How to Avoid Common Pitfalls When Sending Money to Nigeria

Should you be using an online payment service to send money to Nigeria for the first time, ensure to secure the best deal, particularly for substantial payments. Services like Western Union offer cost-effective, quick, and dependable international money transfers.

However, the only way to take advantage of international wire transfers is by avoiding the common mistakes often made by first-time senders. Continue reading to learn more.

Not Comparing Money Transfer Service Providers

The first mistake to avoid when sending money to nigeria is failing to compare different service providers and their exchange rates. You have many wire transfer service providers to choose from when sending money to Nigeria, and all these service providers have different fee structures and exchange rates.

With that in mind, it’s important to evaluate the disparities in fees and exchange rates between banks and different service providers. Generally, money transfer service providers are superior to banks, as they provide more favorable exchange rates and minimal fees.

The first critical step you need to take when making an international transfer is to compare the exchange rates.

Not Calculating Money Delivery Time

One frequent error made by first-time senders is miscalculating the payment delivery time. Ensure that you accurately compute the time it will take for the money to reach the recipient when examining different services. The duration of the transfer can differ from one service provider to another.

Generally, non-bank money transfer services provide options for quick or slower delivery. The payment method you select also impacts the delivery time. For instance, payments made with a debit card are usually costly but fast.

Remember that weekends and holidays can affect the delivery time, so keep them in mind.

Wrong Account Details

Regardless of the payment method you select, having the recipient’s accurate account information is essential. Without it, not only can it delay the money reaching them, but there’s also the risk of your money being deposited into an incorrect account.

Now, if you look at it, you will see that having incorrect account details is also quite an annoying mistake when sending money to Nigeria. The account number is crucial to identify the accounts on the respective ends of the money transfers, and if the details are incorrect, the entire money transfer process can be challenging.

Even more concerning is the possibility of your funds being transferred to an incorrect account, necessitating further time and resources to rectify the error.

Miscalculating the Transfer Fees

First-time senders often incorrectly calculate money transfer fees, which include service fees and the exchange rate at the time of sending money.

The service fees and exchange rate of your selected money transfer service provider are subject to variation. Not accounting for these fluctuating costs could result in you either paying high fees with a low exchange rate or a high exchange rate with low fees.

How to Avoid Common Pitfalls When Sending Money to Nigeria – Better This World