Many Nigerians send money to their children schooling abroad, relatives, friends and business associates in other countries. Importers of goods and people attending events such as conferences also have to send money to make payments outside the country. Sending money to other countries was a very tedious task in the past but it has now been simplified with the advent of internet banking and other electronic banking services. Most Nigerian banks have deployed Outbound Money Transfer Services making it easy to send money from Nigeria to people in other countries.
This article gives details on how to send money from Nigeria bank accounts in the United Kingdom (UK), United States of America (USA), United Arab Emirates (UAE), India, Pakistan, London, Jamaica, Kenya, Malaysia, Cyprus, Germany, Ghana, Dubai, China, Europe, Canada, South Africa and all other countries in the world. To send money to any bank account outside the country, you will need the foreign bank’s SWIFT
code which can be gotten online but its better you ask the person who you are sending the money to for it.
Sending or transferring money
outside Nigeria is more difficult than receiving money due to concerns on money laundering and corruption.The only two licensed Money Transfer Service Operators in Nigeria are Western Union Money Transfer and Moneygram International. Find below the easiest and best ways to send money from Nigeria to other countries worldwide.
MoneyGram International Money transfer Nigeria
This section gives details on how to send money from Nigeria to other countries using the MoneyGram international service.
Almost all, if not all commercial banks in Nigeria provide the Moneygram service, the commercial banks which we know for certain offer the service are First Bank, Union Bank, Ecobank, UBA, Access Bank, Sterling Bank, Fidelity Bank, Enterprise Bank, Mainstreet Bank, Diamond Bank, Wema Bank, Skye Bank and Keystone Bank.
To send money from Nigeria to other countries using Moneygram, simply walk into any branch of the banks listed above and tell the bank staff that you want to send money abroad through Moneygram, you will be told what to do and once all requirements are satisfied, your money will be sent successfully.
How to track Moneygram from Nigeria
The methods used for Moneygram tracking from Nigeria are described here
Western Union Money Transfer Nigeria
Here are details on how you can send money from Nigeria to other countries using Western Union Money Transfer service:
Western Union money transfer service has been in existence in Nigeria for a long time and has gotten better over the years. Many commercial banks and Microfinance banks in Nigeria offer the Western Union money transfer service
To send money using the western union service from any bank in Nigeria offering the service, you need the location and bank details of the receiver, your identification such as International Passport, Driver’s License, National ID card, etc.
To send the money, visit any of the bank branches and tell the customer care officer that you want to send money to another country using the Western Union service. He or she will ask you to fill a form and give you other instructions. There is a bank charge on any Western Union transaction and it varies from one bank to another but is usually about 100 US Dollars for every $2000 sent. The service does not require you to be the customer of the bank you are sending it through.
You can either take the currency of the country you are sending the money to or you give the bankers the Naira equivalent of the amount you want to send, the banks have their own daily exchange rate for each currency.
How to Track Western Union Money from Nigeria
The methods used for Western Union money tracking in Nigeria are discussed in detail here
How to transfer money abroad using a Domiciliary account
Domiciliary accounts are foreign currency accounts operated in your own country, for example having a Dollar based account with Guaranty Trust Bank, Nigeria Plc.
Sending money abroad using domiciliary accounts is very easy but there are transaction limits so you can’t send a lot using them but they are very useful for small and medium foreign currency transactions. To open a domiciliary account, simply walk into any commercial bank and tell them you want to open one, you will be given a form to fill and told the requirements for opening the dorm account. Once you fulfill all requirements, your account will be opened and you will be able to transfer money abroad just like you do within Nigeria.
To transfer money to another account abroad from your domiciliary account, all you need to do is tell your domiciliary account banker that you want to do an outbound transfer and you will be given a form to fill and the money will be deducted from your domiciliary account. If your bank offers internet banking services, you may be able to transfer forex from Nigeria to another country by using the bank’s internet portal, ask your banker for more details about online foreign currency transfers.
PayPal money transfer
Paypal is an easy online way to send money from any country to another within few minutes. Paypal is used by over a hundred million people and was banned in Nigeria till some years ago and even though Nigerians are now allowed to own PayPal accounts, they are not allowed to receive money into their Paypal account, Nigerians can only send money to other Paypal accounts and pay for services online.
Paypal is better than the aforementioned services because it is faster and has a lower transaction cost. To send money to another country using Paypal, you need to first register a Paypal account which you can open through most banks in Nigeria especially First Bank, GTBank, UBA and Diamond Bank. Once your Paypal account is opened and matched to your debit or credit card, you can easily transfer money abroad. You can also do the Paypal transfer manually by filling a form in your bank branch and submitting it.