If you’re doing an international money transfer to Nigeria, you may be wondering which service is the best to use. Ping Express offers a lot of advantages on its own, but the advantages become even more striking when you compare it to other services. Here’s a look at Paypal international money transfers so you can see how the two measure up.
PayPal Can Be Time Consuming
If you decide to do an international money transfer to Nigeria with PayPal, you need to get money into your PayPal account first. It takes anywhere from three to five days to transfer money from a bank account to a PayPal account. That means that the whole transfer is starting with a big delay.
On top of that, once the recipient receives the funds in his or her PayPal account, he or she has to transfer that money to his or her bank account. That adds another three to five days to the process.
In contrast, when you use a money transfer service like Ping Express, there’s no waiting period. You pay with a credit card or bank card, and the recipient receives the money almost instantly. It usually takes a half an hour or less.
PayPal Can Be Expensive
Luckily, even with a PayPal international money transfer to Nigeria, you can skip the first delay explained above. To do that, you need to initiate a transfer with funds that are not in your PayPal account. You can simply use a credit card for this purpose.
However, there’s one big problem with that—PayPal charges more for this type of transaction. Generally, you pay a percentage of the balance as well as a flat fee if you want to transfer funds that are not already in your PayPal account. Depending on the transaction, this can end up being anywhere from 2.8 to 10% of the total transfer amount.
PayPal Uses High Exchange Rates for Its International Money Transfers to Nigeria
If the funds are in your PayPal account, you don’t have to worry about the delays or the extra fees described above. However, you do have to worry about the exchange rate, and PayPal is notorious for charging relatively high exchange rates.
In most cases, money transfer companies do not charge the actual international exchange rate posted by the currency exchange markets. Instead, they charge a slightly higher rate. Then, these companies pocket the difference between the real exchange rate and the rate they charge to their clients.
When you work with a company like Ping Express, you get the opportunity to work with a company that’s committed to keeping its rates low. It charges low rates because it has low overhead, and it wants to attract repeat clients. PayPal, in contrast, tends to charge higher rates to bolster its profits.
PayPal Only Transfers Money
Finally, although PayPal can work for an international money transfer to Nigeria, the company only does money transfers. That’s not the right option for everyone. Ping Express lets you transfer phone minutes in addition to cash.
If you need to do an international money transfer to Nigeria, get started on Ping Express’s website today. Otherwise, make the process even easier by downloading the app to your phone.