Many people leave their countries and families and move abroad to find better job opportunities and send money to Nigeria or their home country. When it comes to deciding how to transfer your money, it seems that the sky is the limit. There are so many means of transferring money, and many new ones popping up simultaneously. The exchange of goods and money is older than the civilization itself. Methods have changed, but the goal is still the same: getting a just deal and forming a trust. Around 500 BC, coins started moving around Greece, Turkey, Persia, and Macedonia. China was the first country which started using paper currency. A large proportion of money started traveling around the world at speed. In 1913, America created a central bank with the name of the Federal Reserve System. State-backed currencies remain the financial footing of the present-day economic systems, but the means of transfer have changed, becoming faster than ever.
While sending money, you cannot choose the first easy way that’s accessible to you. Detailed research is very important. There are two ways of transferring money:
Both these means of money transfer to Nigeria and other countries have their advantages and disadvantages. Between these two, choosing the one which is better for you is crucial. Both types of means look after your money, although they differ in the way they do so.
Difference between online money transfer and old ways of sending money
- Local branches
Traditional banks have branches all around the cities and countries. They are physically available to serve you. Online money transfer modes don’t have physical locations. You transfer money via web or mobile apps.
Online money transfer modes are available 24/7. You can send money anytime, anywhere; you need a device and internet. For example, you can send money to Nigeria online while being in the comfort of your bed. You don’t have to go out somewhere.
Traditional ways of transferring money are not as convenient as online modes. For the old ways, you must have to visit the branch in order to send money anywhere in the world.
If we talk time, online means of sending money have the upper hand. A lot of time can be saved if we transfer money online. You don’t have to visit any branch. Traditional ways are time-consuming as customers must have to visit the physical branches to make transactions possible. Moreover, traditional banks have fixed opening and closing times. You must have to perform all your work within that limited time period. But when it comes to online modes, there is no time restriction. You can send money, regardless of the time.
The beauty of online modes is that they cost less than the old means of transferring money. They offer low-security fees than the traditional banks. They don’t charge any costs as they are not physically available. You transfer money via apps, so there are no travel expenditures as well.
In traditional banks, they charge $10 or even $15 per month to have a checking account. In conventional banks, you have to spend money even to visit them.
- Less paperwork
Money transfer through old methods is a very long process involving a lot of paperwork. But with online modes, now paperwork is required. Everything is done using gadgets, and documents are kept in soft forms.
Online modes of transferring money attract many hackers. When people opt for online modes, their main concern is security, as it is a bewitching target for hackers. Online money transfer means can be targeted by cybercriminals.
Traditional banks have the edge here. They provide better security as compare to the online modes because they do not confront e-security threats.
The world is moving towards digitalization, and more and more people have started using online modes to transfer money. According to one report of the World Bank, the USA leads in sharing money to the world via online methods. For anyone who hates to visit physical places for sending money, online is the right option. It saves both time and money. You can access your account online with just one click. With the increasing demand, the money transfer industry is becoming increasingly competitive. Online money transfers to Nigeria and other countries are quicker, so digital payment services are more popular nowadays. But trust has always been important when we transfer money. The only thing that has changed is who or what we trust.