Nigerian stock trading apps with exposure to foreign stock listing face a herculean task as Binance, the world’s biggest crypto exchange recently disclosed it will list three new stock tokens over the coming weeks, following the launch of stock tokens that gauged the performance of Coinbase and Tesla Stocks in early April.

The Hong Kong-based exchange in a statement released today said that such tokenized stock offerings will include MicroStrategy, in addition to tech juggernauts Apple and Microsoft.

The tokens will permit its customers to trade fractionalized units of the share tokens, at cheaper transactional fees when compared to traditional trading apps.

Fast-rising fintech trading platforms like Chaka, Trove, Bamboo, and Risevest already offer Nigerians such platform in purchasing foreign listed stocks amid the recent clampdown of such services by the Nigerian Securities Commission.

What you should know about Binance Tokens

Binance Stock Tokens are tokens of stocks (i.e., shares of public companies) that trade on traditional stock exchanges.

Each Stock Token represents one ordinary share of the relevant stock. These Stock Tokens are fully backed by a depository portfolio of underlying securities held by CM-Equity AG, Germany (“CM-E”). Holders of Stock Tokens will qualify for economic returns on the underlying shares, including potential dividends.

Blockchain technology is already revolutionizing financial system services. This technology has made the need for a third party unnecessary in transactions or access to the stock market. Conventionally, buying stocks usually required a stockbroker, paperwork, or a long list of financial assessments.

Unlike regularly traded stocks, tokenized stocks do not require any sort of paperwork or the need for a stockbroker as a middle-man, which makes them free from the stockbroker’s fees.

Tokenized stocks are derivatives assets. This simply means that the price of a tokenized stock is determined by the price of the company’s stock. If a particular asset is traded at a certain price on a stock market, the same price or a little difference in price will be traded on different exchanges.

Tokenized stocks are digitalized forms of a company’s stock traded on secondary markets. What this means is that Tesla, Apple, Facebook, etc. stocks can be traded on a crypto exchange. Trading Tesla’s stocks, for instance, on crypto exchanges makes it easily accessible to purchase anywhere.

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Founders of the internet search engine, Google Larry Page, 48 and Sergey Brin, 47 have earned $42 billion dollars in the first quarter of 2021.

With a total worth of $104 billion, Page has earned $21.2 billion in 100 days, while his founding partner, Sergey Brin, with a wealth valuation of $100 billion, has earned $20.4 billion in the same period.

The majority of Larry Page’s wealth comes from his stake in Alphabet, the parent company of Google. The Standford trained entrepreneur currently holds $12.6 billion in cash.

Sergey Brin’s wealth valuation is also derived from his stake in the world’s most popular search engine and presently, his cash holding is valued at $12.7 billion, Nairametrics noted.

The growth of the United States economy is said to have boosted the buying pressure on Google shares, leading to a surge in the founders’ gross income and wealth.

Global investors are increasingly holding on the tech juggernaut’s shares as amazing economic data from America’s service industries coupled with an advance in the tech sector fueled the hike in Google shares seen in recent months.

After winning the long standing US Supreme Court case against Oracle, financial reports note that investors consequently invest significant amount of funds into Alphabet Inc. the parent company of Google.

The search engine’s recent price action reveals the stock presently, is trading at $2,285.88 closing its 52-week high of $2,289.04 with a yearly return on investment currently pegged at 89%.

Stock experts have expressed surprise by such record gains in Google shares despite a swift move seen lately by some institutional investors into utility, energy-based stocks and of late U.S Treasury bonds.

Alphabet Inc currently is said to have a market value of about $1.54 trillion.

The recent earnings of Page and Brin at $41.6 billion, is collectively much more than the total foreign cash reserve holdings of Africa’s biggest economy.

It also surpasses Nigeria’s foreign cash reserve which stands at a gross valuation of $35 billion by $6 billion.

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GTBank: Domiciliary Account and International Money Transfer

Domiciliary Account at GTBank Makes foreign currency transactions convenient for people. You can carry out these transactions from the comfort of your home, office, or anywhere in the world. Domiciliary accounts at GTBank are available in US Dollars (USD), Pounds (GBP), or Euro (EUR). You can fund your account via cash inflows and deposits. Also, you can make withdrawals from any GTBank branch closest to you nationwide.

