Best 4 Ways To Send Money From Nigeria To Other Countries
Are a Nigerian who require to send money from Nigeria to another country ? Are intending to make transfer fund to another country outside Nigeria.
Initially, sending or transferring money from Nigeria to other countries in the world is impossible but with the recent CBN revised guidelines for International Money Transfer Services Nigeria Banks have started deploying
Outbound Money Transfer services to ease the stress of sending money from Nigeria to individuals outside the country.
All I’m going to discuss here will boil down to;
- How to send money from Nigeria to UK
- How to send money from Nigeria to United State
- How to send money from Nigeria to India
- How to transfer money from Nigeria to Pakistan
- How to send money from Nigeria to Cameroun
- How to send money from Nigeria to Ghana
- How to send money from Nigeria to South Africa
- How to transfer money from Nigeria to Philippines
- How to send money from Nigeria to Malaysia
- How to send money from Nigeria to Canada
- How to send money from Nigeria to Europe
- How to send money from Nigeria to China
- How to transfer money from Nigeria to Dubai
- How to send money from Nigeria to Germany
- How to send money from Nigeria to Indonesia
- How to send money from Nigeria to Jamaica
- How to send money from Nigeria to Kenya
- How to transfer money from Nigeria to London
- How to send money from Nigeria to UAE
- How to send money from Nigeria to USA
- How to transfer money from Nigeria to bank account abroad.
It is easier to receive money sent to Nigeria from other country than to send money from Nigeria to other country because almost all Nigeria banks are under the inbound money transfer services guideline as provided by CBN. Under the Inbound money transfer, an individual living abroad can send money to an individual in Nigeria but those living in Nigeria cannot send money to those living in other country. The money transfer regulation by CBN came up as a result of the negative perception about Nigeria being a country for money laundering and others fraudulent activities.
For this very reason; many Nigerians who wish to send money to their family members, relatives, friends, make payment for conference registration and those who are into the business of importation of goods and service from other countries continue to find it difficult.
In August 2014, there is an introduction of the revised guidelines for International Money Transfer Services by the Central Bank of Nigeria (CBN), which allows provision of Outbound Money Transfer services in the country. The Outbound Money Transfer is person to person international money transfer from Nigeria to countries around the world. It doesn’t matter if you have bank account here in Nigeria or in these countries as many people would say…it is the prerequisite.
In my future post, I will show you how you can transfer money from Nigeria bank account to foreign account number . Today, in this article, I will show you how to send money from Nigeria to any other 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.
So, you if thinking of paying for conference(s) registration outside Nigeria while in Nigeria or how to send money from Nigeria to any of these countries above for international business transactions, to family member, relative or friend; below are four best options you can use to send money from Nigeria to any country around the world with an in-depth guide on how you can send the money from Nigeria to the country.
How to send money from Nigeria to any country in the world
Central Bank of Nigeria (CBN) licensed only MoneyGram International and
Western Union Money Transfer as International Money Transfer Service Operators (IMTOs) in the country but I have additional two other options I have used in sending money from Nigeria to other country making it a total of four options.
So, the four best options for sending money from Nigeria to another country are;
- Western Union Money Transfer
- Domiciliary account
- PayPal money transfer
- MoneyGram International transfer
How to send money from Nigeria to another country through Western Union Money Transfer
There are about 5,000 Western Union outlets in Nigeria, 22 licensed banks and 905 microfinance banks. Among these banks, about 70% of them already serve as agents to Western Union but their agent service relationship is limited to provision of Inbound Money Transfer Services. However, with the new guidelines allowing provision of Outbound Money Transfer services, and the CBN licensing western union money transfer, some banks have started signing up as agents for provision of Outbound Money Transfer services.
I have personally tried sending money through many of these Nigeria banks’ western union money transfer services to other country but they all failed.
The only Nigeria bank I know that offers Outbound Money Transfer services of sending money from Nigeria to other countries as of the time this article is written is FIRST BANK OF NIGERIA PLC. First Bank was licensed by CBN and commenced the outward sending of Naira to other countries via Western Union since September 2014.
How to send money from Nigeria to another country through Firstbank’s western union money transfer service
What you need are;
- Your receiver’s location and bank details
- Identification
- Cash
How to send the money
- Visit any Firstbank of Nigeria close to you
- Head straight to their customer service desk and tell them you want to send money from Nigeria to United State, London, India, Cameroun, in fact anywhere you want.
- Some forms will be given to you to fill-in the recipient’s personal information, bank account details and the amount you want to send. Fill the form properly and wherever you are confused, ask questions.
- Standard charge/fees is approximately 16,500 naira for every $2000
Note: you don’t need to open or have bank account with Firstbank for this to be possible. Your valid Identification card- National ID card, driving license or international passport will be required. Again, you will be charge a variable transaction fee, fixed VAT and tax.
All currency conversion will be done by Firstbank, so no need to worry about currency exchange rate. For example if you are to send money from Nigeria to UK, Firstbank will help you convert your naira amount to its equivalent pound sterling (£ / GBP) before sending the money.
