How Online Money Transfer System Works For Different Countries?

It is easier for the past few years to send money to Nigeria and other developing countries.

Due to increased globalization, online payment transfers are significantly increased. You can easily send money online with the advancement of technology.

What Are Shocking Facts about Online Money Transfers?

Some shocking facts that may help you understand the importance of this system are given below.

  • A total of 689$ billion were sent internationally in 2028, breaking all previous records. This figure is three times greater than the international fundings. 584$ were sent to underdeveloped and developing countries, depicting people working in abroad countries by a large ratio.
  • India is globally the most excellent remittance receiver around the world. China comes at the second position in this list, while Mexico and the Philippines occupy the third and fourth ranking.
  • On the other hand, the USA is the top remittance provider. Most of the transfers are made from the US to other countries, and significant transfers are made for Asian regions such as India and the Philippines.

But the question is, what made these transfer rates elevate so rapidly and smoothly? The answer is online transfers.

What Are The Common Channels To Send Money?

People are provided user-friendly services, in every country and every state of the world, enabling them to benefit themselves without going any extra mile! Individuals can use the online money transfer to Nigeria or any other country, through 3 channels.

  1. Bank to Bank Transfer
  2. Money Transfer Companies/ Transfer Agents
  3. Online payment transfer (e-wallet/mobile banking)

What Is The Process of Money Transfer?

The process to send money to Nigeria online is very simple. You can transfer cash, with some simple steps, while sitting on your couch.

  1. Enter the country and Amount
  2. Choose your provider
  3. Enter the recipient’s details.
  4. Your payment will be sent!

What Cost Involved in Money Transfer?

Every international money transfer to Nigeria usually has two main costs. Banks typically cost higher charges from the people; however, you may get relatively lower costs if you use a money transfer company.

  1. Sending Fee
  2. Exchange Rates

 

Always analyze every company’s fee policy whenever you send money to Nigeria. Different companies can wave off the withdrawal fee. For exchange rate calculation, there are other tools on websites of IMTs, that can help you in calculating the costs.

How Much Time Is Required in Transaction?

Usually, if you use a retailer bank, you can send money in 1–5 business days. However, different companies, such as ACE Money Transfers, offer their customers to send money immediately. You can transfer payments within seconds by using any company’s urgent services. This may cost you a little more, but it will help you fulfil every urgent need or requirement.

What Are The Benefits of Online Money Transfer?

Several benefits of using an online transfer system include,

  • You do not have to go physically to a bank branch or payout location
  • No need to carry your cash. Transfer online and avoid every chance to get theft.
  • It has facilitated the money transfer process, which has raised the total transfer rate, positively impacting the recipient country’s GDP and economic state.