transfer money to Nigeria

International Wire Transfer Services: 8 Ways You Can Transfer Money In Nigeria

How to Transfer Money to People in Nigeria Through International Wire Transfer Services.

by op-ed contributor

We live in a world driven by technological innovations and life hacks. A huge number of things are now easy and rapid for the population in need of them. One of the peculiar ones is the international wire transfer services that allows you to transfer money to Nigeria.

In the past, people had to wait for days – sometimes months – to receive money from countries overseas. It hampered a lot of business transactions and emergency needs. In recent times, however, the innovative international wire transfer services created to transfer money to Nigeria keep improving by the day.

Now, some of us are not aware of these channels. Which is probably why you’re surfing this page now. Well, dear reader, you are in the right place. Let us review the 8 international wire transfer services in Nigeria that you can easily use to transfer money to people in Nigeria.

Note: This article is helpful to people Overseas and in Nigeria

8 Easy Ways You Can Transfer Money to People in Nigeria

  1. Western Union

Western Union is an international wire transfer service in Nigeria that allows the transfer of money worldwide. With approximately 20% control of remittance transactions, this service has covered a network of 200 countries.

How does the western union work?

  • Create a free Western Union profile. The platform will verify your details before you can proceed.
  • Log into your account and click on the “send money” option
  • A choice of destination would pop up. Select Nigeria, then enter your desired amount in the available currencies
  • Select your desired delivery method. This is in form of a bank transfer or hard cash pickup from the agent nearest to your desired location. Then select your payment option.
  • Enter your details and that of the cash recipient. Then transfer the money.
  • You’ll receive a confirmation email containing the Money Transfer Control Number (MTCN).
  • Enter the number into the tracking tool to keep in touch with the transfer progress.

Real-time transfers are supported by accounts connected to the First Bank of Nigeria. You must be over 18 to make these transactions. You may also need extra ID verification before transfer proceedings.

It’s an easy process. You can transfer funds directly from a US account to a Nigerian account. Western Union is easy and reliable. It is not perfect and may seem like a difficult process for some users. You may experience some hold up for reasons such as the amount of money, available currencies, transfer destination, regulatory impediment, identification issues, agent location hours, differences in time zones, or intentional selection of the delayed option. Some other restrictions may also apply.

If you’re using a credit card, you may need a card issuer advance fee and some interest charges. For a reduced fee transaction, use a debit card or other payment options.

  1. Worldremit

Worldremit is an international wire transfer service available in Nigeria where individuals can make international bank transfers through the world remit website or its app. An agent network from any part of the world can help you carry out the transactions. Worldremit can send and receive money in various ways. However, some of these services are not available in certain locations. Charges and exchange rates vary according to selected services.

How does world remit work?

Bank Transfer

For convenience, you can make payments directly to the recipient’s bank account. The recipients can then have access to the money by withdrawal. These methods save the need to have a world remit account or cash pickup. All you need to do is provide your recipient account details, your sort code, SWIFT/BIC, IBAN, and other required information.

Cash pickup

In Worldremit transactions, cash pickup is by far the quickest method of delivery. When you make payments, the recipient can visit the nearest local agent and collect the money. It is almost instant, but, the recipient must have a valid photo ID and a transaction reference to collect the cash.

Mobile money

In some countries, deliveries via mobile money are available. This is an electronic wallet that lets users retain money on their mobile phones in form of figures rather than traditional Banks. You can withdraw this money via a registered agent, make payments and even buy airtime.

Worldremit has three payment charges that vary by destination and method of money delivery.

The first adds a transfer cost to your desired transfer amount. Next are the exchange rate fees. This is not so easy to spot unless you view your currency exchange rate in the midmarket. The midmarket rate is that rate which services like Worldremit and traditional Banks purchase and sell currencies in wholesale. When you notice a difference in the mid-market rate and what Worldremit services offer, it may mean there are extra charges added to the rate used. To avoid this, select services that give the mid-market exchange rate.

Other fees include third-party charges which may be cash advance fees by credit card companies or bank transfer overdraft fees.

Read about the evolution of the fintech industry in Nigeria

  1. Transferwise

This is another online financial platform. Like other international wire transfer services in Nigeria, you can transfer money to people in Nigeria. However, each platform has its competitive uniqueness. On Transferwise, you can find the transfer and exchange rate even before signing up.

