Money Sent Home To Africa Is For Good

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It is reported that the cost of living in Nigeria continues its climb but the importance of money sent home by relatives abroad is still drastically needed.

Fifty percent of the households investigated across all of the income groups in the main cities of Nigeria such as Lagos are regular recipients of money and goods from relatives living outside of the country. 

Most Nigerian parents are normally supported by their children through funds sent via transfer networks, according to the Global Poverty Research Group. The networks take advantage of the market in which US  Dollar $1 is worth 155 Naira, British Pound £1 is worth 255 Naira.

An interview with an engineering student states that he manages to stay in school thanks to relatives in London.  He goes on to say that since January, many of his classmates have dropped out due to financial problems, “I do not even think we would be accessing the food we eat if it was not for the money they send.”

 Remittances play a key role in stabilizing household food security and access to essential services like education and hospital care in Nigeria, this dependency is not just for the lower income or poverty level – a government registry clerk states that she is equally dependent on money sent by her husband in United Kingdom. “My own salary cannot even buy half of what he sends. He sends money every month and that is basically how the family has managed to survive"

Those receiving money and goods from Africans in the diaspora can afford such luxuries as cars; they can buy houses that are seen as prohibitively expensive in the local context. This is a small but financially sound class that has emerged alongside a growing poor class that can hardly put one day’s meal together.

Understanding International Money Transfer Services

Time is an central concern and needing the money to arrive in a rather immediate timeframe is our specialty.


When an emergency arises and time becomes the most important factor in completing a wire money transfer, it is rather important to know what options might work best for you and your situation.

INTERNATIONAL MONEY TRANSFER SERVICES
A common dilemma which faces Africans in diaspora as well as citizens of smaller countries is sending money internationally. An array of choices does exist for international money transfers, but finding a quick, secure and inexpensive money transfer service is not always easy.

Money Transfer Options

Everyone has heard of the top money transfer companies. Most of the companies have locations throughout the world. Secondary countries have small copycat locations in various locations. The problem with these money transfer service is that you almost always have to perform transactions in person and you must use cash.

This presents a safety issue on both sides, as you become easy prey to those undesirables waiting in the shadows. Some money transfer services will allow you to transfer cash to a bank account, but those are few and far between.

Money transfer services seem to be a better option for people in remote locations who have no bank account and no local address. This service is also suitable for overseas travelers who need quick cash sent from their home.

There are advantages and disadvantages to using money transfer services:

Pros:

1. Multiple locations even in remote areas.
2. Internet access is not required.
3. No bank account is required to send or receive cash.
4. Money reaches the recipient quickly, depending on the location.

Cons:

1. You must pick up cash in person.
2. You cannot transfer money from a bank account or credit card.
3. This is a not a quick fix and not a solution if you send money on a regular basis.
4. Fees can be extremely high.

Cost

When transferring money through a money transfer service, the companies usually charge a percentage of the total amount transferred or a set fee for certain amounts. The amount the recipient receives will depend on the exchange rate and transaction fee that the money transfer agent charges.

This type of service is the best way to send small sums of money, such as on an emergency basis. Considering the fees and the exchange rates, this is not the best option if you need to transfer money frequently.

Other Options

If you have to send money to friends or relatives, consider making a payment to their bank accounts directly. This is an excellent option for people who are unable to travel to pick up money, such as the elderly or those that may live in the village or remote areas