Over 25 Billion US dollars are sent back to Nigeria Annually by Nigerians working and studying abroad, this is just but a small amount as compared to the amount sent back to the country through business transactions.
Sending cash to Nigeria has not been a walk in the park as many people have been victims of a scam, delayed payments and the high cost of transactions.
There are many payment platforms offering services to transfer money to Nigeria and many more are being launched on daily basis, therefore choosing the right platform to send money might be a big challenge. Here are some tips to help you in choosing the right platform to send money to Nigeria.
How to choose the right platform to send money to Nigeria
With an increased number of fraud cases reported in Nigeria, you need to be sure that the platform you are choosing is secure and reliable to deliver cash to your loved ones or business partner. Not all platforms are secure that is why you need to check on how long the business has been operating, reviews from other clients, and do they have a two-way authentication to ensure that no third party can access your account without your knowledge.
- Transaction fees.
Different companies have different transaction fees and therefore you should choose the company that has the most favourable rates in the market. Some of these companies have high exchange rates which blind the clients while their transaction cost is too high. Low transaction cost does not guarantee that that the best payment platform to send money as some of these platforms have hidden charges which make deduct the amount sent.
- Ease and convenience
How quick can one sign up and transact on the platform? Nobody wants a complex platform, we all want a platform where we can sign up easily and transact without the need for assistance from customer care or friend. Same cases to the person receiving the cash since most of the people receiving cash in Nigeria are business partners or parents. Therefore the platform should be easy to use and transact on both ends.
- Physical address.
With the increased number of fraud cases and briefcase companies in the world today, you need to know if the financial company you are choosing have any official address in case of any challenges. If they have a local address then the better as in case of any challenge you can visit them and launch your complaint and you will be helped.
- Customer services
How quick the company responds to your queries can make or break a company and this is no different when it comes to foreign exchange. When choosing a platform to transfer money to Nigeria, you should ensure that they offer 24/7 customer service. Customer reviews ratings and comments can help you to know the quality of services they offer.
- Is your local currency available?
Not all companies offer services all over the world, some are only limited to a certain region and currencies. So when choosing the right payment platform you should ensure that it offers the services in Nigeria and accepts Nigeria naira as a mode of currency.
- Transaction tracking.
Many companies have included tracking of transactions with emails and SMS to help the sender and the receiver to know when the cash is expected and the amount one is to receive. This is to avoid fraud and also to help those in the business track their payment.
- Exchange rates.
Foreign exchange rates are always fluctuating depending on a number of factors affecting the economy. Most people rarely check on the exchange rates and because these foreign exchange companies keep the rates so high to ensure that they make the maximum profits out of the client and reduce the amount to be received by the family or business partner. So before choosing the right platform to send money to Nigeria you should ensure that they have the best exchange rates.
So if you are one of the 17 million Nigerians living overseas and you want to send money back home, these tips can really help you in choosing the right platform to use. You should ensure that the financial platform you have chosen is credible and well known in the market to transfer money to Nigeria, some experienced companies such as rewire have been offering money transfer services to families and business partners in Nigeria for a long time with very affordable rates.