What Kind of Safety Protocols To Keep in Mind When You Send Money To Nigeria?

International money transfers have an 83% share in the federal budget of Nigeria, per capita. Like other countries of Africa, Nigeria is also considered as a poor country with more than half of its people living under the poverty line. Due to the weak economy, under marked education status and poor lifestyle, a huge population of ex-pats have to send money to Nigeria on a monthly basis.

How To Get Premium Cross-Border Payment Transfer Services

Remittances made from American accounts reached 7.2$ billion in 2018, and this figure is estimated to rise in the upcoming years. Many Banks and IMTOs are providing premium services for cross-border payment transfer, along with minimum fares and quickest services. Latest systems are deployed for security of cash and the privacy of confidential details. We can say that privacy is an utmost responsibility for every International Money Transfer Platform.

Still, most of the online frauds and scams are done in disguise of payment transfers. Other then that, as the online system to send money globally is totally digitalized thereby, it is the main focus for hackers to break into this system. There are few safety protocols that can help you in maintaining the security of cash when you send money online.

How to Check the Corridors Before Sending Money to Nigeria?

Banks are safe and convenient for money transfer to Nigeria. They are the most trusted institutions for sending payment cross-borders. But as time passed by people started to avoid using banks as they charged higher exchange rates and service charges. Other than that, banks also offer transfers with a delay of 2–3 days. All these reasons have contributed to making people switch from banks to IMTOs.

Does Money Transfer Fee Vary from Country to Country?

Some IMT providers, on the other hand, charge relatively lower exchange rates and their hidden fee, is kept a minimum. They also offer quick transfers but to do a wire transfer you have to physically go to a payout location. It has a high fee of 20–25$ per transaction, varies from company to company. After that, the receiver also has to be physically present at the respective bank or company’s payout location for cash withdrawal. Hence, there are many roadblocks in every wire transfer when it comes to send money to Nigeria online.

Are Reliability and Trust A Major Factor in Online Money Transfer?

But, there is also one main benefit that is “Reliability”. In business transfers, people have to send large amounts of cash, that have a high chance of getting theft or stolen. Wire Transfers make sure that the money is received by the right person at the right time. No unauthorized person is given access to withdraw the payment.

Therefore, it’s necessary for a person to check all requirements in a wire transfer. They also ask the customers to give in additional information. Some modern companies such as ACE Money Transfers allow their customers to make online wire transfers within a few seconds to Nigeria. For online money transfer to Nigeria, they have compatible rates, and services are extremely credible. If you are looking for an online platform to safely transfer your payments, then Ace Money Transfers is here for you!