Top 5 Fastest Ways To Send Money To Nigeria From Abroad
Top 5 Fastest Ways To Send Money To Nigeria From Abroad. There Are So many Ways To Send Money To Nigeria From USA, Canada, UK, China, Etc, In This Article, We have Compiled Top 5 Best Fastest Ways To Send Money To Nigeria From Abroad
According to the World Bank’s Migration and Development Brief, in 2016 Nigerians in the diaspora sent $19 billion to their families and friends in Nigeria making it one of the most active remittance corridors in the world.
Every day, Nigeria leaving abroad are on the look for cheap and secure ways of sending money home to their loved ones, friends and families. In this post, we reviewed some of the popular ways of sending money to Nigeria based on criteria such as exchange rate, transaction fees, remittance speed, accessibility and reliability.
Top 5 Fastest Ways To Send Money To Nigeria From Abroad
1.Western Union.
Western Union is a money transfer and communications company. Founded in 1851, Western Union originally rose to power as a widely used telegraph service before adding its money transfer feature in 1871. In the late 1980s, Western Union shifted its primary focus from communications to financial services, eventually doing away with telegram delivery entirely.
Western Union has close to 3,000 service point or agents in Nigeria alone. Nigerians can enjoy money transfer services offered by Western Union in any of its many locations.
PROS:
1. Western Union is a highly reliable and trustworthy money transfer service provider all over the world.
2. Western Union has over 400,000 global locations.
3. There are no limits to the amount of money you can send at any one time.
4. You can send money via Western Union instantly online, there is no need to visit a location. This service is available 24 hours a day, 7 days a week.
CONS:
1. Western Union reliability comes with very high fees and poor exchange rates.
2. Western Union does not offer direct bank deposit, all transfers must be picked up in person.
2. MoneyGram.
MoneyGram is among the premier overseas money payment services in the world. Not only is it one of the oldest, but it is also one of the trusted payment systems. It has gathered so much experience from its rich history.
Over the past decades, MoneyGram payment systems have grown to become a household name in Nigeria becoming the second most popular means of sending money to Nigeria. MoneyGram has thousands of agents in Nigeria including banks such as Diamond Bank, Ecobank, Access Bank, FCMB, Fidelity Bank and First Bank.
PROS:
1. MoneyGram has approximately 350,000 agent locations spread throughout the world, operating in over 200 countries.
2. You can fund a transfer online using a credit card or a bank account or you can fund a transfer in person using cash.
3.MoneyGram transfers are processed quickly.
4. MoneyGram offers additional financial services including money orders and bill pay.
CONS:
1. Domestic transfers can’t be funded using a bank account.
2. MoneyGram rates can run high compared to some competitors.
3. MoneyGram limits how much a sender can send at any one time.
3. WorldRemmit.
WorldRemmit is an online money transfer service that provides international remittance services to expatriates and migrant workers. WorldRemit is addressing for a huge number of Nigerians who live abroad or immigrate to make more money, with the intention of sending some of those earnings back home.
WorldRemmit has partnered with Popular Nigerian banks such as UBA, Zenith, FirstBank, and AccessBank to make sure money can easily be transferred to any Nigeria bank and the recipients can claim and receive the money in a matter of minutes or hours.
PROS:
1. Low transaction fees and bank charges.
2. Fast and secured money transfer services.
3. Mobile airtime top-up for keeping in touch with friends and family in Nigeria.
4. Supports major conversion of major currencies such as US dollars (USD), Euro (EUR) and Pounds (GBP) to Nigerian Naira (NGN).
CONS:
1. There aren’t physical locations from which to send a money transfer.
2. You can’t fund a transfer with cash.
3. Not suited and cheaper for transfers of large amounts or to bank accounts.
4. TransferWise.
TransferWise is an innovative international money transfer provider that is often dubbed the “Robin Hood” of the money transfer industry. They focus on making bank transfers more affordable than traditional banks by charging low and transparent transfer fees and converting money at the true mid-market exchange rate.
Simply put, TransferWise is an online service for sending money across borders. TransferWise is known for their no-nonsense approach to these international money transfers, which is a big reason why TransferWise customers send well over $1 billion each month using the service.
PROS
1. You get the true mid-market rate.
2. Low and transparent transfer fees.
3. Fantastic user experience.
CONS:
1. You can only send to a bank account.
2. Delivery speed isn’t one of TransferWise’s strengths.
5. Ria Money.
Ria Money is the third-largest money transfer service in the world, after Western Union and Moneygram. They provide comprehensive money transfer services through a large network of dedicated shops and affiliate agents around the globe.
Ria has a local presence in over 140 countries throughout Europe, Asia, North America, Latin America, and Africa. In addition to providing local money transfer and currency exchange services they also have a dedicated online platform where users can send money overseas from the U.S.
PROS:
1. A local presence in more than 140 countries and over 300,000 locations.
2. Easy to send and receive money via local agents.
3. Fast, simple, and easy to use.
4. Fund transfers via bank account, credit card, debit card, or cash.
CONS:
1. You can only send a maximum of $2,999 in one transaction, or $7,999 over thirty days.
2. Exchange rates are not as good as through other providers and are typically 1.5% to 2.5% below mid-market rates.
3. Fees for paying for a transfer via credit card can be expensive.
4. You can receive funds in over 140 countries, but sending funds is more limited.
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