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.
Credit: naijaolinebiz.com photo
No time to read the entire article; navigate to part you want to read.
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.
Please can you suggest the best way to transfer money from Nigeria to Sweden.
One of the best way to transfer money from Nigeria to Sweden is Wire transfer via domiciliary account
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
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 :
talk2benony@yahoo.comu
Do you know where to change bitcoins to Naira in Nigeria?
Good Mr Emma am here in senegal and my dad want to send money to me from nigeria true
westernunion with out an account with first bank is it possible
Hello Ifedola,
Yes, it is possible. Maximum transfer is 190K per 3months
Good day Mr Emma, pls with nigeria ecobank master can someone withdraw CFA in Benin republic (Cotonou) because I used to withdraw it before ,now with CBN issue I don’t known weather its still possible. Thanks your sir
Hello Matche Desire,
Contact your bank, please.
Hi my name is DeeDee,
I am in the US. I was wondering is western union working in Nigeria right now ? I am waiting for large funds to be sent to me from Access Bank and they are telling me to pay them a fee Of $5,000 usd that amount seems high to me the amount is for $45,000. Does this sound right ? They also told me it can be sent all at once.
Hello DeeDee Pusley,
they told you it can be sent all at once through what means? If they said it is through western union then note that they are not telling you the truth. However, Western union is still working in Nigeria. You can only send out $1000 in 3 months. This is what is obtainable for now.
Hello, my name is Precious. This is really a nice write. I have a little problem on how to send money out of Nigeria to the United States. I have a publisher in the US that needs to be paid but most banks told me they don’t send money out. So which is the best way to send money out? And what’s the cost like? Thanks
Hello Precious,
Open a domiciliary account and wire it via domiciliary account.
please i want to pay for an application fee in canada from Nigeria here. The amount is 100CAD but my debit is declined, please which other way can i make these payment. Is it still possible through western union or paypal and how can i go about it.
Thank you for all the information you have provided. I am trying to have money sent to me from someone in Nigeria. I live in the U.S. They have been trying to send money since February, with no success. He has a dom account but the transfers that have been made have all been declined. He says PayPal is not working either-something about his account not being verified. Do you have any idea what the issue could be here? Are there any other methods of sending money outside of Nigeria besides the dom account and PayPal?
Hello SleeplessInSeattle,
I will advice the person rectify the problem with his account, first. He can use his Domiciliary once this done
Hi Emma,
Is it still possible to send money from Nigeria to the uk via PayPal? And if yes, what banks are available to use. Thanks
Hello Elsie,
Yes, Firstbank paypal does it however you will be charge at black market rate.
If someone leaves Nigeria and has money in a financial institution, can they access their money? How does someone who has left Nigeria get their Nigerian bank to transfer their funds to the bank in the country they now reside? Any advise or the steps the need to be taken would be appreciated.
Hello Teena,
Nigeria bank can not do that for you. You will be the one to do that for yourself. If you have you ATM card (naira or dollar mastercard), you can withdraw from your account outside the country (this depends on your location or where you reside outside the country). Otherwise, you have to come to Nigeria to do the transfer yourself.
Hello Sir…
My name is faraz Ahmed baloch…
I’m from Pakistan karachi…
I have a friend and he’s from Nigeria and he’s need to little money and he’s want to I send the for her…she have United bank of Africa…and here Pakistan is nó available uba…so then can you tell me how I send the money for her?? It’s my phone and whatsapp number please contact me…+923222737336
Hello Faraz Ahmed,
You can send the money to her through bank wired transfer.
Hello sir, please i need ways to send money to my children who are in Canada, they cannot collect dollars from their mastercards anymore because of the new rules imposed by the government i’m not sure if western union or money gram will work because of the amount i need to send, also i’m looking for a way to deposit directly into their accounts or if not, anything close to this option, there are 4 of them btw. Thank you sir.
Hello Michael,
I will advice you open a domiciliary account through which you can be sending money to them at any time.
Hello Sir…
My name is faraz Ahmed baloch…
I’m from Pakistan karachi…
I have a friend and he’s from Nigeria and he’s need to little money and he’s want to I send the for her…she have United bank of Africa…and here Pakistan is nó available uba…so then can you tell me how I send the money for her??please
Answered!
Hi Emma,
We are a UK foreign exchange company and we have a client (international company) based in Nigeria who need to sell Naira to Buy USD, our collection Naira account is in South Africa, can you tell me please if it´s possible for my client as a company to Send Naira outside Nigeria to another Naira account in South Africa ? Many thanks
Hello Samuel,
Yes!
Thank You Emma,
Is there any restrictions regarding volume to be send ?
Many Thanks
To be send to where to ?
To be send to South Africa ?
Hello Samuel,
There is restriction to the volume to be send to south Africa.
Ok Emma, and what is the max volume autorized to be send for a nigerian based company owning a naira account to another naira bank account in South Africa ? Thank you
Emma, FANTASTIC work on the insights to the possible ways for sending money from Nigeria. Especially to update on the effectiveness of the methods since 2015.
Can you advice
1. which bank can one use to send Naira from Nigerian bank to South Africa Naira bank account?
2. Which bank in South Africa has Naira bank account?
3. Is there a max limit on the South Africa ‘s bank, Naira debit card for online foreign transaction?
Hello Tenthrranger,
Answers
1. No bank.
2. No bank
3. Yes, there is limit.
Emma, thanks for responding.
I read that you replied “yes” to Samuel’s question
“We are a UK foreign exchange company and we have a client (international company) based in Nigeria who need to sell Naira to Buy USD, our collection Naira account is in South Africa, can you tell me please if it´s possible for my client as a company to Send Naira outside Nigeria to another Naira account in South Africa ? Many thanks”
Help me understand this please.
Hello Tenthrranger,
For Now, it is not possible
Hi Samuel, can you share if you have successfully sent Naira from Nigeria to South Africa?
Which bank did your client used
Hello sir, your blog is doing a great Job. Please I have a question. My GTB master card has refused to pay saying technical issues. I go to school in canada please how else can my parents send me money, I read through the comments you said to use moneygram, western union and paypal. Do they still work? Thank you and which of them is the cheapest and fastest to you.
Hello Juanita Jerry,
Western and Moneygram are not working properly. In fact, let me put it this way, they are temporary not working.
If they have domiciliary account or PayPal account, they should use it to send the money to you. These two method are fast but they are not cheap. Like the DOM Account, they have to exchange their naira at the black market before depositing to their Dom account to transfer to you. PayPal charge at the black market rate.
Union Bank naira MasterCard sir
Hello Polo,
Union Bank naira MasterCard will not but GTBANK Naira MasterCard will possible work.
thanks sir. but I’ve already tried with it even with my naira mastercard but no work. please help me if you have another possibility.
Hello Polo,
Which Bank ATM Naira Mastercard is that?
hello sir. pls how can I do to withdrawn money in Benin Rep. from my naira account
Hello Polo,
Use your naira ATM card to withdraw.
Hello Emma,
Great job here.
Out of the Western Union, Money Gram and Paypal, which is the easiest and cheapest to send money to Australia.
I am considering sending less than 1000 AUD at a time.
Please advise the best means with respect to the amount, security, easy transaction, etc
thanks
Hello Prepdc,
MoneyGram is the easiest and cheapest in terms of low volume transfer (less than $1000 transfer) but the problem is availability. The same thing is applicable to Western Union which is also cheap with low volume transfer. There is currently bank issues like windows for transfer have not been open with MoneyGram and Western Union Money transfer. So, you have to queue until it gets to your turn. PayPal is a third party, if you have a verified PayPal account; you can transfer as much as $5000 at a time to Australia but their transfer charge is high.
Thanks Emma,
Kindly also answer the ff qtns;
1) Since the window for Western union and Money gram is not open for now, we are left with Pay pal I guess?
2) I understand PayPal charges about 3.9% borne by the receiver is that correct?
3)Are there other charges by the Nigerian banks as well?
4)Any ideas what the exchange rate will be using Pay Pal?
5) Is there any benefit or difference registering on Paypal website or registering Paypal with first bank or GTB?
