Fast And Secure Way To Receive Money From Foreign Countries In Nigeria (2021)

How To Receive Money From Foreign Countries In Nigeria
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Are you thinking whether it's possible to receive money from foreign countries down to Nigeria without uneasiness or agitation? Sure it's possible. Many Nigerians has been facing problem concerning international transactions which involve transferring and receiving money from friends and family in foreign countries.

Some Nigeria base businesses, freelancer's and service provider's restrict rendering service internationally thinking it's not easy to receive their payment directly to Nigeria but with the improvement of technology today now than before many fast and secure way has been created to receive money from countries like Canada, United States, Greenland, United Kingdom, Saudi Arabia, Australia, Indonesia, Pakistan, India, Russia, China, Philippines, Korea.. etc down to your Nigeria personal account.

In this blogpost I'm sharing with you best fast and secure way to receive your money from foreign countries to Nigeria in 2021.

Many Africa countries especially Nigeria are contending with problems facing successful international trade, which ways of receiving payment is the major problem. International trade and transaction is subjected to determine the growth of the country economy growth.

The Central Bank Of Nigeria CBN has implement couple of policies to improve the country international transaction since its establishment. Policy implemented in 2020 stipulate the guidelines to cash out your money received from overseas. Fund received via bank transfer can only be cash out in US dollars from your preferred bank.

Regulatory policy which is concerned with requirements and limits for transferring and receiving fund from abroad is set to control and protect the country against fraud and money laundering. Actually Making use of these methods support fluent and effective transaction when sending and receiving money from abroad. Let get started

How To Receive Money From Abroad In Nigeria

There are many methods in which you can get the process done but I'm sharing with you 5 fast, secure and effective way in which you can send and receive money from outside Nigeria.

  • MoneyGram
  • Western Union
  • International Bank Wire Transfer into Domiciliary account
  • Payoneer
  • Online International money transfer company's

MoneyGram

Using MoneyGram to send and receive money in Nigeria is among the fast and secure way to perform international transaction. MoneyGram is an America base international money transfer service provider in which their headquarters was located in Dallas, Texas south central region of the United States.

MoneyGram render services internationally by having local office's located all over the world whereby almost all Nigeria local bank's render MoneyGram services for customers.

Now to receive your money from abroad using MoneyGram all you have to do is to visit your bank which are rendering MoneyGram services to provide necessary and required documents that includes the transfer reference number which was given to you by the sender, expected amount from the sender, sender details (name, city and country), recipient details which is your required means of identification either (National ID card, International Passport, BVN, Resident permit or utility bill).

You may also be required to complete the process by filling out a form, after providing the required documents and the form cash out your money within some minutes and smile at your pocket.

Western Union

The second on the list, Western Union is also an America base company. Unlike the MoneyGram Western Union is a multinational financial services company which render services like wire transfers, money orders, money transfers, payment of bills, transfer tracking and price estimation to customers, it headquarters is located at Denver, Colorado United States and also serve the whole world.

Receiving money here in Nigeria through Western Union is easy because all Nigeria local banks are Western Union agent and render their services to customers. To make use of Western Union you just need to provide the sender with your Account Details, purpose of remittance and also your mobile phone number, with that money can be sent to you from anywhere all-over the world.

For receiving your money you can decide to make use of cash pickup by visiting the nearest Western Union agent to provide some information and documents which includes (sender name, expected amount, tracking number MTCN and your means of identification).

You can also collect your money by visiting your nearest bank branch to provide the tracking number and your means of identification, your cash will be processed while you start smiling at your pocket after few minutes. Below are list of notable Nigeria local bank's that offer Western Union services to customers;

  • UBA
  • First Bank
  • GT Bank
  • Polaris Bank
  • Wema Bank
  • Union Bank
  • Access Bank

International Bank Wire Transfer into Domiciliary account

International bank wire transfer is a service which is offer by banks to customers, this particular service allows customer to send out money from their account to recipient account details internationally that cost the sender some extra charges for the transaction and take longer time unlike the local bank wire transfer.

With the advent of Domiciliary account type in Nigeria that allow you to receive and make payment in foreign currencies, you can now receive payment from clients from foreign countries into your domiciliary account with ease which you can even access through your banking mobile app on your phone.

Money received and payment made with this Domiciliary account are rated based on the current NGN exchange rate, currencies that can be sent or receive in this type of account include Great British Pound (GBP), Euro (EUR), United States Dollar (USD).
In other to receive payment from overseas, there are some details you need to provide the sender.

