Things to consider about sending money to Nigeria
The idea to transfer money to Nigeria sounds great and it’s actually one of the best way to support friends or family there. Plus, it can also help you bring in the assistance and help that locals need to thrive in the long run. However, if you want to transfer money to Nigeria, there are a few things that you may want to keep in mind.
Transaction fees/charges
Generally, any financial transaction comes with fees, that’s to be expected. However, you do want to check the company you are sending money with and see if there are any transaction fees. On top of that, some companies also have hidden fees, so you need to be very careful when you transfer money to Nigeria.
Exchange Rates
Exchange rates are the current price at which you can exchange a foreign currency. These fluctuate almost on a day to day basis. That’s why you have to check exchange rates before you send any money. You can end up sending the recipient less money due to a bad exchange rate.
Data & Money Security
Sending money with any company is not going to help that much. Ideally, you want to be certain that you always work with a company that you can trust. They will handle your data and your money, so that’s the last thing that you want to take into account here.
Transaction completion time period
Nowadays you can find companies that complete transactions fast, others less so. At the end of the day, you always want to be 100% sure that you have a quick transaction completion period. After all, no one wants to wait until they receive their money so that’s a crucial aspect to consider here.
Availability
Availability is crucial mainly because you want to be certain you can rely on the company to send your money fast. You never know how to tackle the process and how to address any of the challenges that can arise. Thankfully, money transfer services have started doing a 24/7 service, so you can rely on them to work when needed.
App Transfer
If you transfer money to Nigeria, maybe the best idea is to do an app transfer. These app transfers are great, convenient and the benefit is you don’t have to deal with a long wait time. That’s why we think a good money transfer can be done even via an app these days, and that means a lot.
Online Transfer
An online transfer is very efficient and you can do it from anywhere. You are not dealing with a local office, you just transfer online at any given time, and that alone can help more than you might expect.
Status tracking
The last thing you want is for your financial transfer to take a lot of time. Status tracking matters because you want to know the current status of your money and if they reached the destination or not. Understanding that is always going to matter, and it will make the process simpler and more convenient.
Money transfer businesses adhering to applicable laws and regulations
It’s something that many of us tend to ignore, but it’s a crucial piece of information. Does the company that you are using to send money adhere to the local regulations and laws? You always want to check the legality of those companies you are working with before sending any money.
Conclusion
We are firm believers that sending money to Nigeria is a great idea and it’s one of those things that can help more than you might expect. It’s never easy to find a company that you can trust, and that’s why you need to check every piece of information beforehand. Once you do that, you can avoid scams or untrustworthy companies, and the results can be excellent!
KMoney is the best way to send money to Nigeria.
Send money to Nigeria with Credit and Debit Cards. Transfer via the app, in-store or online. Remittance is by cash or bank transfer.
Choose KMoney to send money to Nigeria and enjoy the benefits:
- Competitive rates
- Minimal transfer fees
- App Transfer (24x7 money transfer)
- Track you transfer
- Data encryption
- Get notifications when transfer is initiated, processed or deposited