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How to send and receive money in Nigeria in 2020

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How to send and receive money to and in Nigeria

A lot of people have been wondering how to receive funds from their business partners, colleagues, friend and family member from outside the shores of Nigeria.  If you have a friend or family members, or business partners from outside Nigeria from whom you intend to receive monies. Or you are an exporter, looking for ways to get your payments from the United States, Canada, Jamaica, UK, Germany, Australia, China, UAE, Turkey,  Malaysia, Indonesia, Philippines, Pakistan, India, Cameroun, Kenya, South Africa, etc to Nigeria, read on for we are to give you a step-step guide on how to get your funds across to Nigeria.

From the recently released Central Bank of Nigeria guideline on international money transfer, it is a lot easier now to receive money from outside Nigeria into your bank account or mobile money wallet in Nigeria, then it is to send money out of Nigeria. From the guideline just released by the CBN, there is no limit to the amount of cash one can receive from out Nigeria, but you cannot send more than $2000 or it’s equivalent per transaction.

We will be discussing; how to receive funds from outside Nigeria into your bank account or mobile money wallet in Nigeria.  Continue reading as we discuss several ways to send money to Nigeria and how to receive the sent funds.

 

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Ways of receiving money in Nigeria from abroad

There are several ways of sending and receiving money from outside Nigeria, we will be looking at the following which are the most convenient ones for now.

  1. Domiciliary account – International Bank wire transfer
  2. Western Union via Quickteller to your bank account
  3. MoneyGram
  4. Western Union money transfer
  5. Online money transfer
  6. Payoneer

 

Domiciliary Account – International Bank wire transfer

International Bank wire transfer direct into a Domiciliary account is one of the best ways to receive foreign currency in Nigeria for those who have a domiciliary account in Nigeria. Most of the banks in Nigeria have domiciliary account types for the United dollar (USD), Euro (EUR) and Great Britain Pound (GBP).  Zenith Bank, UBA, First Bank, FCMB, and GTBank all have various forms of domiciliary account.

To receive money into your domiciliary account in Nigeria through international wire transfer, you have to have a domiciliary account in any of the local banks in Nigeria.

The person sending funds to your domiciliary account in Nigeria will require the following details from your domiciliary account to be able to send funds directly into your domiciliary account. Primary details required are:

  • Your account name
  • Account number
  • Name of your bank
  • The Address of your bank
  • SWIFT CODE of your bank
  • The Routing Number of your bank.

An alert of a successful transfer enters within 72 hours.

 

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Withdrawing money from a domiciliary account

You can withdraw cash in the same currency it was sent from your domiciliary account. The process is the same as the withdrawal from your regular naira account. If you wish not to collect your cash in the currency it was sent, you can request for its equivalent from your local bank.

  • Go to the nearest branch of your bank once you receive an alert of the international wire transfer.
  • Meet the person in charge of foreign currency transactions.
  • Get withdrawal slip, complete the withdrawal slip and hand it over for processing.
  • Voila!!!

To receive western union money transfer via Quickteller to your bank account

QUICKTELLER Platform is a financial service application that allows you to purchase airtime, pay bills, send and receive money via the web (www.quickteller.com).

Follow the following steps to receive funds from Western Union using Quickteller

  • Visit www.quickteller.com and signup for a Quickteller account
  • Click the on the Send and Receive Money tile
  • Then click on the Western Union tile
  • Select your bank, either Zenith, GTBank, or FCMB
  • Also, select “Naira” under “Choose currency”
  • Click “Receive money now” and the Western Union – Receive Money data page opens
  • Now carefully enter the following details:
  • Enter as provided by the sender the MTCN (Money Transfer Control Number)
  • Also, enter the name of the sender’s Country
  • Enter the receiving account number (i.e. your bank account number where you wish to receive the funds)
  • Also, enter the receiving account type i.e. either current or savings
  • Enter the expected amount in Naira as provided by the sender
  • Under Receiving Currency leave the name of the bank and Naira as default.
  • First Name – which is your account’s first name as it appears at your bank. (Receiving Account)
  • Surname – which is your account surname as it appears at your bank. (Receiving Account)
  • Your mobile number
  • as provided by the sender, answer to test question
  • Then click “Continue”
  • Confirm the details provided”

Note: Money from Western Union can only be received from the location indicated by the sender and in the local currency. In this case, the Naira.

