Online money transfer refers to money transfer services where depositors can manage more aspects of their accounts over the Internet, rather than visiting a branch or using the telephone. Online money transfer typically is comprised of a secure connection to money transfer information through the depositor’s home computer or another device. Money sent to relatives abroad is often to represent a significant portion of foreign exchange. In other words, remittances (sending money in payment or as a gift card) are highly needs for a country that exports human resources to another country. Most of the African countries are dependent upon it as it is a big part of the GDP (gross domestic products) of African Saharan Countries. If you want to send money to Nigeria or anywhere in Africa, you can always go for online money transactions.
Online money transfer offers several primary benefits to depositors. It provides a real-time view of finances and eliminates the need for numerous visits to a bank teller.
What are the Requirements for Sending Money to Nigeria?
Now let’s get back to the money transfer services:
Money transfer to Nigeria is made easy as there are many new transfer services. It just not allows you to send money to Nigeria but many other countries as well. The fees depend upon various points, for example; where you are sending from/to, how you send, how the recipients receive cash. It might be a bit expensive to send money directly from a bank, so online money transfer is a better and inexpensive way. Unexpectedly there are no limitations to be sent to the receiver. In case of a high sending amount, you may need to provide documents of proof.
The process of transferring funds requires only a few steps as below;
- Contact your agent. Automated Clearing House payments fall into one of two categories: debit and credit payments. Transferring money between bank accounts is considered a debit and can be completed relatively quickly or choose a service of your own choice. You will need, at minimum, the bank account and routing.
- Ensure you have sufficient funds in your account. An online transfer can overdraw your account if the funds are not available, which may incur overdraft fees from your company. Before executing an online transfer, be sure to verify that you have the money in your account.
- Fill out the transfer online, at the company, or over the phone. Many companies allow money transfer services to complete online transfers by merely filling out an online form, but you may prefer speaking to someone over the phone or in-person umber of the account you wish to transfer money to
- Wait for the transfer to post. Online transfers are often rapid and can post to the new account within just a few hours.
If someone wants to send money globally, it can be difficult for both the dispatcher and receiver due to high taxes and the transaction fee if sending money through a traditional bank. But online transfers through various service providers are more hassle-free and stress-free for this process.
Do You Know Some Stats Regarding Nigerian Remittance?
Remittances to sub-Saharan Africa grew almost 10% in 2019. If you look at it as the share of GDP, Nigeria is one of the top recipients who has more GDP. Also, personal remittances received in the current EU is 24.311 billion (24,311,022.42) by Nigeria. Form the past 14 decades; it has a significant rise in receiving payments. Also, a considerable number of migrants are moving abroad to earn and stable their lifestyle for better livelihood.
Many ways are using by the Nigerian migrants, but the significant and common problem they face is a high fee. So, they have made their heart stronger enough to pay a high price, and that may get a lower exchange rate that causes you currency lower rate of exchanging your money into your recipient currency.
Why is Online Transactions Better with ACE Money Transfer?
What about having a professional way that helps you send money to Nigeria online promptly? ACE Money Transfer allows you to send money in the lowest fee and the highest exchange rate. It facilitates you to send money anytime any day in a short time. Let’s move to other features:
ACE Money Transfer allows you to send money online in different ways. It can be cash pick up or bank transfer. Two of these methods are quick to do and easy.
- Cash Pickup
Cash pick up enables you to send money to the recipient’s country in an instant to a specific location. The recipient can quickly go and pick the cash to a bank. You can do it in very few taps by sitting at home paying for you transfer through online money transfer, credit card and debit card.
- Bank Transfer
Bank transfer allows you to money transfer to Nigeria to another bank account. You only need some amount of information about your recipient and their bank account. You find it very cheap than other methods you avail to send money to your recipient bank account. The information you need might include bank name, branch name, account number, etc.
How can You Send Money to Nigeria?
It is quite simple to send money globally, sitting at home, relaxing on your couch and doing some finger taps and other sitting front of you might get know that you have transferred money. It is going to reach there in some instants via ACE Money Transfer. Let’s have a look:
- Create or setup your account
- Choose your recipient
- Enter amount to send
- Pay for your transaction
You are done with your online money transfer to Nigeria.
Sending money online to Nigeria or any other country is not a hassle. Due to several laws implemented online, one can quickly get the process done within minutes. All that is required is a reliable remittance company, and then it is not a big deal to transfer your promise.