The Benefits of Domiciliary account with GTBank

• 24/7 Banking services via our various e-channels.
• Cash withdrawals in foreign currency from any GTBank branch.
• Transfer funds in foreign currency to other bank’s domiciliary accounts in Nigeria and abroad.

The requirement for opening a domiciliary account with GTBank

• Filled and signed a Domiciliary Account opening form.
• A copy of your identification document (Driver’s License, passport, National I.D Card, or any other acceptable by the bank).
• One passport photograph on a plain background.
• Two (2) completed reference forms.
• Utility bill issued within the last 3 months.

Need Help to open a domiciliary account with GTBank?

Visit the Help Centre or Call: +234 700 4826 66328 or +234 1 448 0000

GTBank International Money Transfer

The GTBank International Money Transfer (GTMT) is designed to enable both GTBank account holders and non-account holders to receive or send funds to and from any GTBank subsidiary in West Africa. In compliance with the CBN directive, recipients of funds through GTBank International Money Transfer in Nigeria must either be GTBank account holders or must be identified by a GTBank account holder.

Characteristics GTBank International Money Transfer

• GTBank account and non-account holders can walk into any GTBank branch to receive or transfer funds in Dollars (USD) to and from any of our subsidiaries in Nigeria, Ghana, the Gambia, and Sierra Leone
• Also, GTBank International Money Transfer is an effective way of paying for goods and services
• GTBank International Money Transfer is denominated in US Dollars (USD)
• You can make a maximum transfer of $10,000.00 in a single transfer
• Beneficiaries can be paid in US Dollars or local currency, Cedis, Dalasi, Leone, and Naira (Beneficiaries can only be paid in local currency in Ghana).

Benefits of GTBank International Money Transfer

• It is an easy, convenient, and secure means of transferring funds.
• Ideal for GTBank account and non-account holders
• Faster turnaround time for everyone
• Instant access to cash
• No documentation is required
• Eliminates the risk of traveling with cash
• Transfer of funds ahead of your holiday/business trip and to family members and friends for upkeep
• Easy tracking of funds

Funds Transfer Instruction

For Transfer of USD ($) Into Domiciliary Account Through CitiBank New York:

• Correspondent Bank: CitiBank, New York
• Swift Code: CITIUS33
• FEDWIRE/ABA NUMBER: 021000089
• FOR CREDIT OF GUARANTY TRUST BANK PLC, LAGOS NIGERIA
• Beneficiary’s Bank Swift Code: GTBINGLA
• GTBank’s Account Number with Citi New York: 36129295
• For Final Credit Of: ………………………….. (Beneficiary’s Name)
• Beneficiary’s A/C Number: ………………………….. (With GTBank)
• Any Other Detail: …………………………………………………. (E.g. Sender’s Name, Reference e.t.c)

For Transfer Of USD ($) Into Domiciliary Account Through Deutsche Bank New York:

• Correspondent Bank: Deutsche Bank, New York
• Swift Code: BKTRUS33
• FEDWIRE/ABA NUMBER: 021001033
• For Credit Of GUARANTY TRUST BANK PLC, LAGOS NIGERIA
• Beneficiary’s Bank Swift Code: GTBINGLA
• GTBank’s Account Number with Deutsche Bank New York: 04434658
• For Final Credit Of: ………………………….. (Beneficiary’s Name)
• Beneficiary’s A/C Number: ………………………….. (With GTBank)
• Any Other Detail: ………………………………………………….

For Transfer Of USD ($) Into Domiciliary Account Through Standard Chartered Bank New York:

• Intermediary Bank: Standard Chartered Bank, New York
• Swift Code: SCBLUS33
• FEDWIRE/ABA NUMBER: 026002561
• For Credit Of GUARANTY TRUST BANK PLC, LAGOS NIGERIA
• Beneficiary’s Bank Swift Code: GTBINGLA
• GTBank’s A/C NO with Standard Chartered Bank, New York: 3582-026828-001
• For Final Credit Of: ………………………….. (Beneficiary’s Name)
• Beneficiary’s A/C Number: ………………………….. (With GTBank)
• Any Other Detail: ………………………………………………….

