5 Fastest Ways to Send Money from/to Nigeria
After reading this post, you will learn how to send money to Nigeria, or from Nigeria to the United States, the United Kingdom and other and other countries in Africa, Europe, Asia and America.
Are in Nigeria and want to send money to another country?
Or are you in another country and want to send money to Nigeria?
If you are reading this post, it means that you are possibly searching for the best and easiest way to send money to Nigeria from another country and vice versa.
There are many situations which will warrant someone want to send money to a person outside or inside Nigeria.
Sending money to someone outside Nigeria are most time for academic or business purpose. For things of such a goal, you will need the fastest means of money transfer in other to meet a stipulated time or target.
How to send money to/from Nigeria
Among other methods of sending money out of Nigeria, we will only look at the four best and most secure ways of sending money from Nigeria to other countries of the world.
1. Western Union Nigeria
It is effortless to send money to Nigeria western union
The Western Union Money Transfer remains an excellent and prevalent way of sending cash between nations. There are thousands of Western Union outlets working with authorized deposit money banks and Microfinance banks.
A decent number of them now fill in as Outbound Money exchange specialists, in compliance to the new CBN policy. For sending cash from Nigeria to different nations utilizing the Western Union, you would need to visit any of the authorized/enlisted bank or outlets.
Your application will include the receiver location and potentially his/her bank details also may consist of a means of identification and the sum of money to be transferred.
The outlet will help with changing the Naira into the corresponding destination currency at current exchange rates. Also, the sender will bear the expenses of sending the cash to another country, i.e. the costs of the exchange. This cost will likewise incorporate an extra charge for Value Added Tax.
2. Domiciliary account
For you transfer money from Nigeria to the United States, United Kingdom and many other countries using a domiciliary account. First, you will need to open a domiciliary account with a bank if you don’t have one already.
A domiciliary account is a type of account that allows owners to save money in foreign currency such as US Dollars ($), Euro (€), Pounds (£). It will be valued at the prevailing currency exchange rate.
The use of a domiciliary account will help to facilitate your international transactions easily. It can be funded via travellers’ cheque, cash inflows, cash deposits or lodgement of foreign currency cheques.
Domiciliary account is one of the best ways to send money from Nigeria to another country. It is advantageous when huge sums of money are needed to be transferred abroad.
While sending money abroad, making use of the domiciliary account will involve presenting the receiver’s bank account details such as;
The name of the account, The account number, The name of the bank, the receiver’s bank branch name may also be needed, SWIFT CODE, Routing Number.
The sum of money that is to be transferred, which will then be converted into the receiver’s currency at the prevailing foreign exchange rate. After the necessary information and sufficient money are provided, the sender will receive a text message or email as the case may be – usually within three days. The message will inform the sender that his account has been debited and the recipient’s account has been credited, all other things being equal.
3. PayPal money transfer
Do you know that you can send money to Nigeria with PayPal?
PayPal is an online payment platform owned by eBay. It remains one of the world’s largest and oldest reliable online payment platform. PayPal allows individuals and businesses to make international online payments easily. Most people make use of PayPal to buy on Amazon, eBay, and most other popular eCommerce sites.
Apart from sending money from one person to another, the most online merchant also make use of PayPal to facilitate their online payment. This is the reason why most online payment platforms always have PayPal as a payment option.
PayPal is beneficial; it is a secure medium for transferring a small amount of cash abroad, with a low-cost option. But for the huge amount, it is costly when compared to other methods; this is because they don’t have a fixed charge – instead, they charge on percent.
If you wish to use PayPal to transfer money, you will need to have a founded and verified PayPal account. Your recipient will also need to have a PayPal account. Then you can transfer to you recipient using his/her PayPal email as the case may be. Then your recipient will choose to either keep the money his/her PayPal account or withdraw to their local account. Before your recipient can withdraw, they will first need to verify their PayPal account as the case may be.
4. MoneyGram International
Are you looking for how to send money from Nigeria to USA through MoneyGram?
MoneyGram is a global payment platform – present in over 200 countries of the world and operates from about 300,000 locations worldwide. The Central Bank of Nigeria directive for outbound money transactions allowed MoneyGram to partner with several banks in Nigeria. They let this in other to simplify sending of money from Nigeria to other MoneyGram operational countries.
If you want to use MoneyGram as a means to send money abroad, you will need to visit any of the MoneyGram partner banks here in Nigeria.
Although not all banks in Nigeria are linked to MoneyGram, some MoneyGram linked banks here in Nigeria are; UBA, Access Bank, Diamond Bank, Eco Bank, FCMB, Fidelity, First Bank, Keystone Bank and Skye Bank.
Walk into any of the banks mentioned above and fill out the request forms, and provide details of the necessary information (recipient’s name, bank, amount to be transferred etc.) The bank will help you with converting the naira sum into the destination currency base on the exchange rates and execute the transaction.
The advantage of sending money using this medium is that it eliminated the exchange rate cost, giving you the real value of your money.
If you want to receive Bitcoin from any part of the world, all you need to do is to create a Bitcoin Wallet which will be used to hold the fund. You can choose to sell the Bitcoin once you receive it or store it in your wallet.