Nigeria, an under-developed state of Africa, is notably involved in international remittances. Due to a high poverty rate and low employment opportunities, a huge population of Nigeria has moved temporarily or permanently to other states with stronger currencies such as the UK. The major reason is that they want to send money to Nigeria for the betterment of their relatives.
Money Transfer Platforms play a great role in every physical or online money transfer. The Nigeria Government has stayed quite involved with the state’s international remittance industry and the most concerning aspect is the fee of transfers. There is no need to pay any hefty-fee when you send money to Nigeria online.
What Should Be Kept in Mind While Transferring Money?
Most of the people get quotes from their providers and don’t really cross-check the provided rates with the independent rates, that are implemented at that moment. Before you send money to Nigeria online, it is always suggested to calculate the hidden fee of every transfer.
There can be several methods to do so. First is to calculate the hidden fee. Second is to get quotes from multiple companies, and then choose the one which seems most feasible.
How to Choose from The Cheapest and Reliable Money Transfer Providers?
Banks usually charge higher exchange rates and service charges. However, Money transfer companies can help you in avoiding extra costs when you need physical or online money transfer to Nigeria.
It is recommended to always choose a company from the top-10 graph because all top companies have optimized exchange rates and great offers for transferring money between different states.
Some Reputed Money Transfer Companies
Three efficient companies for money transfer in Nigeria are enlisted below.
ACE Money Transfer
This is an efficient and credible company for money transfer to Nigeria and other countries. With more than 275,000 payout locations, it has made it very easy for the customers to send or receive any payment online.
They have zero-markups on exchange rates and the currency exchange rates are totally optimized. You can send money on an immediate basis within seconds and the whole process is very user-friendly.
Azimo is an IMT provider which is providing free money transfer at your first transaction. They have implied the zero markup policy on currency exchange rates and is an excellent choice for all the people who have to send money only once.
They have a mobile app too and you can have a free transfer is you make a transaction for the first time through Azimo app.
XE Money Transfers
This company claims to have 0$ transfer fee. It means you will not have to pay for any service charges if you are using their platform. It is a very good choice for people who have to send money regularly to their origin countries. Money can be transferred online or by phone too.
Beware Of Hidden Fees Involved In Money Transfer
Every International Transfer Provider has some hidden fee in every transfer, that is not exposed to the users. This is taken as markup in the exchange rate, and the customers who don’t pay adequate attention may never find that how much fee is a certain providing nudging from him.