Thank you
Hi emma i just spent half my day today going from branch to branch and it was the same story “we dont send” i was frustrated walahi, the only bank that seemed promising was Zenith but they told me that the max per day was $50 nd that thier link was not up…i dont understand what that means so can u enlighten me on it nd wen possible will it b up…Secondly i want to know the best branch in abuja here that i can send this money its really important……Thanks
Hello Emma. I’ve got to say first Bravo u hv helped plenty…… i want to know more about this whole Firstbank Westen 8am sturv and booking also more about the moneygram method(Which Banks Moneygram is still operational). i want to send as little as $190 to someone in US. will it attract more than a $50 charge also what r d restraints in recieving as high as $2000
Hello DSQ
If you visit Firstbank which I know is currently no.1 when it comes to sending out money through western union, any time from 8: 15am down till closing hour; they will tell you that they have exceed their maximum transfer limit for the day. You will just be wondering whether they have done any transfer at all for the day. Sometimes, they will tell that they stop western union money transfer. So, to be able to make you transfer; you have book and queue up until it is the turn.
UBA and Firstbank’s MoneyGram is still operation but it is just the same story.
Sending out just $190 to someone in US, will not attract a transfer charge more than $50.
There is no limit to how much you can receive. You can receive more than $2000.
Hello, pls whats the latest on how to recieve money from naija in the cheapest possible way. Thanks.
Hello Joseph,
I will suggest you read: How to receive money in Nigeria from abroad & withdraw it. Go through the comment section as well.
No, you are misinterpreting my question. Let me rephrase, whats the cheapest method of sending money from Nigeria so i can recieve outside Nigeria.
Hello Joseph,
All the means of sending money from Nigeria to outside Nigeria are fill with Hassles. The cheapest means which are western union money and moneygram are not always available. You have to queue to use the system.
Hello sir, please with the recent cbn policy changes I will like to know maximum amount that one can receive per day from US or UK via money transfer companies like money gram or western union. Someone said the cbn have moved it from 5000$ to 10,000$ for individuals. Am expecting about 25,000 from my brother who lives in US.
Hello Philip,
You can receive up to that amount in as much as you can provide evidence of ownership or prove of earning of such amount. There is no limitation or restriction to any amount to be received.
Hi Emma. Its been a while.
The progress made so far is not much. I have been trying hard to get at least three companies to work with, but most of them, don’t allow/accept transfers from/to Nigeria.
The other method I currently have (which is working perfectly), will require us to sell Dollars at around N390/395 per $1. This is due to the current exchange rate of the dollar to Naira. If things improve, the rate might drop. More so, I am still working on my won personal fail proof system of money transfer, but it will get operational around September and mid October, and we will be able to sell cheap.
Let me know how you want us to progress.
Hello Ayeni,
N390/395 per $1 should be black market rate and NOT the official bank rate. This will not be favourable to us. At least, getting the transfer at official rate with charges then added will be better. Most importantly, I am particularly concern with high volume transfer. Lets keep working and as soon as you get your own proof system of money transfer, let me know.
Yes Emma, its the Black market rate as the govt, CBN and banks are collaborating seriously (I mean seriously) to frustrate ALL means of FX transfer out of the country. Even for Multinational corporations, FX is no longer available.
Hello Ayeni,
That’s the problem! You are doing a great job. Let’s keep looking for means. I bet you, a solution will definitely come.
Hello sir ,
A friend in India wants to send $5000 to me via Western union .Am also expecting $500 from my uncle in Turkey .Please I want to know if I can receive this different amounts the same day .Please reply to me soom
Hello Cyril,
Yes, you can receive the different amounts the same day and you can also not receive them the same day. The route (India and Turkey) where those money are coming from are not the same, so you don’t expect to receive the two amounts the same day assuming the money was transfer the same day. However, the discrepancies in days will not be much if they were sent the same day.
Zenith Bank, Diamond bank and Standard charted bank have suspended the use of Naira ATM Card for International Transactions .
Hello Emma,
My Dad wants to send money from Akwa Ibom, Nigeria to me in U.K. Please what can you suggest. He used to send money via Zenith bank until they suspended international a.t.m transactions in June.
Best regards
Hello Abraham,
I don’t think you went through all the comments in this page.
Can i transfer naira from nigeria and get it as dollars in another country at normal rate
Or is there any organization or bank that will sell dollars at normal rate for me
Hello solaogedengbe,
1. You can not transfer naira from Nigeria and get it in dollar in another country.
2. there is no organization or bank that sell dollar at normal rate.
Ok
Hello Emma,
I just went through the threads and noticed you are working on cheaper ways to send money from Nigeria abroad for students.
I trade forex and can send money to most part of the World apart from Asia and other African Countries.
We always prefer to transact business from a bank branch which gives both sides peace of mind.
Pls do get in touch.
Hello Funmilayo Okun,
I will contact you via email when we are set.
Hello Nathan,
We have deleted your email address from this comment because you didn’t state why you want Fumilayo to contact you. We protect the interest of our readers. You are expected to reach the admins privately if there is any need for that.
Hello bro..I want to know if the FORM A is back working as of today…..and if there is any hope that it will be bback anytime soon…so my dad can pay my fees from nigeria
Hello Jony,
it is still temporary not available. I will let you know as soon as it available
Thanks bro.I’ll be waiting
Hello Emma.
Please we want to buy some things worth about 2M NGN from USA. What is the best way to go about it? I am convenient with any method that gets the money to USD or GBP at good value.
Hello A A,
Follow the procedure as we had discussed. If you did not get me clear, please feel free to re-post you comment here again.
Hello,
Please how can my dad pay for my fees in the UK from Nigeria.
Hello Chi,
First of all, I suggest you read this: How to pay school fees abroad from Nigeria
Pls sir,is dia no other means of sendin school fee from nigeria to ghana
Hello Nike,
We are working hard to devised cheaper means of paying school fees abroad from Nigeria. Meanwhile, I will suggest you read this now; how to pay school fees abroad from Nigeria.
Gud aftunun emma,pls wat is d current exchange rate for naira to cedis bcos am seeing 100naira is 1cedis 40pesewas….pls is dis true
Hello Nike,
Naira to Cedis exchange rate today is N71.58/Ghanaian Cedis
Hello, Ayeni and Emma. I currently have a strong market of about 400 students and counting who would make use of yor service of cheap money sending if it works. Do contact me please.
Thanks.
Thank you Mayowa. Please, kindly be patient, as myself and Emma are working overtime to provide a solution to these problems. The options available right now are not that efficient. We want to be able to send money today, and the recipient receive the money today (within 20seconds to 6hrs).
Once again, please be patient.
Hello Mayowa,
I believe that I can be of help. Pls do get in touch.
Hello Mayowa,
I believe that I can be of help. Pls get in touch.
You have to seek the permission of the admins of this site before posting your email for any purpose outside helping our readers here. We strongly protect the interest of our readers here.
Hello ayeni and Emma onwuka, id like to be keyed into this modality as i currently have over 400 students in Rapid demand who would gladly utitlize these avenues if it works.
Hello Emma. I am interested in helping Nigerians solve this problem of sending money abroad, either for tuition, or upkeep etc. I am currently looking at the modalities, as I don’t want to be arrested by the CBN for money laundering.
I already have a way CHEAP to send money abroad, but the limitation lies on the limit my bank placed on my debit card. The method is easy, fast and secure.
I will like you to send me a mail, and possibly your phone number so we can discuss this further.
Hello Ayeni,
Check you email box for our response, thank you.
please does FORM A still work?
Hello Mayowa,
FORM A has been suspended. After floating of Naira by CBN, FORM A no-longer work.
Hello,pls am in ghana and my mum wants to send my school fee thru western union bt dey keep tellin her they av reach dia limit for d day,pls my question is if she has to queue for d transfer will she fill d form nd also drop d money with d bank..tanx
Hello Nike,
Yes, she has to fill the form, drop it and the money with the bank. She can asked them when to come back to confirm if the money has been transfer.
Thanks boss
Hi Emma,
I just stumbled on your page because of the difficulty in getting money out of nigeria.
Am in netherland and it’s so frustrating as my dad gets stranded in sending me money.
Please if you can send your contact to me ( my mailbox )so I can send to my dad to meet up with you in person.
Thank you
Hello Airdyt,
What part in Nigeria is your dad residing?
My dad resides in lagos
Thanks boss, so what payment method am I going to use with the calculation , is it western union or money gram?
Hello Gafar,
That’s Western Union money transfer. Remember, exchange rate is Not stable these days; it changes every hourly and that can affect the amount you are sending.
