Do You Believe Your Bank Charges Hidden Fee For International Money Transfer?

People and companies can quickly receive & send money to Nigeria and worldwide by transferring money electronically. Wire transfers and online transfers are two of the most common electronic transfer methods (also known as internet money transfers). Banks aren’t the only places where you can send money internationally. In reality, using licensed money transfer companies would likely save you money and get your money faster.

A decade ago, online money transfer to Nigeria and other countries were much less safe than they are now. To handle fraudulent activities, online money transfer companies have become much more adept, profitable, and technologically advanced. Generally, all you need to know before selecting an online money transfer company is that they serve the places where you need to send money, and your problem will be solved.

What Is Wire Bank Transfer & How It Works?

A wire bank transfer is a method of electronically transferring funds from one individual or company to another. Depending on the urgency and finality of the transaction, the number of transactions, the amount being sent, and the wire transfer rate, there are a variety of wire transfer options. A wire bank transfer is started when the sender contacts his bank and provides the necessary information, such as the amount to be transferred, the receiving bank’s IBAN/SWIFT code, the receiver’s name, and bank account information.

The sending bank sends a transfer request to the receiving bank through a secure electronic system such as SWIFT. The main issue with international money transfer through banks is that there is so much complex system. For example, as banks need to collaborate with receiving banks for money transfer to Nigeria, that’s is why banks charge an extra hidden fee for international money transfers.

What Is Electronic Money Transfer?

When you send money to Nigeria online from one bank account to another, it is an electronic funds transfer (EFT). When both the sending and receiving accounts are at the same financial institution, and the transition is made between accounts at different institutions, this phrase is used. A computer device performs an electronic money transfer without the need for human interference.