Sending money to Nigeria is a common practice for a large number of Nigerian people. This is because a large percentage of the Nigerian population moves abroad for education or jobs.
But they do leave families back home and thus need international remittance to help them. There are a number of platforms that can be used for this purpose, but which one of those is the best?
This is a question we are about to answer. Before determining which medium is the absolute best in terms of the process to send money globally, it is of special importance to state that this is a question that has a subjective answer.
Each of the ways through which one can send money has its own pros and cons.
Therefore, which one is the best option for you, depends on your circumstances and requirements. With this being said, lets have a look at the features, pros and cons of the different ways in which one can carry out money transfer abroad.
Banks are the most secure way through which one can send money to Nigeria. Every country has banks and they play a vital role in every country’s economy.
There are two different options through which you can send money to any part of the world via banks. Either you can send the money directly from your bank account to the bank account of the receiver.
The other method is to deposit the money in the bank account of the person you wish to send the money to. The pros of this method include security whereas the cons include the fact that this method takes a longer period of time and the transfer fee is high.
Through Service Providers
There are a lot of service providers that can help you with online money transfer. For money transfer to Nigeria, ACE Money Transfer is one of them.
The pros of using their services is the fact that the money is sent very quickly, the transfer fee is lower and the exchange rate is higher.
Security is somewhat of an issue with these medium of sending money but if you choose a reliable and trustworthy service provider like ACE Money Transfer, you do not have to worry about this aspect.
Using Mobile Apps
There are a number of mobile applications that can be used to send money online. All you have to do to use these apps is to download and install them in your smartphone, register for an account by adding your information and connect your bank account with the app so that the money can be transferred.
The biggest pro of this method is the fact that it is the most convenient. The entire service is present in the form of a few simple clicks. You can send money anytime and anywhere as per your desire. But the cons are security risks and threats about getting scammed.