No matter you want to send money to Nigeria from the UK or any other country, it is cost-effective than ever.
ACH or Automated Clearing House Transfers are the ones that happen when you transfer payments between two same banks. As compared to the wires, these types of money transfers are relatively cheaper with the cost ranging between 15–50$ per transaction. So what are ACH transfers and why do banks cost cheaper or no fee for these?
What is ACH Transfers?
Firstly, ACH transfers are initiated by the banks, and their fee is comparatively lower, but they are also slow in processing. It takes 3–4 business days for the payment to start showing up in the recipient’s account. It is an electronic system that helps you to send money globally, without any extra effort or hassle from your bank.
The era is modernized. Every possible thing that helps to reduce the effort and time consumed is being used. Opposite to the conventional methods, where people needed to visit a bank or provider’s branch physically, you can send money online by simply tapping on your phone with nominal or no fee at all! For the money transfer to Nigeria, all you have to do is log in to your bank’s website.
How Payment Systems Work For Money Transfers?
The Federal Government governs the payment system of ACH transfer. The NACHA system works for ensuring safe and reliable ACH transfers in all over the world. NACHA governs 60% of the total transactions. However, the rest of the 40% is contributed to commercial or consumer-level transactions.
Different malware and scams tried to interfere with the government’s security walls and steal people’s money. But the security systems are upgraded regularly for making sure that people can do safe online money transfers to Nigeria without any extra worry or hassle.
What is the Main Difference Between ACH & Wire Transfers?
The basic purpose of both of these transfers is to send money from one place to another. The difference between them is the “speed” and the “cost”. In the case of ACH Transfers, the payment takes 3–4 business days for showing in the recipient’s account and this facility may not be available internationally. On the other hand, in the case of wire transfers, your payments are collected by the recipient on the same business day. Moreover, this service is available in all countries internationally.
But, ACH Transfers usually cost from 15–50$ only, and different providers are providing free ACH transfers. However, in the case of wire transfers, the cost may range from 35–100$ per transaction, and no company offers free wires ever.
Can You Send Money To Nigeria Online With The Most Compatible Rates?
Efficient companies are providing efficient services in many under-developed states. You can send money to Nigeria online with the most compatible rates and reliable services. Moreover, the recipient is also allowed to collect the money from a multitude of payout locations. It brings more feasibility to both the sender and the recipient.
Happy Money Transferring!