Bro, what info do I have to provide to a sender sending below 500USD in India money to Nigeria via money gram.
Thanks in advance
Boss I need your response
Hello Gafar,
You will be sending 30218.82 Naira and about 4,000 naira transfer charge; making a total of 34218.82 naira. However, the bank will do a better a calculation than I have done due to floating exchange rate.
Please MR. EMMA ONWUKA, am a GREEN ON when it comes to foreign currency ,can u please do the calculation for me and let me no what could be their extra charges with the amount am sending .
And also is it dollar am I going to convert it to or India rupee?(the person that am sending to , want rupee). I will highly appreciate if I can get quick reply.
Wanna hear fram u boss
Hello Gafar,
7300 Indian rupee is equivalent to 30218.82 Naira ( according to today’s bank unified exchange rate. Western union charges about 16,800 naira per $ 1000 transfer. Please, you can do the calculations and conversion yourself for the amount you want send to Indian. $1 = N280, 1 Indian rupee = 4.14 Naira
Am waiting MR EMMA ONWUKA
Hello Sir, Good day
In the aspect of the article where you talked about using a domiciliary account to transfer money you explained that within 48-72 hours that the sender would receive a message that the amount sent has been deducted from the senders DOM account , from your experience how long could it take for the receiver to receive the money in his account abroad ? thanks
Hello Ademola Gbadebo,
It is relatively the same 48-78 hour. However, a maximum of 14 working days is usually given by banks.
Hi , please what is the exchange rate of money gram and western union ?, (if am sending 7300 rupee to indian using money gram and western union , what is the equivalent in naira).?
Hello Gafar,
Exercise patience, at the close of today’s interbank exchange market I will update you. The new CBN Flexible exchange market regime starts today.
Hello,
Please i have a question. I applied to a school in Russia and my application was successful. Now i want to pay my tuition fees. I recieved details from the school but i am confused. This are the details as they are written in the paper.
Intermediary bank (correspondent bank field 56)
-Account name
-Address
-Swift code
Account with institution ( beneficiary’s bank field 57)
-Account name (different bank account)
-Address
-Swift code
-Account number
Beneficiary field (field 59)
-University name
-Account number
Please what do they mean and how can i make the payment?
Best Regards
Hello Aliyu,
I am also confused with this shallow information you posted here, please post all the information written on the paper regarding paying for your tuition. However, if you want to know how to pay for you tuition fees abroad from Nigeria, you can read this; How to pay for Tuition fees abroad from Nigeria
Hello Emma
Please let me know if there are any updates on transferring money from Nigeria to the US last time I told you my father sent me First Bank Nigeria First Cash MasterCard to me in the USA. I’ve been going to the ATM to withdraw money but I noticed that I could not even take out the 300. First time said $280 then the last time it said $260 which makes me think that they were taking over $20 in fees. Do you know anything about this? Thank You so much.
I’m currently in Canada expecting #2m From Nigeria but sending it is the most difficult thing on earth right now..Can u please enlighten me on how to make reasonable sum out of it..@least CAD8k wount be bad..but with d black market rate moving up to #262..please what can I do to get reasonable amount out of the money the sender is sending to me
Hello Abdul,
Unfortunately, the usually official exchange rate of N199.05/$ is rarely obtainable these days as CBN proposed floating exchange rate. I would have suggest you go through third party outbound money transfer service agent but I don’t trust any of them especially these days.
Moreover, we are currently reviewing most of these third party outbound money transfer service agents and other means of money transfers outside the usually bank wire transfer via domiciliary account, PayPal, Western Union, and MoneyGram; We hope to come out with better legitimate options of money transfer.
hello, Please what banks do offer that option?
Hello Mayowa,
In no due time, probably before the week runs out; CBN will release the new flexible exchange rate.
Abdul, Please what is your source for getting black marget at 262. Id love to buy
Hello Mayowa,
I think, Abdul mistakenly typed 262 when he meant 362. So, I ignored it when I saw it. However, he can clarify us.
Please help me. I wish to send about 10,000 USD from Nigeria here to Malaysia
Hello Leo,
How do you want me to be of help?
I want to send like 10.000 dollas to a friend abroad for a car we want to go into car business hoe can we do it so we can get the dolla sent to america at cbn rate or is there limit on it please someone should put me through because the 360 naira to dolla rate at the black market is too high i wount make any profit
Hello Anonymous,
“Following the severe pressures on external reserves and foreign exchange supply crises, the CBN abandoned its fixed exchange rate policy in favour of a flexible and multiple market models, which implied a floating exchange rate regime”. What this implies is that; you will likely not get any commercial bank in Nigeria sending out money at the exchange rate of N197/$ or N199.05/$. Though, I know that some few bank still maintain it pending when CBN will give details of implementation procedure for new exchange rate.
Please what banks do this?
Exercise patient, Mayowa; before this weekend CBN will likely release the new flexible exchange rate. There is this speculation that the new flexible exchange rate will be N280/$ while the parallel market rate will be N320/$. This is Not yet confirmed. So, lets keep our fingers crossed!
please i want to send 50$ from Nigeria to India please what means is advisable for me to send it coz i went to different banks they keep telling me they can only recieve western union transafer but i cant send…any help you can do for me about that?
Hello Idsquare,
The problem with Western Union money transfer and MoneyGram these days is that there are lot of queue because of the low daily maximum transfer limit. People now book for sending out money abroad ahead of time. So I will suggest, if it is not urgent, visit any first bank close to you as early as 8.00am and tell them you want make an outbound transfer with either Western Union or MoneyGram. If they tell you that they are done for the day or it’s not going through, tell them to give you the western union transfer form to fill and the day you will come back to send the money to India.
You can also send the money through PayPal account depending on how the receiver intend receiving the money. With PayPal, you can send up to $5000 at transfer charge of about $250.
OK
so greatful
wat of if the money is sent in rand from Nigeria will I be able to withdraw it here in SA in rand?. bcoz #20,000 was sent to me I went to the ATM the money is now In rand. how can I get the money please or how can my parents send me money from Nigeria to South Africa for me to be able to withdraw In rand
pls is it possible to withdraw my money in rand because it was sent in naira to me from Nigeria with my first bank account. can I withdraw with my ATM or master card here in south Africa?
Hello Franklin,
You can NOT withdraw the money in Rand because the money is in Naira. With your Naira MasterCard, you can withdraw the money (in Naira) in South Africa through ATM or other POS.
Please what is the best way to send small amount of money like 10000 or 20000 naira to China and the charge rate for it. Reading so many ways of sending money is getting me confused.
Hello Anonymous,
You can use Western Union money transfer, MoneyGram or PayPal account to send the money. To use MoneyGram, visit the bank (Firstbank, UBA etc) early in the morning; as earlier as 8.00am when banks opens office. If you don’t go early, the bank will tell you that they have exceeded their daily maximum transfer limit. With Moneygram, you can send up to 190,000 Naira with a transfer charge of 16400 naira. You can do the remaining calculation yourself. If you have a Paypal account link to your bank account can send up to $5000 with a transfer charge of about $250. You can also do the calculation yourself. For Western union, this is done batch by batch so as to exceed their monthly transfer limit.
Can i send money from first bank in nigeria to a diamond bank in benin republic?
Hello David,
if it is from first bank saving or current account to a diamond bank account in Benin republic, it will not work.
Dear Emma, I do buy garment from Cotonou and since I can’t send money through western union money transfer. Pls what is the easiest way so I can keep my business running regularly.
Hello Machael,
But the western Union money transfer is still working.
Hi mr emma,pls sir i live in spain,i want my younger brother to sent me 3 million naira only, how can i sen it.
Hello Esther,
A good option will be via domiciliary account if he has one or he can open one. With domiciliary account, he can send up to $ 10,000 per day to you. I don’t trust any third party agent. So, I wouldn’t suggest any one here.