Sending money from Nigeria to another country through Firstbank’s western union money transfer service is very easy and simple. You can actually follow this method to send money from Nigeria to any country in the world. However, this method is best used when you want to send out small amount of money from Nigeria to another country because of CBN directives and guidelines .
How to send money from Nigeria to another country through domiciliary account
With domiciliary account you can transfer send money from Nigeria to another country. For you to send money from Nigeria to another country through a domiciliary account, you need to have or open a domiciliary account. If you want open a domiciliary in Nigeria, you can
open a domiciliary account with Gtbank, Firstbank, Zenith bank , diamond bank or UBA.
A domiciliary account is an account that allows you save money in US Dollars, Pounds Sterling or Euro with your money valued at the prevailing exchange rate. The account will help facilitating your international business transactions and is funded through travellers cheques, lodgement of foreign currency cheques, cash inflows and cash deposits. Domiciliary account can be good and effective when big amount of money is to be send from Nigeria to another country.
As a sample study I will use Gtbank domiciliary account to show you how to send money from Nigeria to another country
Things required before sending money from Nigeria to other country through Gtbank DOM Account
- Recipient’s bank details – these include account name, account number, name of the bank and branch name, SWIFT CODE, Routing Number.
- The money – if the money you will transfer abroad is more than what you have in your domiciliary account, you have to pay in extra money into your domiciliary account.
Meanwhile, GTbank are NOT into currency conversion, therefore you have to convert the money (the naira form) to its equivalent international accepted standard currency (such as dollar, euro, or pounds sterling) before paying-in into domiciliary account. You can do this at Firstbank, black market or any other financial institutions that are into money exchange.
How to send money from Nigeria to another country using GTbank domiciliary account
To send money from Nigeria to UK , United State, Cameroun, Ghana, South Africa, Uganda, USA, Canada, Europe, Kenya, Philippines, UAE, Malaysia, Germany, Dubai, Indonesia, Jamaica, China, India, Egypt, Pakistan or any country in the world through GTbank domiciliary account;
- Visit any GTbank branch nearest to you.
- Locate their customer service Reps and request that you want to transfer from your domiciliary account to another account abroad. You will be directed to the right person in charge.
- A money transfer form will be given to fill recipient’s account name, account number, name of the bank and branch name, SWIFT CODE, Routing Number, amount to be transferred and your own bank details. Fill the form and wherever you are confused, don’t hesitate to ask question.
As I said before, “if the money you will transfer abroad is more than what you have in your domiciliary account, you have to pay in extra money into your domiciliary account. Meanwhile, GTbank are NOT into currency conversion, therefore you have to convert the money (the naira form) you will pay into your domiciliary account to its equivalent international accepted standard currency. You can do this at Firstbank, black market or any other financial institutions that are into money exchange” .
- Submit the form and you’re done. Within 48-72hours, you receive an SMS that the money have been deducted from your DOM account and transferred to the overseas account.
3. PayPal money transfer
How to send money from Nigeria to another country through PayPal money transfer
“PayPal is one of the world’s largest online payment platforms which allow individuals and businesses to make easy international payments.It has been used over the years to pay for transactions on online platforms like Amazon, eBay, and other top e-Commerce websites. Paypal boasts of more than 100 million users worldwide”.
PayPal can be highly effective for transferring small amount of cash overseas and with a surprisingly low cost option. But for high amount more than a few hundred dollars it is usually expensive compared to almost any other method. Mark the phrase “can be” – that is assuming your recipient has a PayPal account.
If you are to send money from Nigeria to another country through PayPal, you need a PayPal account. Some good news here is that Firstbank of Nigeria has taken the lead in providing a PayPal account services for all Nigerians. So, you can open a PayPal account in Nigeria through First bank’s online banking platform (FirstOnline).
Once you open the PayPal account with Firstbank, you are free to login into your Firstbank PayPal account through FirstOnline (first bank internet banking platform) and make your money transfer to any country you want.
But when you are not able to do so by yourself through Firstbank’s internet banking platform,
- Visit any Firstbank branch close to you and request that you want to transfer from your PayPal account to another account abroad.
- PayPal money transfer form will be given to you to fill. Fill it and submit and you’re done.
4. MoneyGram International
How to send money from Nigeria to another country through MoneyGram International
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.
UBA MoneyGram
“MoneyGram with over 300,000 locations in over 200 countries, partnering with UBA with over 700 business offices in 19 African countries and offices in New York, London and Paris, offers the best choice for Nigerian’s sending money abroad to loved ones”
UBA was given a go-ahead to send out money through MoneyGram International since October 2014. The “Naija Sends” is the Outbound Money Transfer service by MoneyGram and UBA Plc.
To send out money through UBA MoneyGram;
- Simply walk into any UBA branch nearest to and request that you want to send out money through ‘Naija Sends’
- You will be given MoneyGram money transfer form to fill.
With any of the above four means, you comfortably send or transfer money from Nigeria to another country. They are all relatively easy and simple.
If you finding any of those four ways of sending money outside Nigeria difficult, lets know where you have problem. You can use the comment box below to ask your questions and comments