For Transfer Of USD ($) Into Domiciliary Account Through GTBank London:

• Intermediary Bank: CitiBank, New York
• Swift Code: CITIUS33
• FEDWIRE Routing Code: 021000089
• An account with Bank: GUARANTY TRUST BANK (UK) LIMITED
• Swift Code: GTBIGB2L
• Account Number: 36917996
• Beneficiary Name: Guaranty Trust Bank plc Nigeria
• Beneficiary’s Bank Swift Code: GTBIGB2L
• GTBank’s Account No with GTBank London (with GTBank London): 90110014250330
• For Final Credit Of: ………………………….. (Beneficiary’s Name)
• Beneficiary’s A/C Number: ………………………….. (With GTBank)
• Any Other Detail: ………………………………………………….

For Transfer Of USD ($) Into Domiciliary Account Through Standard Chartered Bank, London:

• Correspondent Bank: SCB, London
• Swift Code: SCBLGB2L
• Sort Code: 609104
• For Credit Of Guaranty Trust Bank plc, Lagos Nigeria
• Beneficiary’s Bank Swift Code: GTBINGLA
• Account Number: 01 027065310 50
• GTBank’s Account No. with CitiBank, London IBAN Number: GB90 SCBL 6091 0427 0653 10
• For Final Credit Of: ………………………….. (Beneficiary’s Name)
• Beneficiary’s A/C Number: ………………………….. (With GTBank)
• Any Other Detail: …………………………………………………

For Transfer Of GBP (£) Into Domiciliary Account Through CitiBank, London:

• Correspondent Bank: CitiBank, London
• Swift Code: CITIGB2L
• Sort Code: 185008
• For Credit Of Guaranty Trust Bank plc, Lagos Nigeria
• Beneficiary’s Bank Swift Code: GTBINGLA
• GTBank’s Account No. with CitiBank, London IBAN Number: GB72 CITI 1850 0850 0808 3157 95
• For Final Credit Of: ………………………….. (Beneficiary’s Name)
• Beneficiary’s A/C Number: ………………………….. (With GTBank)
• Any Other Detail: ………………………………………………….

For Transfer Of GBP (£) Into Domiciliary Account Through Standard Chartered Bank, London:

• Correspondent Bank: SCB, London
• Swift Code: SCBLGB2L
• Sort Code: 609104
• For Credit Of Guaranty Trust Bank plc, Lagos Nigeria
• Beneficiary’s Bank Swift Code: GTBINGLA
• GTBank’s Account No. with SCB, London IBAN Number: GB90 SCBL 6091 0427 0653 10
• For Final Credit Of: ………………………….. (Beneficiary’s Name)
• Beneficiary’s A/C Number: ………………………….. (With GTBank)
• Any Other Detail: …………………………………………………

For Transfer Of EUR (€) Into Domiciliary Account Through CitiBank, London:

• Intermediary Bank:  Citibank Europe Plc
• SWIFT CODE:  CITIIE2X
• Correspondent Bank: CitiBank, London
• Swift Code: CITIGB2L
• Sort Code: 185008
• For Credit Of Guaranty Trust Bank plc, Lagos Nigeria
• Beneficiary’s Bank Swift Code: GTBINGLA
• GTBank’s Account No. with CitiBank, London IBAN Number: GB05 CITI 1850 0810 8205 71
• For Final Credit Of: ………………………….. (Beneficiary’s Name)
• Beneficiary’s A/C Number: ………………………….. (With GTBank)
• Any Other Detail: ………………………………………………….

For Transfer Of EUR (€) into Domiciliary Account Through Deutsche Bank Frankfurt:

• Correspondent Bank: Deutsche Bank Frankfurt
• Swift Code: DEUTDEFF
• Sort Code: 50070010
• For Credit Of Guaranty Trust Bank plc, Lagos Nigeria
• Beneficiary’s Bank Swift Code: GTBINGLA
• GTBank’s Account No. with Deutsche Frankfurt/ IBAN Number: DE84 5007 0010 0955 7224 01
• For Final Credit Of: ………………………….. (Beneficiary’s Name)
• Beneficiary’s A/C Number: ………………………….. (With GTBank)
• Any Other Detail: ………………………………………………….