What time do fidelity bank close moneyGram cash transfer daily pls and what are the requirements for sending cash from Nigeria to Ghana…… Thanks
Hello Afolabi,
I don’t know. The best thing is to go to the bank early in the morning if you wish to send money through MoneyGram. For the requirements, it is necessary you have an account with them and a valid identification.
hello emma i school in china, my dad wants to send my tuition through the domiciliary account but they told him he can’t send money to another country wondering if there is another option
Hello martin,
Which bank domiciliary account is that? I’m sure he didn’t hear them very clearly or maybe he didn’t tell you what they told him. There is another option, check it out in this article; How to pay school fees abroad from Nigeria. If you didn’t get the option, let me know. You can refer your Dad to read the article too.
first bank.it’s actually my tuition,feeding and house rent he wants to send, so he can not send it through the cbn A form even my friends here can’t get money through domiciliary account….i think the problem is he went to the bank with naira asking them to change it to dollars before depositing it in the domiciliary account.
OK, that is the problem. No Commercial bank in Nigeria exchange or sell foreign currency. So, the only way to do it is to buy from black market or other agents like Travelex and deposit it into his domiciliary account before sending it to you.
thanks for replying instead of buying dollars can he buy yuans(chinese currency)cause it is cheaper in the black market…and he stays in the north so using travelex won’t be easy
Hello Martins,
he can not buy Yuans because his domiciliary account can not be yuans. The 3 major currencies domiciliary account can be operated-in in Nigeria are Euros, Pounds, and US dollar.
please do they have Travelex in Kaduna
Hello Limse,
I know only Lagos for now.
Hi Emma,
would it be possible to send 500,000Naira to someone in Ghana without extreme hurdles and hassles?
Hello Stevie,
Yes, of course!
Pls how can I go about this because GT Bank just blocked the normal bank-bank direct transfer
Hi Emma,
Sorry it was a mistake. I meant =N= 300,000. (Naira)
Thanks
Ok but he will still not send up to that to you through Firstbank western union money transfer. However, if he was able to do that let us know here.
Hi Emma,
Please do you an idea how much I am going to receive in USD through First bank western Union Money transfer ? My dad wants to send $300,000 from Abuja to me in USA
Hello Joseph,
your Dad can not send up to that amount to you through first bank western union money transfer. Ask him if he can or if he succeed let us know here, Please. If you find out or let us know here then I will tell you equivalent of the amount you will receive in USA.
Hey Emma..am in the United States ..trying to receive money from my parent in Nigeria..buh they tried Sending money..buy western union sed u can only transfer $190000 in 3 month is it true?
Hello Adebiyi,
Yes, that is true!
Hi Ms. Emma,
Where is travelex exchange located?
Thank you
Hello Jenny,
Check out : 23, Marina, Lagos Lagos Island, Lagos Nigeria.
Hi,emma I am ikechukwu I want to transfer €11500 to iban in hungary please. What can be the easy approach to this. If I have naira equivelent to the euro in my account can I transfer all with domicillary account and will they charge me based on parrallel rate.secondly I want to ask, if you want to pay in, in naira to fund your dormicillary account in nigeria will the commercial bank convert the money with the parrallel rate or the official rate into your domicillary account,thanks.
Hello IKechukwu,
Let me start from your second question; No commercial bank in Nigeria either accept naira deposit into domiciliary account or exchange Naira for foreign currency.
*domiciliary account is an account that is funded and operated in Foreign currencies.
*No commercial bank in Nigeria sells foreign currencies.
If you have naira equivalent of €11500 in your account, since Western Union and MoneyGram will not work in this case (you are sending a huge amount); using domiciliary will be a better option. You have to convert the money to dollar or Euro before depositing it into your Domiciliary account. Travelex exchange rate is usually better than other parallel market exchange rate, so you can exchange the naira for Euro with them so as to be able to deposit the money into your domiciliary account. Once, you deposit the money into your domiciliary account, you are good to go.
hello Emma
good evening please am in Nigeria and want to send money just 30000 to my brother in Cameroon I went to eco and uba bank they say they don’t send money to other country please which bank can do this transaction for me thanks and on what platform? money gram or western union?
Hello Frank,
If the amount you have written above is 30,000 NGN (thirty thousand naira) and not $30,000 then Firstbank MoneyGram or Western Union transfer should be able to take care of that.
However, if it is $30,000 then using GTBank, Diamond bank or Firstbank Domiciliary account will be a good option.
Hello thank you for this blog it’s been very helpful, my question Is where and how do it get the best rate for Naira to Dollar conversion?
Thank you
Sorry disregard previous comment, just refreshed and saw previous posts…..
Hi Emma, my brother wants to send me 5million Naira from Nigeria to buy some goods here in Canada , please what’s the best less expensive way to go… I was thinking of wire transfer via a dom account in Firstbank, or Paypal… Please what’s your best advise. We re really looking for a less expensive option . Thanks a lot for your great help
Hello Tony,
Had it been that either your brother or you is an importer, I would have suggest you go through the official form M of CBN which is the cheapest though full of hassle. However, if you have domiciliary account; you can bank wire the money via domiciliary account. With domiciliary account, you can send up to $10,000 per day. Sending the money via domiciliary account is fairly cheap but the big challenge is funding the domiciliary account since no bank in Nigeria sell or exchange foreign currency. So, getting the foreign currency at an official exchange rate would be hard; it means he has to go through the parallel market (black market).
PayPal would be a good option if he( your brother) has a verified PayPal account.
Please Emma how can I get access to do this ria money because first bank people keeps saying is not working yet.
Hello Paul,
Check different branches of Firstbank and go in the morning.
Hi Emma pls we are in may now and nothing has change my people live in Kaduna and they complained Western Union or money gram is still not working and I need to receive like 150,000 naira for my rent before the end of the month I stay in Ghana please what can I do
Hello Vivian,
Firstbank Western union and MoneyGram is working. But to send money through Firstbank Western union, you have to book for it earlier (usually beginning of the month). To send money through MoneyGram, you have to be at the bank as earlier as 8.00am. Again, banks seems to have increase their transfer charges.
Apart from Western Union and MoneyGram, Firstbank Ria money transfer is now working.
Hello Emma,
well done on the job you’re doing. Please did you say first bank ria transfer is now working?
Hello Obinna,
Yes, Firstbank Ria money transfer is now working.
Ok thanks Emma but is it all branches that do it and what’s the maximum transferable amount per transaction and is there a monthly or quarterly limit per customer?
Hello Obinna,
Yes, all branches suppose to do it. $5000 equivalent in Naira per day.
Hi Emma please i want to receive 13000 dollars in dubai from nigeria at a good rate how will i do that and what cost will be the rate if you have the idea. Thanks.
Hello PAUL,
when you said “at a good rate”, do you mean official rate?
I mean rate that is not up to black market rate
Yhello Emma,
To be candid, I am based in UK but doing exportation business.
My business associates need to send money back to me in the UK but because of the sky rocket exchange rate they cannot.. Please what are the possible and the best ways of getting good exchange rates in sending money back to me… Without black market..
Kind Regards..
Hi Emma, thanks for bring these vital info to us. What about travelex. is it functional in Nigeria? If it is, how can one take advantage of it in making transactions at the official rate?
Many thanks.
Hello Carl,
CBN has tried positioning travelex to replace BDCs but has not taken full effect.
Hi Emma,
I read up that news about CBN and its intention with travelex. What I want to know is if one can still buy dollar from travelex and also get the travelx card loaded with dollars at an official rate.
Thanks
Hello Carl,
Travelex claim to sells dollar at very low rate but I know it can’t be at an official rate because they are still third party.
Good day to you,
I try to pay my tuition fee to UK from 1st bank on friday using FORM A and till today they are yet to deduct the money from my account and they promise me 48hrs.
Am out of time from the sch and as well my bank statement. Pls what’s your advise?
Hello Abiodun,
Go back to the firstbank branch where the transaction was done, ask them why they have not completed the transaction.
Hello MR EMMA may the good lord bless u in jusus mame AMEN. Is ria money still available? if not, can i withdraw money with my diamond bank naira master card in diamond bank ghana via there pos quick teller?
Firstbank Ria money is temporary not working. You can withdraw money with your diamond bank naira master card in diamond bank ghana via ATM machine but you will be charge.
Hi emma, am a nigerian but studying in Northern cyprus…I contact first bank some days ago but they told me the only means to transfer abroad now (Because i want my dad to make the transfer for me) is to open a DOM account, that CBN has stop all international funds transfer including Western union and Money gram…But i need to get some pocket money, its been hard using black market Xchange rate.
What would you advice me to do..
+2348038016735 is my whatsapp number, i will be glad if we can chat better.
