Why Nigeria is Highly Dependent on International Remittance?

Nigeria, an oil-driven economy is highly dependent on the international remittances, received by its migrants who are working in abroad countries to earn for their families and loved ones. When people living abroad send money to Nigeria, they often try to choose a reputed service provider.

In 2018, almost 25.08$ billion were sent to Nigeria which formed 83% of its federal government policies. In the household economy, these remittances have played an even more important role. All these facts throw light on the importance of money transfer services in Nigeria.

What is the Process of Online Money Transfer?

To send money globally, people are allowed to choose between a multitude of options, whatever is the most feasible for them. You can send money online, send money through the wire, do an ACH Transfer or physically deposit the cash. For business purposes, the transfer of large payments is done through wire usually, because of its increased reliability and quick services.

What is the Process of Money Transfer to Nigeria Through Wire?

Contradicting to an online money transfer, wire transfers require the person to physically visit the commercial bank or IMTO branch. The process of money transfer to Nigeria through the wire is explained below.

  • Visit the commercial bank or your IMTO’s branch.
  • Submit the request for making a wire transfer.
  • Hand-over your cash and fill the form of wire transfer.
  • Give the details of the recipient.
  • Your money will be sent within the same day.

This service is not like online transfers. They usually cost 25–30$ per wire transfer, thereby this channel is recommended to be used only while making huge transactions. Some companies can even charge 8–10% of the total payment, as a processing fee. That’s why it’s important to choose a provider smartly prior to transfer money to Nigeria.

How Much Time is Required in Money Transfer?

Wire Transfers work on SWIFT systems, but unfortunately, it is still not very efficient in many states. It can take up to 4–5 business days for transferring your payment through a bank. In case of a weekend or social holidays, the transfer can be delayed further. If you want to send money to Nigeria online, many money transfer companies have reduced this time to 2–3 business days.

Sometimes, the payment can be sent within the same day but it can take additional time to show up in the recipient’s account. Efficient providers such as ACE Money Transfer have deployed the latest systems to make your transactions proceed abruptly. They can assure you to wire the money within the same day in all over Nigeria.

Other than this, keep in mind that you can only make a wire transfer during the business hours. As you have to go to a bank or IMTO physically, you cannot avail a 24/7 service in this case. Cutting the long story short, we can say that scheduling is the key. If you have to make a wire transfer to Nigeria, then schedule it beforehand to avoid any payment delays or extra problems.

What Money Exchange Rate Actually Is?

The exchange rate is the rate at which two banks swap currencies. When we consider banks, they have to do a lot of things. So they get their profit by offering you high exchange rates. People won’t even know how much they are paying for making money transfer. Several companies are providing money transfer services. These services are provided at a reasonable exchange rate, and as a result, you don’t need to pay a heavy amount for making your money transfer.

Why Transaction Timing Plays a Vital Role?

Transaction timing is crucial based on the amount of money you are sending. It is essential to minimize the risk of the exchange rate getting worst and maximize the time of the transaction when you transfer a large amount of money. So that your money does not become worthless.

It shows that the exchange rate has a strong impact on the money you are going to transfer. It is in your hands to pay more for the transfer or less. Through the bank you are going to pay more and preferring other companies other than banks is a smart choice. It would be best to send money online to your loved ones living away from you. You can support your business and family in emergency.

You need to understand what is the total cost, including exchange rates and fees, if any, during money transfer. For estimating how much you pay and receive, you can use foreign exchange comparison tools by trusted companies and websites. It is good to take help from an expert in this regard. So that you may not end up having any trouble. Doing this, you can easily send money to Nigeria online at reasonable exchange rates.

When you are making money transfer, you want to send as much money as possible to the destination. But you have to pay for transferring money, and it can be high if you prefer banks because banks offer high exchange rates than traded in the market. It would be better to choose a reliable money transfer company for money transfer to Nigeria or other countries securely. They provide services at best exchange rates and also charge less transfer fees. You can use mobile application for transferring money while sitting at your home. Give them a try and you will love their services.

Millions of Nigerians are living away from their families and have jobs or businesses in other countries. When they want to send money to Nigeria online or other countries, they require money transfer services. Money transfer is all about high transfer fees and hidden charges. Most people think that currency fluctuations are a problem only for foreign exchange traders. But today, the fluctuating value of the pound against the naira has become an issue for everyone. So many Nigerians prefer moving abroad for a better lifestyle.