If you are working and living abroad and you have relatives back home that you send money to, then good news. You now have several options on doing such remittances. We are listing 4 very fast ways of sending money back home in a very cost effective way.
1. World Remit (www.worldremit.com)
This is a very fast and low cost remittance provider. With this service you can send money almost instantaneously via the website or app, direct to bank accounts in the recipient country. The exchange rate usually offered is one usually the bank/official rate or slightly below. That rate can be a big pain especially if you are remitting substantial sums and considering the black market rate.
2. Western Union (www.westernunion.com)
Western Union is one of the oldest and best known money transfer service around the world. They have more rigid policies and might not always be the lowest cost remittance provider. Their exchange rates and cost structure is slightly less competitive than the newer money remittance startups. However, their reliability and brand name is their selling point. They have well spread out sending agents around the world. Same service can be done with their website with less flexibility.
3. Xoom (www.xoom.com)
This service offers remittance direct to bank account or cash pickups. Their rates are still competitive but some people might find them a little expensive. However, they can still remit money in minutes in Nigeria straight from their app and website
4. Money Gram (www.moneygram.com)
Almost similar in structure and service level like Western Union. They are slightly less popular in Nigeria, but the service works great. MoneyGram has a solid brand name. They are one of the few providers that offer money transfer services from agents around the world. In North America, such agents are even embedded in large stores like Walmart etc. You can also access their services using their website.
Whatever service you choose from this list, should work great. Just pick the one that’s most cost effective and offers the best exchange rate and receiving options.