Hello Adeola,
Western union and MoneyGram has not been stop.The only thing is that Firstbank has limited Western union monthly transfer limit, so to use Firstbank western union; you have to book for it earlier while for MoneyGram, you have visit the bank early morning.
please, can money gram or western union be transferred by two or more people to one same person ?
Yes, of course! However, They should not use the same bank.
please, how long does it takes to open a Paypal account, and let say i want to receive 200000 Nair through Paypal, how much would it be in equivalent of Kenya shillings ..God bless
Hello Limse,
it may not be easy to receive money through your PayPal account in Uganda.
Hi Emma, first bank didn’t say anything about the remaining $250 ,they only told her #190,000 + 16’800 will be $750 .pls did you inquire about it as promised. Cheers
Edited
Hello Emma,i appreciate your good works here, i went to first bank yesterday to tranfer money to Liberia,i know their limit is 190000+16800 for charges, ie 206800 naira, when I asked her how much will I be expecting in Dollar, She said it will around 700 USD or more but not up to 800 USD. Honestly am not comfortable with that, it is as if am buying dollar in black market.
Secondly my husband who is in Liberia could not withdraw with his naira master card, what other means should we use, He is stranded.
Lastly First Bank said my turn for the wicked transaction will be by month end. Pls turn us Sir. My name is Joy.
Hello Emma.I want to commend what you are doing here.I have read through the comments and your answers have been very helpful.Well done.I want to know if it is possible to transfer money from my Nigerian account to my US account without having to open a dom account.
Hello Phebean,
Nigerian bank accounts like savings and current account will not work.
Hi Emma, my sister went to first bank yesterday for western union and was told #190,000 will receive $750 not $1000 with charges for #16,800 and you must have an acct with them because they will debit directly from your acct.
Hello Ayo,
What did they say the balance of $250 is for? Do you sister inquire about that? Anyway, I will confirm that; right away.
is the 16800 inclusive in the 190,000 charge or she will pay extra? 16800 after payin the 190k?
Hello Ola,
N190, 000 is the money to be transfer while N16800 is the transfer charge.
Hello, I Have account with diamond bank,I’m presently in Netherlands,a friend wanted to deposit cash in my account it’s quite a lot more than 100million naira to purchase goods for him here what are the possible way to withdraw the cash here or the best way to transfer it here ,I don’t have PayPal or domicilary account.thank you
Hello Oyewale,
The money is huge. Your friend have to transfer the money to you, bit by bit. Let you your friend open domiciliary account and or PayPal account otherwise he/she can go through CBN form M. I will not suggest to him/her to go through any third party money transfer agent.
Hello Emma
I have a training in India and it costs 91,000IRs. How best can I make this payment at a near official exchange rate? How much naira would be the equivalent? If I open an Account with standard charted bank and deposit 300,000NGN, can I withdraw over there in India at official exchange rate? Your response is highly needed. Thank you.
Hello Edet,
9,000INR is equivalent to 272131.63 Nigerian Naira. If you are making the payment to an individual account, I will suggest you use MoneyGram and Western Union Transfer (this will be done at official exchange rate). If you open account with standard charted bank in Nigeria and deposit money into it, you will be charge excessively when withdrawing it in India. Using anything third party money transfer agent to make the payment will lead to the payment being made at black market rate or near to it.
Thank you Emma. I’m deeply grateful!
Hi, if I am making a PayPal transfer from my Nigerian account to a uk bank account what will be the rate at which the bank will charge
Hello Morey,
You can transfer up to $5000 at a transfer charge of about $250 via PayPal account. However, Firstbank told me that if I am transferring via my firstbank PayPal account, I will be charge at black market rate. I didn’t up till now understand them.
Wow………..blac market rate? dat is what we’ve bin trying to avoid,does that mean that firstbank paypal account is not a good option to use in transfering money outside nigeria?
How about a normal paypal account………………..do they still charge at black market rate?
Hello Mac’Odo,
With your Firstbank PayPal account, you can send out more money than with the normal PayPal account.
Wow,its amazing what u’re doing here,may God bless you
Please,i want to fund my payza account,but am scared of what the exchange rate is and payza charge might be,i believe somebody out here must have an experience with PAYZA,please what are the charges involved,and what do you advice?
cuz i want to send money to Ghana.Tankz.
Hello Victory,
I have not used Payza before but here is what I can make out from Payza website; ‘You can send and receive funds in your own currency or in any of our supported currencies for a low 2.5% spread over the daily exchange rate’.
I could not make it to the bank this morning dur to the Lectures I have to take my students, but can I still run the transfer in midday or tommorow morning. Thank you Emma.
I said early morning. As early as 8:00am, you are in the bank.
God bless you EMMA for the great work you are doing here,from your response to some comments it seems like first bank has began sending money out of Nigeria again through western and money gram . my problem now is what I want to recive (in italy)is way more than the limit first bank can transfer through western and money gram. Is PayPal transfer presently working and if it’s working what is the maximum amount that can be transferred. Thank you expecting to hear from you.
You can transfer up to $5000 through firstbank Paypal but if it is through online PayPal account, the limit is not stipulated.
Hello Christopher, please i would like to know if you were able to transfer the money to Italy via western union..i am also in the same situation. Thanks
what is the euro exchange rate for first bank sending through western union.
Hello Abdul,
As of today, exchange rate for first bank sending through western union is about 1 Euro equivalent to 226.76 Nigerian Naira. Please, the exchange rate is NOT stable; it can change slightly tomorrow or any moment. If you get to the bank; ask them the current exchange rate.
Wow wow wow
Your work is extremely commendable
Jazak Kumllah khairan(May Allah reward you) amin
Please; i want to send money to morocco though its a very small amount within the range of 30euro-50euro
which is advisable? Money gram based on what have read.
And how much do you think the charges will be? Thanks as i anticipate a reply.
Hello Abdul Azeez,
MoneyGram is ok. MoneyGram charges about N14, 800 per $1000 or N190, 000 transfer. You can do the conversion and the calculations yourself.
okay, thank you. Do I need to have an account with firstbank as many banks demand that you have an account with them and run it for at least six months before one can run Western union transaction.
Hello Abdul,
you don’t need to have bank account with firstbank before you can use Western union.
Thank you very much for your response. I really appreciate. This is a very good forum. keep the goodwork going. I will be there as early as possible on Monday….. How much is the highest transfer limit for first bank.
Hello Abdul,
the maximum transfer limit is $1000 in every 3months or 190,000 in naira. The transfer charge for moneygram is about N14,800 while the transfer charge for Western union is about N16,400
If anybody can give me information about the most reliable bank through which I can transfer money abroad with ease.
Hello Abdul,
Firstbank is reliable! See my response to your first comment.
I just opened an account with zenith bank hoping to send Money to Europe(Macedonia). They said the highest amt that can be sent is just 34.9euros and besides the transaction was not possible as the banker told me that Western Union transfer there is unavailable indefinitly because of the exchange rate. Can anybody help me on how to send money there either through Moneygram, Western union or any other means. Thanks.
Hello Abdul,
Firstbank Moneygram and Western union are now available.
Sending Money out through Firstbank MoneyGram Now
To send money out through Firstbank MoneyGram, you have to visit any Firstbank close to you as early as 8:00am. Try to be at the bank as the bank open their office in the morning. If you miss the time, they will definitely tell you that MoneyGram is not going through.
Sending Money out through Firstbank Western Union Now
To send money out through Firstbank Western Union now, you have to book it. It is usually best to go for the booking at the beginning of new month or early in the month. If you miss the beginning of new month, you will end up receiving this kind of response from firstbank, “we have exceed our monthly transfer limit”. So, try to be there earlier.
please just wanna confirm if diamond bank can send #250,000 at once through moneygram
No! Diamond bank can not send #250,000 at once through moneygram. Maximum transfer is about #190,000 with the transfer charge-#204,800
Hello Emma. . .I really count myself blessed to have seen this article. I have a few questions:
My situation is slightly different from most I have seen in the comments above.
I am doing an online investment (not much money at a time – about $500 for now) and the options for payments are Payza, Bitcoins, AdvCash, SolidTrustPay, Payeeer and PerfectMoney. I’m not sure if you’re familiar with these payments methods but it seems I understand Payza the most at the moment.
The only payment options available to us here in Nigeria (while using Payza) are through Bank Wire and Credit Card.
