A better way to save time and money on money transfers to Nigeria this Christmas
Just one way to give an extra Christmas gift this year.. for free
WorldRemit research reveals that thousands in Nigeria are missing out on Christmas presents and time with loved ones this Christmas.
If more people simply switched to lower cost online channels like WorldRemit, they could make significant savings. Savings they could spend on an extra Christmas present home this year. The high costs of sending money home mean the Nigerian diaspora are losing out on saving up to 7 percent when sending money home.
The savings were highest when sending from Australia to Nigeria at US$14.3, enough to buy a board game, but even a saving of US$1 could get you a candy bar this year.
Five Christmas gifts the savings on sending money to Nigeria could buy
Switching to lower cost remittance services could mean family and friends could buy an extra Christmas present every time they transfer money home.
Traditional money transfer services mean both senders and recipients need to take time off to travel to an agent to either pay in or collect money - time that could be spent with family and friends this Christmas.
Saving the cost of public transport in Australia to pay in money just a couple of times a month could be enough to buy a board game or a box of chocolates for family and friends back in Nigeria. With most people sending around three times a month, the the savings across the month of December could be even greater.
In short, sending money frequently, without having to pay high costs or waste time, brings families and friends closer together, even when living hundreds of miles apart. So we hope that we can give people the precious gift of more time with family and friends this Christmas – and perhaps a few extra presents under the tree.
The savings were calculated based on sending the equivalent of $200 in the local currency of the sender country using a weighted average of pay-in and pay-out methods for the leading traditional money transfer operator compared to WorldRemit.