How To Save High on International Money Transfer
Many money transfer companies are making a lot of money helping you move your money from one place to another. Do you know how?
They make a lot of money through high exchange rates and the transfer fees.
Below is how they make money through exchange rates and transfer fees.
Exchange rates of currencies around the world fluctuates frequently and money transfer companies have a fixed price and even when the exchange rate increases in the international market, money transfer companies do not increase their exchange rates.
The difference in exchange rate becomes profit for the company.
Now let us assume you want to transfer 50 USD from America to Nigeria.
We also assume the exchange rate is 1USD to 450NGN
The amount your receiver normally suppose to get is 22500NGN
The money transfer company will transfer your money for as low as 1USD to 350NGN
Now your receiver gets 17500NGN
The difference is 5000NGN which goes to the money transfer company as profit on exchange rates.
Including transfer fee of minimum 5% of the total money, you are transferring.
That is definitely too much to lose in one transaction.
Why not save some of that 5000NGN or make the amount your receiver gets more.
learn more how you can save up to 30% on exchange rates and fees learn more how you can save up to 30% on exchange rates and fees