If I were to use the Bank Wire method, I’d make a print out of the instructions to give my bank (bank name, bank address, IBAN Number, Swift Code and some other details are on the document) or do the transaction directly online.
I went to the bank (GTBank) and was told that I’ll have to open a Dollar Credit Card account, though I did not get any much information on the Bank Wire method.
I would like some clarifications on this matter as I am slightly confused on what to do.
Do you think it will be possible for me to make these payments via Western Union?
Or would it be easier and faster using any of the other payments options (Payeer, SolidTrustPay, etc.) I mentioned above?
Thank you in advance Emma.
One more thing: I saw on First Bank Western Union that you can only use them for only person-to-person transactions. But mine is a person-to-company transaction.
Please how do I make this payments from here in Nigeria?
Yes, First Bank Western Union is only meant for person-to-person transactions and Not person-to-company transaction.
See the answer on your first comment. You can ask further question(s) if you are still confuse.
Hello Grace,
Using Western Union or MoneyGram will NOT be possible because you can’t use them for payment or funding an account on third party website or company.
I will suggest you use the bank wire method by opening a domiciliary account and requesting for dollar credit card. With you dollar credit card, you won’t be visiting your bank all the time as you can make payment via online using your dollar credit card. If you need any further information concerning the bank wire method let me know.
However, whereby you were not able to open a domiciliary account; you can use either PerfectMoney or Payza as they are popularly known than others that you mentioned.
Thanks.Plz is there no other means of undertaking a bank wire without opening a dom account?
With regards to payza wat is the best and easiest way i can add funds to my payza wallet from nigeria?
i only have mastercard not visa.
Hello Mac’Odo,
Western Union and MoneyGram are also form of Bank Wire Transfer.
To fund Payza wallet in Nigeria, you need to have VISA debt card or even domiciliary account.
Hi! Emma, thank you for your response. I forgot to mention that I was told in the GTBank bank that I could not get a dollar CREDIT card unless I was earning at least a million naira per month (which sounded weird to me). Is that true?
I was told that I could only open a dollar DEBIT card. Now I’m not sure of the differences between the two and the advantages/disadvantages of having either. I would appreciate an explanation.
If I were to use Payza, would I ask for a visa or Mastercard?
Thank you again.
Hello Grace,
I will suggest you open domiciliary account and demand for dollar debit card. It will serve you.
The major difference between dollar credit card and dollar debit card is that with you dollar credit card, you can still make payment or fund your “online investment account” even if you don’t have money on your dollar account. However, the maintenance is high.
Hello bro,
Am really impressed by all the post and comments………………keep up the good work.
Please,with regards to nigerian student in ghana,i know u’ve spoken about RIA,Paypal etc .
Do i have to open a nigerian paypal and ghana paypal,if yes how do i then withdraw it(if i don’t have a ghana account)?
How best should i go about using Ria?
Honestly,i need your help.
if i transfer 100k from my nigeria paypal to ghana paypal………please what is the exchange rate?
thankz.
Hello Mac’Odo,
Since you are in Ghana, you have to open a Ghanaian PayPal account. Once done, if you wish to withdraw the money from your PayPal account into bank account, you have to open local bank account there in Ghana and link it to your Ghanaian PayPal account. Transferring of $5000 via PayPay account from Nigeria to Ghana can cost you up to $250 of transfer charge.
Firstbank RIA money is temporary not going through.
Thanks bro,
Should the ghana local account be a cedis or dollar account?
When transfering funds from my firstbank account in nigeria……………….how would the conversion be like? is it from naira to dollars then to cedis or directly to cedis.
not withstanding,who is doing the conversion,is it paypal of first bank?
if its firstbank …please,what its there exchange rate?
if its payoal…please,what its there exchange rate?
Hello Mac’Odo,
The Ghana local account can be cedis or dollar account. However, if you want to withdraw the money as dollar(foreign currency) in Ghana then you have to open a dollar account.
You don’t need to be border on how the conversion is being done. Bank to bank transfer, the exchange rate is at official rate of N199.05 but once third party like PayPal, MoneyGram, Western Union etc comes in – you will incur certain amount of transfer charge.
Ok thanks,i really appreciate your counselling.I believe you must have use paypal recently for one transaction or another,so if i may ask……….how much are you being charged……….Let me say i want to fund my paypal account with $100 through my firstbank saving account….how much do you presume would be debited from my account (with regards to firstbank exchange rate(199.05) + paypal charge ). Please i really need your help on this.
Thankz bro.
Hi Emma, please how can I send money (naira) to cameroun and get it with cfa, I normally send huge amount through GTbank and sometimes firstbank to a business client and he receive and withdraw in cfa, please how do this work?.. Will really appreciate your feedback.
Hello Darlington,
You can send the money through domiciliary account. With domiciliary account, you can send up to $10,000 per day.
if I may ask; what means do you use in sending the money through GTbank and firstbank?
Good day Emma,
Am in Kenya and expecting to receive about 1,000,000 Naira (i believe this is equal to US$5000) equivalent in Kenya Shillings from Nigeria. Would Firstbank RIA money transfer be the best option to have this money sent? Is this option still available? What are the transfer charges? Thank you.
Hello Rimi,
Firstbank RIA money transfer is temporary not going through. However, Moneygram and western union money transfer are now working.
Thank you Emma. Western Union and Moneygram charges are crazily high. Appreciate your response. When will Firstbank RIA be reinstated?
Hello Rimi,
As soon as Firstbank RIA Money transfer service starts working, I will post that here.
why is it that someone has to book in the bank first before money can be send through WESTERN UNION
Hello Aminu,
What is going on these days in our bank is horrible
Does western union or monogram still works in nigeria ?
Hello James,
Western Union and MoneyGram still work perfectly in Nigeria
morning, thanks for good work
just wanna ask a question about the WESTERN UNION, you said in one of your comment that Western union and Moneygram agents in Nigeria have temporarily suspended their outbound money transfer services till March, just wanna ask if we can send money now since is march already
Hello Aminu,
They promise to start any moment from now.
You have been amazing financial educator. May I quickly ask you to revisit the question of DOM account. My question is, can one open Dom account with Naira? U walk in to bank and say I want to open Dom account without foreign currencies?
Hello Chibuza,
I appreciate your compliments!
You can NOT open a domiciliary account with Naira. Domiciliary account is a bank account dominated in foreign currency. Naira is a local currency NOT a foreign currency.
Thank you for dropping your comment/question.
We have build strong reputation and authority on different means of sending, receiving and transfer money locally and out of Nigeria; we have also help thousands of Nigerians and non-Nigerians on issue relating to money transfer across Nigeria. We have in so ways help to bridge the gap between banks in Nigeria and their respective customers.
This is just but few; see for yourself
How to open a domiciliary account in Nigeria with GTbank, Firstbank & Zenith bank
How to send money through Western Union & Recent CBN Guideline
How to receive money in Nigeria from abroad
how to open a GTBank verified PayPal account for free
How to send money to a Domiciliary account
How to open PayPal account with Firstbank
CBN’s Ban of foreign exchange Sale to BDCs & its Implications
Naira to Dollar exchange rate – black market today
Hi
I have a normal current account with Zenith Bank ( not DOM account).
Can I send money to Europe(Italy to be precise)? Via bank to bank or Western Union/Money Gram?
Opal.
Hello Opal,
you can’t send money outside Nigeria via current account. However, you can receive money from abroad to Nigeria through current or savings account. You can send money to Italy via Western Union or MoneyGram.
I NEED YOUR CONTACT PLS. EMMA
Hello Kolapo,
Check your email. I sent you a mail.
Hi Emma,
Thank you for enlightened us about the new money transfer policy in nigeria. From your response to some comments, that the major banks will start sending money outside nigeria through western union and moneygram.but my brother in benin went to first bank on March 15th to send money to me in italy the problem still remain that is still unable to send it. Pls has the period of the banks to start sending money to foreign country be extended? Or no hope at all.
Hello Christopher,
Firstbank promise to re-start outbound money transfer before the ending of March
Hello Emma,
Please I need your advice, I will be traveling to South Africa for a medical treatment which would cost up to 80k rands =1.1 million Naira ..how can I make this payment at a good rate and avoid anything to do with buy the dollar off black market.
Thank you.
