There are a lot of Nigerians transferring and receiving money from accounts in Abroad. As a Nigerian, you can transfer money abroad using these easy means we have written about in our post.
The number of Nigerians who transfer money abroad using some of the transfer media in this post is overwhelming. A huge chunk of these transfers is due to remittances from the diaspora, and the figures have been on the increase.
If you plan on sending or receiving money from abroad accounts, then this post is for you.
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What it means: To Transfer Money Abroad
Many breakthroughs in our financial systems have made it possible for people to transfer money abroad using OMT, i.e. Outbound Money Transfer. This process is used to facilitate money transfers between countries, or even continents.
True to its purpose, OMT has been very efficient as many Nigerians continue to use this media to transfer money abroad. The next section continues our discussion on this.
Ways to Transfer Money Abroad
Paypal
Many organizations use Paypal for transactions involving payment from companies or trade interests abroad. It is one of the most used platforms for making or receiving online payment.
Paypal can be accessed in Nigeria mostly due to the height of our international relations in the African business space.
As such, Nigerian are among the 100 million people across the globe who use Paypal to receive or transfer money to abroad accounts. Of course, these transactions proceed at the current exchange rate from naira to the recipient’s country.
Paypal is highly rated, visit the website now to get started with your transactions here www.paypal.com/
Money Gram
Also prominent on this list is Money Gram. To transfer money abroad, you only need to go through easy procedures for using Money Gram.
Having established a presence in three hundred thousand spots in more than 200 countries, Money Gram is a very reliable platform for running your transactions.
Further, more credence is given to Money Gram by the recent CBN notice recognizing its financial status in Nigeria. The company has since partnered with major banks within the country. And Nigerians intending to transfer money abroad have found their services to be excellent.
If you want to use Money to transfer money abroad, then you will have to follow similar steps for transactions involving Western Union Money Transfer. Read on below to learn these steps.
Western Union
Western Union Money Transfer dominates the Nigerian market as thousands of local businesses continue to transact through the financial platform. The Online platform is in a long-running collaboration with major financial institutes in Nigeria, mostly commercial banks, and about 5000 business avenues.
This is one platform you should not miss if you intend to transfer money abroad while in Nigeria.
The requirements for transferring money abroad using Western Union or Money Gram are listed below:
- Name and country of the receiver
- Relevant means of identification which can be PVC, BVN, International Passport, or Driver’s License
- The name, address, and contact of the sender
- The amount being sent (stated in Naira)
- The amount will subsequently be converted to the currency of the country the receiver resides in, requiring the
- sender to cover the involved charges including VAT.
- Miscellaneous questions will be asked
- You will have to include relevant information about the receiver such as bank details and location.
- According to a directive of the CBN, you can send as high as, but not over, USD 1000. This is the permitted amount for each customer in every quarter.
It is not possible to crowdfund individuals or companies through Western Union. However, if you wish to transfer money abroad then this platform is good for you as a Federal Bank policy upholds transfers between individuals using Western Union.
You cannot use Western Union for business transactions.
Neteller
Neteller is a sophisticated means of transaction that you can use to transfer money to abroad. Being an online trade platform, Neteller can be used to pay businesses that has the Neteller Prepaid Card which accepts transactions using Master Cards. The prepaid card is part of your Neteller account.
Worldwide, this platform has been spoken of in glowing terms, visit their official website now to transfer money abroad. neteller.com
Skrill
Skrill allows digital marketing firms to ply their trade on the internet by providing relatively cheap platforms that can be used to transfer money abroad. It operates in a similar way as Paypal.
Skrill is a very transparent means of making payment. For instance, money can be sent to an email address as long as the receiver is signed in to Skrill. If the receiver does not have a Skrill account, the company sends messages asking the receiver to open one.
Should the content of the message not be carried out by the receiver in the space of two weeks, Skrill returns the money to the sender.
You can see how trustworthy this platform is. Visit now at www.skrill.com.
Domiciliary Account
This platform broadens the methods you can use to transfer money abroad by allowing you to transact in other currencies apart from Naira.
It is restricted to transferring specific amounts. Little wonder it has been constantly used by large business owners for running their transactions online.
How to Open Domiciliary Account
• You will need the following to be able to do this:
• Your Bank Verification Number (BVN)
• Passport size photograph
• You will present valid means of identification
• You will include two referrals
• Your last utility bills will be required
All of these will be needed when you have first acquired a complete form for opening a Domiciliary account.
Follow these Steps to Transfer Money Abroad Using Domiciliary Account:
1) Provide the receiver’s account name and account number
2) Provide the receiver’s bank name and name of the branch
3) Indicate the amount being transferred
4) Fill in the receiver’s Routing Number and Swift Code
On completing these steps, you will be sent an SMS message to notify you that the transaction was successful. This usually happens in a span of 2 to 3 days.
Payoneer
Payoneer is another viable online platform for conducting financial transactions. As a Nigerian, you can use your Payoneer MasterCard (which you can obtain for free!) to enjoy the satisfactory services provided by this company.
The company maintains a presence in more than 200 countries around the globe. As long as you have a Payoneer Account, you can be able to transfer money abroad using your Payoneer e-wallet or bank account.
You can also do this using pre-paid MasterCard, provided it can be used at POS and online.
Wish to Get a Payoneer MasterCard?
- Go to www.payoneer.com
- Enter your Name and Address, and your preferred alias
- Fill in the Secret Question and Answer
- Provide a valid means of identification such as your International Passport.
- Set the password
- Also, ensure that you include details in the relevant areas.
- Click Order.
