The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". Buying 1 Euro 422.00 Naira Selling 1 Euro 424.00 Naira Naira to Euro CBN Rate Buying 1 Naira 0.0024 Euro Selling 1 Naira 0.0023 Euro Western Union Rates (EUR to NGN) Receiving 445. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. It is always a good idea to shop around and compare exchange rates, transfer fees, transfer time, and other aspects of remittance before selecting the service. You should use our Compare Money Transfertool to analyze all the various channels, and then determine the most cost-effective and beneficial option to send your money.Necessary cookies are absolutely essential for the website to function properly. With companies like these, the higher the amount, the better exchange rate you will be offered. Companies like USForex offer $0 transfer fees to send $5000 or more. To transfer high currency amounts, such as a home purchase or mortgage, consider sending money via online Foreign Exchange (Forex) companies. Forex companies specialize in money transfers and offer much better exchange rates with low or no transfer fees. Consider Forex companies for larger money transfers. Online service providers are more beneficial for smaller transactionsĬompanies like Western Union, MoneyGram, Xoom, or Remit2India are better equipped to handle smaller amounts being sent overseas. Some banks may have special remittance programs with no transfer fees for smaller amounts, but the exchange rate will not be as favorable. Transferring money via the bank will usually restrict you to the sole option of transferring it to another bank on the receiving end. Online service providers, such as Western Union or MoneyGram, can administer money transfers so that the receiver may pick up cash at an agent location in the recipient country. Most banks may only transfer to other banks Another online service provider, Western Union, can arrange cash pick-ups in just minutes. Online service providers, such as Xoom, can execute money transfers to countries like India within 4 hours. Bank transfers may take longerīank wire transfers may take longer to reach the recipient. If you do not have an account with them, you may have to open a new account for the wire transfer to be initiated. With many banks, you have to be an existing customer to utilize their wire transfer services. Banks may require you to have an account with them The bank will most likely require you to fill out a lengthy wire transfer form and may ask you for additional information each time you send money. They may also require you to present your ID card in order to validate your identity. Some banks do not offer online wire transfer services, and you may have to visit a local branch. Banks often require a lot more information
Also, don't forget to calculate the final cost, which will include the fees charged by the receiving bank at the other end of the transaction. Some banks may offer overseas wire transfers with no wire fees, but beware of hidden costs and service charges that may initially be difficult to identify. For example, the average cost for an outgoing international wire transfer with a reputable American bank is about $40. Additionally, banks ordinarily have higher wire transfer fees ranging from $20-$40 per transaction. Here are some facts to consider: Banks are usually more costlyīanks generally offer comparatively lower exchange rates. But the truth is, banks may not be the best choice. When it comes to your personal finances and sending money internationally, the first option that generally comes to mind is a bank. It is crucial to make the right choice and take into consideration all the factors that can affect your money, including reliability, transfer fees, transfer time and most importantly, the exchange rates. The wide variety can complicate your decision. There are various options for transferring money overseas, and many people find it confusing as to whether they should use a bank or choose a remittance service provider.
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