 

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Receive money in Nigeria through Western union

I will use Access bank Western Union transfer as a typical example to explain to you how to receive money in Nigeria via western union.

 

Receive Western union Nigeria through Access Bank

Access bank has proven to be reliable when it comes to receiving money from outside Nigeria. With a robust infrastructure, technology and several years of partnering with Western Union, they have the needed competitive edge.

To receive money from Western Union through Access bank, Access bank will request the following from you before they can process your payment;

  • A valid means of identification, preferably, Passport, Driver’s License, Permanent Voters card or National Identity Card (NIMC).
  • Money Transfer Control Number (MTCN)
  • Expected Amount in Naira
  • The receiver’s name, address and phone numbers
  • Sender’s name and country (for transfers coming from the US and Mexico, city to be included)
  • Test Question and Answer where applicable.

Maximum send amount as stipulated by the Central Bank of Nigeria is 5000 USD or its equivalent per sender.

The steps are the same as other banks such as First Bank of Nigeria.

 

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How to receive money in Nigeria through MoneyGram

MoneyGram International, Inc., an American money transfer company with headquarters in Dallas, Texas United States. It has local offices around the world.

First Bank of Nigeria is one of Nigeria’s banks that offers the best MoneyGram service. We will use First Bank MoneyGram service to explain to you how to receive money in Nigeria through MoneyGram

How to receive money in Nigeria through First MoneyGram

To receive money in Nigeria through UBA MoneyGram;

Beneficiaries of MoneyGram can receive transferred money at any of First Bank outlets by providing the following:

Transfer Reference Number

Expected Amount

Acceptable means of identification (Bank Verification Number)

Sender’s name and country (for transfers coming from the US, city to be included)

Test Question and Answer (optional)

Fully completed form

Then request that the money be sent to your bank account.

 

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How to send money to Nigeria online

There several companies, most of them in the US that offer online money transfer services to countries all over the world, including Nigeria. A lot of businesses especially in the United States don’t send funds outside the United States. They prefer dealing with people who have an account in the United States. Most of these companies that offer online money transfer took advantage of these.

All you need to do is open a free account with them with the detail we will give you shortly and they open a virtual account for you from where you will be able to initiate international transactions from the comfort of your room.

The upside of these online money transfer services is that they are quite simple and they pay directly into your domiciliary bank account.

Online money transfer will enable you to take advantage of competitive exchange rates.

However, ensure you signup with an online money transfer service that offers fast transfer speeds.

A lot of companies that offer online money transfer to countries all over the world including Nigeria. Some of them are; Payoneer Smallwordfs, Worldremit, Transfast, Remittanceprices, skrill, etc.

 

To start sending money to Nigeria online

  • visit any money transfer company above (Payoneer our preferred online money transfer services provider ) and Create a free account
  • follow the steps for registration carefully. Provide your contact details, name, proof of identity and bank account information (if you are not sending cash).
  • Provide contact information for your transfer recipient
  • Select a payment option and enter the full details of your transfer
  • Keep track of the reference number or receipt you receive to monitor the progress of your transfer
  • Select a cash pickup location. Companies like Western Union and MoneyGram offer the option of cash pickups from thousands of agent locations across Nigeria. From Payoneer, you can transfer directly into your local bank account or your domiciliary account.

 

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Payoneer 

This is a financial services company that provides online money transfer, digital payment services and provides customers with working capital.

Payoneer enables millions of businesses and professionals from more than 200 countries and territories to connect with each other and grow globally through our cross-border payments platform. With Payoneer’s fast, flexible, secure and low-cost solutions, marketplaces, networks, businesses and professionals throughout the world can pay and get paid globally, as easily as they do locally.

Payoneer’s cross-border payments platform empowers businesses, online sellers and freelancers to pay and get paid globally as easily as they do locally.

Also, Payoneer offers receiving accounts via the Global Payment Service, which enables you to receive local bank transfers from companies and marketplaces in the US, UK, EU, Japan, Canada, Australia, and Mexico directly to your Payoneer account.

