Do you want to know How to Receive Money in Nigeria? Are you an investor, Nigeria-in-Diaspora, non-Nigerian, businessman, importer or exporter who is thinking of how to send money to Nigeria from UK, United State, India, Pakistan, Cameroun, Ghana , South Africa, Philippines, Malaysia, Canada, Europe, China, Dubai, Germany, Indonesia, Jamaica, Kenya, London, UAE , USA, Australia, Turkey, India, Congo, etc. to bank account in Nigeria? We have here guide of various ways to send and receive money in Nigeria from other country in the world.
It is a lot easier now to receive money in Nigeria from abroad than to send out money from Nigeria. Especially now that all in-bound money transfers to Nigeria are disbursed to beneficiaries through bank accounts or mobile money wallets according to Central Bank of Nigeria and there is no stipulated limit for inbound money transfer.
Everything I’m going to discuss here about how to receive money in Nigeria from abroad will go in two related directions: how to send money to Nigeria and how to withdraw the cash or fund sent to Nigeria from abroad. This topic will cover these;
- how to send money from Zimbabwe to Nigeria
- how to send money from Tunisia to Nigeria
- how to send money from turkey to Nigeria
- how to send money from Spain to Nigeria
- how to receive money in Nigeria through Domiciliary account
- how to send money from Singapore to Nigeria through Western Union
- how to send money from Russia to Nigeria
- how to send money from Qatar to Nigeria
- how to receive money through MoneyGram in Nigeria
- how to transfer money from PayPal to Nigeria
- how to send money from Namibia to Nigeria
- how to send money from Mexico to Nigeria
- how to transfer money from London to Nigeria
- how to send money from Kuwait to Nigeria
- How to receive fund from Pakistan in my bank account in Nigeria
- how to send money from Japan to Nigeria
- how to send money from Iran to Nigeria
- how to receive Ria money transfer in Nigeria
- how to transfer money to Nigeria from India
- how to send money to Nigeria from UK
- how to transfer money from Malaysia to Nigeria
- how to receive money online in Nigeria
- how to send money from Egypt to Nigeria
- How to receive money in Nigeria through Western union money transfer, etc.
In one of my earlier post, I show you how to send money from Nigeria to other country. I promised in article that I will show you how to receive money (foreign currency) in Nigeria from abroad and withdraw the foreign currency.
Our major goal here is to establish an authority on the legitimate means or ways of sending money and receiving the money in Nigeria.
To begin, if you’re residing outside Nigeria and you’re looking for way to send money to your relatives, business partner, making payment for transactions or tuitions in Nigeria; here are some best options for sending money to Nigeria from abroad. I’ll categorize the Five best options of sending money to Nigeria from abroad into;
- Western Union Money Transfer
- International wire transfer to Domiciliary account
- MoneyGram International transfer
- Quickteller through western union
- Online money transfer
Whether you are in UK, US, Qatar, Iran, Mexico, brasil, France, Singapore, Namibia, Kuwait, Japan, Egypt, India, Russia, Ghana, Kenya, Senegal, Uganda, etc.; you can send money to Nigeria via any of these means depending on your location. Let’s look at each of methods of receiving money in Nigeria.
Ways of receiving money in Nigeria from abroad
There are so many different means of receiving money in Nigeria from abroad. However, my interest here is to show you how to receive the money directly into your Bank account in Nigeria and also how to withdraw it if you want. It will also include other means of receiving money in Nigeria that you can be pick up at a collection point.
As already mention above the best options of receiving money in Nigeria from abroad into bank account are;
- International Bank wire transfer direct into Domiciliary account
- western Union through Quickteller to your bank account
- Western union money transfer into your bank account
- MoneyGram into your bank account
- Online money transfer to bank account
Receive money in Nigeria through domiciliary account
International Bank wire transfer direct into Domiciliary account is best way to receive foreign currency in Nigeria. There are many banks in Nigeria that operate domiciliary account. Among the banks are Gtbank, Diamond Bank, First Bank, Zenith Bank, UBA etc. To receive money in Nigeria through international wire transfer into Domiciliary account, you need to have or open a domiciliary account in Nigeria.
To receive money in Nigeria from abroad through domiciliary account or international wire transfer send your correct bank account details to your sender. The major bank account details to be send to your sender are;
- account name
- account number
- name of the bank
- your bank branch address
- SWIFT CODE
- Routing Number
All these you can easily get from your bank. You will always receive a deposit alert within 72hours once the transfer is successful done.
Withdrawing money from domiciliary account;
You can now easily withdraw the foreign currency sent to your domiciliary account in the same way you withdraw money from your savings or current account. Banks in Nigeria now pay the foreign currency.
- Go to your bank once you receive an alert of the international wire transfer from your bank
- Meet the cashier in charge of foreign currency dispensing
- Tell him/her you want to withdraw dollar, pounds or euro.
You’ll be given a fund withdrawal teller to fill, filled it correctly and you’ll receive your money.
Receive western union money transfer in Nigeria via Quickteller
To receive western union money transfer via Quickteller to your bank account;
- Register or create an account on Quickteller.com online
- “Log on to Quickteller.com after creating an account
- Click the on the Send and Receive Money tile
- Click the Western Union tile
- Select your bank, either GTBank, StanbicIBTC or Wema bank
- Under “Choose currency” select “Naira”
- Click “Receive money now” and the Western Union – Receive Money data page opens
- Now carefully enter the following details:
- The MTCN (Money Transfer Control Number) as provided by the sender
- Sender’s Country
- Receiving account number (i.e. your bank account number where you wish to receive the funds)
- Receiving account type i.e. either current or savings
- Expected Amount in Naira as provided by the sender
- Under Receiving Currency leave the name of the bank and Naira as default.
