11 Sep 2024
Remittances are a lifeline for many families in developing countries like Nigeria. Every year, thousands of Nigerians go to Ireland to earn a living. They send money to Nigeria from Ireland to support their families financially. According to the World Bank, remittances to Nigeria reached approximately $20.52 billion in 2023. This trend represents the importance of remittances.
Global money transfer is more complex. It often comes with several challenges and costs that can affect both the sender and the recipient. Understanding these costs is essential to make the most of your hard-earned money. This article will tell you the price of remittances from Ireland to Nigeria. Also, you will be able to make informed decisions to save your money.
Remittance transfers money from one person to another, usually across various countries. It is commonly used by people working abroad to send money back home to support their families.
Remittances are more than simple transactions. They are the only source of basic needs for many households. These global transactions also help to grow the poor economies of developing countries, so remittances are crucial on both micro and macro levels.
Here is how you can send money to Nigeria from Ireland.
A bank transfer is a traditional method of sending money within and outside the country. It is certainly a secure method, but this mode incurs high fees and slow transfer problems.
This is a convenient mode of money transfer. People often use wallets like Google Pay, Apple Pay etc., to send or receive small amounts of money.
Nowadays, many online platforms are used for personal and business transactions. However, it is essential to note that not all platforms are equally reliable and secure for making remittances.
Many factors impact the cost of sending money from Ireland to Nigeria. Some of them are:
The exchange rate decides how much money your family will receive. The higher the exchange rate, the more the amount the recipient receives.
You must use a remittance service provider platform when sending money to Nigeria from Ireland. Every platform charges fees for every transaction. Either the charges are fixed or vary according to the quantum of money. Lower transaction fees prevent you from paying extra charges. Also, it maximizes the money being received.
The amount of money received also depends upon the mode of transfer you choose to send money. Only some money transfer platforms are suitable options. You must compare factors like exchange rate, fees, transfer time, etc., of various remittance service providers and choose the best one to send money online to Nigeria from Ireland.
If you choose the right platform for remittance services, you can ensure your family gets their right without massive deductions. Many online platforms allow you to compare fees and exchange rates across multiple service providers, helping you to find reasonable options. While choosing the platform, make sure that it meets the following characteristics:
The typical method of money transfer, i.e., bank transfer, comes with alot of slow transfers and higher fees. To avail of better opportunities, please use online platforms outside conventional methods. In this era of technology, when you can make global money transfers from the comfort of your home, why are you choosing hard for yourself? Not all online service providers are secure, but many online platforms offer reliable money transfer services with low fees and competitive exchange rates.
ACE Money Transfer is among the top online platforms that possess these characteristics. Its mobile application has made it convenient and affordable to send money internationally. Its service is user-friendly, as it provides high exchange rates and lower fees with faster transfers.
Moreover, you can integrate your bank account or debit card into this app and send money across borders with just a few clicks. ACE often features deals and promotional offers. These promotions might include reduced fees, worthy gifts, or better exchange rates. These specialties make it a go-to option for managing remittances.
Next time you want to make an online money transfer from Ireland to Nigeria, follow the above guidelines and choose ACE money transfer for cost-effective remittances. Install the ACE app now and enjoy affordable remittance services without any hassle.
Exchange rates are affected by several factors, including market demand, political stability, and economic conditions. If you keep track of these factors, you can choose a better time to transfer money.
Choosing the right moment can help ensure that your recipient receives more money. Exchange rates can fluctuate, so transferring money when suitable can maximize the amount received.
Most money transfer services provide tracking options. You can usually track your transfer using the tracking ID provided at the time of the transaction on the service’s website or app.
Some factors, such as transfer fees, exchange rates, and delivery time, should be considered while transferring money. Customers' feedback can also be used to evaluate the service’s reputation and reliability.
Yes, transfer fees can vary between different platforms. Some providers charge a fixed fee, while others may charge a percentage of the amount you wish to transfer. It’s essential to compare costs across different service providers to find the best option.
Yes, you can reduce costs by comparing various options and choosing the right platform with:
