Many people turn to Ping Express because of the low exchange rates. When you transfer funds, your price is based on the exchange rate in Nigeria and the country you are sending the money from. These rates change frequently, and if you send money to Nigeria often, it’s important to understand how it all works.
What Is the Exchange Rate in Nigeria?
Basically, an exchange rate is the cost of buying money in another currency. To explain, imagine the exchange rate is $1 US Dollar to 300 Nigerian Naira. This simply means that you can purchase 300 Naira for a single dollar. If you spend $2, you get 600 Naira.
Keep in mind these are just sample numbers. They do not represent the actual exchange rate between the United States and Nigeria.
How Do Exchange Rates Affect the Cost of Transferring Money?
The exchange rates directly affect the cost of sending money to Nigeria. To illustrate, let’s say that you are sending money from the United Kingdom to Nigeria. If you send the funds on a day when the exchange rate is £1 to 400 Naira, you will be able to send 2,000 Naira for only £5.
However, if you do a money transfer on a day when the exchange rate is £1 to 300 Naira, you will only be able to send 1500 Naira in exchange for £5.
Again, it’s important to note that these are just sample numbers.
What About Extra Fees?
Some money transfer services bring you in with low exchange rates, but then, they do a bait and switch. They tack on a bunch of fees so that the transfer ends up costing much more than advertised. Ping Express does not do that. There are no hidden fees. The exchange rate directly indicates how much you should expect to pay.
Who Determines Exchange Rates?
Exchange rates are complicated, and they are affected by a variety of factors. To put it into very simple terms, the rates usually vary based on how much demand there is for a certain currency in the marketplace. However, that can vary depending on whether the currency is fixed or floating.
Then, banks, money exchanges, money transfer companies, and similar organizations may shift the exchange rate a bit. In most cases, these companies fold any service costs they have into the exchange rate. That is why the exchange rate in Nigeria looks different from company to company.
How Does Ping Express Keep the Exchange Rate in Nigeria as Low as Possible?
Ping Express believes in low exchange rates between Nigerian currency and other types of currency. We take multiple steps to keep rates as low as possible for clients. In particular, Ping Express does not have any brick and mortar locations. That keeps overhead low, and Ping Express passes those savings onto you.
If you’re ready for better exchange rates, it’s time to send money with Ping Express. You can use the website or make the process even easier by downloading the app. Then, enjoy the affordable and easy process of sending money or airtime to your friends and family in Nigeria.