Are a Nigerian who require to send money from Nigeria to another country ? Are intending to make transfer fund to another country outside Nigeria. Initially, sending or transferring money from Nigeria to other countries in the world is impossible but with the recent CBN revised guidelines for International Money Transfer Services Nigeria Banks have started deploying Outbound Money Transfer services to ease the stress of sending money from Nigeria to individuals outside the country.
Everything I’m going to discuss here will boil down to;
• How to send money from Nigeria to UK
• How to send money from Nigeria to United State
• How to send money from Nigeria to India
• How to transfer money from Nigeria to Pakistan
• How to send money from Nigeria to Cameroun
• How to send money from Nigeria to Ghana
• How to send money from Nigeria to South Africa
• How to transfer money from Nigeria to Philippines
• How to send money from Nigeria to Malaysia
• How to send money from Nigeria to Canada
• How to send money from Nigeria to Europe
• How to send money from Nigeria to China
• How to transfer money from Nigeria to Dubai
• How to send money from Nigeria to Germany
• How to send money from Nigeria to Indonesia
• How to send money from Nigeria to Jamaica
• How to send money from Nigeria to Kenya
• How to transfer money from Nigeria to London
• How to send money from Nigeria to UAE
• How to send money from Nigeria to USA
• How to transfer money from Nigeria to bank account abroad.
It is easier to receive money sent to Nigeria from other country than to send money from Nigeria to other country because almost all Nigeria banks are under the inbound money transfer services guideline as provided by CBN. Under the Inbound money transfer, an individual living abroad can send money to an individual in Nigeria but those living in Nigeria cannot send money to those living in other country. The money transfer regulation by CBN came up as a result of the negative perception about Nigeria being a country for money laundering and others fraudulent activities.
For this very reason; many Nigerians who wish to send money to their family members, relatives, friends, make payment for conference registration and those who are into the business of importation of goods and service from other countries continue to find it difficult.
In August 2014, there is an introduction of the revised guidelines for International Money Transfer Services by the Central Bank of Nigeria (CBN), which allows provision of Outbound Money Transfer services in the country. The Outbound Money Transfer is person to person international money transfer from Nigeria to countries around the world. It doesn’t matter if you have bank account here in Nigeria or in these countries as many people would say…it is the prerequisite.
In one of my earlier post, I showed you how you can transfer money from Nigeria bank account to foreign account number. Today, in this article, I will show you how to send money from Nigeria to any other Country in the world; UK, United State, India, Cameroun, Ghana, South Africa, Uganda, USA, Canada, Europe, Kenya, Philippines, UAE, Malaysia, Germany, Dubai, Indonesia, Jamaica, China, Pakistan etc.
So, you if thinking of paying for conference(s) registration outside Nigeria while in Nigeria or how to send money from Nigeria to any of these countries above for international business transactions, to family member, relative or friend; below are four best options you can use to send money from Nigeria to any country around the world with an in-depth guide on how you can send the money from Nigeria to the country.
How to send money from Nigeria to any country in the world
Central Bank of Nigeria (CBN) licensed only MoneyGram International and Western Union Money Transfer as International Money Transfer Service Operators (IMTOs) in the country but I have additional two other options I have used in sending money from Nigeria to other country making it a total of four options.
So, the four best options for sending money from Nigeria to another country are;
- Western Union Money Transfer
- Domiciliary account
- PayPal money transfer
- MoneyGram International transfer
How to send money from Nigeria to another country through Western Union Money Transfer
There are about 5,000 Western Union outlets in Nigeria, 22 licensed banks and 905 microfinance banks. Among these banks, about 70% of them already serve as agents to Western Union but their agent service relationship is limited to provision of Inbound Money Transfer Services. However, with the new guidelines allowing provision of Outbound Money Transfer services, and the CBN licensing western union money transfer, some banks have started signing up as agents for provision of Outbound Money Transfer services.
I have personally tried sending money through many of these Nigeria banks’ western union money transfer services to other country but they all failed.
The only Nigeria bank I know that offers Outbound Money Transfer services of sending money from Nigeria to other countries as of the time this article is written is FIRST BANK OF NIGERIA PLC. First Bank was licensed by CBN and commenced the outward sending of Naira to other countries via Western Union since September 2014.
How to send money from Nigeria to another country through Firstbank’s western union money transfer service
What you need are;
• Your receiver’s location and bank details
• Identification
• Cash
How to send the money
• Visit any Firstbank of Nigeria close to you
• Head straight to their customer service desk and tell them you want to send money from Nigeria to United State, London, India, Cameroun, in fact anywhere you want.
