Though many people still use banks for international money transfers, online transfer services are gaining popularity for their simplicity. Sending money to friends, family or even for business purposes is pretty easy.
Here are 5 easy services that let you send money from Nigeria to the United States, United Kingdom, Canada, India, South Africa, Ghana and more.
Domiciliary Bank Account
Aside from the exorbitant charges involved, banks are safe and convenient means of sending money from Nigeria. In most cases, to send money from Nigeria you are required to have a domiciliary bank account with the bank. A domiciliary account is a type of current account that allows you to fund it with foreign currencies such as dollars, pounds or euros and enables you to do foreign transactions on that account.
You can use a domiciliary account to transfer money to another country or receive foreign currency from another country. A major disadvantage to domiciliary accounts in Nigeria is that you are restricted to one type of currency per account which means if you can only a particular currency with the bank except you open multiple accounts.
Western Union is a wire transfer service that allows you to quickly transfer money all over the globe. While it’s not without risks, it is a reliable way to get money to friends and family almost anywhere in the world. Western Union may be one of the oldest ways outside of a bank to quickly send money to someone.
You can send money from the website, through the Western Union app or by going to one of their brick-and-mortar locations. And if you need to send more than $5,000, you can try their OnlineFX website. Even nicer, you can use cash or your debit or credit card to send money, which can be deposited directly into the recipient’s bank account or picked up at a Western Union location.
Bitcoin or Crypto Assets
Instead of been limited to a single currency to send money from, you may want to consider converting the money to a crypto asset such as Bitcoin. Bitcoin is a digital currency that allows people to pay for things electronically. It’s billed as a method to help people avoid the typical downsides to transferring money, such as high transaction fees.
Using Before you can conduct a transaction and send bitcoins to someone else, you’ll need to choose and set up a Bitcoin wallet that would be used to store your coins. A Bitcoin wallet works similar to the real wallet in your pocket. It can take the form of computer software, computer hardware, or a physical piece of paper. Each Bitcoin wallet is composed of unique private keys that make it secure.
MoneyGram is the second-largest provider of international money transfers in the world after Western Union. With a huge global network of more than 350,000 agent locations, MoneyGram international money transfer makes it possible to transfer funds to more than 200 countries and territories around the world.
MoneyGram money transfers are fast, reliable and convenient. Their services are available all around the world. Your relatives, friends or colleagues can receive the funds at any of their agent locations all over the world or have funds deposited in their bank or mobile accounts. Instant transfers take minutes to transact.
Sending money to friends and family no longer requires the use of an expensive wire transfer service like Western Union or MoneyGram. With PayPal, you can send money to anyone with an email address or a mobile phone number. The recipient doesn’t even need a PayPal account to get started, and there are no fees for you if you pay with your PayPal account balance or bank account.
The person you send the money to will receive a text message or email letting him know you sent a payment. To claim the money, he will have to create a PayPal account. The individual can withdraw the money by linking a bank account, signing up for a PayPal debit card or requesting a paper check.
Unfortunately, the associated costs and delivery time with any of the services listed above varies. Whatever method you choose, be sure to fully communicate with the person on the receiving end the expected duration, terms and procedure for receiving the funds and don’t forget to research and test out your decision before making a commitment.