As technology is improving day by day, ways by which money is sent from one person to another have also improved. People are starting to embrace the online means of money transfer to Nigeria which saves them a lot more time than using the traditional bank deposit system. Most times, the bank is always overpopulated and you are forced to queue for hours before you are attended to. Also, the modes of sending money to people vary from that of one place to that of another.
Most importantly, receiving payments from clients abroad might be tasking at times.
In this article, I am going to outline some simple ways through which you can receive money online in Nigeria without much stress. Let’s jump right in.
How To Transfer And Receive Money From Abroad In Nigeria
Here are some eight ways you can receive and transfer money online in Nigeria.
This platform is one of the commonest means of transferring money all over the world now. Nigerians can transfer money locally or to any other country in the world using this online platform. This platform has made online shopping easier as you can pay for goods online using your PayPal account.
If you are a Nigerian businessman, you can buy stuff on Amazon, eBay while you are in Nigeria and when the goods are delivered to you can then resale to your customers.
The good news about using this method to transfer money online in Nigeria is that it secures your credit card details while shopping online.
This medium helps Nigerians to send and receive money from foreign accounts. This is done with the Western Union money transfer mechanism.
The practice before was that you cannot use Western Union to transact with foreign bank accounts, but now, the system has been upgraded. You can now send and receive money from anywhere in the world using Western Union agents that can be located in some Nigerian Banks.
First and foremost, for you to use this mode of transfer you will need the location and a means of identifying the receiver before you can make payment.
Also, you will need to fill a form to send money to a Western Union agent unit in any Nigerian bank that has the service. The form must be filled using printed capital letters. All you need to take to the Agent Clerk is your current means of identification, preferably your national ID card and you are good to go. Ensure you collect your receipt.
Payment may be made to you either in Naira or Dollars, whichever one you prefer.
This company is registered with the global MasterCard. It was established in New York City, USA, where the headquarters is in 2005. Payoneer is a financial institution which allows people to transfer money using commercial services. This company allows foreign companies to pay services rendered by Nigerians to them using their system. It allows people from all over the world to receive transactions and make their withdrawals.
All you need to enjoy this payment service is to open a virtual Payoneer account and you are good to go.
As a Nigerian, you can open a US bank account after which you will be given US account details consisting of your routing number and a checking number. You will be asked for these details before you can withdraw from the US bank account.
There are several locations of Moneygram all over the world, sending money to a location not far from your place is easier. For you to do this, you need to first prepare for your agent visit. You may be required of your means of Identification (ID card) here.
You may also need the full name matching the ID card and location of your recipient. The money you want to transfer and the necessary fees are also important. If you are sending to a bank account, you are required of your recipient’s bank name and bank account number.
Complete your transaction by filling the necessary forms and tendering the fund you wish to transfer to the agent. Save the information and share the 8-digit reference number with your recipient.
Squarecash is also another means of transferring money online. This means is quite easy to use because it is done electronically. Here the online platform requires you to provide the amount you wish to send and the contact information of your recipient or that of the person you are receiving the money from.
You can use emails, phone numbers or cash tags. If you are using Squarecash with email, you will open an email to the person or company that you want to send the money to, then type the amount of dollars you wish to pay in the subject line.
Send the original copy of the message to cash square.com in order to make your payment known by the company. If you are receiving, the money is credited directly to your account and your recipient’s account will be credited if you are the one sending. All this is done using a debit card.
This online money transfer system can be used by sending a request for a MasterCard with Skrill. This MasterCard is used basically for performing online transactions, for example, shopping and paying for online services. The Skrill MasterCard can also be used to make withdrawals. This way you can receive and pay money to any person or company all around the world. Skrill account is easy to create but the users are required to pay a percentage of whatever they send or receive.
Bitcoin is an international ledger system that synchronizes the web in a way that all persons can access equal ledger account no matter the country or place they are. The consequence of this is that parties can transfer money without payment of extra fees and it also saves time.
This type of system operates like a bank transfer or credit card transfer. It is a special way of keeping and moving money.
This is one of the simplest ways to transfer money online in Nigeria. Its HQ is situated in India. PayU offers one of the best conversion rates with more than 45 payment methods. It is among the fastest ways of making payments online.
As technology improves, modes of making payments and receiving money has also improved greatly. The traditional bank deposit system is gradually being replaced by the online means which anybody within his home can comfortably send money to others anywhere in the world. Some of these ways were listed in this article.