According to resources Germany has over 83,000 Nigerians, which means they are strong supporters of their families back home. Nigerian ex-pats remit money to Nigeria and fulfill their family’s needs. Nigerians who lived outside of Nigeria sent about $20 billion back to their home country in 2023. This was a little less than the $21 billion they sent back in 2022. Remittances from the Nigerian diaspora are a major source of foreign exchange for the country.
However, when they send money abroad they face various challenges including high fees, lower exchange rates, and complicated processes. In this article, we will discuss some important points to consider before sending money to Nigeria. After reading this blog you will be able to make smoother, swift, secure, and affordable transactions online.
Challenges and Their Solutions to Remit Money to Nigeria From Germany
When expats remit money to Nigeria from Germany they face various challenges. It remains costly, time-consuming, and sometimes risky for both senders and recipients. Here’s an overview of these challenges and how they can be tackled effectively.
1. High Transfer Fees
Sending money is most pricey in Sub-Saharan Africa, where fees average 7.9% for a $200 exchange, while the average fee around the world is 6.9%. These fees make transfers much less valuable for the people who receive them, especially families who depend on regular money. Because there isn’t much competition and their systems are old, traditional banks often charge even more. There are a lot of Nigerians who use unofficial routes to avoid paying fees, but these can be unsafe and not always work.
2. Unfavorable Exchange Rates
Exchange rates offered by many remittance providers often fall below the market rate. It means that people in Nigeria lose a lot of money when they remit money to Nigeria. Remittances are very important to Nigeria’s economy—they make up 4% of the country’s GDP—so this is a very big problem for families who depend on them for things like healthcare, schooling, and daily costs.
3. Access and Infrastructure Challenges
Despite Nigeria’s remittance inflow, 36% of Nigerian adults do not have a bank account, with most living in rural areas where banking infrastructure is complicated. This lack of access makes it challenging for recipients to receive funds quickly. In emergencies, due to a lack of resources in rural areas families didn’t receive cash on time.
Tips to Remit Money to Nigeria Safely
Here are some important points to keep in mind for sending money securely and instantly from Germany to Nigeria. These steps will guide you completely no matter if you are sending money for the first time or an experienced person.
Choose a Reliable Money Transfer Company
Before making any decision for sending money see if the company is reliable and trusted. Remit Choice is one of the most secure options for you which has two-step verification and encrypted features. We will keep your information safe and secure at any cost. Furthermore, Remit Choice is regulated by various financial authorities, so you can use it without any doubt.
Avoid Using Public Network
Whenever you use public WiFi be aware of hacking scams. Public networks make your data easily accessible to hackers. If you want to remit money to Nigeria securely make sure to use a secure and private internet connection. While using public WiFi you can add an extra layer of security by using a VPN.
Verify Your Identity
When you use Remit Choice verify your personal information, bank details, and documents carefully. It is the best way to protect your account from hacking attempts. Because if someone tries to hack, you will get a notification. Remit Choice has multiple layers of security checks so you don’t need to worry about losing money.
Add Recipient Carefully
Adding the correct information about your recipient is one of the most important parts. Many people send money to the wrong person due to incorrect information. You need to double-check all the entered details, especially the receiver’s bank account number. With Remit Choice you can remit money to a Nigeria bank account instantly at unbeatable exchange rates.
Use a Unique and Strong Password
Creating a strong or unique password is essential for the protection of your information and account. Choose random letters, numbers, and symbols to make your password unbreakable by anyone. Moreover, be sure to change and update the password weekly or monthly for more enhanced security.
Conclusion
Follow these steps to remit money to Nigeria securely and instantly. For more affordable transfer use Remit Choice money transfer and see the difference of international remittances. When you make fast and secure international transactions your family will be more happy to receive the amount on time. In this way, you will maintain a strong connection with your loved ones, which could be unbreakable for anyone.
