How do I send money abroad? This is one of the most common questions Nigerians ask Google. And as it is necessary, we have to proffer answer to this question knowing full well that CBN has tightened its policy on outbound money transfer services.
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There are some recognized financial institutions, banks, online payment platforms and other money transfer operators who deploy technology to transfer money abroad. Even with the availability of these international money transfer service providers, many Nigerians still do not know how to send money abroad. If you fall into the category of these people who want to send money abroad from Nigeria but do not know how to go about it – this post is for you.
Definitely, this post will show you how to send money abroad from Nigeria. This is because; we’ll be exploring how to send money abroad via international money transfer services. In other words, your; “how to send money abroad question” will be answered when you understand how some of these international money transfer services works.
Some of the top international money transfer service providers you can access to send money abroad include:
- Banks (via domiciliary Account)
- Western union
- MoneyGram
- PayPal
- Skrill
Let’s explore how to send money abroad from Nigeria; now that you’re aware of top international money transfer service providers. Ensure you compare and contrast their requirement, transfer charges, maximum transfer limits and how long it takes for the transfer to arrive the receiver’s destinations.
Top 5 Ways to Send Money Abroad from Nigeria
The following are our top 5 ways to send Money abroad:
- Western Union
- MoneyGram
- Domiciliary account
- PayPal
- Skrill
Send Money abroad via Western Union
Western Union is one of the reliable ways to send money abroad. The financial company has been in operation for over 145 years, and has established a network of over half a million agents worldwide. In Nigeria, there are over 5,000 Western Union outlets and 70% of the 22 CBN licensed banks serve as agents to Western Union.
Though, not all the 22 licensed banks offer outbound money transfer services of Western Union. As of the time of writing this article, Firstbank of Nigeria is at the top lead of agents’ bank that offers outbound money transfer services of Western Union.
So if you intend to send money abroad, you can do this by going to any Western Union outlets, agents (e.g. Firstbank) or Online. Meanwhile, a visit to the Western Union website says, “Western Union online service is not available but will be back soon”. So, the best option is to use the services of a Western Union Agent (e.g. Firstbank).
Here are the procedures:
- Go to any Western Union Agent (e.g. Firstbank) nearest to you with naira equivalent of money you intend to send abroad, and a valid means of identification.
- Meet the foreign exchange cashier and request the forms for sending money internationally.
- Fill the forms with the correct recipient’s personal information, bank account details, SWIFT Code and the amount you want to send abroad.
- Finally, you will be asked to provide a standard transfer charge of approx. N16, 500 for every $2000 you’ll send abroad; a fixed VAT, tax deduction and telex (optional fee).
Ensure you keep the share MTCN code that will be given to you safe. It takes 2-5 business days for the fund to arrive your receiver’s destinations.
Send Money Abroad via Domiciliary Account
Domiciliary account is one of best means to send money abroad. The account isn’t difficult to setup. It requires a government issued ID card (National ID card, Drivers License, permanent Voters Card or International Passport ), utility bill, and 2 passport photograph. And again, 2 referees who own a current account domiciled within the same bank, some banks prefers.
As the account is a foreign account, you select dollar, euro and pound as you fill the domiciliary account opening form. The domiciliary account setup takes 5 – 14 working days. Upon completion, your account details would be sent to you via SMS. Once you received your account details, your domiciliary account is ready for use
Proceed to fund the account. Only foreign currencies such as dollars, pounds, or euros are used to fund domiciliary account to enables you do foreign transactions on that account.
Nigerian banks do not exchange or sell foreign currencies. So, they’ll refer you to buy from black market. Black market rate is of course high. Once you buy the foreign currency, go back to the bank to deposit it. The fund will reflect in your account, immediately.
Now that you have foreign currencies in your domiciliary account, you can send the money abroad through your mobile App or bank cashier. The bank charges a transfer fee, fixed VAT and optionally telex.
Here is a summary of the procedure:
- Open a domiciliary account
- Fund the domiciliary account with foreign currencies
- Fill the transfer form with your bank OR login into mobile App to fill– (you need recipient’s Account Name, bank and branch name, Swift code and Routing No. at this stage)
- Finally, send the money abroad
If you send money abroad by this means, it takes 2- 3 business days for the fund to arrive your receiver’s destinations.
Send Money Abroad via MoneyGram
MoneyGram is another top means to send money abroad. The financial company has been in operation for years just like Western Union. They are the second-biggest money transfer company in the world. MoneyGram offers the best choice for Nigerian to send money abroad. A Procedure that is much more similar to Western Union.
If you intend to use MoneyGram to send money abroad, either visit MoneyGram agent outlets (e.g. UBA) closest to you or send money internationally online. You can also download MoneyGram App on Google play store or Appstore. Sign up and link your credit card or debt card to account. Load your credit card or debit card with money and send. That’s easy!