- First Name (Receiving Account) which is your account first name as it appears at your bank
- Surname (Receiving Account) which is your account surname as it appears at your bank
- Mobile Number – your mobile number
- Answer to test question as provided by the sender
- Click “Continue”
- Confirm the details provided”
NB: A. You can only receive money at location the sender states you are to receive it.
B. Western Union Money Transfers can only be received in Naira. The sender should inform you of the Naira equivalent together with the other details. It is this Naira equivalent that you will enter and receive into your account once the transfer is successful.
Receive money in Nigeria through Western union
I will use Firstbank western union transfer as a typical example to show you how to receive money in Nigeria through western union.
Receive Western union Nigeria through Firstbank
When it comes to Receiving money in Nigeria from abroad, Firstbank of Nigeria has proven to be reliable. With their 19 years of partnership with Western Union, they have a better edge in the market.
To receive money in Nigeria through Firstbank’s western union money transfer, Firstbank will require the following items from you for identification;
- International Passport,
- Driver’s License Permanent Voters card and National Identity Card.
- The Money Transfer Control Number (MTCN)
- Expected Amount
- Acceptable means of identification (see documentation required)
- The receiver’s name, address and phone numbers
- Sender’s name and country (city to be included for transfers coming from the US and Mexico)
- Test Question and Answer where applicable.
Maximum send amount as stipulated by the Central Bank of Nigeria is 5000usd naira equivalent per sender.
Once, you are done; request that you receive the money into your bank account. These are also applicable to other banks in Nigeria.
How to receive money in Nigeria through MoneyGram
United Bank of Africa (UBA) is of one the banks in Nigeria that offers the best MoneyGram service. So, we’ll use UBA MoneyGram service to you how to receive money in Nigeria through MoneyGram
How to receive money in Nigeria through UBA MoneyGram
To receive money in Nigeria through UBA moneygram;
Visit any UBA marketing desk close to you. You will be given a form to fill. You will be required to supply the following information on the form:
- An 8-digit reference number
- Sender’s name & country of origin
- Receiver’s name, address and telephone number
- Valid means of identification
- Test question and answer.
Fill the form correctly and wherever you are confused, ask question. One you are done, request that the money be send to your bank account.
How to send money to Nigeria online
Using an online money transfer service to send to Nigeria is easy and simple. You can conveniently send an online money transfer to Nigeria from the comfort of your home. Online money transfer will enable you take advantage of competitive exchange rates — however to use this service, make sure you choose a service that offers fast transfer speeds. There are many companies that offer online money transfer to Nigeria. Such IMTOs include but not limited to; Western union, MoneyGram, Worldremit, Smallwordfs, Transfast, Remittanceprices, skrill etc.
To starting sending money to Nigeria online;
- visit any money transfer company above and Create free account
- Provide your contact details, name, proof of identity and bank account information (if you are not sending cash).
- Provide contact information for your transfer recipient
- Select a payment option and enter the full details of your transfer
- Keep track of the reference number or receipt you receive to monitor the progress of your transfer
- Select cash pickup location. Companies like Western Union and MoneyGram offer the option of cash pickups from thousands of agent locations across Nigeria.
Some online money transfer Cash pickup locations in Nigeria are;
Worldremit transfer to Nigeria
ACCESS BANK – SABO BRANCH
Address: 290 Herbert Macaulay Way, Yaba100246, Lagos, Nigeria. Hours: 8:00 AM – 4:00 PM. Phone: +234-01-277 0069
Address: Mushin, 118 Agege Motor Rd, Lagos, Nigeria. Hours: 8:00 AM – 4:00 PM. Phone: +234 704 145 0672
Moneygram transfer to Nigeria
UNITED BANK FOR AFRICA
Address: RD NNS Quorra Harbour Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-5872143
UNITED BANK FOR AFRICA SEME BORDER – #04
Address: Abuja Badagry Express Way Seme Border FCT Lagos. Hours: 8:00 AM – 6:00 PM. Phone: +234-01-2311061
UNITED BANK FOR AFRICA
Address: Luth Road 1 Idi Araba Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-8114353
Western Union money transfer to Nigeria
Address: 1 Agudosi Street Alaba International Market Alaba, Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-7613794
KEYSTONE BANK AKOKA
Address: 23 St Finbarrs College Rd Yaba Yaba Lagos Yaba, Lagos 234. Hours: 8:00 AM – 4:00 PM. Phone: +234-1-7432454
SKYE BANK SHOMOLU BRANCH
Address: 6 Bajulaiye Street Shomolu Lagos, Lagos. Hours: 8:00 AM – 4:00 PM. Phone: +234-1-2703090
Things to know when sending money online to Nigeria
Here are things to know when sending money online to Nigeria;
Exchange rates: Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
Transfer fees: Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
Payment and delivery options: Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
Transfer speed: If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
Transfer limits: Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
“Hedging” options: Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
Customer support: Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
Read also: PayPal money transfer
With any of the above four means, you comfortably receive money in Nigeria from abroad. They are all relatively easy and simple.
If you finding any of those four ways of sending/receiving money in Nigeria difficult, lets know where you have problem. You can use the comment box below to ask your questions and comments.