We should not pay huge amounts of money in order to transfer our money from one country to another country. The economic growth of the country is dependant upon the money they receive from within the country and other income their receive from other countries like remittance money, tourist money, etc. For migrant workers from who wire money to Nigeria, it has become an expensive chore. They often send their hard earned money to their developing home country, in fact, it has crossed $550 billion recently, manipulating foreign direct investment.
All these facts have been disclosed by the World Bank. A hefty chunk of transmission fee is intolerable, and we should not pay it. Let us understand why!
The necessity to not pay
Remittance services have been facing an exclusive phenomenon of derisking. Banks believe that anti-money laundering and counter financing of terrorism and regulations and enforcement practices have made serving money transfer operators (MTOs) too risky from a legal and reputational perspective. For banks, the profit of serving MTOs is not considered sufficient to justify the level of effort required to manage these increased risks.
Avoid extra charges
Nowadays, transferring money globally is a common practice – people work with clients from across the world and money transfers have become essentiality. Using bank services is the first option which prompts to our mind when it comes to money transfers. Although all banks have their own policies for money transfers, one thing is always the same – charges that you have to pay for a wire transfer. Along with it, banks may also charge you with hidden fees that occur in the form of unfavorable and not so genuine exchange rate margins. This hidden fee charged by banks and several MTOs is inappropriate as it many a time takes big chunks of the basic amount of money.
As per recent ratings by it has been found that 20 to 30 US dollars are charged as remittance from people who wire money to Nigeria from USA. If people would be continuously sending money with traditional methods of MTOs and banks, then it would cost them a lot as these sources charge a hefty amount of remittance as transmission fee. Their financial stability would be affected to a greater extent as the most amount of money would be deducted from the actual amount of money they are sending.
What is the Best way to send money to Nigeria from USA?
Because of the above reasons, you should not pay these hefty fees when you have other options available to wire your money like FAZRemit. People should opt for FAZRemit for sending money. People can save their money by avoiding a huge amount of transaction fee. FAZRemit provides you with a most transparent, secure and convenient method to wire money charging the lowest transmission fee.
Remittance is an important aspect of the global economy in 2015, it was around $601 billion USD.
The United States is currently the largest source of international remittances in the world. Nigeria accounts for nearly 5.7% of remittance money from USA. The GDP of recipient country Nigeria is 481.016 and the percentage GDP of the recipient country is 1.18%.
How Much Can You Save with FAZRemit?
FAZRemit charges only $8.99 as a fee on money transfer for money transfer margins until $499.99 and $11.99 for a money transfer of $499.99 to $999.99 and 2% on money transfer of up to $1000 to $ 2499.99.
So, for example, if a person tries to send an amount of 400 dollars through bank his charges will be $20 and for amounts greater than that, the percentage of transmission fee will increase. But because of this fixed transmission fee in FAZRemit people can send money from one place to another, especially, Nigeria by saving a lot of money which can be used for their extra savings. This data depicts that FAZRemit is the most economical way to transfer money to Nigeria from US.
The unfavorable exchange rate is the most important reason for variations between declared and real fees that you pay to a bank for sending money abroad. Every bank has its own exchange rate fee that applies when you transfer money from one currency to another. You have to pay attention to the bank’s exchange rates and their currency conversion fee.
According to your payment type, banks charge high hidden fees. But this is not right. We should be preventive and should percent this by choosing the best alternatives in the market. Remittances can be the driver of industrialization and can also complement debt financing, so there creates no chance to pay these unnecessary remittances and use smart solutions indeed. Money transfer to Nigeria from US should be with a minimum remittance fee and with FAZRemit, this is exactly what you get!
FAZRemit is one of the cheapest methods to wire money to Nigeria. The online money transfer service provider has won the trust of millions of customers in the United States of America. It is ultra fast by making an international transaction within 60 seconds. Without compromising with the security, FAZRemit’s strict profile verification and encrypted transaction ensure that each and every transaction is done by KYC verified customers within a highly secured platform.