How To Transfer Money: 5 reliable ways to receive money in Nigeria
If you have been wondering how to receive money from loved ones abroad, you may have to search no more, read carefully through this post to the later. The practice of sending money through online means from one location to the other is called money transfer. For the purpose of this post money transfer will appear repeatedly as it explains how you can receive money in Nigeria from abroad be it the U.S, UK, Canada e.t.c
Immigration from Africa to Europe, America and other parts of the world has proved a common phenomenal. Africans leave the sub saran in search of greener pastures which the crazy exchange rate has only encouraged even the more. When the hard currency is being made the resultant effect is to send it back home to undertake projects and set up business as the case may be.
It’s no rocket science to understand that so many individuals who have their loved ones abroad do not know how to receive money from them, thus necessitates ways to receive money in Nigeria. The following are the 5 ways to do this
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How To Transfer Money:Western Union money transfer– This is a method of money transfer through which you can receive money within ten minutes of being effected by the sender. Western Union is one of the oldest money transfer franchise across various parts of the world.
How it works- The sender walks into any Western Union operator’s shop in his location and provides the following to the agent;
* The cash to be remitted
* Your full name as it’s being contained in your ID card which supposedly should be a primary ID card namely; valid international passport, national ID card/NIMS, valid driver’s license, voter card and lately BVN has been added to this list as an acceptable means of identification in the Nigeria banking system.
* The operator accepts the details from the sender and process same, on successful completion of the transaction, the agent hands in
* The MTCN (money transfer control number) to the sender, the sender then sends the following to the receiver i The MTCN ii The sender name as rightly contained in the transaction iii The sent amount iv Test qiestion and answer where applicable (optional).
How To Transfer Money:The Receiver– On the receipt of the above details, the receiver walks into any commercial bank in Nigeria where this service is being offered. You effect this transaction in bank mostly in Nigeria. Often times they’ll require you open an account with them.
Do not forget to take your ID card along with you as mentioned above. You are required to complete a Western Union form, then hand same over alongside your ID card to the officer who will then process the transaction and pay you the supposed amount thereafter.
How To Transfer Money:Money Gram- This is another platform by which you can receive money in Nigeria within ten minutes. It has the same process as Western Union, has eight reference number while the former has ten digits MTCN. In most banks it could be accessed as a walk in customer. Recently Money Gram International instructed Nigerian Banks through CBN to use BVN only as its means of identification, you can access as much as $5000 through the Money transfer platform. https://www.moneygram.com
How To Transfer Money: RIA Money transfer- This is third inline amongst ways to receive money in Nigeria. One distinctive nature of this method is that the receiver must be an account holder with the bank to further access the fund, it share same processes with two above.
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How To Transfer Money: Small World money transfer– This franchise can be accessed as a walk in customer upon presentation of verifiable ID card and a duly completed form.
How To Transfer Money: Tranfast money transfer– This is the latest in town, was launched on the 14th of February 2018. In Nigeria, it as well shares similar characteristics with the four above, ID card, duly completed form are all prerequisites. You can see how easy it’s to receive money in Nigeria.
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Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurial development. A councillor and motivational speaker.