Whether you are a frequent traveller, have family and friends residing in another country, or own a business overseas, you might require an international transaction at some point in your life. The conventional method of a wire transfer is usually the first option that comes to mind when making an international transaction is needed. However, it is not the ideal recommendation because it takes plenty of time to reach the recipient.
Here, you’ll find useful information about what alternatives of a wire transfer and the best solutions to send money you have. Let’s begin with knowing why you need to look for an alternative to the conventional wire transfer method.
Time required to receive money through a wire transfer
Have you ever wondered why international wire transfers take so long?
The receiving end of an international wire transfer consumes a lot of time. The process of fund transferring in banks is extensive and lengthy. Bank deducts the required funds from the sender’s account as soon as an international wire transfer is initiated. Most of your time is consumed by the shifting of funds from one bank to another.
Even after consuming so much time, the process is still incomplete when the funds land in the recipient’s bank. Some processing time is mandatory before the transferred amount is ready to be received and used by the beneficiaries. Some external factors such as bank holidays or weekends can further slow down the process of international wire transfer.
Why do international wire transfers take so long?
Money transfer to any other country through international wire transfers can usually take days, especially from a non-native land when you are an expat. Here are some of the major reasons that can cause a delay in the wire transfer.
- Errors in the recipient details can hinder the process badly and cause inconvenience for both the sender and receiver.
- Money transfer to Nigeria or other countries is often delayed through wire transfers due to bank holidays. It could be possible that banks are open in the sender’s country but closed in the recipient’s country.
- Banks are closed on weekends that can delay the wire transfer. Different parts of the world have different days as weekends.
- International wire transfers require more time because the currency has to be converted into the recipient’s currency.
- Different time zones affect the transfer time of international wire transfers.
What is the Alternate Solution to serve your cross-border money transfer needs?
Since sending money through wire transfer is not considered the ideal method owing to the reason that it takes longer for the funds to reach the recipient, you must have an efficient alternative. In case of urgent utilization of the funds, it is advisable to go for an online money transfer service to send your money to your family and friends. Especially, when you have to send money to Nigeria, online money transfer solves all of your concerns and helps you make swift transactions.
So, what should be the best and most reliable online money transfer service to send money to Nigeria online from your current destination? Don’t worry! Here’s an industry leader that has been serving millions of expatriates across the countries in Africa, Canada, Europe, Australia, Asia, and the UK to send and receive online payments cross-borders quickly.
Shift to ACE Money Transfer – The Most Reliable Remittance Service Provider
If you are fed up with conventional wire transfer that takes a long time to transfer funds, it is time to switch to ACE Money Transfer. ACE is the leading money transfer service that has been facilitating its users for over a decade. It is a trusted and reliable option for online money transfer to Nigeria and other countries. ACE’s online money transfer method is simple and easy to use for everyone.
It saves you from any complex procedures and you can send money to your loved ones with just one click. It is ideal for international transactions as the process is completed within minutes.
In times of urgency, ACE is your best friend. It also offers the best exchange rates with the lowest transfer fees. Sign up now to get your free first transaction and experience the fastest, safest, secure, and trusted border-less money transfer service.