How to Avoid Common Pitfalls When Sending Money to Nigeria

If this is your first time using an online payment service to send money to Nigeria, make sure to get the best deal, especially when you are considering making large payments. International money transfer services, such as Western Union, are cost-effective, fast, and reliable.

However, you can only leverage international wire transfers if you avoid common pitfalls that first-time senders make. Read on 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.

On that note, it is crucial to assess the differences between banks and various service providers regarding their fees and exchange rates. Compared to banks, money transfer service providers are usually a better option as they offer better exchange rates and have minimum fees.

Comparing the exchange rates is the first crucial step you need to take when making an international transfer.

Not Calculating Money Delivery Time

Another common mistake that first-time senders make is the incorrect calculation of the payment delivery time. While researching the different services, make sure to accurately calculate the time so that you know how long it will take for the recipient to get the money. The transfer time varies from one service provider to another.

Typically, non-bank money transfer service providers will offer you a choice between swift and slower delivery. Your chosen payment method also determines the delivery time. If you pay with a debit card, the payment will be expensive but swift.

Be mindful of weekends and holidays, as these can impact the delivery time.

Wrong Account Details

No matter what payment method you choose, you require the correct account information of the recipient; otherwise, it will take longer for them to receive money – or worse – your money might end up in the wrong 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.

What is even worse is that you might find out that your amount got transferred to the wrong account, which will take more time and resources to fix the mistake.

Miscalculating the Transfer Fees

First-time senders also make the mistake of miscalculating the money transfer fees. The money transfer fees include the service fees and the applied exchange rate at the time of sending money.

Depending on your chosen money transfer service provider, the service fees and exchange rate are prone to fluctuate. If you don’t keep in mind the fluctuating costs, you might end up paying high fees and a low exchange rate or a high exchange rate and low fees.