For more on GTBank: Domiciliary Account and International Money Transfer and to open a domiciliary account with GTBank, please visit the GTBank website

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How to Send and Receive Money in Nigeria

A lot of people have been wondering how to receive funds from their business partners, colleagues, friend, and family member from outside the shores of Nigeria.  If you have a friend or family members, or business partners from outside Nigeria from whom you intend to receive monies. Or you are an exporter, looking for ways to get your payments from the United States, Canada, Jamaica, UK, Germany, Australia, China, UAE, Turkey,  Malaysia, Indonesia, Philippines, Pakistan, India, Cameroun, Kenya, South Africa, etc to Nigeria, read on for we are to give you a step-step guide on how to get your funds across to Nigeria.

From the recently released Central Bank of Nigeria guideline on international money transfer, it is a lot easier now to receive money from outside Nigeria into your bank account or mobile money wallet in Nigeria, than it is to send money out of Nigeria. From the guideline just released by the CBN, there is no limit to the amount of cash one can receive from out Nigeria, but you cannot send more than $2000 or its equivalent per transaction.

We will be discussing; how to receive funds from outside Nigeria into your bank account or mobile money wallet in Nigeria.  Continue reading as we discuss several ways to send money to Nigeria and how to receive the sent funds. We hope the following means discussed on How to Send and Receive Money in Nigeria would be beneficial to you.

Ways of receiving money in Nigeria from abroad

There are several ways of sending and receiving money from outside Nigeria, we will be looking at the following which are the most convenient ones for now.

1. Domiciliary account – International Bank wire transfer
2. Western Union via Quickteller to your bank account
3. MoneyGram
4. Western Union money transfer
5. Online money transfer
6. Payoneer

Domiciliary Account – International Bank Wire Transfer

International Bank wire transfer direct into a Domiciliary account is one of the best ways to receive foreign currency in Nigeria for those who have a domiciliary account in Nigeria. Most of the banks in Nigeria have domiciliary account types for the United dollar (USD), Euro (EUR), and Great Britain Pound (GBP).  Zenith Bank, UBA, First Bank, FCMB, and GTBank all have various forms of domiciliary accounts.

To receive money into your domiciliary account in Nigeria through international wire transfer, you have to have a domiciliary account in any of the local banks in Nigeria.

The person sending funds to your domiciliary account in Nigeria will require the following details from your domiciliary account to be able to send funds directly into your domiciliary account. Primary details required are:

• Your account name
• Account number
• Name of your bank
• The Address of your bank
• SWIFT CODE of your bank
• The Routing Number of your bank.

An alert of a successful transfer enters within 72 hours.

Withdrawing money from a domiciliary account

You can withdraw cash in the same currency it was sent from your domiciliary account. The process is the same as the withdrawal from your regular naira account. If you wish not to collect your cash in the currency it was sent, you can request its equivalent from your local bank.

• Go to the nearest branch of your bank once you receive an alert about the international wire transfer.
• Meet the person in charge of foreign currency transactions.
• Get the withdrawal slip, complete the withdrawal slip and hand it over for processing.
• Voila!!!

To receive western union money transfer via Quickteller to your bank account

QUICKTELLER Platform is a financial service application that allows you to purchase airtime, pay bills, send and receive money via the web (www.quickteller.com).

Follow the following steps to receive funds from Western Union using Quickteller

• Visit www.quickteller.com and signup for a Quickteller account
• Click on the Send and Receive Money tile
• Then click on the Western Union tile
• Select your bank, either Zenith, GTBank, or FCMB
• Also, select “Naira” under “Choose currency”
• Click “Receive money now” and the Western Union – Receive Money data page opens
• Now carefully enter the following details:
• Enter as provided by the sender the MTCN (Money Transfer Control Number)
• Also, enter the name of the sender’s Country
• Enter the receiving account number (i.e. your bank account number where you wish to receive the funds)
• Also, enter the receiving account type i.e. either current or savings
• Enter the expected amount in Naira as provided by the sender
• Under Receiving Currency leave the name of the bank and Naira as default.
• First Name – which is your account’s first name as it appears at your bank. (Receiving Account)
• Surname – which is your account surname as it appears at your bank. (Receiving Account)
• Your mobile number
• as provided by the sender, answer to test question
• Then click “Continue”
• Confirm the details provided”

Note: Money from Western Union can only be received from the location indicated by the sender and in the local currency. In this case, the Naira.

