As a Nigerian expat looking for opportunities to send money to your family back home, you must know there are certain things to be careful about. We understand that you want your family to have your money ASAP, but hasty decisions can cost you a lot.
In this article, we will cover some mistakes that you need to avoid for the successful and safe transfer of money. So, without wasting a minute, let’s see what they are;
Not Considering Exchange Rate
Not bothering the exchange rate can end up affecting the end amount your family or loved ones will receive in Nigeria. If you want to send money to nigeria from uk you need to convert your current into Nigerian Naira. Currency conversion depends on the country’s economy so for Nigeria, you need to pay more than the specified amount.
Various companies offer various exchange rates. Not searching before rushing to send your money can cost you a lot. So, take quotes from at least 3 companies before choosing one to send your money.
Misunderstanding about Transaction Duration
It is thought that the long wait time is understandable with international transfers. However, it is just a mere misconception. With the right company, you won’t have to wait for long periods to have your money sent. In fact, if a company takes too long to transfer, there is a high chance that it’s a scam.
Thus, you need to pay more attention to finding ways that send your money instantly. A one or two-day processing period is understandable, but longer than that means something is not right.
Choosing the Wrong Medium
There are a variety of ways to send money but the medium with which you are sending holds an extreme significance. Most commonly banks are used to send money, however, their processing time is long and they are costly.
Another option is online transfer. Despite its quick processing time the chance of scams and frauds is higher in such transactions. On the other hand, many companies like Western Union offer services to transfer your money with reasonable conversion rates and other fee categories.
Incomplete or Wrong Recipient Information
Another common mistake that expats often make while being hasty is providing incomplete or wrong recipient information. It not only increases the risk of your money being lost in the channel but can also create issues in your future transactions.
Thus, double-check all the information you provide to the company. Basic information like contact details, recipient name, and bank account number should be accurate. In case of any mistyping, ask them to provoke your transaction instantly.
Giving Sensitive Information
You should know that there is no reason to give your basic salary figure to a money-transferring company. If a company demands any irrelevant information like your basic salary or any other personal credential, consider it a scam.
Moreover, never send your money to the private account of any company’s employee. Also, refresh your account weekly to ensure its safety.
Read more:
Common Mistakes to Avoid When Sending Money to Nigeria