It takes 2- 3 working days for the fund to arrive your receiver’s destinations.
Send Money via PayPal
Having a PayPal account allows you to send money abroad. The American multinational financial technology company operates an online payments system that support online money transfers across different countries of the world. The only challenge with PayPal is that, while you can send money abroad through PayPal; you won’t be able to receive money in Nigeria with it. That’s as of the time of writing this article.
If you intend to send money abroad through PayPal, either open a PayPal account online via PayPal website or visit PayPal Agent (e.g. Firstbank) outlet. You can also download PayPal mobile App from Google play store and sign up for PayPal account.
Once you create a PayPal account, login into your PayPal account and link your credit or debit card to the account. Firstbank debit card works best for Nigerian. Fill receiver’s details. Load the card with money and send it.
The money reaches the recipient’s destination immediately.
Send Money Abroad With Skrill
Skrill, a UK financial company established in 2001 offers a range of money transfer services and online payment that works similarly to PayPal. With Skrill, you can send money online abroad from Nigeria without hassle. Interestingly, this is our number one way to send money abroad.
The procedure is as follows:
- Create Skrill account – The number step is to go to Skrill website and sign up for personal account. You do this with your email address and choosing a strong password.
- Verify account – The next is to verify your account using your government card (National ID, Drivers license or international passpaort) and utility bill.
- Fund Account – Upload funds into your account using your Debit card and select the amount you want to send. If you are sending $200 for example, you may need to send $210 due to transaction charges.
- Input recipient’s detail -– Before a successful transfer of money abroad, you should have the recipient’s email address ready.
- Review detail – Review your transfer details to ensure your transfer goes successful. Make sure everything looks good and hit the send button.
The money reaches the recipient’s destination immediately. One challenge with this option is that only few banks abroad accept Skrill transfer or deposit.
Other ways to send money abroad from Nigeria
There are other ways you might use to send money abroad. Sending money internationally is not limited to the above 5 options.
Here are other ways:
- Wise (formerly TransferWise)
- Ria Money transfer
- Xendpay
- Payoneer
- OFX (formerly OzForex)
- Xoom
- Azimo
- Cryptocurrency platforms
Hi Emma
Please how can I transfer funds from Nigeria to Brazil?
You can send money abroad (out of Nigeria) using exchange…..
Hi, one of our client from nigeria sent us funds through DOM account at our indian account. I would like to know usually how long it take for money to be transferd.
#Note transection was made through access bank and bank told us it would take 24 but so far it has been 48 hours.
Need your kind advice.
Thanks
Within 2-3 working days
What’s the limit I can abroad through western union in a month
And which banks offer currency conversion that I can use to fun a Dom account
No bank offer currency conversion for funding domiciliary account
Hello Ms. Emma,
What is the best way in sending money from Nigeria to the Philippines? is the receiver in the Philippines will have to pay for anything, and how much if any?
Best way to send from Nigeria to Philippines is through wire transfer via dom acc.
Hello Miss Emma. A Nigerian friend is asking for my help regarding to his finances. He is a nursing student here in Philippines. Here’s his text mo me: “our government stopped sending money abroad cos of money laundering and corrupt leaders so it affected our remittance. So the only man who does money changer for us here travelled home. And for almost 2months i cant receive any thing from home.” Is this true?
To some extent, it is true but there is new guideline. However, one can still send money out legitimately. In other words, our government has not stop the sending of money out.
Thank you for your help.
Dear sir,
May i know is it neccessary to pay advance COT amount by the reciepant for recieving donation amount from Nigeria through NGO Bank Account in India ? What is the law in Nigeria relating to COT ?
If I understand your question; COT has gradually phased out in Nigeria. Central Bank of Nigeria said “in the interest of stability, of the banking system, a negotiable current account maintenance fee not exceeding N1.00 per mille (1/N1,000) may be charged in respect to all customer induced debit transaction” This is to say that for every N100,000 leaving a current account in Nigeria, deposit money banks are permitted to take N100 for account maintenance.
Someone message my daughter on twitter that she was going to give my daughter as part of her sacrifice every year she was an international pastor..she said the money was from nigeria from her crude oil company there amounted to $10,000 and her financial assistance email my daughter that he already send the money through money gram and we had to pay $160 for COT because according to her financial assistant thats the law in nigeria the reciever will be the one to pay for COT before we know the transaction number of the money transfer..Is it true? please we need immediate response for these..Thank you and more power
Hello Lilibeth N. Tesalona,
Please, It is NOT true. Let your daughter disregard such messages. It is Scam.
thank you very much emma more power
Some Nigerian bank account can frustrate someone with if not thousands of questions and will still decline the dom account opening….
