Switch to new money transfer services and receive an extra Christmas present

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December 24, 2017 1:26 AM

The high costs of sending money home mean the Nigerian diaspora are losing out on up to seven percent when sending money home.

Each year $20billion is sent into Nigeria in remittances and the final week before Christmas is one of the busiest times to send money. The World Bank reports that the average cost of sending money is around 7.21% with sub-saharan Africa being one of the most expensive regions to send money to at 9.13%.

WorldRemit research revealed that switching to lower cost channels could mean thousands of Nigerians could receive an extra Christmas present this year. The savings were highest when sending from Australia to Nigeria with a saving of US$14.3 enough to buy a board-game.

With hourly wages in Australia ranging from earning between US$15-25 on average, these high costs mean the diaspora are having to work an extra half hour just to cover the elevated costs of sending money home this Christmas. The impact of the savings could be even more significant to those back home in Nigeria where the saving of US$14.3 could be at least half a day’s wages.

Ismail Ahmed, CEO of WorldRemit commented:

“It’s important to consider that the cost of sending money goes far beyond the transactional cost. Traditional methods mean travelling to an agent to pay in money, taking time off work to do so, knowing your family and friends receiving the money will have to do the same.”

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 in Nigeria. As WorldRemit data suggests most people send around three times a month, the savings across the month of December could be even greater.

Ismail Ahmed, added:

“We see that being able to send money more frequently without paying high costs and wasting time brings families and friends closer together even when living hundreds of miles apart. So we hope we can give people more time with family and friends this Christmas.”

For more information and to download the infographic visit https://www.worldremit.com/en/what-we-do/celebrate/nigeria-gifts

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