✓ Accepted Answer
To send money internationally cheaply, avoid banks. Bank international transfers typically charge £15-30 plus a terrible exchange rate that costs you another 2-4%. On a £500 transfer that's easily £30-50 in hidden costs.
Wise (formerly TransferWise) uses the mid-market exchange rate and charges a small transparent fee — usually 0.5-1%. For £500 to Nigeria, you might save £25 compared to a bank.
Other good options: Remitly and WorldRemit are popular for Africa. They sometimes offer promo rates for first transfers. Send money in larger amounts when possible as some providers have flat fees that become proportionally smaller.
For sending to mobile money accounts (M-Pesa in Kenya, MTN Mobile Money in Ghana), services like WorldRemit and Sendwave integrate directly. The recipient gets money in minutes rather than days.
Always compare rates on Monito.com before sending — it aggregates providers in real time.
by fatousarr
· 53 upvotes
Forex trading involves exchanging one currency for another, betting on whether one will strengthen or weaken against the other. For example, if you think the Nigerian naira will weaken against the dollar, you'd sell NGN and buy USD.
The market is genuinely huge — $7.5 trillion traded daily — and it runs 24 hours a day on weekdays. But it's also extremely risky, especially with leverage. Most retail forex traders lose money. Studies consistently show 70-80% of retail forex traders end up with losses.
If you want to try it: start with a demo account for at least 3 months before risking real money. Learn about support and resistance, candlestick patterns, and risk management. Never risk more than 1-2% of your account on a single trade.
Choose a regulated broker — in Nigeria look for CBN-licensed or internationally regulated brokers. Avoid any broker promising guaranteed returns or pressuring you to deposit quickly.
by emekaobi89839
· 9 upvotes