Finding the best way to send money abroad is very important these days. It is also a fundamental resource in the lives of those who invest, live, or have a relative residing abroad.
Regardless of the situation that brings financial movement as a necessity, doubts about how to transfer money abroad in a safe and, especially, cheap way, constantly arise. There are several ways to make international transfers on the market, from the most practical and affordable to those that result in a time-consuming and expensive process.
It is very common to think, at first, that the idea is to go to the bank where you are an account holder, but this is not usually the best alternative. It may be more practical in a superficial assessment, but many financial institutions tend to have slower and more bureaucratic processes. In addition, the banking system imposes high fees on international value transfer operations, also profiting from the exchange rate charged for each transaction.
To learn how to send and receive money from abroad safely and cheaply, I will present below the best ways to make an international transfer, particularly to Nigeria. In the end, it will be possible to evaluate the best institution to make each operation weigh less on your pocket depending on your case.
Currently, the main ways to transfer money abroad available in Angola are:
- Wise (formerly TransferWise)
- Transfer by Payment Order
- Western Union
Remember that both sending and receiving money from abroad are considered currency exchange operations. These activities are supervised by the Central Bank and regulated by the International Monetary Council. Control is carried out to prevent tax evasion.
Therefore, current legislation determines that to send money outside Angola with amounts above 3 thousand dollars or equivalent in other currencies, it is necessary to register the issuer of the values, presenting documentation that justifies the operation. For lower values, this is waived, being a simpler process, just identifying the customer.
From the creators of Skype, Wise (formerly TransferWise) is probably the cheapest and easiest way to send and receive money from abroad.
- Create your Wise account
- Enter the amount you want to transfer.
- Enter the type of transfer you are making.
- Fill in your details.
- Confirm your transfer details i.e country (Nigeria) e.t.c
- Choose the type of transfer and how you want to pay
- Confirm your transfer details.
TRANSFER BY PAYMENT ORDER
Money Order Transfer is perhaps the most convenient way to send or receive money from abroad. It is enough for the sender to have a current account in Brazil and, thus, enjoy the “practicality” of using the balance to make the transaction. However, as an international bank transfer, it is, at the same time, one of the most expensive options for those who need to do this type of operation.
Western Union provides services for sending and receiving money between different countries. Its fees, however, have a margin on the value of the commercial exchange (in addition to the IOF) and are associated with a fee charged for each transaction. The latter varies according to the method of withdrawal, country of origin, and amount sent.
There is, therefore, a spread charge on the exchange value, which ends up making the process more expensive, especially for those who intend to send remittances of high values. The result is always higher rates when compared to similar services.
- Sign up and verify your free profile
- Choose the amount and destination
- Enter the destination and the amount you want to send: You can transfer money directly to the recipient’s bank account, to a nearby agency, or their mobile wallet. In this case, the destination is Nigeria.
- Enter the recipient’s information: Simply enter the recipient’s account details to transfer money directly to their bank. Or, provide your name and address to send funds for cash pickup.
- Select a secure payment method: Choose if you want to pay with a credit/debit card or with your bank account.
- Confirm, send and track your transfer.
PayPal is a popular and very secure e-money platform around the world. With it, the customer can easily make both payments via the internet and request or receive international transfers from third parties.
Once the user receives money in his virtual wallet, he can make the transfer to his account using his bank details in Brazil or, if he prefers, use the balance to make online purchases, which is the feature by which PayPal is most known.
- Both parties the sender and recipient (Nigeria) must create an account.
- A real bank account must be linked to both accounts.
- The sender’s account should be funded.
- Click on “Transfer balance “
- Enter the amount to be sent.
- Fill in the recipient’s detail.
- Then send from the available balance.
Many payment methods could be deployed to send money to a Nigerian from Angola, but the abovecited are the best, reliable and efficient methods or payment platforms.