Published on 26 Jan 2023

Navigating Currency Exchanges- Key Factors to Consider Before Remitting to the Homeland

Conversion

Exchange

Blaaiz

Introduction

You know how currency rates can be all over the place, right? Well, that's the norm for most economies today. These fluctuations affect the exchange rates, depending on things like the economy, inflation, and capital flows. It sounds a bit complicated, but no worries, we'll simplify it a bit. Keep reading. If you're an African living abroad and sending money back home, understanding these currency exchange rates is key. It's all about getting the most out of your hard-earned money. So, here are three tips to ensure you're making the most of your remittances to the ones you care about.

Ride the wave

Exchange rates can change faster than the speed of light, so keep an eye on those fluctuations. The amount your family gets in their local currency can vary daily, we advise you to check for the latest rates to determine when to make a transfer.

Pick the right remittance partner

Choosing the right remittance service provider can be a game-changer. A partner like Blaaiz offers you highly competitive exchange rates at zero transfer fees, with no surprise or hidden charges. That way, you'll get more value for your money.

Get Savvy With Currency Conversion Options

Diaspora senders may have different options for currency conversion when sending remittances to Nigeria. Some providers allow senders to convert currencies at the time of transfer, while others such as Blaaiz may convert the currency on the recipient's end. Understanding the conversion options and potential costs can help you make informed decisions that maximize the remittance's value. So, here's the deal - Nigeria's exchange rate fluctuations can be a wild ride. But you've got the power to make the most of it. With effective monitoring, choosing the right service provider, and considering currency conversion, you can send money home when it's most favorable. Your remittances will have a super positive impact on your loved one's financial well-being. As the remittance landscape keeps changing, stay up to date with some of the best tips and practices for currency exchange. Keep supporting your family in Nigeria and being a real champ for the country's economic growth.

Emeka Chris

Product Designer, Payaza

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