Nigeria holds an integral place in the Remittance Industry, around the globe. Since 2010, people have been different ways to send money globally.
Banks, Money Transfer Organisations, Transfer agents, online platforms and transfer apps, now the customer is facilitated to the maximum potential for the flourishment of financial regulation in every country.
However, most people do not know about all these facilities, thereby here is a short review that will help you in deciding the best transfer medium for yourself.
Bank Transfers are of two main types; Inter-Bank and Intra-Bank. Inter-Bank transfer means to send money to and from the same bank. It is relatively cheaper and takes 1-2 business days for completing the transactions. Many banks in the US are providing totally free inter-bank transfers.
Intra-Bank transfers refer to the transfer of funds between two different banks. For such transactions, the cost is relatively higher and it may take 2-5 business days for completing the transaction.
However, both of these transfers require some basic information such as Name, Number, Mailing ID, bank account and a short history.
Therefore, if you have to do an inter-bank transfer of smaller amount and you have an active bank account then using this medium is highly recommended.
However, if any of the parties i,e; the sender or the receiver do not have an active bank the account then a bank transfer is simply not possible.
Online began in 1973 when the amazing SWIFT system was made. Put in simpler words, it is an electronic transfer of funds done by networking a chain of financial institutions around the world.
Even after a great time, Online is still being used on a high scale. The process to send an Online is not as convenient as other online methods, but it is the fastest and safest method to channel your payments overseas.
Usually, the payments are transferred within the same day but in rush-hours or exceptional cases it may take 1-2 business days. There is no worry of expired transactions when you are using Online because once sent, the payment does not bounce back.
For sending an Online you need to have an account with any large bank or money transfer organization. Ace Money Transfers now provide the facility to do online money transfer through Online. Three simple steps are enough to send money to Nigeria online within some seconds only!
This medium is recommended to use when you have to transfer a huge amount, where safety is concerned. For instance, for business or charity purposes.
The cost varies from 25-65$ per Online, and the beneficiary also has to pay a specific fee for receiving the Online. On the other hand, if you want to transfer a small amount or if you don’t have an emergency, then it’s better to opt for other available options.