• Some forms will be given to you to fill-in the recipient’s personal information, bank account details and the amount you want to send. Fill the form properly and wherever you are confused, ask questions.
• Standard charge/fees is approximately 16,500 naira for every $2000
Note: you don’t need to open or have bank account with Firstbank for this to be possible. Your valid Identification card- National ID card, driving license or international passport will be required. Again, you will be charge a variable transaction fee, fixed VAT and tax.
All currency conversion will be done by Firstbank, so no need to worry about currency exchange rate. For example if you are to send money from Nigeria to UK, Firstbank will help you convert your naira amount to its equivalent pound sterling (£ / GBP) before sending the money.
Sending money from Nigeria to another country through Firstbank’s western union money transfer service is very easy and simple. You can actually follow this method to send money from Nigeria to any country in the world. However, this method is best used when you want to send out small amount of money from Nigeria to another country because of CBN directives and guidelines.
2. Domiciliary account
How to send money from Nigeria to another country through domiciliary account
With domiciliary account you can transfer send money from Nigeria to another country. For you to send money from Nigeria to another country through a domiciliary account, you need to have or open a domiciliary account. If you want open a domiciliary in Nigeria, you can open a domiciliary account with Gtbank, Firstbank, Zenith bank, diamond bank or UBA.
A domiciliary account is an account that allows you save money in US Dollars, Pounds Sterling or Euro with your money valued at the prevailing exchange rate. The account will help facilitating your international business transactions and is funded through travellers cheques, lodgement of foreign currency cheques, cash inflows and cash deposits. Domiciliary account can be good and effective when big amount of money is to be send from Nigeria to another country.
As a sample study I will use Gtbank domiciliary account to show you how to send money from Nigeria to another country
Things required before sending money from Nigeria to other country through Gtbank DOM Account
• Recipient’s bank details – these include account name, account number, name of the bank and branch name, SWIFT CODE, Routing Number.
• The money – if the money you will transfer abroad is more than what you have in your domiciliary account, you have to pay in extra money into your domiciliary account. Meanwhile, GTbank are NOT into currency conversion, therefore you have to convert the money (the naira form) to its equivalent international accepted standard currency (such as dollar, euro, or pounds sterling) before paying-in into domiciliary account. You can do this at Firstbank, black market or any other financial institutions that are into money exchange.
How to send money from Nigeria to another country using GTbank domiciliary account
To send money from Nigeria to UK , United State, Cameroun, Ghana, South Africa, Uganda, USA, Canada, Europe, Kenya, Philippines, UAE, Malaysia, Germany, Dubai, Indonesia, Jamaica, China, India, Egypt, Pakistan or any country in the world through GTbank domiciliary account;
• Visit any GTbank branch nearest to you.
• Locate their customer service Reps and request that you want to transfer from your domiciliary account to another account abroad. You will be directed to the right person in charge.
• A money transfer form will be given to fill recipient’s account name, account number, name of the bank and branch name, SWIFT CODE, Routing Number, amount to be transferred and your own bank details. Fill the form and wherever you are confused, don’t hesitate to ask question.
As I said before, “if the money you will transfer abroad is more than what you have in your domiciliary account, you have to pay in extra money into your domiciliary account. Meanwhile, GTbank are NOT into currency conversion, therefore you have to convert the money (the naira form) you will pay into your domiciliary account to its equivalent international accepted standard currency. You can do this at Firstbank, black market or any other financial institutions that are into money exchange”.
• Submit the form and you’re done. Within 48-72hours, you receive an SMS that the money have been deducted from your DOM account and transferred to the overseas account.
3. PayPal money transfer
How to send money from Nigeria to another country through PayPal money transfer
“PayPal is one of the world’s largest online payment platforms which allow individuals and businesses to make easy international payments.It has been used over the years to pay for transactions on online platforms like Amazon, eBay, and other top e-Commerce websites. Paypal boasts of more than 100 million users worldwide”.
PayPal can be highly effective for transferring small amount of cash overseas and with a surprisingly low cost option. But for high amount more than a few hundred dollars it is usually expensive compared to almost any other method. Mark the phrase “can be” – that is assuming your recipient has a PayPal account.
If you are to send money from Nigeria to another country through PayPal, you need a PayPal account. Some good news here is that Firstbank of Nigeria has taken the lead in providing a PayPal account services for all Nigerians. So, you can open a PayPal account in Nigeria through First bank’s online banking platform (FirstOnline).