According to them, their exchange rate is the same with huge corporations and banks. On the homepage is a calculator where you can input the amount you want to send and the destination. They also make use of real exchange rates which you can find on independent sources like XE, Google, and yahoo finance.

Transferwise follows a similar procedure when signing in or logging in. You can sign up as an individual or as a business. Similarly, recipients do not need a transferwise account before they can receive money via this platform. Their major requirements are the recipient’s bank details and country of residence. In some countries, you as a sender would need to be verified. This verification takes one to three days. In addition, the sender’s country determines the availability of other payment options.

Transferwise technology can link local bank account in countries of the world. Once the technology sorts your transaction, you’ll receive an estimate of when the money will arrive at its destination. If the recipient’s email is provided, he or she will receive a notification about the cash transfer. In the end, the transfer goes straight to the recipient’s bank account.

Read also: How to cultivate money-saving habits as a Nigeria

  1. Xoom

Xoom is an alternative to MoneyGram (MGI) and Western Union (WU). It was founded in 2001 and acquired by PayPal in 2015. This international transfer service permits users to send money to 158 countries around the globe.

How does Xoom work?

First, select the money transfer options, as well as the receiver’s name and country, amount to be delivered, and delivery method. The delivery method could be cash pickup, bank deposit, or door-to-door delivery. You provide the recipient’s details which include full name, local address, bank name, and account number.

Next are the payment options which can be your checking account, credit, or debit card. Just like many online financial platforms, Xoom does not permit cash as a funding source. Once you’ve done this, all you need to do is review the information you provided and confirm the transfer.

The beneficiary can receive money from Xoom in the local currency. However, receiving money via bank transfer means that the receiver should have a domiciliary account. Other delivery methods might not require that.

For service fees, they vary depending on the sender’s and receiver’s country, the transfer currency, the funding source, and the amount. If you’re making transactions using a U.S bank account, the lowest fees apply to you. However, transactions via this medium may take up to four business days before Xoom receives funds from your bank. Fees are slightly higher with a credit or debit card, but transactions are a lot quicker.

Xoom offers a calculator to help users figure out their charges after sorting out the fees and exchange rates. They also allow you to see the total amount you’d be sending based on the exchange rate.

Xoom also renders money-back guarantee services. This is necessary in case the recipient doesn’t get the money after the estimated days of delivery.

  1. Money gram

MoneyGram is the second-largest provider of international money transfers in the world after the Western Union. It has a large global network of over 350, 000 agent locations. MoneyGram avails the transfer of funds to more than 200 countries globally, including Nigeria.

From whichever country, making transfers to Nigeria follow the same pattern. This channel has a lot of flexibility and options. These options depend highly on what suits you best. You can perform these transactions either online or in person.

For online transfers, it’s quite the same as the transfer channel mentioned above. This includes the fees and exchange rate calculator.

For transfers in person, an agent serves as a mediator. You find an agent near you, submit the receiver’s information and the money you want to send. For all transactions, you should carry along a valid ID and the required charges. When you’re not sure of the charges, you can source it online or simply carry extra cash.

For Transfers made via mobile wallet, you’ll need the recipient’s mobile number and the international dial number.

Lastly, always notify the recipient, before and after funds transfer. You should as well send to him or her, the 8 digit reference number required for pick-up.

Join our whatsapp community for updates on similar content. Also, subscribe to YouTube channel to learn from industry leaders that talk about financial freedom.

  1. Payoneer

This is quite different from other international wire transfer services. This channel serves as a mediator for transactions from businesses, companies, and online marketplaces like Upwork to individual account holders.

This platform does not accept payment from personal bank accounts, except for individuals who are Payoneer account holders as well. But the thing is, you can only fund your Payoneer account with money made from services rendered to clients and customers on online business platforms. You can only receive from these business platforms only when they have Payoneer as their payment method.

Read also: How to make money from Upwork in Nigeria

How does Payoneer work?

You start by creating a free Payoneer account and providing all the necessary information required. This includes your name, address, email, a valid means of identification, and a payment method. This is where the money you receive from rendered services is moved to with or without currency exchange.

