Sending Money to Nigeria from EU – Banks vs. Online Services
Sending money to Nigeria from the EU can pose challenges due to high fees, long processing times, and safety concerns. However, online money transfer services have made the process more convenient, cost-effective, and efficient. In this article, we will explore the challenges of sending money to Nigeria and compare traditional banks with online transfer services. We will also look at the benefits of using online money transfer services, cost comparison, and safety and security measures.
Challenges of sending money to Nigeria
Sending money from the EU to Nigeria can be challenging due to the high fees charged by traditional banks for international money transfers. These high fees make it more expensive for Nigerians living in the EU to send money back home. Moreover, the long processing time of up to five business days can be frustrating for people who need to send money urgently.
Traditional banks vs. Online money transfer services
Traditional banks have long been a popular choice for international money transfers. However, the emergence of online money transfer services has provided alternative options when sending money to Nigeria. Online platforms offer several advantages over traditional banks, with one notable advantage being the quick processing time. Unlike conventional banks which may take up to five business days, online services can process transactions within minutes.
Another advantage of online money transfer services is their affordability. These services generally have lower fees compared to traditional banks, resulting in lower costs for sending money to Nigeria. Moreover, they often provide better exchange rates which means that the recipient in Nigeria receives more money.
Another benefit of using online money transfer services is convenience. These services are available 24/7, allowing people to send money whenever they need it. Furthermore, online money transfer platforms provide various payment options such as credit cards, debit cards, and bank transfers for added flexibility.
Factors to consider when choosing a money transfer service
When choosing a money transfer service to send money to Nigeria, there are several factors to consider. One of the most important factors is the fees charged. Different money transfer services charge different fees for international money transfers. It is essential to compare the fees charged by different services to find the most cost-effective option.
Another factor to consider is the exchange rate. The exchange rate determines how much money the recipient in Nigeria will receive. It is important to choose a money transfer service that offers the best exchange rate to ensure that the recipient receives the most money. If you send money with Tempo you are able to benefit from the highest exchange rates for your transfers thanks to our wide range of partners.
Cost Comparison: Banks vs. online money transfer services
When comparing the costs of traditional banks and online money transfer services, it becomes clear that online money transfer services are a more cost-effective choice for sending money to Nigeria. Traditional banks impose high fees on international transfers, resulting in increased expenses for senders. Furthermore, they provide lower exchange rates which ultimately results in recipients receiving less money in Nigeria.
In contrast, online money transfer services charge lower fees and offer better exchange rates, making it cheaper to send money to Nigeria. For example, Tempo charges a fee of 3.34€ for transferring 100€ and only 13.59€ for transferring 500€, while banks charge an average of €25 for international money transfers.
Safety and security measures
When sending money online to Nigeria, it is crucial to prioritize your safety and security. Using a reputable money transfer service is of utmost importance as they implement strong measures to safeguard both your money and personal information. For instance, Tempo is licensed and regulated by French regulators: Banque de France and ACPR, which means that your money is always secure with us. Moreover, our compliance team is regularly monitoring money transfers and new accounts to ensure your protection and prevent any potential cases of AML or fraud.
Sending money to Nigeria with Tempo
Leaving home is tough, but staying connected doesn’t have to be, with the Tempo app you can always stay in touch with your loved ones. We understand the difficulties faced by Nigerians living in Europe and provide our support by offering money transfers to Nigeria at the best rates and with low commissions. Download the app right now and enjoy profitable transfers with peace of mind!