Hello Joy,
I will advice you go through the CBN Form A if you are NOT traveling immediately because the processing may take some time.
hello ,thanks for the good job.i did an online professional course and i had to pay 14 euros to get the certificate and the only means of payment is pay pal,money gram,western union and bank transfer.the only means of payment i cad do is western union.please is it possible to send 14 euros through western union.i will be glad if you can provide answers to my question.thanks
Hello Olalekan,
Yes, you can sent out 14 euros through Western Union; possibly in dollar equivalent.
One quick question, if it is against the law, why then is the President encouraging people to buy from the black market? I mean when He said the Govt could no more fund school fees abroad.
I thought the bdcs bought their forex at govt rates from the CBN?
The President does NOT in any way encourage people to buy from the black market. When he said the Govt could no more fund school fees abroad; what it means is that, you DON’T need to go to abroad to study. Study here in Nigeria! Patronize our local educational system and help Nigerian NAIRA to appreciate. Our external reserve has been depleted because you go to abroad to study.
BDCs bought forex from CBN close to interbank exchange rate (official government rate). Currently, CBN has ban sale of forex to BDCs; this is one of the reason why we had surge in the parallel market exchange rate for naira to dollar.
Thank you.
Hello Emma,
I will like your advice pls. I want to embark on the sales of forex in Nigeria and will prefer to sell directly to end users rather than bdc’s but my friend said the only way is through the bdcs.
When I tried placing an advert with the punch newspaper , I was told that only bdcs are allowed to do that.
I have read the Foreign Exchange Act and thought it will be allowed.
Your input will be appreciated.
Regards
Funmilayo
Hello Funmilayo,
If you want to embark on the sale of forex offline in Nigeria to sell directly to end-users, it will NOT work. You have to register as BDCs agent or through BDCs. It is only the BDCs that sell forex to the end-users in Nigeria. They pay certain TAX to the government to do forex trading in Nigeria and they have association as well as Union. So, if they discover that you do the business without being registered as a member; you will be sue for violating the rule of forex trading in Nigeria.
However, you can do your forex trading online and nobody cares but you need the best forex broker.
Thank you. Much appreciated.
Hello, my name is Muhd I am studying in India, my brother what to send 110,000 Naira , using Moneygram what will be charges and how much will I receive here in Indian rupee
Thanks
Hello Muhd,
You can do the conversion yourself. Approximately every 190,000 naira sent out from Nigeria, Moneygram charges 14,400 naira. 1 Nigerian naira equals 0.34 Indian Rupee. The 110,000 Naira; you are expecting from your brother equals 37230.37 Indian Rupee. With this, you can do the necessary mathematics yourself.
Hello Muhd, am presently studying in India too but so far, all means of sending money to me from Nigeria has been unsuccessful. Did your transaction with Moneygram transfer go successfully? thanks
NOW I SEE THE TREND!! SIR/MADAM
A loan transaction was initiated by Dreamlighloans and the bank being used is Springland Bank. I received several documents from the Nigerian Government and the bank, Springland Bank. I was told by the director Mr.Glenn Chibueze that the bank stipulated that the transfer is 80% finish and that I should pay the 920.00 local currency to convert the Naira to my local currency in order for funds to be deposited in my bank account. I need to have this clarify. Is it possible that I can have a refund?
If you need to see documents or emails to verify my complaint, you can feel free to contact me.
Hello Junior,
You want people to contact you for what?. This article is about how to send money from Nigeria to another country Not about your so-called Dreamlighloans. No scamming or spamming here. This place is NOT for laying Complaints on Loans.
Thankyou sir.
I apply for an online loan I payed several hundred dollars in fees but now I cannot received the money because I was told that Forex have to convert the Naira to my currency.I have to pay a further 920.00 local dollars for this facilitation. My arrangement of transfer is bank to bank. Is this information correct to your knowledge?
Hello Junior,
The information is NOT correct to the best of my Knowledge.
Hi Emma,
Sending money through western union, the bank converts the Naira you wish to send to the dollar the receiver would get at the official CBN rate right? For instance if you go to the Nigerian bank and tell them you wanna send N200,000 is this amount is converted to USD at the official rate of 199 or so?
Yea, Sam. The bank does the exchange conversion which is usually same with interbank exchange rate.
Hello Emma, due to the increase in dollar rate recently it has been very difficult for me to shop online with my mastercard as I’m being charged over 300 Naira to a dollar. This is really making business difficult for me at the moment. I have families in the USA. How can I send money to them at the CBN exchange rate. Thanks
Hello Damilola,
For now, it can only be possible if you are earning in dollar.
Hello Emma,
1. Pls if I’m sending money (naira) from Nigeria to America through either of money gram or western union, does the receiver in America get the dollar @ the rate of 200 naira to 1 dollar (pls explain) and does the sending cost and other terms still remain the same as of present for both avenues
2. And how exactly does someone in America get to send dollars into a dom account here in Nigeria,
N.B I’ve bn reading the responses from top, I simply don’t understand fully, kindly take out time to explain to me. And ure doing an excellent job here. Cheers! 4.2
Hello Dayo,
Let me start by informing you that Major branches of banks (Firstbank, UBA, Fidelity bank etc) that are Western union and Moneygram agents in Nigeria have temporarily suspended their outbound money transfer services till March. So, it may be hard for you to send money out by either WU or moneygam until March.
1. The receiver receives the dollar equivalent of the naira you sent. The bank does the exchange conversion which is usually almost same with interbank exchange rate. Western Union money transfer charge is N16,800 per $1000 or N190,000 sent out of Nigeria while Moneygram charge N14,400 per $1000 transfer.
2. There is NO special way of sending money to a domiciliary account in Nigeria from America. All you have to do is to provide the sender the necessary domiciliary account information such as Routing number, Sortcode, account number and the account name ; and he/she will do the bank wire transfer.
Give us your naira and get USD in Dubai and China instantly. Only for business tycoons and for business purposes. No money laundering pls!
This seems a good info.
PLease drop your contact address, phone number and email to collinopedia@gmail.com.
I want to transfer about 1 million naira. So, we definitly need to have good contact
Pls I’m in USA can a friend send western union to me from Nigeria, if yes wat bank pls
Hello Lola,
The information reaching us today says that some branches of the major banks (Firstbank of Nigeria and UBA in Nigeria) that are into outbound money transfers services (WESTERN UNION and MONEYGRAM) have temporarily suspended money transfer services till March. Their reasons seems not to be official as some of their other branches in some states are still working. Some branches in these states are not working; Enugu, Lagos, Akure, Abia, Abuja etc. So, Lola, you can ask your friend to try other means or wait till March.
Good day Mr Emma, please my brother in Nigeria want to transfer €650 to me in Germany but it looks like it’s impossible. He has been to all the Firstbank and Accessbank Branches in Akure but they said it’s not possible even with western union and moneygram. Please is there any available means to send the money to me…maybe through paypal or other means?
Thanks in anticipation
Hello Samuel,
Some branches of the major banks (Firstbank of Nigeria and UBA) that are into outbound money transfers services in Nigeria (WESTERN UNION and MONEYGRAM) have temporarily suspended money transfer services till March. Some branches in these states are not working; Enugu, Lagos, Akure, Abia, Abuja etc.
Your brother can try PayPal. However, for him to use paypal; he has to open a paypal account first and you over there has to open one too.
Using a domiciliary account would have been another best option if he operates one.
Good day please i want to transfer money from a dom account but the recipients account isnt a dom account can it be possible. And also wat is (swift code and routing number )
Hello Daniel,
Yes, it can be possible.
Swift Code is a Bank Identifier Codes (BIC). It is unique identification code for any bank. Swift codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them apart from money transfer. The Swift code usually consists of 8 or 11 characters.
The recipient’s bank provides the swift code during money transfer.
Bank routing number or routing transit number (RTN) is a nine digit number used to identify a financial institution in ACH and wire transfer transactions.
Basically, what i need money for is to pay my tuition. If im to get money at the present exchange rate of 330 naira to a dollar..thats like adding an extra million to my tuition. NO way i can afford that.
Please any ideas on what to do To get my money at a cheap rate.
It feels so UNFORTUNATE to be Nigerian at this moment.
Thts why i need an alternative that works at the govt exchange rate.
