Travelling abroad is something that needs to be planned ahead before you go. Whatever the reason — business, education, a family event, or just a holiday — all in all, there are many details to check and consider, and finances come first.

Here are our 5 Financial Tips Before Travel

1.Work Out Your Trip Costs
Using financial software, can help to identify probable expenses and set an accurate budget. Start your counting with this little checklist: accommodation, transportation, meals, activities, and souvenirs. Financial apps for smartphones makes it easier to see how your projected expenses match the reality.

2.Review the Exchange Rates
If you travel outside your native country, the exchange rate between the home currency and a foreign one will affect your budget. Check which of your credit cards offer a better exchange rate and use the one with the lowest fees for spending abroad. Don’t forget that swapping money for foreign currency is more expensive than using plastic for the same purpose.

3.Consider Taking Out Your Travel Insurance
Nobody wants to spoil a trip with unexpected expenses and huge emergency bills. For this reason, many travel credit cards offer insurances, which specific terms and benefits vary by a card issuer. You may also set different limits on the coverage you get and the expenses that are protected.

4.Use a Credit Card Wisely
Whether you’re booking a flight, securing your hotel reservation or making other arrangements, credit cards are the best solution. It’s easy to track what you spent and where, if you rely on one card for the whole trip. However, carrying a second card, kept separate from the main one, is a smart decision for emergencies.

5.Create a Travel Savings Account
If you want to build up your personal travel fund, set up a special savings account. It’s better to choose one with a higher interest rate that is not easily accessible through an ATM. This will help to avoid impulse spending.

Basically, take care of your travel finances, and feel free going wherever you want.

• Do you work abroad and send money home to your family?

• Do you pay for purchases or send money to a child studying abroad?

• Or maybe you just send money to friends and family?

There is a short but comprehensive list of things to look out for above, so bookmark it!

Geography
No app works everywhere! Make sure the app you choose is available both in your country and in the country you want to send money to. Check that the currency you are sending in is supported.

Price
The recipient will always get less than you expect! Why is that? Because part of the amount sent goes towards various transfer fees. Carefully check the app’s terms and conditions to understand what the transfer fees and exchange rates are and whether there are any hidden fees. The final price of the transfer can vary depending on the amount, the payment method, the countries and the currencies, and can be as much as $ 30 or even more.

Speed
Not all services are equal when it comes to the speed of transaction clearing — the time can vary from a few minutes to several days. If you need the money to be available as soon as possible, check the typical transaction speed. But be prepared as there might be unforeseen delays.

Availability
Once you’ve selected an app, you’ll need to download it from Google Play or the App Store. If you can’t find the app or are asked to pay for it, it’s better to look for a more convenient service.


Using Vyre. me is easy and convenient:

• The application is available in Europe and Africa
• No hidden fees
• High-speed transactions
• Safe and secure

In 2017, FinTech companies were seen as the major disruptors in financial services. It was almost a given that they would end the reign of traditional banks. However, banks seem to have taken control of their future by making strategic investments in their own FinTechs.

On the one hand, the banks' foray may make the market more interesting and increase healthy competition, although bootstrapped startups now find themselves competing with well-funded bank subsidiaries.

On the other hand, startups are much more nimble and have clearer hands-on experience of what it takes to connect, interact and speak the language the target market understands, unlike subsidiaries of big brands that may approach the market with a huge capital outlay in mind.

"The market wants to hear your bootstrapping story and be part of something new, not a fallout from the old order".

https://businessday.ng/big-read/article/nigerian-big-banks-fintech-foray-spotlights-valuation/

Below is a quick review of platforms and services for the task, with a focus on service quality, fees, and transfer speed.

Wise (formerly TransferWise)
Popular, fast & reliable money transfer platform for Nigeria. They have a low fee structure and offer competitive exchange rates. Wise is a UK-based company that operates in over 70 countries. It also offers multi-currency accounts, which can be useful for those who need to send and receive money in different currencies.

WorldRemit
Another popular money transfer platform that allows users to send money to Nigeria quickly and easily. They have a variety of payment options, including bank transfers, credit/debit cards, and mobile money. WorldRemit offers competitive exchange rates and low fees, making them an attractive option for sending money to Nigeria.

Western Union
Although Western Union is not the most cost-effective money transfer platform, they are a reliable option for Nigeria. They have a large network of agents in Nigeria, which ensures that the recipient can receive the funds quickly and easily. They offer a variety of payment options, including bank transfer, cash pickup, and mobile money.

MoneyGram
MoneyGram is a popular money transfer platform, but their fees for sending money to Nigeria can be quite high. Additionally, their exchange rates aren’t competitive.

PayPal
While it is a convenient option for sending money, their fees to Nigeria can be high, especially for larger transactions. They offer a variety of payment options, including bank transfers and credit/debit cards.

While there are other remittance providers, we chose to highlight the most prominent and secure ones above.

Nigerian fintech industry can use AI technologies to drive financial inclusion, increase efficiency and improve consumer experience by tackling fraud.

Incidentally, we've already written about how you can avoid money transfer scams without using AI.

Nigeria is already playing a prominent role in fintech AI adoption on the continent, with many Nigerian banks using chatbots for customer support.

Read more at the link.

The Federal Government targets N650/$ exchange rate by December.

The tax expert predicted that the true value of the naira would be reflected by December.

The government will be introducing new foreign exchange rules, including a crackdown on illegal currency trading, to help the naira reach a «fair price» of N650-750 to the dollar by year-end.

The government plans to clear a backlog of dollar demand, bolster the naira forward market, and set transparent rules for the official market.

Vyre.me stands for building and keeping trust, for taking responsibility for our work.

Before writing a single line of code, our team established the core values that will guide our work.

For more than 10 years we have been building fintechs in European and African markets. And the varied experiences from many past projects have only reinforced the paramount importance of earning and keeping trust. Every member of our team is a human being with a universal desire to better the world around them and the conviction that everyone must take responsibility for making that happen, even if it is just a little.