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Financially supporting your family in Nigeria
Financially Supporting Your Family In Nigeria
America offers plenty of opportunities to have a better life and support your loved ones in your native land. If you need to send money to your family in Nigeria, there are several ways you can safely accomplish this.
PayPal
Many people send money with PayPal. It's very popular for making business transactions because that is how it was originally designed. You'll need an email address and a bank account to send money. The person you are sending money to must have an email address or cellular number to receive money.
PayPal charges a fee to businesses when they accept payments. However, you can send money internationally without being charged a fee. Be aware that the exchange rate for sending money internationally is typically higher than what a bank charges domestically.
Another thing to consider is that the process of transferring money out of your PayPal account may take a few more days to complete.
Xoom
Xoom is owned by PayPal. It's a service you can use to send money internationally. Since PayPal was mainly designed to accept business payments, Xoom was designed for sending money to individuals. Because of this, if you use Xoom to try to send money to a business, it will likely be rejected.
You will pay a fee for sending $3,000 United States Dollar (USD) currency or less. As long as you send the money to an individual, Xoom is a fast way of transferring it online to anyone.
Bank Wire Transfer
Wire transfer payments can be made from bank-to-bank. If you're sending $10,000 USD or more, a bank wire transfer is a good option. Wire transfers are safer than checks because they don't bounce. The funds you desire to transfer must be in your account first.
International transfers take a few days to reach a destination bank. Both participants, the sender, and the receiver must verify their identity and physical address, and each have a bank account.
After the money arrives, it has to be made available. This waiting period could take a few more hours to get the funds properly directed into the recipient's account. A bank employee usually handles it by the end of the business day.
Western Union
Another way to send money to Nigeria is through Western Union. You can stop in at one of its agent locations and bring in cash. After you complete the transfer, the recipient can pick up the cash very quickly. No need for either sender or recipient to have a bank account.
Western Union does give you the option to send cash using your debit card though. You also may choose to send the money to a bank account. If you or the recipient prefers, they can pick up the cash in person at an agent location.
Financially supporting your family in Nigeria is easier now than in years past. The process of sending money internationally is streamlined, and this puts you in control of how, when, and to whom to send your money.