Hello Mayour,
since you want to pay your tuition, you can try the CBN Form A at government exchange rate.
for your information CBN just ban that http://www.channelstv.com/2016/02/12/cbn-adds-to-forex-prohibition-list/
Yeah, pathetically. I just discovered that. In otherwords they are saying we should go and die.
Oga emma onwuka, please help profer a solution.
Hello Mayour,
We are doing our best!!!
Hello Danejo,
Central bank of Nigeria, CBN in one of the article written on Vanguard Newspaper today denied the information on the link you posted. Here is the article link on Vanguard website; Autonomous sources control prices of dollars – CBN
Good day boss, pls I’m in Nigeria and I have a story book in pdf and I want to sell it, my customers outside Nigeria want to buy it, they will pay first before I send them the link to download it. the problem is how do I receive the money since the amount is just $5.
please help me out on the best way to receive the money. Thanks
Hello Topsy Pascal,
what you have to do is to integrate online payment gateway like Simplepay4u payment platform into your webpage or website. Once integrated, your customer can pay via that means. Once they pay; you send them the link to download PDF. It is very easy and simple. If you find it difficult doing that, you can contact me.
it is difficult for me, please, can you give me the procedure on how to carry it out sir. thanks
Hello Topsy Pascal,
you have to pay me if you want me to do the work for you.
Hello Emma, I’m a student here in China. Due to the current exchange rate situations in Nigeria, I get less when my dad sends me my monthly allowance cos I withdraw it directly from the ATM with my first bank MasterCard. Now if my dad is to send me 50 thousand naira every month, what’s the best way to receive it here in China and still be a reasonable amount. In other words, what’s the best way to send this 50k to me in China?
Hello Kelvin,
Go through the comments and pick out the way you think is best for you
Good day Emma,
Thanks for all the help with this thread. when you said ria is only in naira equivalent , what did you mean. i am expecting 2 people to send me about $10,000 tomorrow from Nigeria. I assume thats possible with RIA. thanks
Hello tos omos,
you will receive the $10,000 in naira equivalent. RIA money transfer is always in naira equivalent of the money being sent out.
One question. Since I am in a country that is not supported by PayPal, would you recommend hiring someone like Auction Essistance to open me an account in a different country where PayPal is supported?
Hello Nuzzo,
I don’t recommend that.
Hello, please id like to ask as regards, the Ria money transfer, Can it be used to transfer money from Nigeria to philippines as of present? And what is the exchange rate. I mean like if i were depositing 200 thousand. Like how much would i get in pesos.
And how much is the transaction fees.
Im asking coz i saw some1 say earlier that firstbank said, they only do naira to naira transaction. WHat does that mean., coz we dont spend naira here in the phiilipines lol.
Hello Mayour,
Ria money can be use to transfer money from Nigeria to Philippines.
if you are to use bank like Firstbank Ria money transfer to send between two hundred thousand naira (N200,000) and above; Firstbank expect you to be firstbank account holder or be identified by a firstbank account holder.
CBN GUIDELINE AND MAXIMUM TRANSFER LIMIT
The maximum transfer limit through Ria money transfer is $5000 in naira equivalent to any receiver elsewhere. CBN guideline does not permit company to company transfer through RIA money. All transfer through Ria money transfer are usually person to person.
RIA MONEY TRANSFER CHARGES
Ria money transfer charges are fairly reasonable. Receivers’ don’t need to identified themselves if the money is wired into the receiver’s bank account.
All money transfer via ria money is in naira equivalent, you can sell the naira to your bank or black market over there in Philippine
Okay, thanks. With what youve presented about RIA. It sounds a much better option than WU or Moneygram. Why dont people use it often. Now when you say the limit is 5000 usd. Do you mean 5000 USD daily limit or lifetime limit.
And what other banks are RIA agents apart from Firstbank. Thanks once again.
Hello Mayour,
RIA money is not as popular as WU or moneyGram. This is why people don’t often use it. Again, RIA Money transfer is only in Naira equivalent regardless of where the money is being sent to.
The daily transfer limit is $5000 (in naira equivalent). Other Banks that are RIA money Agents are Diamond bank, Sky bank etc
Please id like to know a current status update on RIA. My folks went to Skye Bank,Diamond and both said they only send but dont recieve. And Firstbank said that they have jobs on hand that will last till may!!. Imagine? Please how possible is this. Literally to use WU they also say the same nonsense..That they have things to do till May!!
Please..is this problem, bank branch based or is it the whole country that is messed up like this? Im hoping for a solution. What bank branch can i succesfully transfer via WU MONEYGRAM or RiA. Thanks.
That should be bank branch based problem. Firstbank RIA money transfer, WU and moneygram are still working fine. I will suggest that they check many other firstbank branch close to them
Good day Mr. Emma Onwuka,
Please my friend try to send me money through RIA but the bank people said is not working again. Secondly first bank told him that moneygram transfer is only for people they have business with that they can’t send for him until he have at list 3000000 naira in the account, please how true is this two informations especially that of first bank what kind of business does one need to have with them.
Hello Paul,
your friend is NOT telling you the truth.
Hello .
Bless day gor us Im myrna. I would like to ask about my husband’s fund and My husband give me the right to transfer her fund. Then my husband ask how her fund will be transfer on my name.? Thanks . What should i do
please my friend wants to send me money from Nigeria to Europe the amount is in naira equivalent to 2000euro and he is finding it difficult to send it can any one help me out with reasonable information the charges fee also ??
What means do you intend sending the money?
western union or money gram.
Hi Emma.
I currently live in the US and will soon be receiving money from Nigeria at least twice a month it might be more. my question is can the sender from Nigeria send money through his domiciliary or pay pal account and i receive it in my account in the US or do i need to travel to Nigeria and open a Pay pal and domiciliary account myself then link them to my account in the US? I also just heard western union and money gram are only allowed to send $50 to the US from Nigeria as of today. I am also just learning about Ria money transfer can you please explain the process and daily/monthly limit in sending money from Nigeria.
Thankyou.
Hello Toni,
Yes, the sender from Nigeria can send money through his domiciliary account or PayPal account to your US bank account or to your US PayPal account. You don’t need to travel to Nigeria to either open PayPal account or domiciliary account.
With Western union or MoneyGram, you can send $1000 to US from Nigeria for every three months.
As of the Ria money transfer, in some of my earlier comments; I have explained about it in detail. Go through the comments and see if you can pick it out; if can’t, let me know and I would explain it once again.
Hi Emma.
I am just now hearing that Ria money transfer can send money from nigeria to the US . can you please explain this process and the monthly/daily limit.
thanks alot
I have done this in some of my earlier comments
Hello sir/ma’am
I would like to ask about my husbands fund . Her fund is now on GtB and he say’s that i make a letter and then i gave it on the bank which is gt bank . He is a general. Gen john games her full name . He wants to transfer her fund in my name . What should i do ? He is on syria and im here in the phillipines .
Hello Myrna oliveros,
your husband is the only one who can transfer his money to your account, you can NOT do that on his behave.
Okay emma. Thank you very much .
Thank you for all of this wonderful information. I have a reverse question. I am in the U.S. and trying to find the most cost effective way to send money to Nigeria.
1. Is there a way to send money to Nigeria from the U.S. and have the person in Nigeria receive the money in USD not automatically given in Naira as the banks do?
2. What have you found has been the method to send money with lowest rates?
Hello Ifeanyi,
1. Yes, there is a way to send money to Nigeria from U.S and the receiver in Nigeria will receive it in USD. To receive money in Nigeria in USD from U.S, you have to open domiciliary account. Once, the domiciliary account is open, from U.S the money can be wire to the domiciliary account in Nigeria and withdraw in USD.
2. where do you intend sending money to?
Thank you Emma for the response. I am in the U.S. and have a dorm account with GTB in Nigeria. But I imagine someone there would have to have my ATM card to withdraw the money on that side.
Would it make more sense for me to send it to someone else with a dorm account in Nigeria that way they can just take it out of their own account?
If so, are there any banks in Nigeria that do best with such wire transfers? I imagine I can do that from any bank in the U.S. considering we don’t have the same banks?
For the second question, I meant sending from U.S. to Nigeria, sorry for not clarifying.
Yes, it is better to send the money to someone who has DOM account in Nigeria who will withdraw it. Do NOT send your ATM card because it will NOT work. Diamond bank and GTbank Domiciliary account are ok