Once your account is set up, you will receive a customer I.D. Next, link this account with the online business platforms that support it. Each platform has its method of linking to your Payoneer account. Some may require your customer I.D and the email address with which you signed up. After the entire process, a confirmation email is sent to you by both the online business platform and Payoneer itself.

Now, there is this thing embedded in this platform; at the time of writing this article, I’m not certain if other platforms have it. When you render services to marketplaces such as Amazon and you wish to use your Payoneer as a payment method, you are given unique bank details of US bank which you would use to fill in the payment details on Amazon. When you make payment using the provided account details, it goes straight to your Payoneer account.

In Nigeria, Payoneer offers three currencies with which you can receive money. There is the US dollar, Euros, and Pound Sterling. When anyone makes payments to you using any of the currencies, you can choose to convert it to Naira, then send it to the Nigerian account you provided during registration. Or you can send it as it is to a domiciliary account if you have any. Note, small fees and exchange rates apply.

  1. PayPal

This is an online financial platform that makes individual and business transactions in more than 200 countries. This online company was established by an American company called PayPal holding Inc.

There was a rumour that PayPal banned Nigerians from using its platform. Well, the rumours were true. However, there was a petition on Change.org requesting that Nigerians be permitted to receive funds from PayPal. This led to PayPal’s partnership with Flutterwave, a technical software partner for financial service providers. With this, Nigerians were able to use PayPal. Nigerians’ access to this platform is majorly restricted to business transactions.

On PayPal, these business accounts can receive money from foreign clients and customers, make invoices, and do other related transactions. For this to be possible though, both the sender and receiver must have a Flutterwave account.

Read also: Top 10 finance apps to expand your business in Nigeria

How does PayPal work?

First, visit the Flutterwave website and follow the prompt instructions to create a business account. After this, go to your account’s dashboard to select a payment method. Select PayPal from the available options. With this, PayPal begins displaying on your checkout page, making it possible for your clients and customers to pay you using that channel.

Once the sender makes the payment, Flutterwave receives the payment and sends it to you via your Flutterwave account.

When it comes to fees and exchange rates, PayPal is widely known for reduced charges for transactions. The better part is, there is a slight decrease in fees for larger transfer sums. These platforms also support money-back services for failed transactions.

  1. Cash, Bank Transfer

Receiving money in cash has its perks. It can either be through an agent or door-to-door delivery. When you send money to people in Nigeria as physical cash, you make it possible for that individual to receive the money as it is. That is, in its original currency without the need for a domiciliary account. Now, the receiver can make the exchange via the local currency exchange market which would be higher than exchanges made on online platforms.

Bank transfers are possible as well. However, a lot more information is required. This includes the receiver’s name and address, local bank information, and an international bank account number (IBAN), or the society for worldwide interbank financial telecommunications (SWIFT) of the receiver. Though it’s an option, it is one of the most expensive transfer channels compared to international wire transfer services. Banks offer low exchange rates but charge higher to send money. Some Nigerian banks charge money to receive international funds. In the end, you’d probably lose more than 10% of the entire money.

Read also: Best money-saving apps in Nigeria

Bottom line

These international wire transfer services in Nigeria are the 8 ways you can easily transfer money to people in Nigeria. Of course, there are more out there, with mouth-watering variables. Nonetheless, the cheapest method for funds transfer in one situation or location might not be the same in another. The best thing is to sit down and look through the latest fees and exchange rates for these methods used to transfer money to Nigeria. Then draw your conclusion.


If you found this article useful, you may want to follow us on Instagram where we post tons of insightful contents like this.

About the Author

Maryjane C. Chiedozi, a writer with an untamed passion for creativity, research and productivity, all put together to create masterpieces. Maryjane C. Chiedozi is also an author of the novel ‘Our Hearts Beat For Anne’ which can be read exclusively on GoodNovel.

.

About Author

Avatar of op-ed contributor
op-ed contributor
Op-Ed are articles published by guest authors. We no longer accept guest posts. However, we are still open to adding long-term content contributors to our team of insightful writers. To write for us, please check out inisght.ng/guest-post.

Related Posts

Leave a Comment

× Say hi
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00