Once you open the PayPal account with Firstbank, you are free to login into your Firstbank PayPal account through FirstOnline (first bank internet banking platform) and make your money transfer to any country you want.
But when you are not able to do so by yourself through Firstbank’s internet banking platform,
• Visit any Firstbank branch close to you and request that you want to transfer from your PayPal account to another account abroad.
• PayPal money transfer form will be given to you to fill. Fill it and submit and you’re done.
4. MoneyGram International
How to send money from Nigeria to another country through MoneyGram International
Ecobank, UBA, First Bank, Access Bank, Sterling Bank, Fidelity Bank, Skye Bank, Keystone Bank, Enterprise Bank, Mainstreet Bank, Diamond Bank and Wema Bank, among others financial institution offer MoneyGram service in Nigeria.
UBA MoneyGram
“MoneyGram with over 300,000 locations in over 200 countries, partnering with UBA with over 700 business offices in 19 African countries and offices in New York, London and Paris, offers the best choice for Nigerian’s sending money abroad to loved ones”
UBA was given a go-ahead to send out money through MoneyGram International since October 2014. The “Naija Sends” is the Outbound Money Transfer service by MoneyGram and UBA Plc.
To send out money through UBA MoneyGram;
• Simply walk into any UBA branch nearest to and request that you want to send out money through ‘Naija Sends’
• You will be given MoneyGram money transfer form to fill.
With any of the above four means, you comfortably send or transfer money from Nigeria to another country. They are all relatively easy and simple.
If you finding any of those four ways of sending money outside Nigeria difficult, lets know where you have problem. You can use the comment box below to ask your questions and comments
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
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 [email protected]
Hi Emma,
can i transfer money from nigeria to my bank account in Norway? please advise as norway dont use dollar or euro.
Thnaks
Hello Chinedu,
Then, what currency do you want to transfer?
Hello,
To transfer dollar frm domiciliary account from Nigeria to overseas…do i havevto exchange the naira from black market rate outside or bank can exchange it the naira into dollar in bank rate which is cheaper.
Please reply
Hello Raj,
Yes, you need to exchange the naira from the black market.
Hi,
I am non residence of Nigeria, only working there. I have a domiciliary account and want to transfer money (my salary) to my overseas account. Do I have to exchange naira to get dollar outside in black market (which is naira 498/- for 1 usd) before deposit on my domiciliary account or I can change the naira from bank itself in bank rate (which is 315/- for 1 usd).
Pls reply as frm bank told me to exchange it outside black market and then deposit the dollar in my domiciliary account..pls advice.
Thank you….
Yes, you have to exchange it on black market and then deposit the dollar in your domiciliary account.
Hello Emma,
for some days now, i have being going through tough time to transfer 300 pounds to uk. what can i do without using DOM option? i need your help pls
Davies,
How would do you want the recipient to receive it?
Hello emma,
I was able to link and verify my gtbank mastercard and access bank visa card to paypal. I was able to send $100 at 32000naira with the gtbank card and not up to $5000 as i read previously on the thread. I think there is a limit of $100 per month on gtb mastercard. However, i was unable to send money with my access bank visa card. I keep getting errors but i have funds in it. Dont know what could be the problem? But a friend was able to link his own access bank and was able to send up ti $200 as monthly limit for access. Please i need help as paypal presently seems to be the cheapest method for now. I need to send up to $2500 monthly to my brother in the us. He has a us paypal account. Can i also use skye bank master card or which other bank has higher limit at this rate of $1 to 320-325.
Thanks
Hello Funke,
The GTBANK current limit for funding any international third part account (e.g skrill, PayPal, Payoneer etc) is $100 per month. Find out from your friend how he was able to link his access bank to his PayPal; otherwise, this will be a topic of another day.
You can try Zenith bank.
Hello Mr Emma is it possible now to send money from Nigeria to India by western union and if possible how long does it take for the receiver to received the money and which currency will be used in times of deposit from Nigeria?
Why I have been told by banks that we are not allow to send money abroad now? Even with money gram.. I’ve been told to come back on the 16th of January because they are only available to do transfer abroad that day:
Hello Olabamiji,
That is the situation, brother.
Please emma i want to pay tuition of 5000pounds to Uk ,which agent can give me a cheaper rate ,i need travelex number .pls email me :
[email protected]u
Do you know where to change bitcoins to Naira in Nigeria?