A lot of people are wondering how to receive funds in Nigeria. As an investor, Nigeria-in-Diaspora, businessman, exporter, importer you can send money to Nigeria from UK, United State, India, Pakistan, Cameroun, Ghana, South Africa, Philippines, Malaysia, Canada, Europe, China, Dubai, Germany, Indonesia, Jamaica, Kenya, London, UAE, USA, Australia, Turkey, India, Congo to a bank account in Nigeria. In this article, we will cover how to receive money in Nigeria. We will guide you on various ways to send and receive money in Nigeria from another country in the world.
It is a lot easier now to receive money in Nigeria from abroad than to send out money from Nigeria. Especially now that all in-bound money transfers to Nigeria are disbursed to beneficiaries through bank accounts or mobile money wallets according to Central Bank of Nigeria and there is no stipulated limit for inbound money transfer.
Everything I’m going to discuss will centre on how to receive money in Nigeria from abroad and how to withdraw fund sent to Nigeria from abroad. In one of our earlier post, we showed you how to send money from Nigeria to another country. We promised you in the article that we would show you how to receive funds in Nigeria from abroad and withdraw it.
Our major goal is to establish an authority on the legitimate means of sending money and receiving money in Nigeria. So, let’s look at how to receive money in Nigeria.
Table of Contents
- 1 Ways of receiving money in Nigeria from abroad
- 1.1 International Bank wire transfer – Domiciliary account
- 1.2 Western Union via Quickteller to Bank Account
- 1.3 Western Union money transfer
- 1.4 MoneyGram
- 1.5 Online Money Transfer to Nigeria Bank
- 1.6 How to send money to Nigeria online
- 1.7 Payoneer
- 1.8 Skrill
Ways of receiving money in Nigeria from abroad
To begin, if you’re residing outside Nigeria and you’re looking for ways to send money to your relatives, business partner, make payment for transactions or pay tuitions in Nigeria There are so many different means of receiving money in Nigeria. However, our interest is to show you how to receive money in Nigeria direct to your Bank account and also how to withdraw the money from your account. We will also include means of receiving money in Nigeria that you can be pick up at a collection point.
The Seven best options of receiving money in Nigeria from abroad to a bank account are;
- International Bank wire transfer – Domiciliary account
- Western Union via Quickteller to Bank Account
- Western Union money transfer
- Online Money Transfer to Nigeria bank
International Bank wire transfer – Domiciliary account
International Bank wire transfer direct to Domiciliary account is the best way to receive money in Nigeria. There are many banks in Nigeria that operate domiciliary account. Among the banks are Gtbank, Diamond Bank, First Bank, Zenith Bank, UBA etc. To receive money in Nigeria through international wire transfer to Domiciliary account, you need to have or open a domiciliary account in Nigeria.
To receive money in Nigeria from abroad through a domiciliary account, send your correct bank account details to your sender. The major bank account details to be sent to your sender are;
- account name
- account number
- name of the bank
- your bank branch address
- SWIFT CODE
- Routing Number
All these you can easily get from your bank. You will always receive a deposit alert within 72hours once the transfer is successful done.
Withdrawing money from a domiciliary account;
You can now easily withdraw the foreign currency sent to your domiciliary account in the same way you withdraw money from your savings or current account. Banks in Nigeria now pay the foreign currency.
- Go to your bank once you receive an alert of the international wire transfer from your bank
- Meet the cashier in charge of foreign currency dispensing
- Tell him/her you want to withdraw dollar, pounds or euro.
You’ll be given a fund withdrawal teller to fill, fill it correctly and you’ll receive your money.
Western Union via Quickteller to Bank Account
To receive western union money transfer via Quickteller to your bank account;
- Register or create an account on Quickteller.com online
- “Log on to Quickteller.com after creating an account
- Click the on the Send and Receive Money tile
- Click the Western Union tile
- Select your bank, either GTBank, StanbicIBTC or Wema bank
- Under “Choose currency” select “Naira”
- Click “Receive money now” and the Western Union – Receive Money data page opens
- Now carefully enter the following details:
- The MTCN (Money Transfer Control Number) as provided by the sender
- Sender’s Country
- Receiving account number (i.e. your bank account number where you wish to receive the funds)
- Receiving account type i.e. either current or savings
- Expected Amount in Naira as provided by the sender
- Under Receiving Currency leave the name of the bank and Naira as default.
- First Name (Receiving Account) which is your account first name as it appears at your bank
- Surname (Receiving Account) which is your account surname as it appears at your bank
- Mobile Number – your mobile number
- Answer to test question as provided by the sender
- Click “Continue”
- Confirm the details provided”
NB: A. You can only receive money at a location the sender states you are to receive it.
Western Union Money Transfers can only be received in Naira. The sender should inform you of the Naira equivalent together with the other details. It is this Naira equivalent that you will enter and receive into your account once the transfer is successful.
Western Union money transfer
We will be using Firstbank Western Union money transfer as a typical example to show how to receive money in Nigeria through western union.
Receive Western Union Nigeria through Firstbank
When it comes to Receiving money in Nigeria from abroad, Firstbank of Nigeria has proven to be reliable. With their 19 years of partnership with Western Union, they have a better edge in the market.