Receive money in Nigeria through Western union

I will use Access bank Western Union transfer as a typical example to explain to you how to receive money in Nigeria via western union.

Receive Western union Nigeria through Access Bank

Access bank has proven to be reliable when it comes to receiving money from outside Nigeria. With a robust infrastructure, technology, and several years of partnering with Western Union, they have the needed competitive edge.

To receive money from Western Union through Access bank, Access bank will request the following from you before they can process your payment;

• A valid means of identification, preferably, Passport, Driver’s License, Permanent Voters Card, or National Identity Card (NIMC).
• Money Transfer Control Number (MTCN)
• Expected Amount in Naira
• The receiver’s name, address, and phone numbers
• Sender’s name and country (for transfers coming from the US and Mexico, city to be included)
• Test Question and Answer where applicable.

The maximum send amount as stipulated by the Central Bank of Nigeria is 5000 USD or its equivalent per sender.

The steps are the same as other banks such as First Bank of Nigeria.

How to receive money in Nigeria through MoneyGram

MoneyGram International, Inc., an American money transfer company with headquarters in Dallas, Texas United States. It has local offices around the world.

First Bank of Nigeria is one of Nigeria’s banks that offers the best MoneyGram service. We will use First Bank MoneyGram service to explain to you how to receive money in Nigeria through MoneyGram

How to receive money in Nigeria through First MoneyGram

To receive money in Nigeria through UBA MoneyGram;

Beneficiaries of MoneyGram can receive transferred money at any of First Bank outlets by providing the following:

Transfer Reference Number

Expected Amount

Acceptable means of identification (Bank Verification Number)

Sender’s name and country (for transfers coming from the US, city to be included)

Test Question and Answer (optional)

Fully completed form

Then request that the money be sent to your bank account.

How to send money to Nigeria online

There are several companies, most of them in the US that offer online money transfer services to countries all over the world, including Nigeria. A lot of businesses especially in the United States don’t send funds outside the United States. They prefer dealing with people who have an account in the United States. Most of these companies that offer online money transfers took advantage of these.

All you need to do is open a free account with them with the detail we will give you shortly and they open a virtual account for you from where you will be able to initiate international transactions from the comfort of your room.

The upside of these online money transfer services is that they are quite simple and they pay directly into your domiciliary bank account.

Online money transfers will enable you to take advantage of competitive exchange rates.

However, ensure you signup with an online money transfer service that offers fast transfer speeds.

A lot of companies that offer online money transfer to countries all over the world including Nigeria. Some of them are; Payoneer Smallwordfs, Worldremit, Transfast, Remittanceprices, skrill, etc.

To start sending money to Nigeria online

• visit any money transfer company above (Payoneer our preferred online money transfer services provider ) and Create a free account
• follow the steps for registration carefully. Provide your contact details, name, proof of identity, and bank account information (if you are not sending cash).
• Provide contact information for your transfer recipient
• Select a payment option and enter the full details of your transfer
• Keep track of the reference number or receipt you receive to monitor the progress of your transfer
• Select a cash pickup location. Companies like Western Union and MoneyGram offer the option of cash pickups from thousands of agent locations across Nigeria. From Payoneer, you can transfer directly into your local bank account or your domiciliary account.

How to Send and Receive Money in Nigeria – Payoneer  (www.payoneer.com)

This is a financial services company that provides online money transfer, digital payment services, and provides customers with working capital.

Payoneer enables millions of businesses and professionals from more than 200 countries and territories to connect and grow globally through our cross-border payments platform. With Payoneer’s fast, flexible, secure, and low-cost solutions, marketplaces, networks, businesses, and professionals throughout the world can pay and get paid globally, as easily as they do locally.

Payoneer’s cross-border payments platform empowers businesses, online sellers, and freelancers to pay and get paid globally as easily as they do locally.

Also, Payoneer offers to receive accounts via the Global Payment Service, which enables you to receive local bank transfers from companies and marketplaces in the US, UK, EU, Japan, Canada, Australia, and Mexico directly to your Payoneer account.

