Several people often send money to Nigeria to fulfill the needs of their loved ones. It is because of the development of online apps and digital banking for online money transfer. You can easily make international money transfers and currency exchanging while sitting at your home. Here are some things you need to consider before you make an international money transfer:
Should You Beware of Hidden Money Transfer Charges?
The fluctuating value of the pound against the euro, dollar, and other currencies has become an issue for everyone. Well, you can send money to Nigeria online to a bank account, but that doesn’t mean you have to choose a bank. Through a money transfer company, you can send money to a Nigerian bank account. Make sure the service provider you choose for your Nigerian receiver is reliable.
Can You Take Services from A Currency Specialist to Send Money Online?
It is a faster way to send money online. You can make free transfers within a day or two depending upon where you want to send money. Here is how you can choose currency specialist:
- Are they authorized?
- Are they holding your money in segregated trust accounts?
- Do they have a strong balance sheet?
- How many staff do they have?
- Do they have access to the world’s largest payments and settlements network for international and domestic trades called SWIFT?
Why Time Is Crucial Is Money Transfer?
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. This way, your money does not become worthless.
What is the Best Way to Send Money Globally?
Traditional approaches to send money abroad are via banks and wire transfers. On the other hand, the modern way to money transfer is through specialized foreign exchange companies that let you send money through the internet.
The best way to transfer money abroad is by using online money transfer providers. They give you some extra advantages. During to the efficient and friendly approach, this method is liked by many.
Moreover, International money transfer is not difficult due to many methods available online. But if you choose the right method to transfer the money, you can save yourself from the trouble of paying extra charges. ACE Money Transfer is suitable for transferring money internationally. They provide you with easy to use web and application using which you can move money from any place at any time. Money transfer to Nigeria, is not a big thing if you are with a reputed company. For Nigeria, the ideal method is bank transfer, because it considered secure and efficient. It is a very convenient and quick way to send money abroad. You won’t regret using this method, because in this way a receiver can collect the amount at any time of the day or night easily.
Why Must You Understand the Cost of Using Online Money Transfer Services?
The concept of sending money overseas has gained massive popularity in recent decades. Almost 689$ billion is sent internationally, in 2018, that is three times greater than the international fundings. This fact can ascertain the importance of online money transfer. Although money transfer companies and agents have made it cheaper and more accessible for the people to transfer payments, still there are three basic costs that a person has to bear to send his/her money safely. Even in other African countries other than Nigeria, you can send money online easily.
What Factors to Check for Sending Money to Nigeria Easily?
1. Currency Exchange Rates:
As every country around the globe has a different value for its currency, the exchange rates of every state are different. These rates keep changing in the world stock market, and they cast a direct effect on all your transactions. If you are sending money from a stronger currency, then higher exchange rates can be beneficial. On the other hand, if you are sending money from a country with weaker currency, then the recipient’s, then lower exchange rates will be helpful.
For Instance, if you have to transfer money to Nigeria, then the local currency will be converted into Nairas firstly. The rates may fluctuate time to time, thereby, always check the international exchange rate before making any money transfer, because many banks and companies may fool their customers, by charging extra money in the name of exchange rates.
2. Sending Fees:
Different banks and international money transfer companies have set some service charges for sending your money. Banks usually charge more than companies and agents. To pay smartly, always analyze service charges offered by different available options. Some companies may even offer you free services if you send a specific amount and some may offer special discounts to their frequent customers.
3. Withdrawal Fees:
Individuals are also required to pay a fixed amount when they are withdrawing the transacted amount. While there are many companies which can provide free payout services, you must check the company or a bank’s fee policies before making any money transfer.
Some Important Tips in the Remittance Industry
If you are sending or withdrawing money on an immediate basis, then it may cost a little bit more. Each company has different charges for urgent transactions, and you must check them before using the services. In some states or regions, there may be higher service charges due to unavailability of proper services and facilities. Delivering money in such areas is also a challenge for the providers. Especially if you want online money transfer to Nigeria, this is not an issue.
Priorly, only banks were used for transferring money internationally, but in this era, people have started using different IMT providers. Efficient transfer companies such as ACE Money Transfer can help you in getting optimized exchange rates and cheapest service charges. Hence, if you are planning to make any international transfer, then always remember to check all the charges. You do not have to worry about anything after you have made the transaction.