This blog post addresses how to send money to Nigeria from foreign countries. In other words, it is a comprehensive article that tries to solve the problem of how to receive money in Nigeria from abroad.
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Sending money to Nigeria or receiving money in Nigeria from other countries tends to be a huge task and problem in the past. However, with the emergence of the internet in the country, the task is somewhat not huge any longer.
You can send money to Nigeria directly through your banks or better still, through an online money transfer company, with the latter being used mostly nowadays.
Bank Transfer or Money Transfer Companies
Many banks outside Nigeria (especially in the United States, United Kingdom, Canada and some Western countries) offers their customers the chance of sending money directly to Nigeria. However, these banks charge high fees on each transfer transaction which are very high while compared with what some money transfer companies charge.
Money Transfer Companies
With money transfer companies, you get better offer and the recipient gets better value for the money. It is believed that by using a money transfer company, it costs you less as they charge lower transfer fees; and they also put more money into the hand of the recipient as they offer a better exchange rate.
How to Choose Money Transfer Company (Factors to Consider)
Before choosing a money transfer outlet, there are some factors you should consider as they are very important. Some of these factors include time frame of the exchange rates, recipient getting the money, cost of sending it, customer support and more.
Probably you are trying to send money to a friend or a family member; you will want them to get a good value for what you are sending to them. Thus, the exchange rate a money transfer company offers is a very important factor to consider while choosing a money transfer outlet. You should always look for a company that offers higher exchange rate.
You don’t want to choose a company that charges high rates on each transfer transaction you make. Nah. You should go for a company that charges low rate for their transfer. Some companies charge low rates, while some don’t charge transfer fee at all when transferring a bulky amount.
You should also pick companies that offer speedy delivery of money when it comes to international money transfers. Sometimes, the companies that deliver your money within minutes won’t give you the best transfer fees. So, it is important you look at these options very well.
While choosing a money transfer company, another important factor to consider is the payment option. How do you give them the money you want them to transfer for you? Many of these companies allow you to pay via credit card online, via an application, via your PC or via your phone. Some allows you to pay through their agent locations with your credit card or cash deposit.
Money delivery options
Ensure you know the delivery options offered by a money transfer company before you chose it. You don’t want the recipient to start going through a whole lot of stress before picking the money. Many of these companies offer money delivery to bank account, mobile wallet, cash pick up and more.
Always go for a money transfer company that offers full time customer support. Either via phone call, text, online chats or email. You don’t want to face a problem and can’t find anyone to help resolve it.
Steps to Sending Money to Nigeria
Create a free account
The first step is to take while trying to send funds to Nigeria is to create a free account with a money transfer company, while giving them your name, address, means of identification, contact information.
Recipient’s contact information
You will also be required to the address of the recipient.
You need to select the mode of payment; that is, the way by which you wish to pay the money you want to transfer.
Monitor the transfer progress
After making your payment, you will be given a receipt number or a reference number to track and monitor the progress of your transaction.
Locations for picking up cash
Many of these bank and money transfer companies can help you deposit money directly into the recipient’s bank account. They also have agents in virtually all countries to help recipients get their funds.
All you need to do is give the transaction reference number to the recipient in order to pick the funds. Recipients will also be required to bring a photo identification card.
With the above, I believe your knowledge on how to send money to Nigeria is wider than what you used to know. If followed strictly, you can easily transfer money from abroad to Nigeria. And if you are in Nigeria, you can receive money from your family members, friends, clients and more who are in other countries. Receiving money in Nigeria from abroad is not a difficult task like it used to be.