Hello Basit Omeiza,
What is the challenge?
Hello EMMA, please can I contact you directly so you could help me send $140 to someone in India for me, I don’t have an active Dom account now and it’s kinda urgent.
Hi emma, i want to send some money to my friend in philipine, and am interestd in that gtbank dom account,hope they wont charge me for the account opening and the money transfer?..
You will be charge for money transfer.
How can i pay for service charge in india
Service charge for what?
Hello Emma,
My buisness patner in China requires telegraphic transfer payment method for goods to be supplied’ what’s the best way to go about it, the money is about 2000 dollars”
P.s I don’t have a domicillary account
Open a domiciliary account.
Thanks for sharing this post, how much is the limit i can transfer with my GT bank Dorm account
$10000/Day
Hi, we come from Europe and is planning to sell turnkey website solutions in Nigeria in the price range of 150 – 400 Dollars. What will be the best payment solution for them when we need the payment send in Dollars.
If they are coming to pay into a personal account; then they can pay via western union transfer, moneyGram or wire transfer via domiciliary account, that’s if they have one.
If they are coming to pay into business or corporate account, then you need to provide them with your accepted payment options
Hello
Please how can my mom tranfer 100K from Nigeria to Italy using Western union or Moneygram?
Which bank please cos UBA ?
Thanks
Let her use Firstbank.
Hello admin, plz what is the best way for me to save money here in Nigeria before traveling to Ghana and get my money other there ??….Thanks
I don’t understand you.
Dear, my brother have a fund in African Development Bank Nigeria, need to transfer the fund to Bangladesh, would you please write how it can possible, thanks, Chowdhury
Hello Mostafa Chowdhury,
Specify the nature of the account in Bangladesh.
Hello Emma, I just started a buying and selling business with a Ghanaian partner. I am expected to remit as much as $10,000 per day. How best do you advice I can remit funds, at affordable charges from Nigeria to Ghana?
Hello Nonso,
If you say as much as $10,000 per day then you need a domiciliary account. This is the only way you can send as much as that per day.
Please can I get PTA/BTA to travel if yes the amount on each of them please.
Also what is the western union and moneygram limit amount I can send from Nigeria to dubai. Thanks.
Hello Paul,
Yes, you can get PTA/BTA to travel. Consult your issuing bank for the charges and amount for each.
The transfer limit is $1000 in three months for both western union and moneygram.
hello emma,which bank is best and faster to perform money gram or western union transaction and at what rate pls.I mean sending out not receiving
thank u sir for your fast response. pls I sent you an email
pls Emma,can I transfer money to someone in Philippines using western Union or money gram
Hello Samuel,
Yes, course!
Good morning sir I want to ask is it possible to send money through western union without receivers bank details
No, sir! It is not possible.
Thanks for your help so far. I also read where you wrote about the Form M been difficult to get or go through the process.
Please can you highlight me more on it and how i can apply for it and how long it takes to get the money each time i need to wire the money from Nigeria to sweden
Hello Emmauel,
If you have account with any of these banks; GTBank, Diamond bank, Zenith bank and Access bank; visit your bank and find out how you go about with the form M.
Thanks Emmanuel for your quick response,
The mastercard is what I use here in Benin republic to withdraw Cfa from Atm. Believing it will withdraw Naira in Nigeria.
Pls can’t I pick the “Cbn m form” you once advised someone instead of opening a domiciliary account to send back to my account in Benin republic. Thanks.
Hello Bambam,
CBN form M is for those that import goods/products into Nigeria.
Hi Emmanuel,
I’ll be in Nigeria this week, I want o know, Pls will my Benin republic Uba Mastercard work in Nigeria?
Pls how will I be able to send money to my account in Benin republic
Thanks
Hello Bambam,
In what currency is the mastercard dominated at? It can only work if it is naira Mastercard. If you have domiciliary account, use it to send the money to your account.
Hi Emma, i need to send money from US to a dorm account in Nigeria, how can i do that at a cheaper rate?
Thanks.
Hello Ivan,
You are in US and you are sending to domiciliary account in Nigeria? Why talking about cheaper rate again when the transaction will be done at official bank exchange rate.
Thanks for your quick response.. can you explain me to how it works the CBN form M.
How long does it take to get the money here in my account.
Thanks
Hello Emmanuel,
where are you precisely; in Nigeria or Sweden?
i live in sweden.
Hi Emma,
am expecting 15m from nigeria to sweden. Am exporting stockfish to nigeria. do you know how i can get the money from Nigeria to sweden.
Hello Emmanuel,
Use CBN form M
Is it possible to send money from Nigeria to Niger ?
Yes, it is possible.
can i get your contact to speak with you on phone?
Send me an email at immax2005@gmail.com