The number of people who intend to send money to Nigeria is increasing day by day. According to a report, nearly 200 million people sent an estimated amount of $25.08 billion to Nigeria. This is a clear indication of the fact that online money transfer is a rising need in the modern era.
To accommodate this need, several service providers have made their way to the market. They claim to be the best and assure the customers that their money is in safe hands. However, not all of these online money transfer service provider is trustworthy and reliable.
Here are a few protocols that must be kept in mind when sending money to Nigeria to ensure that the money reaches the destination safely and on time:
How to Check the Options to Send Money Online?
There are many ways through which one can send money online. From banks to mobile wallets and even money transfer service providers, each option has its pros, cons and utilities. Before choosing the option for the money transfer, it is recommended to take some time and do some research.
While keeping the purpose of the money transfer in mind, determine which characteristics are essential for you and then select the option that is the most suitable one to choose to send money globally.
Can You Verify The Source of Money Transfer?
Once you have chosen the medium, now it is time to verify them. Banks are the most accessible mediums to confirm because their information is readily available. One needs to be more cautious when opting for a money transfer service provider. It is better to ask the service provider to show their authorization and permit. Some service providers are often also willing to display the transfers of their prior customers. These signs are an indication of the fact that the service provider is reliable and can be trusted with the responsibility of the money transfer.
Do You Check Check Customer Testimonials Before Sending Money?
Customer testimonials are also a great way of getting insights about the reliability and service standards of the money transfer service providers. If the service provider has received overall positive ratings and comments from the customers, then this adds to their legitimacy.
However, if the previous customers have shared an experience that is not so impressive, then it is needless to mention that one must look for some other service provider. It is essential to be a hundred percent sure about the fact that the service provider chosen is genuinely reliable and responsible.
Is Money Exchange Rates Matter?
Exchange rates fluctuate regularly and is a factor that heavily impacts the expense involved in international money transfer. Therefore, it is vital to keep a close eye on the exchange rates. This way, you will not only be able to reduce the expense involved in money transfer to Nigeria but will also be able to get the maximum return for the money that is being transferred.
If you are living away from your family living in Nigeria and want to send money back for financial support, then you can take help from this article. Here are some steps you can follow if you’re going to send money to Nigeria online:
Step 1: What Is NGN Mid-Market Exchange Rate Against Your Sending Currency?
It is a fact that the currency market is unforeseeable. It would be better to keep an eye on fluctuations in exchange rates so that that you can maximize the Naira your beneficiary receives after transfer. Have a check on the mid-market exchange rate and then decide what good time to validate the transfer is.
Step 2: Compare All Options Available
A lot of money transfer services providing companies work in Nigeria. Select those that work on both in Nigeria and your country. Compare them and choose that best company for you that offer a reasonable exchange rate and charge low transfer fees.
Step 3: What Are Your Personal Needs?
In addition to transferring fees and exchange rate, there all also some other factors that affect your transfer. You should be clear when you want to transfer the money. You need to know if a quick money transfer is necessary or it would be fine if money reaches in two or three days at the destination.
Step 4: Should You Get Started With Your Transfer To Nigeria?
Visit the service provider website and sign up over there. Here they will ask for your ID or address proof. Then you can enter the details about the amount you want to send, and you can initiate the transfer.
Which Money Transfer Service Provider Is Best For You?
There are so many options for you if you want to send money to Nigeria. If you’re going to choose the best provider for you, first of all, you need to decide what your priorities are and need. Do you want to send it immediately or if it is okay if the beneficiary receives it after three or four days. Some money transfer service providers cost a little high if you want to make an instant money transfer. And in which form do you have money, do you have it in your account or in the form of cash. After considering needs compare transfer fee and exchange rates offered by different providers, doing this, you will be able to know what is best for you. Banks are often not a good option as they charge a hidden fee and offer high exchange rates.
Money transfer service has become a need for most of the people. So if you want to transfer money to Nigeria online, it would be better to consider online money transfer services. It is suggested to prefer ACE Money Transfer. They have a convenient website and mobile application. By having their services, you can quickly transfer your money to your family friends and loved ones. You can also make business investments. Give them a try, and you would not regret it.