Many people, both Nigerians and foreigners outside Nigeria send money daily to people in Nigeria, there are investors and business men and women who need to receive payments of business transactions, share dividends, etc. Quite a number of people who need to receive foreign currency in Nigeria do not know how to go about it hence they are not able to receive monies from abroad.
This article lists the various ways individuals and corporate organizations can receive foreign currency from other countries to Nigeria and also how people abroad can send money to Nigeria from the country the reside.
This article discusses methods of receiving money sent to you from countries such as United Kingdom (UK), United States of America (USA), India, Europe, Kenya, Philippines, UAE, Malaysia, Germany, Dubai, Indonesia, London, Jamaica, China, Pakistan, , Cameroun, Ghana, Singapore, Russia, Qatar, Namibia, Mexico, London, Kuwait, Japan, Iran, Egypt, South Africa, Uganda, Canada, etc; basically all countries in the world.
The methods allow you receive the money from abroad to your bank account in Nigeria and withdraw it in either the foreign currency sent i.e Dollars, Pounds, etc or and change it yourself through Bureau De Change operators or to collect the cash Naira equivalent from the bank at the official Central Bank of Nigeria, CBN exchange rate.
Receive money to Nigeria with Western Union International Money Transfer
This method describes how to receive money sent to Nigeria from outside the country using Western Union international money transfer and Quickteller.
This is how to receive money sent from foreign countries to Nigeria through Western union money transfer.
Almost all commercial banks in Nigeria e.g. GTBank, First Bank, Union Bank, UBA, Diamond Bank, etc provide Western Union services for both Inbound and Outbound money transfers i.e. sending money abroad and receiving money to Nigeria.
To receive money through Western union in any bank in Nigeria, first the Sender abroad has to send the money to you through Western Union in the country he or she is residing, then you can go to any bank and receive the money, to cash the money in Nigeria, you must provide the following in the bank.
Means of identification limited to either International Passport, Driver’s License, Permanent Voters card or National Identity Card
The Money Transfer Control Number (MTCN) which would be provided to you by the sender
The amount you are expecting in Naira equivalent
Your name, phone numbers and address
The Sender’s name and country and city
You may also be asked a test question and you must provide the correct answer, the question and its answer is usually given by the sender.
After satisfying all conditions, you can then request for money transfer to your bank account.
The current maximum amount you can receive through western union in Nigeria is 5,000 US Dollars per sender.
You can also receive money from abroad with Quickteller through Western Union directly to your Nigerian bank account by following these steps.
If you do not have a Quickteller account, create one on Quickteller.com, if you have a Quickteller account, simply log in to your account.
After logging in to Quickteller, select the ‘Send and Receive Money option’
Select ‘Western Union’ option
Choose your bank i.e Diamond Bank, First Bank, GTBank, etc
Choose Naira as your currency
Select ‘Receive money now’, a new page will open
Enter the details asked for on the new Receive money page, the details include the Sender’s country, Money Transfer Control Number (MTCN), Receiving account Number i.e. your account number, Your account type, the amount you are receiving, etc.
When you are done filling the form, select ‘Continue’ and confirm your details.
Please Note that money sent through Wstern Union can only be received in Naira.
Western union tracking in Nigeria
To learn how to track money sent through Western union transfer to Nigeria, visit How to use Western Union tracking page.
Receive money to Nigeria from Abroad with a Domiciliary account
A domiciliary account is a locally (Nigerian) based account which allows you deposit and withdraw foreign currency such as US Dollars, Pounds and Euro into and from the account. Using a domiciliary or dorm account as it is popularly called is one of the easiest ways to receive money from foreign countries and also to send money to other countries.
To receive money from abroad or send money abroad through a domiciliary account, you need to either have your own domiciliary account or use someone else’s own. To open a domiciliary account, go to any top commercial bank in Nigeria such as GTBank, First Bank, Stanbic IBTC, UBA, etc and ask for their domiciliary account opening form and requirements, usually you will need to provide two referees who have non-salary current accounts over six months old to open the account. Most banks have a minimum 100 US Dollar account opening fee except for GTBank which is free.
Once your account is opened, you need to activate it by depositing 100 dollars, once the account is activated, you can receive payment from abroad to your account and withdraw it in foreign currency.
MoneyGram International money transfer to Nigeria
To receive money sent from other countries in Nigeria through MoneyGram, simply go to any commercial bank in the country offering the service, most major banks offer the service, some popular ones among them are UBA, Ecobank and First Bank. UBA Moneygram is one of the most popular
This is how to receive money through UBA Moneygram:
Go to any UBA bank branch and tell a customer service officer you want to receive money through UBA moneygram.
A form will be given to you to fill asking for information such as
The 8 digit transaction reference number – to be given to you by the sender.
Name of sender and country where he is sending the money from
Your name, phone number and address
Test question and the answer – to be given to you by the money sender.
Once you fulfill all requirements, the money will be sent to your account.
Moneygram Tracking in Nigeria
Funds sent through Moneygram to Nigeria can be tracked by the following Moneygram tracking methods.
PayPal money transfer
Although Paypal doesn’t allow Nigerians receive money, you can still receive money with it although its quite risky and should be used for only small amounts of money because if Paypal discovers, your money can be frozen forever.
To receive money through Paypal in Nigeria, you can either.
Use someone who has a Paypal account in Nigeria which can receive funds.
Open a Paypal account using another country instead of Nigeria.
It is best to use vpn services which can change your country from Nigeria to another country when using the Paypal account to avoid been detected by the Paypal bots.
Use Payoneer account and Payoneer Mastercard to receive money in Nigeria from other countries
Payoneer is an international electronic payment card which is quite popula around the world because of its flexibility as it can be used anywhere in the world. Payoneer processes online international payments with ease when you use the Payoneer Mastercard which can be used to withdraw money anywhere in the world. Payoneer also has a direct bank transfer method which works quite slowly, the beat thing about Payoneer is that it is free.
To receive money with Payoneer in Nigeria, simply register for an account on payoneer.com, you will be issued a bank account number which you can use to receive money from abroad. You will be sent a Payoneer mastercard which you can use to withdraw the money sent to you. You can also use Payoneer to send money abroad.
Payoneer recently introduced a new service called “Withdraw to Bank” service which enables you withdraw money from your Payoneer account to your local account in your local currency easily. The service has a number of benefits including:
Fast service: Your funds are made available in 1-3 business days
Low cost: It is free to withdraw and the exchange rates provided are competitive
Local and Easy: The transfers are made locally through a bank in your country and easily as you only need to setup your account once.
How to receive money to Nigeria through Worldremit
WorldRemit is another top way to receive money sent to Nigeria from foreign countries, the World Remit money transfer service has been in Nigeria since 2011 and offers low cost instant bank deposits to any bank account in Nigeria.
How to send money to Nigeria through World Remit
The process of sending money through WorldRemit is quite easy;
Visit www.worldremit.com
Select the country you want to send money to i.e. Nigeria in this case.
Select how you want the recipient to receive the money
Type the amount you want to send
World Remit’s fees and exchange rates will be listed on the page
Add the receiver’s details
Send the money with any available method you prefer
A successful payment sms notification message and an email will be sent to you and the receiver.
The receiver can receive the money through Bank deposit, Cash pickup at World Remit agent offices in Nigeria, Mobile Money and Mobile Airtime top-up.
There are other ways to receive money from abroad in Nigeria apart from the ones discussed above, they include Smallwordfs, Transfast, Remittanceprices, Ria money transfer, etc.
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