platforms.

Internet Revolution in Nigeria

Although Nigeria has always been the most active social media user in the entire African sub-continent. Since the time of Myspace, Nairaland, and Friendster, Nigerians have been keen users of social networks. This trend has continued, moreover exploded in the era of Facebook and Twitter.

Political entities, media houses, and individuals using these platforms have made an impact globally. Moreover, some of the most effective campaigns were born as social media amplified the voice of everyone with no restrictions. Some hashtags made their journey to become social movements such as #BringBackOurGirls, #CitizenSolutionToEndTerrorism, and #LightUpNigeria.

bring-back-our-girls-fazremit-social-media-send-money-to-nigeria

Nigerians Connected to Internet

As per the World Bank’s 2018 report, more than 37 million unbanked Nigerians are using cellular devices like mobile and tablets to connect to the World Wide Web. Although 55.3 million Nigerians who are already part of the banking system are contributing to the country’s revenue stream, public and private institutions are yet to tap the remaining 27 million population. Banking and financial institutions see this problem as an opportunity which in turn would not only help them grow but also uplift the overall economy of this developing country.

Online money transfer to Nigeria, contributing $25 billion, is playing a major role in this field. However, for achieving the aspirations of 200 million population whose median age is 17.9 years, it is essential for remittance service providers to deal with the audience in their own playground. And that is Social Media!

Nigerians on the Internet

It is estimated that by 2021, more than 150 million Nigerians will be connected to the internet. Although this number could also be possible because of the exponentially growing population of Nigeria that is currently 2.6% annually. However, as the new generation takes over, Nigerian Diaspora’s social media penetration would undoubtedly increase significantly.

nigerians-internet-social-media-fazremit

Use of mobile wallets to send money to Nigeria online is on the rise as most of the internet users are hooked on to the social media platforms. 41 out of every 100 Nigerians use Facebook and WhatsApp which clearly indicates the enthusiasm of the young generation and their preference.

Nigerians and Social Media

Top 3 most-used platforms consist of Facebook-owned platforms, followed by YouTube. More E-commerce platforms and web-based payment gateways have followed this trend, and they are collaborating to avoid missing the golden chance. Nigerian Interbank Settlement System (NIBSS) indicated that in the first 9 months of 2018, Nigerian e-payment crossed 56.85 trillion Naira. This number exceeded the previous year’s record by 16.4 trillion Naira.

To achieve this feat, apart from the usual organic results and direct marketing, social media platforms played a major part. Right from brand awareness to increasing traffic, social media platforms have become an active lead and revenue generating sources. Furthermore, they are also an amazing relationship builder as it enhances customer satisfaction multifold.

social-media-nigeria-fazremit

Effective Social Media Advertising (SMA) and Social Media Marketing (SMM) strategies have resulted in a paradigmatic shift in the manner small to large-scale enterprises present themselves in the market.

As time goes by, the numbers will change. But it does not seem that the trend will show a negative sign, at least not anytime soon.

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How to Send Money to Nigeria from USA?

To send money to Nigeria, the overall accessibility is better today than ever before because of the availability of multiple online platforms right from banks and International Money Transfer Operators…

To send money to Nigeria, the overall accessibility is better today than ever before because of the availability of multiple online platforms right from banks and International Money Transfer Operators (IMTOs) to bidding sites. However, all such options have their individual drawback. While banks and bidding sites take almost a week to process the transaction and charge high transaction interest, IMTOs are also competing against them or through those platforms as well as among themselves while trying to maintain a balance of their high-end operational and expansion cost. Because of this, some IMTOs may offer comparatively lower fees and others may have faster transaction time but there is no ‘Jack of All Trades’.

This has led to the emergence of an automated platform like FAZRemit which takes care of all the proceedings right from easy registration and verification to final transaction, and beyond. To send money to Nigeria from US via FAZRemit, you have to follow 3 simple steps:

  1. Register easily using your E-mail ID
  2. Verify your Email and submit your KYC documents including your Passport and Address Proof
  3. Once the verification is complete, add a beneficiary and send up to US$2499 instantly

Send Money to Nigeria from the United States

Even before laying the foundation of FAZRemit, our market analysis helped us understand the problems faced by the Nigerian diaspora in the United States for sending remittances to their native country. Overcoming all those problems, we made sure that every single state in the US is well-equipped with providing satisfactory services to our customers who can send money to various banks in Nigeria with no hassle.

Collecting data from multiple surveys, we started our services ensuring that immigrants or in fact, anyone with a bank account can send money to Nigeria from US from New York, Atlanta, Houston, Washington, Dallas, Chicago, Baltimore, Los Angeles and Boston. Instead of spreading our service globally, being a customer-driven model, FAZRemit ensures to deliver on its promises to the client without compromising with the security standards set up by countries involved in the concerned Remittance-corridor. Currently, we provide our online money transfer services in Nigeria, Ghana and Kenya.

Why Choose FAZRemit?

We, at FAZRemit, understand what the customers need the most – Value. And this is what we are after! Abiding by the laws put in place by Nigerian as well as United States government, by following all the fundamental protocols, we ensure to provide our customers with:

  • Fastest
  • Cheapest, and
  • Most Convenient

online money transfer services to send money to Nigeria from the United States. We understand the trend that is shifting from traditional financial trades and how the current generation of millennials is playing a major role by actively taking part in this evolution. This makes it imperative for any financial institution to evolve itself and work toward making its service better every single day which is why we take considerable steps based on your feedback to make ourselves better to provide you with the service you aspire for and the experience you deserve!

To avail our services right away, Register with 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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