Transfer Money Out of Nigeria ? ( Send Money To Nigeria Free Of Charge)

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Transfer Money Out of Nigeria ? ( Send Money To Nigeria Free Of Charge)

 For more info on how to Send money to Nigeria or receive,  please feel free to contact us.

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People and firms that operate from countries with minimal capital control measures are accustomed to transferring money out of these countries and receiving money from foreign parties reasonably quickly with minimal fuss, provided that the transfers are for legitimate purpose. Needless to say, in present circumstances, all countries with modern banking institutions have put set up regulatory measures to detect, identify and penalize potential money transfers of illegal nature (for example money laundering). 

People and firms that wish to transfer/receive money normally compare simple issues of cost, exchange rates, financial soundness of the institution and speed of transfer. Some might also consider more mundane issues such as for instance convenience (does the institution have a branch nearby) and customer care (are staff in the institution helpful and courteous). However, to transfer money out of a nation with strict capital control measures is never as simple. An example is Nigeria. 

Even whenever a Nigerian resident/company includes a perfectly legitimate reason to transfer money from the country, it's procedurally troublesome, bordering on impossible. Many people that are new visitors to Nigeria and staying in the united kingdom for a long time frame encounter this matter only if they should transfer money out of Nigeria for their family in their home country. What seems such as a simple and perfectly legitimate money transfer rapidly becomes a bureaucratic nightmare. Nigeria banks, in respect with regulatory requirement, may demand that the remitter produce documents to prove the origin of the amount of money, intent behind the transfer, etc. 

Even although the regulations are said to be applied uniformly across all banks, the remitter soon understand that different banks, different branches of exactly the same bank, even different staff of exactly the same branch, can somehow give different exchange rate required. Wanting to transfer money out of Nigeria via banks could be a real test of your respective patience. 

 Physically carrying massive amount money out of Nigeria can also be not possible. Even though one is prepared to cast aside concern of fund safety to transport a sizable amount of money out of Nigeria, he needs to first seek approval from relevant Nigeria authorities if the bucks he intends to carry is significantly more than USD10,000 (or its equivalent in another currency). This can be a process that's much more troublesome than wanting to transfer through banks. Attempting to create significantly more than USD10,000 (or its equivalent in another currency) out of Nigeria without necessary approval is just a serious offence in Nigeria. 

People caught and convicted of the offence face heavy penalty. Basically, Nigeria regulations ensure it is highly difficult to officially transfer money from the country. Consequently, unofficial channels have become to simply help people transfer money out of Nigeria. Remitters who undergo these unofficial channels incur significantly lower fees while receiving a whole lot more favorable exchange rates. Naturally, these unofficial channels are discreet about their service. The service providers are known and then a core number of regular customers and they often only accept new clients introduced by existing customers. 

As yet talking about a AfriShopOnline wire transfer the fee is being specified and cheaper than normal Bank wire transfer that takes up to four days depending on intermediary. While normal Bank wire relies on the amount of cash sent the charge is more often than not at any rate bigger than $25. 

AfriShopOnline wire transfer charges 0.9% of the amount being sent between sender and receiver. What this means is, A sender in Nigeria will pay at little as 0.9% to get his or her money sent abroad.  A sender A sending to family relative B in the UK for example will only pay 0.9% charges. While they connect Sender A to another sender C in UK sending back to Nigeria.  Sender C deposits the sum Sender A wants to send to Family relative in UK.  0.9% is for connecting fees and metainance. -

 The service providers are cautious of accepting new clients as they don't desire to be unwittingly associated with hardly any money laundering activities. They know clearly they exist to help people and companies with legitimate needs transfer money out of Nigeria, not to simply help criminals launder money. Such unofficial channels have which may be useful and vital that Nigeria residents (be it Nigerian citizens or foreigners) and companies operating from Nigeria. Provided that Nigeria continue steadily to impose capital control measures inside their current form, these unofficial channels will play an invaluable role in facilitating business transactions and ought to be welcomed by all as a practical option to official channels. 

 The writer has extensive experience (more than 10 years) working in Nigeria.