What Are the Total Charges (Including Hidden Fee) Have to Pay for International Money Transfer?

How we send money to Nigeria and other countries worldwide have changed dramatically over the last decade. It is now possible to submit cash at a lower cost thanks to technological advancements. You can send money to Africa from the European countries in a variety of ways. You may be a citizen of the United Kingdom sending money to friends or relatives in Africa. Non-governmental or religious organizations might benefit from remittances. Over 30 million Africans are known to live and work in countries other than their home countries.

Unless you’re submitting a payment to a money transfer service provider, you’ll almost certainly have to pay some fees to send your money, such as:

  • Fees for transfers. These are usually a percentage of the overall amount being submitted, but they may be a flat fee for smaller sums.
  • Markups on exchange rates. This is another form of charges you have, and particular providers produce revenue. It is determined by the specific currencies used and their exchange rate. Some companies can charge a markup on this number, just as it sounds, and the rate will vary greatly.

Excluding the charges mentioned above, banks charge an extra hidden fee because banks take additional headaches to transfer money to Nigeria and other countries.

Why People send money despite the low exchange rate?

One explanation for why currency transactions are remittance. It typically flows from developed to developing countries. Migrant workers leave their home countries (usually developed economies) in search of a better life. These workers save their salaries for money transfer to Nigeria and other parts of the world to loved one’s back home. But sending money is not a hassle due to the internet, whether you are in any part of the world.

However, this is not always the case.

It’s worth noting that money often flows from less developed to more developed countries. Because of trade flows, this happens a lot more. Money transfers to developing nations could take tuition payments for international students, business practices, property purchases, or other lifestyle requirements.

What Is the Best Application for Online Money Transfer to Home Country?

If you really must make an online money transfer to Nigeria, ACE Money Transfer is your best option for currency exchange to send money home. Ace money transfer offers a no-fee service with the best exchange rates available.