What You Need To Receive Money Into Your Domiciliary Account

  • Your Bank Name
  • Your Bank Address
  • Your Account Number
  • Your Account Name
  • Your Bank Routine Number
  • Your Bank Swift-Code

To cash out your money visit your bank to meet foreign transaction department and fill out a withdrawal slip to collect your money either as sent currency or exchanged to NGN using current exchange rate at that moment.

Payoneer

Here is an online payment service provider that comes in handy for Nigerians not long the popular PayPal restrict Nigeria accounts from receiving fund from abroad.

If you're getting to know Payoneer for the first time, the America base company offer widely opportunity for freelancer's and business owner to make transactions and receive payment from over 500 countries around the world with low transaction cost. This particular service provider has been existence since 2005 which they offer their clients 24/7 support.

You can receive and send money internationally using Payoneer as a Nigerian, to get started visit Payoneer website to create a free account. On completing your registration and providing necessary documents, you will be given your Payoneer account details which you can use whether for sending or receiving payment once the platform support Payoneer.

After receiving the fund in your Payoneer account you just have to request withdraw to your local bank details you added which will take up to 2-5 working days according to their website.

Online International Money Transfer company's

After mentioning the key fastest way and secure methods you can use to receive money from foreign countries right in Nigeria, let's look at some money transfer company's that render online services and also support Nigeria.

Using online service provider method, you and the sender or recipient can make transactions right on your smartphone. You just have to visit their website, register and create a free account. The below company's doesn't limit your access to receiving fund only, but also you can send out money to abroad without visiting your bank.

Skrill

Skrill is United Kingdom base digital wallet provider that was formerly known as Moneybookers. It offers online International payment and transfer service since it was established back in 2001 as Moneybookers before rebranding to Skrill in year 2013. Skrill serves the whole world with headquarters located at 25 Canada Square, London, United Kingdom. Visit Skrill to get started.

Wise (TransferWise)

Wise is financial technlogy company which was founded back in 2010 by Estonian businessmen Kristo Käärmann and Taavet Hinrikus and formerly known as Transfer wise. Headquarter located at London, United Kingdom. Visit Wise to get started.

Paystack

Paystack is Nigeria online payment service provider which now serves almost the whole Africa. It was founded by Shola Akinlade and Ezra Olubi back in 2015 before it was now aquired by a United States firm Stripe in 2020. Paystack offer users fluent and easy way to receive payment from customers or other users making use of debit and credit cards. Visit Paystack to get started.

WorldRemit

WorldRemit is London base online cross-border digital payments service provider which was founded by Ismail Ahmed, Catherine Wines, and Richard Igoe in the year 2010. It offers online International money transfer and payment that support over 70 currencies and serves up to 200 countries globally.

WorldRemit is among the first payment service provider that focused on mobile to mobile transaction and also offer users receiving payment direct bank deposit option, which means you can deposit your money into your bank account right from your mobile phone. Visit WorldRemit to get started.

Ria Money Transfer

This is online International money transfer company which was founded in New York, United States 1987 as a subsidiary of Euronet Worldwide, Inc. Ria Money Transfer serves up to 200 countries with headquarters located at Buena Park, California, United States and over 400,000 agent locations worldwide.

Ria Money Transfer support Nigeria; that is you can receive payment and make payment right here in Nigeria using Ria Money Transfer website or mobile app. Visit Ria Money Transfer to get started.

Factors To Consider When Choosing Method To Send And Receive Money From Abroad In Nigeria

There are some factors to consider when choosing your preferred gateway to send or receive money from foreign countries, all those companies mentioned above has different policies guiding their day-to-day operations. You have to check and consider some factors to know if you're choosing the right one.

  • Getting to know their transaction operating time frame. Some of them process your transactions immediately while some takes a working day or a couple of days.
  • Be aware of their exchange rate which is subjected to change based on relative money supplies, relative income and interest rate differentials but some money transfer company's choose their own preferred exchange rate.
  • Take note of their transaction cost and fees incurred for making transaction using their services, some charge high while some prefer to charge a little percentage out of the exact money you're transferring or receiving.
  • Make sure you're aware of their transaction limits; that is the minimum/maximum amount you can receive and minimum/maximum amount you can send which is likely to be revealed to you when getting started to use their services.
  • Be familiar with their deposit and withdrawal method when sending and receiving money using their gateway, some of those online money transfer company's mentioned above support both credit and debit cards for deposit and withdraw while some support bank transfer option.
  • Lastly, know the fast way to contact their customer service and how swift their customer support are responsive to users having issue with their services, finally how rapid the problem will be solved.

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