BEST WAY TO SEND MONEY FROM NIGERIA TO ANOTHER COUNTRY ABROAD
Do you have plans of sending money from Nigeria to your family members or friends in other countries but you don’t know any option which you can use? Business transactions, with the advent of technology, can now be consummated between two or more parties, who are often separated by great distances.
The rise of the internet, E- commerce and online trading platforms ensure that buyers and sellers continue to interact seamlessly and mostly remotely. The exchange of money is usually the end stage of this process, even for other non-business transactions.
Nigeria, as the second largest economy in Africa, has a lot of businesses that conduct financial and other transactions on a large scale basis. The need therefore arises for credible means and platforms by which funds/money can be transferred to other countries, for various reasons.
OUTBOUND MONEY TRANSFER IN NIGERIA
At present, there are certain guidelines and requirements that govern the transfer/sending of funds from Nigeria to other countries. The Central Bank of Nigeria (CBN) revised the guidelines for International Money Transfer Services, which now permits the offering of outbound money transfer services from Nigeria to other countries.
So for the individual or corporate entity in Nigeria seeking to transfer funds abroad, the following options will suffice:
How To Transfer Money From Nigeria To Another Country
Do you know how to send money through Western Union from Nigeria? The western Union Money Transfer remains a very credible and popular choice for sending money from Nigeria to other countries. There are presently 5,000 Western Union outlets in the country, working in conjunction with 22 licensed commercial Nigerian banks and over 900 Microfinance banks.
A good number of them now serve as Outbound Money transfer agents, in obedience to the aforementioned new CBN policy. For sending money from Nigeria to other countries using Western Union, you would have to visit any of the licensed/registered bank or outlet, an example is GTBank.
Your application will have to be accompanied with information regarding the receiver’s location and possibly his/her bank details as well, a verifiable means of identification, as well as the cash to be transferred.
The outlet will assist in converting the Naira sum into the corresponding destination currency at prevailing Naira exchange rates. In addition, the sender will bear the costs of sending the money abroad i.e. the costs of the transaction. This cost will also include a surcharge for Value Added Tax.
A domiciliary account is account that permits the operator to hold money in other currencies, other than the naira. It is mainly used by Nigerian businesses and individuals for the transfer of funds direct to foreign receiving accounts for the settlement of business transactions and other purposes.
It is also one of the ways by which one can send money from Nigeria to other countries. A domiciliary account is particularly useful when large sums of money are to be transferred abroad.
At its most basic, sending money abroad using one’s domiciliary account will involve presenting the recipient’s bank details including the account name, account number, name of the bank and branch name, SWIFT CODE, Routing Number, as well as the sum of money to be transferred, which will be converted into the destination currency at prevailing Forex exchange rates.
After these procedures have been observed, the transaction is consummated. The sender will receive an SMS notification, usually within a 48-72 hour period, informing that the originating (sender’s) account has been debited and the recipient’s account has been credited.
- Sending Money through PayPal.
PayPal is one of the largest, global online payment platforms employed by merchants and individuals, for the payment of goods and services across the world. It is presently used by close to 100 million people on a regular basis.
PayPal introduced a limited version of its services to the Nigeria market close to two years ago. For anyone seeking to send money from Nigeria to other countries, PayPal is another alternative medium.
An attraction of using PayPal is that the process can be initiated from the comfort of anywhere; one does not have to go to any bank or service outlet. For starters, a PayPal account is opened. PayPal then verifies that whatever bank credit card you tie to the PayPal account is functional.
For the process of sending money from Nigeria to other countries, you will have to follow the instructions given on the PayPal platform to consummate the process.
- Money Transfer via MoneyGram
MoneyGram International is one of the foremost global payment platforms that is present in over 200 nations in the world and operates from over 300,000 locations. The new CBN directive for outbound money transactions, allowed MoneyGram partner with several Nigerian banks, to enable the sending of money from Nigeria to other countries.
In order to send money abroad, the applicant will visit any of the partner banks in Nigeria, fill out the request forms, and provide details of the recipient’s name, bank, as well as the amount to be transferred. The bank will help with converting the naira sum into the destination currency based Dollar to Naira exchange rates.
These are the various ways you can send money from Nigeria to countries like USA, Ghana, South Africa, Europe, Malaysia, Canada, UAE, London UK, China, Dubai, Saudi etc, without stress or being afraid of being scam by someone who you don’t know.