Quick, easy, and low-cost access to your earnings is critical when growing your business. With Payoneer’s Withdraw to Bank Service, you can transfer funds from your Payoneer account, directly to your local bank account in over 150 countries and currencies. Our comprehensive global banking network enables us to transfer funds from a local bank in your country, so you significantly reduce the cost of getting paid and avoid delays.

HOW DO YOU BENEFIT?

1. Reduce your payment fees

Increase your earnings by reducing your payment fees by up to 71%.

1. Accept payment in more currencies

Accept payments in USD, EUR, GBP, JPY, AUD, CAD & MXN – as if you had a local bank account!

1. Offer customers a simple way to pay

Also, offer a simple, quick, and cost-effective solution for both you and your customers!

1. Get the help you need

Enjoy multilingual customer care 24 hours a day, 7 days a week!

Grow your business globally with a Payoneer account today

Visit www.payoneer.com to open an account for Free

How to Send and Receive Money in Nigeria – Wise (www.wise.com)

Wise (formally TransferWise)– is a London-based online money transfer service founded in January 2011. Wise supports more than 750 currency routes across the world including GBP, USD, EUR, AUD, and CAD, and provides multi-currency accounts.

With Wise, you pay a low, upfront fee between 0.5% and 2%, depending on the route. Wise transfers money directly to your local bank account. This makes them much cheaper compared to other providers and banks.

Wise transfer fees are very low when compared with other companies. For withdrawals of 500.00 USD and under, Wise charges a minimum fee of 10.00 USD.

It is very important to note here that the most convenient channel to receive money using Wise in Nigeria is through a Domiciliary account. We have also written how to open a domiciliary account in several banks in Nigeria.

Wise is officially enrolling to be a member of the Amazon payment service provider program, which means that any business selling on Amazon can now officially use Wise to receive their sales earnings in multiple currencies.

Why businesses selling on Amazon should use Wise?

• No subscription or monthly fees, only pay when you convert money

• Pay invoices in over 50 different currencies

• Connect your Wise account to marketplaces to receive money without converting it. Receive USD, CAD, GBP, EUR, SGD, AUD, NZD, and TRY, for free!

• Integrations with accounting tools, including Xero, Quickbooks, and Freeagent

• Direct Debit functionality to pay sales tax abroad (available for the US, UK, Europe, Canadian, and Australian account details)

• Wise debit card (available in select countries) to use for online payments and expenses
• Discounted fees for high-amount transactions and much more!
  

  Visit www.wise.com to get started

WorldRemit

This is a financial service institution based in Uk. WorldRemit offers low-cost money transfer services to several countries, including Nigeria. With WorldRemit, you can only receive money in Nigeria, but you cannot send money out of Nigeria.

How to Send Money to Nigeria using WorldRemit

• Visit the WorldRemit website at worldremit.com signup to create an account.
• Click on my account, then, click on my details to enter all your personal information.
• Select the country and amount you want to send
• Enter your recipient’s details (name, address, phone number) and bank details (bank name, IBAN number, and SWIFT code)
• Pay for your transaction using any of these options; Card (debit, credit, and prepaid), Bank Account Transfer, Poli, Interac, iDEAL, Klarna (Sofort), Apple Pay, Trustly, and Mobile Money.

Note: WorldRemit will verify you before you can send money. So, keep a government-issued ID such as a National ID, Passport, or Driving License handy. Also for the verification of your address, keep handy Utility Bill, or a Bank / Credit card statement that is not older than 3 months.

How to Receive Money in Nigeria Using WorldRemit

WorldRemit has two functional methods through which you can receive money in Nigeria; Cash pickup, and Bank transfer.

Cash pickup

Your recipient can collect physical cash from the following banks in Nigeria; Union Bank, Access Bank, Zenith Bank, Polaris Bank, First Bank, and Fidelity Bank. Cash is usually ready for pickup at these locations within hours of transfer.

What does your recipient need to collect cash?

• Your recipient needs a Valid photo ID that shows their full name. The name on the photo ID must match the details supplied on the transaction. Ensure that you check this very well before sending funds.
• The thing you recipient need is the transaction reference. This will be sent to your recipient by SMS once the payment is available for collection. Ensure that the phone number of your recipient is accurate before creating your transaction. You can also share the transaction reference with your recipient when the pick-up is ready for collection.

