Money transfer is a banking transaction that is carried out multiple times daily across the world. In Nigeria, money transfer is made from one bank account to another; locally and internationally. When it comes to local money transfers, they are always very easy to carry out but a lot of Nigerians experience trouble when it comes to international money transfers. For those in the diaspora who are looking to send money to those in Nigeria, this article will provide you with different methods you can use.
There are 2 major ways of transferring money to Nigeria; performing an international wire transfer or making use of international money transfer services.
International Wire Transfer
For most people, this is the best means of transferring money to Nigeria as it is done from bank to bank. It is also the safest way of carrying out international transfers as the SWIFT code of the recipient’s bank will be needed; this helps verify the transaction and it also ensures that the money is deposited correctly.
If you want to carry out an international wire transfer, you can do so yourself via your bank’s online banking platform or with the help of bank staffs at your bank branch. Before you begin, get all necessary details from your recipient, needed details include;
⦁ Name and address
⦁ Bank name and account number
⦁ Bank address and SWIFT code
Enter the correct amount of money you want to transfer and ensure that it is in Nigeria’s official currency (Naira). There are always bank charges associated with making international wire transfers and the charge will be deducted directly from your bank account.
Confirm how long it will take the money to be deposited into the account of the recipient – this is usually between one to three working days. Get the information across to the recipient so he or she will know just when to expect the money you transferred.
International Money Transfer Services
These services allow you to send money internationally and the money can be picked up in cash by the receiver at an agent location or deposited directly into the receiver’s account. An MTCN is always issued and your receiver would need it to successfully receive the money. There are so many international money transfer services available but here are some widely used ones in Nigeria;
Western Union: Western Union is the most popular money transfer service in Nigeria, it is used by many Nigerians to receive money daily. It is available in many countries and you can transfer money to Nigeria with them by visiting any of their agent location near you or via their website.
MoneyGram: MoneyGram is also popular in Nigeria and almost all commercial banks work as MoneyGram agents. You can transfer money at an agent location or online through their website.
Ria Money Transfer: Ria has multiple agent locations in Nigeria where people go to pick up money sent to them from overseas. It is another international money transfer service you can use to transfer money to Nigeria.
If you want to transfer money to someone in Nigeria, you can make use of any the methods listed above.