International Money Transfer has made various automation in its system with time. Many overseas Nigerians who have to send money to Nigeria, mostly know the importance of an appropriate provider.
What are the Common Ways of Money Transfer?
The three primary names that one sees while making a transfer are:
· Traditional Cash Deposit Transfer (Shipment)
· Wire Transfer (SWIFT and CHIPS)
· Online Transfer (e-wallet/mobile banking/ apps)
In this article, we will explain the main differences between an online transfer and wire transfer. Process: Online transfers are made by using e-wallets, mobile banking websites or money transfer applications. Just a few clicks and your payment will be transferred.
What are the Common Steps to Send Money Online?
For instance, if you want to send money to Nigeria online, then it can be done in three simple steps, by sitting at your home.
· Enter the amount and country
· Enter the necessary details of the recipient.
· Your payment will be sent! Track your shipments easily for calculating ETA.
On the other hand, for money transfer to Nigeria by wire, the process is a little complicated and hasty.
· Visit the nearest bank or IMT’s platform.
· Submit the request for making a wire transfer.
· They will give you a form. Fill all required details.
· Wait for 1–2 business days.
What is the Procedure for Receiving Payment?
If you send money online, the recipient can withdraw his money from any nearest bank or cash pay-out location. The money will be added in the receiver’s account as soon as the transfer is completed. However, in case of wire transfer, even if the payment is transferred within the same day, it may take additional time for the payment to be shown in the receiver’s account.
How Much Cost is Involved in Money Transfer?
An online transfer usually has three types of costs. These are sending fee, currency exchange fee and withdrawal fee. Some companies may wave-off the third cost, but some of them may charge it. The hidden fee is added in currency exchange rates usually. Despite all this, online transfers are considered as the cheapest way of money transfer.
Now if we talk about wire transfers, then they have relatively higher costs. You may have to pay 25–40$ sending fee per transaction. It is only recommended when you have to send a huge amount such as 2000$ or greater than that.
What is The Need for Right Online Money Transfer Platform?
In the case of online money transfer to Nigeria, the company may have or may not have any physical platform. But in wire transfers, it is a must for the provider to have a tangible medium.
Each money transfer system has its pros and cons. However, choosing the appropriate provider depends on your own choice and criteria. ACE Money Transfers allow its customers to make all three transfers by using their platform. They have efficient online transfer systems along with around 275,000 payout locations worldwide so that the users can opt from a multitude of available options. If you have any query regarding their process, then you can contact their customer support or visit their website.