Indeed, Money is a necessity for happy living throughout the world. With that said, it is no news on how technology has hastened the transfer of this vital societal element- from hand to hand, from country to country.
In Nigeria, receiving Money from the diaspora is by far becoming a norm for many. However, let’s not neglect the other end of the coin. We do have loved ones and business partners, who we would love to send Money to once in a while.
But how do we do so?
If you can read this article to the end, you would certainly know the “how”- alongside how to use these platforms to carry out your earnest desire; your desire of seemingly, sending money abroad with as little stress as possible, from Nigeria.
Here are the 7 most reliable ways of sending and Receiving Money abroad from Nigeria:
Western Union money transfer
Worldwide, Western Union is the largest money transfer, provider. Covering over 200 countries with over 550,000 agent locations, it remains unparalleled in this industry.
There are two major benefits of using this platform: Speed delivery and worldwide coverage. To have an overview, let’s analyze Western Union Money transfer based on three categories: Transfer methods, transfer costs, and transfer speed.
Transfer methods
Here, you can choose from a variety of payment, delivery, and sending channels.
- Sending channels: You could send cash through their website, mobile app, or in-person transfers.
- Payment channel: You could pay via your Visa and MasterCard debit and credit card.
- Delivery options: Choose between bank deposits and cash pickup.
Transfer Speed
This could range from a few minutes to seven days.
The speed of transfer depends on the sending and payment options chosen. For instance, while a transfer from a bank account to another bank account could take up to four days, cash pickups paid via credit or debit cards take just minutes.
Transfer costs
- While cash transfers are faster, they are more expensive. On the other hand, bank transfers are slower but cheap.
- Transfer to wealthy countries could be costly.
Skrill
Have you heard of this medium?
If not, here’s a brief: Skrill features low-cost international money transfers. It works just like Paypal.
With Skrill, you could even send Money to the email address of the recipient. If the person has a Skrill account, the Money is automatically credited. Otherwise, the individual would be asked to open an account within 14 days. If this is not done, the Money would be reverted to you.
Moneygram
Right behind Western Union is Moneygram. They are the second-largest money transfer provider in the world. With over 350000 agent locations, they span more than 200 countries.
Ditto to Western Union, Cash transfers are faster than bank transfers. So, if you will need a quick transfer, you must be willing to pay the price.
Also, the new CBN delivery permits the establishment of a partnership between Money Gram and several Nigerian banks; hence, the easy transfer of the Nigerian Naira.
Pros
- Multiple funding and receiving options
- Massive coverage of countries
- Faster delivery, including faster bank transfer deliveries.
Cons
- Costs more than other competitors in this space.
Domiciliary Account
To start with, let’s understand what a domiciliary account is.
A domiciliary account, simply put, is an account that allows the owner to hold Money in currencies asides from the Naira.
For people who are involved in business operations- and would love fast transfers for business transaction purposes- this account is often preferred.
Opening a domiciliary account is as easy as spelling your name. Similar to opening a savings/ current account in Nigeria, all that is needed is a completed form, your BVN, recent utility bill, valid means of identification, two references, and a passport photograph. Easy peasy.
After completing the necessary procedures needed for a transfer, the sender would receive an SMS alert usually within 48-72 hours, counting from the moment that you initiated the transfer.
Paypal
Talking about giants in this space, we can’t fail to mention Paypal. With as much as 244 million account holders, Paypal has established its feet as an easy-to-use money transfer platform.
How secure is Paypal? Check this:
- All PayPal transactions take place on their website with an SSL (Secure Sockets Layer) encryption.
- Paypal guarantees a full refund on orders that were not made by you, that never arrived or a significantly different from what you ordered.
Setting up a Paypal account is easier than you could ever imagine. Here is the information needed to be provided:
- Name
- Email Address
- Phone number
- Address
Payoneer
Similar to most transfer options, Payoneer allows you to send Money to over 200 countries. Again, you can pay in about 150 currencies!
Although Payooner is aimed at freelancers, businesses, and professionals in general, you can also tap into the goodies offered by this platform.
When you use a Payoneer account to pay a corresponding Payooner account, you do not have to pay any fee- and the Money is remitted in minutes. However, transferring to an account that isn’t Payooner attracts a fee.
Opening an account is free. But, local bank transfers cost about 1% of the total cash you intend to transfer.
Here’s how to create an account:
- Click “Sign up” on the website.
- Enter your details
- Choose a security question—and answer it.
- Enter your account details
- For security purposes, click on the confirmation link sent to your email address.
- Payoneer would verify your identity for about two days.
- Once approved, you can start using your Payooner account for easy transactions.
Netteller
Spanning over 200 countries, you can trust Netteller with making your transfers easy. Asides from making transfers, Netteller can is also used to pay merchants, settle transactions with customers, and pay at any retailer. Upon signing up, you are also entitled to a Netteller Card.
To sign up and copy your Netteller card, visit their website.
Did you also know that our very own Nigerian banks now offer direct international transfers to Nigeria from other countries?
Conclusion
We have shown you seven ways in which you can satisfy your desire to make a quick transfer. Now, the ball is in your court. Although all of these are basic knowledge, do well to research more and pick your favourite platform.
Quick Summary
Prefer the short version? Here is a concise recap of the key ideas in this article.
To have an overview, let’s analyze Western Union Money transfer based on three categories: Transfer methods, transfer costs, and transfer speed. But, local bank transfers cost about 1% of the total cash you intend to transfer. Here’s how to create an account: Click “Sign up” on the website. Enter your details Choose a security question—and answer it. Enter your account details For security purposes, click on the confirmation link sent to your email address. Payoneer would verify your identity for about two days. Once approved, you can start using your Payooner account for easy transactions. Netteller https://youtu.be/tUFJnv_MS5c?t=1 Spanning over 200 countries, you can trust Netteller with.
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