According to the United Nations General Assembly, 16 June is celebrated as an International day for family remittances. Remittances are the personal money transfers often done at international levels. Online money transfer service providers are functioning for the developed as well as developing countries. If you want to send money to Nigeria quickly, the renowned companies are ACE Money Transfer, Transferwise and Western Union.
Money transfer services operate through the medium, i.e. banks or self-based. Banks are the key medium, and payment details are the options on which the transaction depends.
Are You a price-sensitive Money Transfer Customer?
Banks and money transfer services available worldwide differ in cost. Even the money transfer operators are charging differently. For Nigeria, some provide better exchange rates, and others offer a lower fee. This difference makes a massive difference in the market. The marketing approaches captivate customers. Some associate offers like free of cost service, 25% off on first transfer and signing up for free are a few attractions provided by money transfer service providers.
Banks are working for international money transfers to Nigeria, and are doing this job for a long time. The customers once used to prefer bank transfers over the postal services. Banks charge a high fee as compared to money transfer operators. Banks are these days, facing enormous pressure to reduce their prices as the customer bunches have shifted towards the online applications available for the transfers. The MTOs charge approximately 2 to 5%, whereas banks show huge variations. Banks charge 15 dollars to 65 dollars usually.
If you are a price-sensitive customer, you will be looking for the online MTOs. Offers, if available, would be welcomed. This is the reason that, with the passage of time, money transfer services are providing a more significant market share. It is assumed to provide a much more significant share as the world is moving more towards convenience and technology. Digitally money sharing by digital money is in the early stages, but after some years, it can be the most used currency.
Should You Prefer Quick or Scheduled Money Transfers?
The transfer through banks usually takes days to complete. The checks are the most time taking of all. Internationally, it still takes months to cash a check as the confirmation process is a bit lengthier and slower. This time taking bank transfers has decreased the number of customers.
Online money transfer applications like ACE Money Transfer completes the process of sending the money in seconds. This is just in case when you need to transfer money to Nigeria in a few minutes. ACE Money Transfer can be used for online money transfer to Nigeria. If you already have an account, the process will take only seconds to minutes. The other case is not ambiguous either. After signing up, selection of country, recipient’s detail & credit or debit card details are entered. From debit or credit card, it usually takes only minutes although using a bank account might take 1 to 2 working days. Online bank transfer can also be done through it, but still, it takes more time than the debit card or credit card usage.
In this scenario, a money transfer operator will be selected for quick transfers.
Is it Convenient to Send Money to Nigeria Online?
The suitability often comes with ease & comfort. Especially old age people and disabled persons are using online applications, globally, for money transfer. Dependency makes people feel worthless. They start looking for the ways they can do without reaching other people’s help. In case of frequent bank visits, the person feels tiresome. Using a smartphone to pay utility bills, do online shopping and send money to Nigeria online has made lives easier. This has increased customer cloud.
Are Online Money Transfer Companies Bring Benefits to the Nigerian Economy?
The economy of a country majorly depends on the industry of the respective country. The more the country earns, the more it plays a role in the betterment of the public. The growing industry these days is money transfer services. This industry creates a lot of pressure on banks as banks are already paying huge to the economy, globally. Online services available have their fees according to which they pay to the country. This growing field, in the future, will prove itself as one of the most leading industry. Capital from the growth phase is always the attraction for ministry. The government continues to register such firms as long as they are the benefit for the public.
The number of remittances increases every year. One of the most impactful markets is home remittances. ACE Money Transfer is playing its bigger role in it. They are just not a source of money transfer, but they are facilitating the customers with many other features too.
Can Security Works Better for Online Transfers?
Secure internet connections make the transfer protected from hackers and scammers. In the case of banks, the transfer is preferable. Banks provide full protection from the scams. They have devised ways to keep money out of the reach of online hackers.
Online money transfer services are prone to hacking. Even some websites themselves prove to be a fraud. Thousands of frauds and scams are observed every year. With the advancement of technology, hackers also have their backs with computer scientists. These scientists help them in decoding the algorithms. The hackers can divert your money to their email address, their account number or phone number. They can also steal the debit or credit card information. Mostly the pin code associated with ATM service is stolen. Most of the scammers do not leave traces. Rarely the service provider gets to know at early stages. The one, who gets aware of the scam, is the one whose amount has been stolen or whose ATM card is not working anymore. Banks are the suitable route; otherwise, the top websites which are secure can be used.
There are some advantages associated with bank transfers. But if you need to have a quick, convenient and low fee transfer, the best option is the right choice. They widely use online money transfer apps available on the play store.