Quick, easy and low-cost access to your earnings is critical when growing your business. With Payoneer’s Withdraw to Bank Service, you can transfer funds from your Payoneer account, directly to your local bank account in over 150 countries and currencies. Our comprehensive global banking network enables us to transfer funds from a local bank in your country, so you significantly reduce the cost of getting paid and avoid delays.

 

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The under-listed are some of the online money transfer cash pickup locations across Nigeria;

Worldremit transfer to Nigeria

ACCESS BANK – SABO BRANCH

Address: 290 Herbert Macaulay Way, Yaba100246, Lagos, Nigeria. Hours: 8:00 AM – 4:00 PM. Phone: +234-01-277 0069

ECOBANK

Address: Mushin, 118 Agege Motor Rd, Lagos, Nigeria. Hours: 8:00 AM – 4:00 PM. Phone: +234 704 145 0672

 

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Western Union money transfer to Nigeria

ALABA MAIN

Address: 1 Agudosi Street Alaba International Market Alaba, Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-7613794

KEYSTONE BANK AKOKA

Address: 23 St Finbarrs College Rd Yaba Yaba Lagos Yaba, Lagos 234. Hours: 8:00 AM – 4:00 PM. Phone: +234-1-7432454

SKYE BANK SHOMOLU BRANCH

Address: 6 Bajulaiye Street Shomolu Lagos, Lagos. Hours: 8:00 AM – 4:00 PM. Phone: +234-1-2703090

 

Moneygram transfer to Nigeria

UNITED BANK FOR AFRICA

Address: RD NNS Quorra Harbour Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-5872143

UNITED BANK FOR AFRICA SEME BORDER – #04

Address: Abuja Badagry Express Way Seme Border FCT Lagos. Hours: 8:00 AM – 6:00 PM. Phone: +234-01-2311061

UNITED BANK FOR AFRICA

Address: Luth Road 1 Idi Araba Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-8114353

 

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Things to know before sending money to Nigeria

There are a good number of things to know before you send money to Nigeria. Below we try to point out some of these things that you need to know before initiating cash remit to Nigeria.

  1. Exchange rates

Most all the online money transfer service providers skew exchange rates to make more profits. You can always compare the exchange rate you are offered with the rate in the international Foreign exchange market. Also, you can use our Real-Time Universal Currency Converter to know the prevailing foreign exchange rate. Always go for companies that offer the most reliable and cheapest transfer service.

  1. Transfer fees

Most of the online money transfer companies charges varying transfer fees. Some of them charge a flat fee while some others charge a percentage of the total transfer sum. Also, some can even offer a fee-free transfer, while some others even pay a certain percentage when you make a certain amount of transfer.

  1. Payment and delivery options

Some online money transfer companies allow you to pay with a credit card, by phone or through an app. Also, some others receive money on your behalf from your clients or business partners who are unable to remit funds to you directly to Nigeria.  Others offer agent locations for cash payments and pickups.

Before you engage any of the service providers, try to confirm how the beneficiary will receive the transferred funds, whether it is through a bank account, mobile money wallet, or through cash pickup.

  1. Transfer speed

It is also very important to know how fast funds move. Some companies like MoneyGram and Western Union allow for speedy cash pickup, most time with hours. However, the fast the requested time of delivery, the higher the cost of funds transfer. Independent providers offer cheaper rates but slower terms of delivery speed.

  1. Transfer limits:

Some online money transfer companies have a certain limit on cash transfer. Always ask to know this transfer limit. The large transfer also attracts a relatively moderate rate. Compare the rate among these companies.

  1. “Hedging” options:

Ask your transfer providers if you can schedule payments ahead of time or protect your transfer funds against fluctuations in market prices with a limit order or forward contract.

  1. Customer support

This is extremely important. Try to know how responsive their customer support is. In the event of delay or errors, how do you contact them; by phone, internet chat or by email. Know how readily available you can get assistance when you need one.

Follow the steps listed above from the service providers above and you are sure to receive your funds in Nigeria. Most of them are very simple and easy to use.

In case you have difficulty using any of the services listed, please let us know by dropping your comments, suggestion or questions in the comment box below.

 

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