If there’s one thing people cannot stop searching for on the internet, it’ll be “how to transfer money from Nigeria to another country.”
As such, this article will succinctly explain the best means of sending money from Nigeria to other parts of the world.
Ideally, gone are the days when sending money from Nigeria to a friend, family member or a business partner who lives in another country abroad is slow and frustrating. But with the coming of online remittances, everything is now easier and faster.
In Nigeria of today, sending or receiving money from another country like US, Australia, UK, Canada, etc. can be done through a phone with a connected internet within 5 minutes.
This process of transferring fund abroad through online remittances is known as the Outbound Money Transfer. This outbound money transfer (OMT) has however increased the volume of international and local transactions in Nigeria thereby, boosting the country’s economy.
Below are, however, the 10 surefire means you can adopt to transfer money from Nigeria to another country with ease.
1. Western Union
Talking about the available ways of transferring money from Nigeria to another country, Western Union is arguably the most used and celebrated means by average Nigerians; having dominated the money transfers market for years.
Essentially, to use Western Union as a means of transferring money from Nigeria to another country, you must be an individual rather than a company and the maximum amount you can transfer is $1,000. This is in line with the Central Bank of Nigeria policies.
Also, your transfer application must be accompanied by the intended money to be sent, receiver bank details, location plus a genuine means of identification. This money transfer outlet will, therefore, convert the Naira currency into the prevailing Sum in the receiver destination Forex exchange rates.
To Western Union, it’s the sender that’ll bear the transaction costs with the Value Added Tax inclusive.
2. Money Gram
Money Gram is one of the earliest money transfer outlet that has its presence in over 200 countries across the globe. So if you ever wonder how to transfer money from Nigeria to another country, then try Money Gram today.
Money Gram is currently in operation in more than 300,000 locations including Nigeria. The Nigeria’s outbound money transfer policies allow it to collaborate with numerous commercial banks so as to make international money transfer easier.
However, the way and manner of transferring money from Nigeria to other parts of the world via Money Gram medium is akin to that of Western Union too.
Though PayPal is an online money transfer application, but nevertheless, it’s one of the highly patronized online money payments and transfer medium used by individuals, merchant, and buyers across the world.
Although PayPal had for some years prevent Nigerians from enjoying its services because of the prevalent Nigerians notoriety in cybercrime and internet fraud. However, such bans have been lifted when it realised that Nigeria is having one of the fast-growing economies in Africa.
To use PayPal, visit it official website and open an account using your email address and nothing more.
In the same vein, Skrill is another surefire means you can adopt to transfer money from Nigeria to another country. This money transfer platform allows you to send or receive money from any part of the world just like PayPal does.
Also, it is an eCommerce outlet that focuses on international money transfers on a fairly and low-cost basis. You can use your email account to transfer money using Skrill, and the fund will be credited to the recipient account (automatically) if he has a Skrill account too.
And if the reverse is the case, such recipients will be notified to sign up for a Skrill account so as to claim the transferred fund. In case the money is not claimed within 14 days, it’ll be reversed back to the sender’s account.
Another fast and reliable financial service platform that you can use to transfer money from Nigeria to another country of the world is Payoneer. This digital payment portal has it presence in more than 200 countries of the world.
What’s more, Payoneer do create 12-month loan credit lines and a MasterCard for their users so as to enable them to access their account and also to enhance them in sending and receiving money as if they have a registered bank signature in the United States.
Therefore, to start transferring money from Nigeria to other countries with Payoneer digital transfer services, you will have to apply for a Payoneer Mastercard that is meant for online transactions.
With Simbapay, you can transfer money from Nigeria to European countries like England, Belgium, France, Italy, Wales, Germany, Spain, etc. without spending a dime as charges. Simbapay means of earning comes from foreign exchange rates.
So if you are sending money using mobile wallets like M-Pesa through Simbapay, the money will be transferred instantly but if you’re transferring the money to the recipient bank account, it takes up to 3 days for the transaction to be completed.
Neteller is also one of the highly recognised independents digital money transfer medium used in many parts of the world including Nigeria.
Being an electronic currency, Neteller can serve as a portal for paying merchants. Equally, it can be sent to buyers, and it can also be paid at any available retail shop that accepts Neteller prepaid card.
8. Xpress Money
Xpress Money is like the conventional fund transfer services, it can be used to transfer money from Nigeria to another country through a pickup location medium where the recipient will go to receive the money.
Similarly, fund can also be transferred directly to the receiver’s bank account using Xpress money without any difficulty since every money sent using the medium has a tracker that follows the money until the recipient receives it.
9. Ria Money Transfer
Ria Money Transfer is a US-based money transfer agency with over 314,000 worldwide networks of experienced agents in more than 144 countries. Hence, with Ria, you can send money from Nigeria to numerous countries of the world.
10. World remit
WorldRemit is another digital money transfer agency that you can use to send money from Nigeria to your family and friends abroad using your smartphone or computer.
On a low-cost charge, you can transfer using either your bank account or credit card directly to the receiver’s bank account without involving any third parties.
In the long run, we do hope the above discussed how to transfer money from Nigeria to another country are enough to satisfy your curiosity. Albeit the list is not exhaustive, so feel free to add any other means you know using the comments box below.