Despite the fact that many individuals still utilize banks for international money transfers, online transfer services are becoming more popular due to their convenience. It’s simple to send money to friends, relatives, or even for business.
Here are five simple services that allow you to send money from Nigeria to the US, UK, Canada, India, South Africa, Ghana, and other countries.
Domiciliary Bank Account
Apart from the hefty fees, banks offer a safe and convenient way to send money out of Nigeria. In most circumstances, having a domiciliary bank account with the bank is essential to send money from Nigeria. A domiciliary account is a sort of current account that lets you fund it with foreign currencies like dollars, pounds, or euros and use it to make international transactions.
You can transfer money to another country or receive foreign currency from another country using a domiciliary account. One of the biggest disadvantages of domiciliary accounts in Nigeria is that you can only use one type of currency per account, which means you can only use one currency with the bank unless you register multiple accounts.
Western Union is a wire transfer service that allows you to send money swiftly over the world. While there are risks, it is a safe and secure way to send money to friends and relatives practically anywhere on the planet. Western Union is one of the oldest methods of sending money to someone outside of a bank.
You can send money via the Western Union website, the Western Union app, or by visiting one of their physical facilities. You can also use their OnlineFX website if you need to send more than $5,000. Even better, you can send money using cash, a debit or credit card, and have it put immediately into the recipient’s bank account or picked up at a Western Union station.
Bitcoin or Crypto Assets
Instead of being restricted to sending money in a single currency, you might want to consider converting the funds to a crypto asset such as Bitcoin. Bitcoin is a digital currency that enables people to make electronic purchases. It’s marketed as a way to help consumers avoid the drawbacks of traditional money transfers, such as excessive transaction costs.
Using You’ll need to choose and set up a Bitcoin wallet to keep your coins before you can execute a transaction and transmit bitcoins to someone else. A Bitcoin wallet functions similarly to the wallet you carry in your pocket. It can be in the shape of software, technology, or even a real piece of paper. Each Bitcoin wallet is protected by a set of unique private keys.
After Western Union, MoneyGram is the world’s second-largest supplier of international money transfers. MoneyGram international money transfer allows you to send money to more than 200 countries and territories around the world thanks to its extensive worldwide network of more than 350,000 agent locations.
MoneyGram money transfers are quick, secure, and easy. Their services are accessible from anywhere on the planet. Your relatives, friends, or coworkers can pick up the money at any of their agent locations throughout the world, or have it put into their bank or mobile account. It takes minutes to complete an instant transfer.
Using an expensive wire transfer service like Western Union or MoneyGram to send money to friends and family is no longer necessary. You can send money to anyone who has an email address or a cell phone number using PayPal. To get started, the recipient doesn’t even require a PayPal account, and there are no fees if you pay with your PayPal balance or bank account.
A text message or email will be sent to the person to whom you are sending money, informing him that you have sent a payment. He will need to open a PayPal account in order to get the funds. The money can be withdrawn by linking a bank account, requesting a paper check, or signing up for a PayPal debit card.
Unfortunately, the associated charges and delivery times for any of the aforementioned services vary. Whatever method you pick, make sure to properly discuss the intended duration, terms, and procedure for receiving the funds with the person on the receiving end, and don’t forget to investigate and test your decision before making a commitment.