Home Money How To Receive Money In Nigeria Internationally & Withdraw It

How To Receive Money In Nigeria Internationally & Withdraw It

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Do you want to know how to receive money sent to you from abroad? Are you an investor, Nigeria-in-Diaspora, 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?

Initially, to receive money  in Nigeria is easier compare to sending money from Nigeria to abroad. However, with the recent CBN guideline on inbound and outbound international money transfer services; it is almost practically possible for one to receive and withdraw foreign currency in Nigeria. Many Nigerians and non-Nigerians are seeking an easy means to receive or send money to Nigeria. Everything I’m going to discuss here therefore will go in two related directions: how to send money to Nigeria and how to receive money sent to Nigeria from abroad. It will also 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
• 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 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) here in Nigeria from abroad especially now that the government has ban deposit and withdrawal of foreign currency in all Nigeria banks.

UPDATED: The Government has lifted the ban placed on deposit and withdraw of foreign currency in all Nigerian banks.

One thing is to send money to Nigeria; the other is to receive the money. Our major goal here is to establish an authority on the legitimate means or ways of sending money to Nigeria and receiving the money.

On early August this year, barely one year after introduction of the revised guidelines on outbound International Money Transfer Services by the Central Bank of Nigeria (CBN), CBN ban deposit and withdrawal of foreign currencies.

UPDATED: The Government has lifted the ban placed on deposit and withdraw of foreign currency in all Nigerian banks.

Today in this article, I will show you how to receive money sent to Nigeria from any part of the country in the world; UK, United State, India, Cameroun, Ghana, South Africa, Uganda, USA, Canada, Europe, Kenya, Philippines, UAE, Malaysia, Germany, Dubai, Indonesia, Jamaica, China, Pakistan, etc.

To start, if you living outside Nigeria and you are thinking of sending money to your relatives, business partner, making payment for transactions or tuitions in Nigeria; here below are four best options you can use to send money to Nigeria from abroad.

  1. Western Union Money Transfer
  2. Bank wire transfer to Domiciliary account
  3. MoneyGram International transfer
  4. PayPal money transfer
     

I know that there many ‘money agencies’ or third parties (International Money Transfer Service Operators, IMTOs ) who are involve in inbound international money transfer service in Nigeria. Such IMTOs include but not limited to; Worldremit, Smallwordfs, Transfast, Remittanceprices, etc. But I wouldn’t want to talk about them because changes in governance and its policies adversary affect their activities.

Therefore, the four best options of sending money to Nigeria from abroad are;
• Western Union Money Transfer
• Bank wire transfer to Domiciliary account
• MoneyGram International transfer
• PayPal money transfer

Whether you are in Singapore, Russia, Qatar, Namibia, Mexico, London, Kuwait, Japan, Iran, Egypt, etc; you can send money to Nigeria via any of these four means depending on your location.

How to receive the money sent from abroad in Nigeria

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.

There are four best options of receiving money in Nigeria from abroad into your bank account. These are;

1. International Bank wire transfer direct into Domiciliary account
2. Quickteller through western Union to your bank account
3. Western union money transfer into your bank account
4. MoneyGram into your bank account

How to receive money in Nigeria from abroad through domiciliary account

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 bank wire transfer into DOM account, you need to have or open a domiciliary account in Nigeria. You can open a domiciliary with any of the above bank but GTbank DOM account and Diamond bank DOM account are my best options.

Once you open a domiciliary account, your sender can send the money direct into your domiciliary account. All that is required from you is to ensure that you 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.

How to withdraw the money from domiciliary account in Nigeria

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.

How to receive money in Nigeria from abroad via Quickteller using Western Union

To receive money in Nigeria via Quickteller through western Union to your bank account;
• Register or create an account on Quickteller.com
• “Log on to Quickteller.com
• 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 your funds where 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.

How to receive money in Nigeria through Western union money transfer

Virtual all the 22 licensed banks in Nigeria serve as agents to Western Union in provision of Inbound Money Transfer Services. I will use firstbank western union transfer as a typical example to show you how to receive money in Nigeria bank through western union money transfer.

How to receive money in Nigeria through Firstbank’s western union money transfer

When it comes to Sending or Receiving money to and 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, First bank 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)
  • Maximum send amount as stipulated by the Central Bank of Nigeria is 5000usd naira equivalent per sender.
  • Test Question and Answer where applicable.

Once, you are done, request that the money be send to your bank account. These are also applicable to other banks in Nigeria.

How to receive money in Nigeria through MoneyGram

Banks like Ecobank, UBA, First Bank, Access Bank, Sterling Bank, Fidelity Bank, Skye Bank, Keystone Bank, Enterprise Bank, Mainstreet Bank, Diamond Bank and Wema Bank, among others financial institution offer MoneyGram service in Nigeria. However, my best option is UBA 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.

With any of the above four means, you comfortably receive money in Nigeria from abroad. They are all relatively easy and simple.

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