To receive money in Nigeria through Firstbank’s western union money transfer, Firstbank will require the following items from you for identification;
- International Passport,
- Driver’s License Permanent Voters card and National Identity Card.
- The Money Transfer Control Number (MTCN)
- Expected Amount
- Acceptable means of identification (see documentation required)
- The receiver’s name, address and phone numbers
- Sender’s name and country (city to be included for transfers coming from the US and Mexico)
- Test Question and Answer where applicable.
The maximum amount of money to send to Nigeria as stipulated by the Central Bank of Nigeria is 5000usd naira equivalent per sender.
Once, you are done; request that you receive the money into your bank account. These are also applicable to other banks in Nigeria.
United Bank of Africa (UBA) is of one the banks in Nigeria that offers the best MoneyGram service. So, we’ll use UBA MoneyGram service to you how to receive money in Nigeria through MoneyGram
Receive Money in Nigeria through UBA MoneyGram
To receive money in Nigeria through UBA MoneyGram;
Visit any UBA marketing desk close to you. You will be given a form to fill. You will be required to supply the following information on the form:
- An 8-digit reference number
- Sender’s name & country of origin
- Receiver’s name, address and telephone number
- Valid means of identification
- Test question and answer.
Fill the form correctly and wherever you are confused, ask questions. Once you are done, request that the money be sent to your bank account.
Online Money Transfer to Nigeria Bank
Using an online money transfer service to send to Nigeria is easy and simple. You can conveniently send an online money transfer to Nigeria from the comfort of your home. Online money transfer will enable you to take advantage of competitive exchange rates — however to use this service, make sure you choose a service that offers fast transfer speeds. There are some financial payment companies that offer online money transfer to Nigeria. Such International Money Transfer Operators (IMTOs) include Western Union, MoneyGram, Worldremit, Smallwordfs, Trans-fast Remittance, Ria Financial and many more.
How to send money to Nigeria online
To send money to Nigeria online;
- visit any IMTOs company online and Create free account
- 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 cash pickup location. Companies like Western Union and MoneyGram offer the option of cash pickups from thousands of agent locations across Nigeria.
- Click “Send money”
Some Cash pickup locations in Nigeria to receive money send to Nigeria online are;
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
Address: Mushin, 118 Agege Motor Rd, Lagos, Nigeria. Hours: 8:00 AM – 4:00 PM. Phone: +234 704 145 0672
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
Western Union money transfer to Nigeria
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
Things to know when sending money to Nigeria online
You can send money to Nigeria online but there are few things know before you begin. Things to know when sending money online to Nigeria are;
- Exchange rates
Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Transfer fees
Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Payment and delivery options
Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
- Transfer speed
If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
- Transfer limits
Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- “Hedging” options
Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Customer support
Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
Read also: PayPal money transfer
This is an Internet-based payment company that provides online money transfer, digital payment services and other financial services.
Payoneer helps millions of businesses, professional and services from over 200 countries to connect with each other and grow through their cross-border payments platform. With Payoneer’s fast, flexible, secure and low-cost financial services, marketplaces, networks, businesses and professionals throughout the globe can pay and get paid easily internationally and locally.
Payoneer’s payment platform enables businesses, online sellers and freelancers to pay and get paid internationally and locally.
Payoneer offers Receiving account via 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
With Payoneer’s withdraw to Bank Service, you can transfer funds from Payoneer account, directly to your local bank account in over 150 countries and currencies. Payoneer comprehensive global banking network enables you to transfer funds from a local bank in your country, so you can significantly reduce the cost of getting paid and avoid delays.
How Do You BENEFIT?
- Reduce your payment fees
You can increase your earnings by reducing your payment fees by up to 71% with Payoneer.
- Accept payment in more currencies
Accept payments in USD, EUR, GBP, JPY, AUD, CAD and MXN as if you had a local bank account.
- Offer customers a simple way to pay
It also, offers a simple, quick and cost-effective solution for both you and your customers.
- Get the help your need
You can enjoy multilingual customer care 24 hours a day, 7 days a week. Grow your business globally with a Payoneer account today
This is an online financial service company that is available to residents of Nigeria and some other 200 countries. Skrill allows digital payments and funds transfers through the Internet, with a reduced cost on international money transfers.
Being at the forefront of digital payments for years and trusted by millions globally, Skrill offers advanced payment solutions to suit all your business needs and requirements. Skrill offers fast, instant and secure optimized payment solutions, suitable for all businesses. With a simple, single integration, you can enable 100+ local payment methods including cards, digital wallets, instant bank transfers and other alternative payment methods. You can also manage over 40 currencies from just one account, to handle easier cross border payments.
With Skrill, you can receive money from anyone directly into your bank account or Skrill wallet. To receive money online with Skrill, you need is an email address. Any money sent to you is deposited and available instantly for withdrawal from a choice of convenient local options. Receive international money transfers- direct to a local currency bank account. Withdraw funds received in your Skrill account down to your registered bank account
Skrill partner with leading mobile money wallet providers, so money can be sent straight to your mobile wallet. The sender just needs a phone number.
With any of the above seven methods, you comfortably receive money in Nigeria. They are all legitmate, relatively easy and simple.
If you finding any of these seven ways of sending/receiving money in Nigeria difficult, let us know where you have a problem. You can use the comment box below to ask your questions and comments.