Bank transfer

This allows you to send money from your bank account to your family or friends’ bank accounts all over the world. In the case of Nigeria, Money can only be wired to a domiciliary account.  It usually takes up to 2 business days before funds will arrive in your recipient DOM account.

The under-listed are some of the online money transfer cash pickup locations across Nigeria;

Worldremit transfer to Nigeria

ACCESS BANK – SABO BRANCH

Address: 290 Herbert Macaulay Way, Yaba100246, Lagos, Nigeria. Hours: 8:00 AM – 4:00 PM. Phone: +234-01-277 0069

ECOBANK

Address: Mushin, 118 Agege Motor Rd, Lagos, Nigeria. Hours: 8:00 AM – 4:00 PM. Phone: +234 704 145 0672

Western Union money transfer to Nigeria

ALABA MAIN

Address: 1 Agudosi Street Alaba International Market Alaba, Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-7613794

KEYSTONE BANK AKOKA

Address: 23 St Finbarrs College Rd Yaba Yaba Lagos Yaba, Lagos 234. Hours: 8:00 AM – 4:00 PM. Phone: +234-1-7432454

SKYE BANK SHOMOLU BRANCH

Address: 6 Bajulaiye Street Shomolu Lagos, Lagos. Hours: 8:00 AM – 4:00 PM. Phone: +234-1-2703090

Moneygram transfer to Nigeria

UNITED BANK FOR AFRICA

Address: RD NNS Quorra Harbour Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-5872143

UNITED BANK FOR AFRICA SEME BORDER – #04

Address: Abuja Badagry Express Way Seme Border FCT Lagos. Hours: 8:00 AM – 6:00 PM. Phone: +234-01-2311061

UNITED BANK FOR AFRICA

Address: Luth Road 1 Idi Araba Lagos. Hours: 8:00 AM – 5:00 PM. Phone: +234-01-8114353

How to send and receive money in Nigeria- Things to know before sending money to Nigeria

There are a good number of things to know before you send money to Nigeria. Below, we try to point out some of these things that you need to know before initiating a cash remit to Nigeria.

1. Exchange rates

Most all the online money transfer service providers skew exchange rates to make more profits. You can always compare the exchange rate you are offered with the rate in the international foreign exchange market. Always go for companies that offer the most reliable and cheapest transfer service.

1. Transfer fees

Most of the online money transfer companies charges varying transfer fees. Some of them charge a flat fee while some others charge a percentage of the total transfer sum. Also, some can even offer a fee-free transfer, while others even pay a certain percentage when you make a certain amount of transfer.

2. Payment and delivery options

Some online money transfer companies allow you to pay with a credit card, by phone, or through an app. Also, some others receive money on your behalf from your clients or business partners who are unable to remit funds to you directly to Nigeria.  Others offer agent locations for cash payments and pickups.

Before you engage any of the service providers, try to confirm how the beneficiary will receive the transferred funds, whether it is through a bank account, mobile money wallet, or cash pickup.

3. Transfer speed

It is also very important to know how fast funds move. Some companies like MoneyGram and Western Union allow for speedy cash pickup, most time with hours. However, the fast the requested time of delivery, the higher the cost of funds transfer. Independent providers offer cheaper rates but slower terms of delivery speed.

4. Transfer limits:

Some online money transfer companies have a certain limit on cash transfers. Always ask to know this transfer limit. The large transfer also attracts a relatively moderate rate. Compare the rate among these companies.

5. “Hedging” options:

Ask your transfer providers if you can schedule payments ahead of time or protect your transfer funds against fluctuations in market prices with a limit order or forward contract.

6. Customer support

This is extremely important. Try to know how responsive their customer support is. In the event of delay or errors, You can contact them through phone, internet chat, or email. Know how readily available you can get assistance when you need one.

Follow the steps listed above from the service providers above and you are sure to receive your funds in Nigeria. Most of them are very simple and easy to use.

In case you have difficulty using any of the services listed, please let us know by dropping your comments, suggestion, or questions in the comment box below.

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