Remittances from Migrants and Development: What are the Myths, Rhetoric, and Facts?

What is your thought about digital ways to send money to Nigeria? From the earliest days of bartering and coins through today’s card purchases and online payment infrastructures, finance has always been a forward-thinking sector. This period of rapid growth and constant integration of ever-evolving Fintech has resulted in some common misunderstandings about the state of modern payments, prompting business leaders to follow in the footsteps of their predecessors.

You never did a money transfer to Nigeria or elsewhere from your mobile! Strange. Through the mobile application, you input your details from your house, on your computer, or your phone, and your money magically appear in your friend’s bank account on the other side of the planet. We’ll dispel several of the most popular assumptions about online financial transactions and explain how they work.

How Is Online Money Transfer More Secure Than Bank Transaction?

We understand. Since you trust the bank with your money, you’ll naturally turn to your local bank, believing they’re the most trustworthy organization to handle your money transfer. Banks are reliable, but they aren’t always the best choice for money transfers.

In addition to the unfair exchange rates already mentioned, service fees and lower operational hours can result in you paying higher prices for a delayed money transfer. Furthermore, online money transfer services are just as secure as banks for online money transfer to Nigeria or any corner of the planet. ACE Money Transfer, one of the best online money transfer services, has enterprise-grade protection measures and follows regulatory requirements in every country where we facilitate transfers.

Banks VS Online Remittance Service: Which Service Takes Linger Time For Transaction To Complete?

The receiver of the sent money to Nigeria online must receive it within two days, according to popular belief. This statement may be partially correct. It is valid, however, only if you want to use conventional money transfer systems. It takes 3 to 7 working days for such systems to complete such transfers.

However, not all money transfer companies take that long. FinTech companies that have adopted cryptocurrencies, such as Ripple, have made it possible to send money across borders in seconds. As a result, the time it takes for the cash to meet its intended recipient would be determined by the service provider’s preference. The bottom line is that receiving money from abroad can now be done almost instantly.