Have you ever wondered what the fastest and cheapest method to send money from the USA to Nigeria is? Currently, the options available to send money to Nigeria are fairly limited.
You might be thinking of using a bank to transfer money from the US to Nigeria. However, that’s one of the most expensive ways of sending money home. There are better options and Cryptofully is one of them.
The United States to Nigeria Remittances
Remittances represent a household income from foreign countries, coming from people who moved temporarily or permanently abroad.
The United States accounts for up to 23% of the total emigrants from Nigeria and accounts for the biggest remittance inflows to the country. In 2017, remittances from the US amounted to $6.19 billion.
Unfortunately, Nigeria remains one of the most expensive places to send money to, especially when using traditional remittance services providers. When it comes to money transfers from the US to Nigeria, using an online money transfer operator has proven a better option than a bank.
Now, with platforms leveraging Bitcoin, Nigerians in the diaspora have the ability to send money within minutes and at a low cost.
Cryptofully: Bitcoin-Powered Money Transfer
Cryptofully is a peer-to-peer digital platform that allows Nigerians abroad to send money to any Nigerian bank account. Diaspora Nigerians in America can use Cryptofully to send money back home directly to the recipient’s naira bank account.
The platform primarily leverages Bitcoin. However, it also supports USD and Dash. You can send money to Nigeria from the USA using your credit or debit card or Google Pay and Apple Pay.
The process of transferring money from the USA to Nigeria is easy, safe, and without delays. And most importantly, you get the best exchange rates and low fees, which cuts the typical remittance costs and leaves you with more money to send back home.
How to Send Money From USA to Nigeria
Cryptofully has a mobile application and a web-based platform that allows users to send money to any recipient of their choice that has a bank account.
Its local peer-to-peer network allows it to instantly match people together and ensure fast settlement of transfers. You won’t have to find a peer to convert your bitcoin to naira. Cryptofully does that on its backend.
Also, the platform works in a way that ensures that whether you already own some bitcoin or don’t, you can do a successful transfer.
To get started, you only need to provide a BVN to confirm your identity with no other extra paperwork.
Send Money Using the Cryptofully App
STEP 1: Create an account
- Download the Cryptofully app.
- Enter your email address, username, password, and security code.
- Verify your email address.
- Click on “Add Bank” on the Profile page and complete your details with your BVN and add your Bank account.
STEP 2: Specify the amount you want to send to Nigeria.
- Log into your Cryptofully account you have created.
- Choose preferred currency either via Bitcoin, Dash, naira or US dollars.
- Type the amount you want to send.
- Tap on “Send”.
- Choose Bitcoin as a preferred option when a pop-up appears.
STEP 3: Fill in Recipient details/ bank account information
- Fill in the recipient’s account number, bank name and email address. You can save the account details as a beneficiary.
- On the next page, you are shown a Bitcoin wallet address to send the bitcoin equivalent of the amount you want to send.
- Send the BTC equivalent and the receiver receives it within some minutes in their Nigerian bank account.
Use Web App To Send Money To Nigeria
- Visit https://www.cryptofully.com
- Choose your preferred currency to use either Bitcoin, US dollars, or Dash.
- Input the amount you want to send to the receiver in Nigeria. You can use either the floating rate or fixed rate. The exchange rate for the floating rate option is not fixed while the fixed rate allows you to seal an exchange rate of bitcoin to US dollars.
- Click on “Send Now.”
- Next, you will see the space to fill in the account number, bank, and account name of the person to receive the money. Make sure to fill in your email address as well.
- Also, confirm the bank account and the name are correct.
- When you scroll down, you will find a place to choose a sending option. If you don’t have bitcoin, don’t worry; two other payment options are available.
- You can choose to pay with your bank card or Apple Pay.
- If you already have the bitcoin you intend to send, do a transfer of bitcoin to the wallet address on the page. Once the money is sent, the system automatically matches you to a peer and the money is remitted to the recipient’s Nigeria bank account.
- If you pay with your debit card, give the process some minutes and the money will be received by the recipient.
Bitcoin’s Big Role in Remittance
Bitcoin has become a cost-effective way to send money across borders. Many Nigerians are making good use of this, abandoning official banking channels and using cheaper cryptocurrency transfers.
With minimal transaction costs of Bitcoin, it beats the expensive transaction fees of companies like Western Union and MoneyGram. Bitcoin transactions are significantly faster than traditional currency transfer systems.
Bitcoin transfers also help escape the regulatory restrictions in official channels. No one can cap the amount of money you can send back home. You can also use bitcoin to get better exchange rates than what the Nigerian central bank is offering.
People living in unstable economies have also preferred to use bitcoin to avoid inflation. The opportunity is limitless and global with cryptocurrencies.
To start using bitcoin to send money from the USA to Nigeria, download the Cryptofully app today.