How to Send Money to Nigeria Without Excessive Fees
If you’re wondering how to send money to Nigeria without excessive fees, you first need to understand what the money transfer fees are and why they tend to be so high. To help you out, here’s a look at what’s happening in the world of global remittances. Then, there’s a few tips on how to avoid excessively high fees.
How Much Money Gets Sent to Africa Every Year?
As of 2017, people are sending more money across the world than they ever have before. In fact, in 2017, people living around the world are expected to send $38 billion to sub saharan Africa alone. That’s a 10% increase over the previous year, and in spite of high prices, the numbers keep going up.
How Much Does It Cost to Send Money to Africa?
The average cost to send money from one country to another country is $14 for every $200 that gets sent. That is equivalent to a 7% fee. However, it costs more on average to send money to Africa. In fact, people spend an average of 9.1% to send money to sub saharan Africa. That means it costs about $18.20 to send $200. For countries such as Malawi, Zimbabwe, and Zambia, the average is even higher at 14%. That’s about $28 for every $200.
According to the United Nations, money transfers can be more useful than aid in general. When you transfer money, it goes directly to a citizen of that country. The funds help these individuals buy things which in turn helps to create jobs. In some cases, the funds can even help individuals to start businesses or endeavors that help their whole community. However, the UN also says that for these transfers to be economically sustainable, they need to cost about 3%.
Why Does It Cost So Much to Send Money to Africa?
The reasons that it costs so much to send money to Africa vary. In some cases, money transfer organizations have exclusive relationships with the post offices in certain countries. That stymies competition and keeps prices high. Additionally, many banks are closing the accounts of money transfer organizations. That move is designed to protect the banks from risks associated with money laundering, but in reality, it makes it harder for these companies to do business and thus raises prices.
Is There a Way How to Send Money to Nigeria Without Paying Excessive Fees?
If you are wondering how to send money to Nigeria without paying a lot of fees, you need to look away from banks and traditional money transfer services. These companies charge a lot more than you need to pay. Instead, look for an online service like Ping Express.
Ping Express only exists online so it doesn’t have a lot of the bills of many brick and mortar stores. The company passes those savings onto their customers. Additionally, because the company focuses on Nigeria, it is able to offer great rates for money transfer to that country.
Are you ready to send money to Nigeria but are you tired of paying high rates? Check out Ping Express. You can send money easily online or by downloading the app.