Nigeria is a populated country situated in Africa. People living abroad, send approximately 20 billion dollars to their home countries a home year, which makes an average of 1300$ for each migrant working in Nigeria. According to research, people usually spend 5% extra funds on marked-up exchange rates and service charges during international money transfers. Here is a short review of online money transfers in Nigeria. The process to send money to Nigeria is quite simple.
What are the Basic Steps to Send Money to Nigeria Online?
Only three necessary steps can be quickly done in 3–4 minutes.
- Choose the IMT provider according to your criteria.
- Enter the country and amount
- Enter recipient details.
- The money will be deposited into the recipient’s account. They can pick that from any nearest bank or payout location.
How to Check Money Exchange Rates and Fee?
Whenever you send money to Nigeria online, always make sure to deeply analyze the exchange rates and service charges of any IMT provider. There are many companies that claim to have a zero fee, but most of the time, these claims are nothing but a trap used for fooling people into trusting such companies. Always make sure to check detailed fee policies, before making your transfer to Nigeria. Otherwise, the recipient will get a lesser amount than what he should have gotten.
Some people can also offer deducted exchange rates when you send a certain amount internationally. Thereby, if your provider is offering any such package, then try to make one large transaction instead of several smaller transfers.
How to Choose Your Provider to Send Money Online?
It is recommended to always choose a provider, from the topmost recommended companies in any state. One of the most trusted money transfer companies working in Nigeria is ACE Money Transfer.
It is also an efficient and credible company, with many retailer banks. It has made it very easy for the customers to send or receive any payment online. They have excellent exchange rates, and the currency exchange rates are optimized. You can send money online on an immediate basis within seconds, and the whole process is very user-friendly. They have a user-friendly mobile app so that you can make a transaction efficiently.
When it comes to a money transfer to Nigeria, they are offering a fast payment transfer facility.
What are the Best Ways to Send Money to Nigeria Online?
The United Kingdom is one of the most developed countries around the globe. They have a strong currency, along with unlimited opportunities for earning for all foreigners and citizens. Their lowest wage rate is higher than 90% of countries, which makes it an ideal place for migrants to earn. People from underdeveloped and developing countries, who are living in the UK often send money to Nigeria, Pakistan, Nepal and other countries for many decades.
These migrants have to send money online on a regular basis, for their families and loved ones. These payments are referred to as “Foreign Remittances” which play a significant role in the economic state of almost every nation. Hence, if you have to send money globally, then here are some best ways to help you in doing so.
1. Why do Exchange Rates Matter a Lot?
If you are sending money from the UK, then you will surely prefer to have a higher exchange rate, so that the native may get more money in Nigeria. Sometimes, due to abrupt changes, the rates may get unfavourable for you. In such conditions, try to avoid using a money transfer service until the rates get suitable for you. Currently, it is way higher. So an expat can get the best out of it. Other than that, many international transfer banks, IMT companies and transfer agents usually provide variated rates to their customers. This helps them in creating more margins. However, the customer faces loss due to such differences. Thereby, it is necessary to check the forex exchange rates, before making any money transfer. Many companies allow people to calculate their rates by using specific “Exchange Rate Calculators”. They may help you, notably in calculating the cost of every money transfer that you make.
2. How to Choose a Trusted Money Transfer Provider?
The highest number of online thefts and scams are done in the disguise of payment transfer. For avoiding all these frauds, only choose the providers from top recommendations. Different efficient companies such as ACE Money Transfer, World Remit and Transfer Wise are providing credible services along with optimized exchange rates.
3. How to Track Your Payments?
For a better estimation about the time of payments arrival at the chosen platform for the recipient, keep track of the shipment status of your payment. Usually, when you use a retailer bank, the transfer can take 1–5 business days. However, the time varies from company to company and state to state. If you are sending payment on an immediate basis, then tracking may not be needed because cash is transferred within minutes in that case.
4. What is the Time of Transfer?
Most of the people send their payments in the first ten and last five days of any month. Due to this, most of the companies are busy these days. Thereby, whenever you transfer money to Nigeria online, try to opt for the middle of the month. In this way, you’ll be able to get quick services along with deducted exchange rates.
Online money transfer is a secure way to transfer your hard-earned money to the beneficiaries. All you need is a reliable and reputed company that has a vast number of satisfied customers. Moreover, you can track their services by visiting their website or after downloading the app. It would be great to consider one that has a reasonable exchange rate, low fee and fast transfer system. Aside from this, they must be offering a bank transfer system. After all, a bank transfer is one of the secure methods for Nigeria.