Money sent to relatives abroad is often represented as a major portion of foreign exchange. In other words, remittances (sending money in payment or as a gift card) are highly needed for a country that exports human resources to another country. Most of the African countries are dependent upon it as it is a big part of the GDP (gross domestic products) of African Saharan Countries. If you want to send money to Nigeria or anywhere in Africa, you can always go for online money transactions. Allowances are the most stable form of intercontinental monetary flow and bring many reimbursements economies including many nations in sub-Saharan countries.
If someone wants to send money globally it can be difficult for both the dispatcher and receiver due to high taxes and the transaction fee if sending money through a formal bank. But online banks are more hassle-free and stress-free for this process. It requires only a few steps as below;
SELECT COUNTRY AND AMOUNT
Most services provide guaranteed exchange rates (In finance, an exchange rate is a rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency concerning another currency) so you know how much your recipient will get.
ENTER RECIPIENT AND PAYOUT INFO
Tell the providers on the device about your recipient in data form and how you want them to receive the money.
FUND YOUR MONEY TRANSFER
Enter your bank, debit or credit card payment info. Review and send your transaction.
Approaches Available for Transmitting Money to Nigeria:
Now let’s get back to the money transaction services and their comparisons.
Money transfer to Nigeria is easy, as there are many modern transfer services such as ACE Money Transfer. It was established back in 2002 and since then being operated. It just not lets you send money to Nigeria but many other countries as well. The fees of ACE depend upon various points for example;
Where you are sending from/ to, how you send ace money, how the recipients receive money
This is a modern service that has made online money transfer easy. It might be a bit expensive to send money directly from a bank so ACE is a better and inexpensive way which can send our money there. Unexpectedly ace also claims of no maximum limitations or amount to be sent to the receiver.
Why Online Money Transfer is Recommended?
It is recommended by many to go for online (mobile) money transfer as it’s easy and the most effectual way because of it:
- Improve cost reserves and aid effectiveness
- Increase transparency and reduce outflow and waste
- It is convenient
- Reduce security risks to program staff and beneficiaries
- Improve access to financial services for the poor and unbanked
- Catalyze growth of new and ground-breaking financial products for the poor and unbanked
- Real-time management
- It is easily available in remote areas