How to send money online to Africa (and around the world)
The cheapest way to send money?
You’ve worked hard for your pay. It’s your money. You can send it abroad if you want or spend it wherever you’d like. However, when you try to send it to the people who matter most — your friends and family — it takes forever to reach them and some faceless company has taken some of it.
We know how frustrating that can be. It’s one of the reasons nano was created — to let you send funds to your loved ones wherever you are.
There are many ways to send money internationally but there is only one way to do it instantly and for free. This is nano — a currency that happens to be digital.
Cryptocurrency is a great alternative to traditional remittances in local currency. It is fast to transact, and it is convenient to withdraw to cash via multiple P2P platforms, which are growing in popularity in Africa and around the world
And the most perfect currency for this is nano: the feeless and instant digital currency which was designed for real world usage.
Why is nano the best way to transfer money? I am going to list all the reasons below. First, let’s take a look at the problems you might face when sending money, and let’s do so using Africa as an example.
Problem 1: Fees
One of the main issues that both senders and recipients face is the fees that come with sending a remittance.
Africa is the country with one the biggest remittance inflows. In Nigeria, the flow rose to $14.2 billion in the nine months ending September 2021.
At the same time, Africa is one of the most expensive regions in the world to send money to. For example, sending $200 costs an average of 8.2%.
To provide you with some numbers, there is always at least a $4 fee, which makes it impossible to send micro or mini-transactions.
If you use a transfer service, the fees are not as high as when using bank transfers but are still considerable. For example, if you try to send money to Nigeria, sending $1000 will result in $22 as fees when using MoneyGram, which is one of the lowest fees on the remittance services market.
In general, fees include a flat fee and/or a percentage taken by the service provider. For example, PayPal may charge 2.9% of the transaction.
How does nano solve this?
Nano is completely feeless. No matter the size of the transaction, whatever you send in nano will be exactly what is received at the other end. There is no commission and no cost. The only fee people might face is the withdrawal fee in case they want to withdraw to fiat. For example, Binance sell fee is 0.50%.
Problem 2: Time
Money sent to another country via remittance services or banks can take at best minutes and at worst hours or even days to arrive. This can be unacceptable sometimes when people are in an urgent need of some financial help. It also seems that in the 21st century, there should be a way to transact instantaneously. (Spoiler: there is).
Let’s take a look at some numbers.
Sending money to Nigeria, using Western Union money transfer services, might take 4 days. Wire transfer may take up to 5 days.
In general, Barclays says to allow 1–2 working days to transfer money within the EU and 3–4 working days for outside-of-Europe transfers. Western Union offers a cheaper “Bank account to bank account transfer” that takes 6 days.
How does nano solve this?
One of the ways to avoid these issues is to use instant and feeless digital money perfect for international money transfer: nano currency.
Can you use the nano that was sent to you?
Adoption is the goal, and we are at the early stages right now. There are online and brick-and-mortar stores that accept nano. You can find them on the WeNano map which lists businesses accepting nano.
If you can’t find any where you live, you can easily turn nano into your local currency, or USD, using exchanges.
Nano benefits for sending money
So, the main issues people face when sending or receiving remittances are fees and the time it takes to get the funds. Nano solves both of these problems.
Nano has absolutely no fees, so it beats even the cheapest transfer services hands down..
A typical nano transaction takes 0.4 seconds, which is faster than the immediate settlements offered by banks.
Upon receiving nano, people can withdraw it to cash using exchanges, exchange services, off-ramps and P2P services or they can spend their nano directly at stores that accept nano.
FAQ
Digital money? Isn’t that really complicated?
No! Nano is actually really simple to get and use. You can buy it on exchanges, accept as payment or donation, get using faucets and then spend or store. Check out the Nano Hub to see all the services available.
How do I send nano?
To send nano, all you and the recipient need is a wallet. There, you will be able to enter the amount and the address, and Ӿ1 sent is Ӿ1 received — always.Can I get nano for free to test it?
Yes, you can. You can use faucets or perform simple tasks to earn nano. You can even get payouts in nano for mining ETH.
Conclusion
So what are you waiting for? Your money is your money — give it to whoever you like, whenever you like.
Download the Natrium wallet for nano and start using the free digital money!
