Nigeria is one of the economically establishing countries. The report was given by the World Bank Nigeria Economic Update (NEU) shows the growth rate of the economy in previous years, in 2018 the growth rate observed was 1.9 per cent and 2 per cent in 2019. Finally, the outlook of growth rate is vulnerable to both domestic and external risks most importantly on the international trade market.
Per capita incomes are falling with the increase in population. That’s why Nigerians got the opportunity to advance reforms to reduce the risks of development crises. The number of unemployed people in the last year increased up to 4.9 million. That’s the major cause of migration of Nigerians to other European countries in search of better jobs. I think you also moved out in search of a better lifestyle.
Do your loved ones looking your way and need emergency cash fast? Did your family run out of money before going on a trip? Now you want to send money immediately and find no solution.
Are you looking for a platform that gives the best services to resolve your modern problem of money transfer? Living abroad, away from your family and friends is a difficult task, and sending money to your loved ones urgently is another problem. Then you should read this article till the end to find a better solution.
Ways through which you can send money to Nigeria
Choosing the right way to send money to Nigeria makes your work easier, simple, and convenient. There are some payment methods which are reasonable and faster than others. Some can be instant while others are cheaper.
Here are some ways of money transfer among which you have to choose the reliable money transfer method.
Some people think these cards are helpful for faster money transfer. You can pay through debit cards as it is easy, simple, and cheaper but they are usually more expensive to process. This card is not able to reach your destiny in Nigeria instantly. This is helpful for the spot transaction.
A credit card also offers easy and fast money transfer methods. But it is not useful for long distances to approach. It is useless if you want your money to be remitted to Nigeria.
Payment Initiation Service Provider (PISP) payments are done through bank transfer with the assistance of a bank account. This option is cheap as a manual bank transfer, but it is not supported by all banks. It is also not recommended for you as it consumes more time and energy.
It takes a long time to fund your transfer to Nigeria usually it is more expensive as bank charges fee. The money may be deducted due to the handling of correspondent banks. This method is not beneficial for immediate money transfer.
Traditional money transfer
Usually, this is expensive because it has a high transfer fee and slow transaction. It consumes plenty of time visiting the place and it also takes days for your transaction to be done. That’s why traditional methods are not reliable.
Online money transfer service
Online money transfer service is the latest and advanced method of money transfer. You can transfer money to Nigeria very easily due to its fast remittance and low transfer cost. The online money transfer service is provided by various money transfer companies that help you with their quick service.
What are the requirements of online money transfer service to transfer money to Nigeria?
- All you need is to create an account on any money transfer service company’s website.
- Share some basic information on the website to log in to your account.
- Also, provide initial details about the receiver.
- The last step is to enter the amount which you want to send.
These are some simple steps to follow while transferring money to Nigeria via an online money transfer service.
After reading this article you came to know about the pros and cons of the various money transfer methods. Now, when the world is getting advance in every field then you should look for the methods which are accessible and reliable for you.
You should analyze online money transfer service to see better results, this is the best service which reaches every nook and corner of the globe to send money instantly.