Sending money from one part of the world to another part is becoming more and more popular, and as it gets more popular, more options appear on the market. If you are looking for a quick, cheap, and convenient way to do a money transfer to Nigeria from USA, it may be time to consider Ping Express.
Cheaper Money Transfers
According to information collected by the World Bank, money transfers are getting cheaper. In 2009, the average cost of sending money to another country was 10%. That means people spent 10% of their total transfer on fees. For instance, if you were doing a money transfer to Nigeria from USA, the fee would be $10.
Currently, the average cost is 7.4%. The majority of that downward shift is due to fintech companies such as Ping Express. Banks still charge significantly more than that amount. In fact, the average international bank transfer costs 11%. Money transfer services charge an average of 6.26%. That refers to companies such as MoneyGram or WesternUnion.
Companies such as Ping Express that focus on electronic transfers tend to charge just a few percentage points. Some of these companies charge only 2 to 3%. That’s close to the range that the World Bank says is necessary to make money transfers a sustainable economic support for some counties, especially countries in sub saharan Africa.
Faster Money Transfers
Ping Express doesn’t just make money transfers cheaper. This company also makes them faster. According to the World Bank, the average speed for a wire transfer from the United States to Kenya is five days.
It can take even longer in some cases. If you attempt to mail funds to Nigeria or other parts of subsaharan Africa, the process can take weeks, and there’s no guarantee that the funds will get there. In contrast, when you use a money transfer service, the funds go automatically. For example, if you do a money transfer to Nigeria from USA using Ping Express, the whole process often takes less than an hour from sending to receiving.
More Convenient Money Transfers
Finally, money transfers using online companies are also more convenient. If you are sending the money, you don’t have to go to the bank or a money transfer office. You just need to pull up a website on your computer or laptop to start the process. If you don’t have internet access, you can download the Ping Express app and do the transfer using your phone’s data.
It’s also easier for people to receive the funds. Your loved ones don’t have to go to a special office to pick up the funds. If they have a bank account, the funds can appear directly in their account, and if they don’t have a bank account, they can receive the funds in a digital wallet. You can even send minutes to someone’s phone instead of doing a money transfer to Nigeria to USA.
If you’re ready to start a transfer, check out the Ping Express website today. There, you will find a fast, easy, and convenient process with no hidden fees.