Money transfer service to abroad from Nigeria in ten minutes. International money transfer activity is persistently on the raise, thus the need to address the issue of people sending money abroad for business, education, up-keep, medical bills etc.
To understand money transfer service you will have to read this article with keen interest as every step will serve as useful guide that will probably reveal ways to send money abroad, for whatever purpose.
There are basically two aspects of outbound transfers to be featured in this article, namely: MoneyGram and Western Union outbound transfers.
Do yourself a favor to get acquainted with the word outbound transfers as you will get to hear them more often at the agent location while trying to send money.
Outbound are transfers going outside the shores of your resident country or ways to send money abroad, example sending money from Nigeria to China or India as the case may be. In my previous post I discussed ways to receive money transfer in Nigeria, this is however a reverse situation.
MONEY TRANSFER SERVICE: MONEYGRAM INTERNATIONAL TRANSFERS:
MoneyGram has a root back to 1940, with the founding of Minneapolis based Travelers Express Co,. Inc. It’s one of the second largest money transfer company in the world with $1.45b in annual revenues.
MoneyGram now offers services at approximately 350,000 agent locations in more than 200 countries, and has an aggressive expansion plan that includes 15 to 20 percent of money transfer revenue, from self- service channels, including online, mobile, account deposit, ATMs, and kiosks. This is being adopted to enable seamless and stress free means to access MoneyGram as ways to send money abroad.
MONEY TRANSFER SERVICE: REQUIREMENTS FOR MONEYGRAM OUTBOUND TRANSFERS
To send MoneyGram outbound you are expected to meet some requirements as will be demanded from you by the MoneyGram agents which supposedly are commercial banks in Nigeria.
A) You must be an account holder with the bank as this transaction is no longer accessible across the counter for walk in customers.
You may also like: How to send money through Western Union online
B) You will have to provide a verifiable and valid primary ID card which include the following: Valid International Passport, valid Drivers’ license, permanent voters’ card (PVC) the plastic category, national ID card or NIMS and the Bank verification number (BVN). The BVN must be verified on the bank’s data base and must contain the senders’ image. The good news is that of all the ID cards, BVN is now the only acceptable ID to access both inbound and outbound MoneyGram transfers. As directed by CBN in February 2018.
C) Your account must be funded with the proposed amount to be transferred.
D) You will need to make available the name of the beneficiary overseas. Additionally, it’s expected that you write the name of the beneficiary as it’s being contained in his/her ID. The first name must not be interchanged with the column for last name, this should be strictly observed while filing the MoneyGram outbound form otherwise the beneficiary will not be able to access the money.
That being said, it’s always advisable the receiver sends you a whatsapp shot of the ID card or write it in details via text message.
On checking and confirming that you met the above requirements, the (MTO) Money Transfer Officer of the bank will go ahead to issue you a MoneyGram outbound transfer form, which you are expected to fill without alterations. On completion you will return same to the officer who will then process the transaction.
MONEY TRANSFER SERVICE: WHAT YOU ARE REQUIRED TO COLLECT FROM THE PROCESSING OFFICER
MoneyGram outbound transaction having being treated, you are expected to collect the followings from the officer: Customers copy of the MoneyGram outbound transaction treated. This copy contains information you will have to send across to the receiver overseas to enable him/her access the money at the agent location.
You will have to send the following information to the beneficiary: The sender name as contained on your customer copy, the reference number which should be eight digits and the amount being sent. With that, your beneficiary will receive the money and start spending for whatever purpose.
MONEY TRANSFER SERVICE : RULES GUIDING MONEYGRAM OUTBOUND TRANSFERS
You are however, expected to be guided by the following rules if you must use MoneyGram service as one of the ways to send money abroad.
1. You must not use MoneyGram money transfer service for more than three times in a quarter, and your beneficiary must not receive same for more than three times in same quarter. This rule was instituted as one of the various means to checkmate excess funds leaving the shores of Nigeria, as well receiving countries adopted it to enhance security as well prevent abuse of the money transfer service.
2. Errors in names must be strictly avoided. You must write the beneficiaries name as it’s being contained in his/her ID card, otherwise they will be turned down at the agent location.
3. The validity period of MoneyGram outbound money transfer service is 90 days, after which the transaction will not be available for pick-up, you may then have to apply for cancellation and recall.
4. You are at liberty to send a maximum of $1000 per transaction.
Sometimes MoneyGram may not pay your beneficiary on the ground that they are not comfortable with the transaction, you don’t need to lose your head. Simply put a call across to them demanding to have your money back. Here’s the line to call +17203625024.
They will cancel the transaction then send you a new reference number, you will kindly walk into agent location or the bank you sent the money from, present the reference number and your ID card to the officer who will process the refund and credit your account with the same amount. MoneyGram is one of the available ways you can send money abroad very easy, cheap, reliable and your beneficiary will receive the money in ten minutes.
MONEY TRANSFER SERVICE: WESTERN UNION OUTBOUND TRANSFERS:
This is one of the ways you can send money abroad, another platform which provides outbound services in Nigeria just like MoneyGram.
The history of Western Union money transfer service dated back to 1851, at first they deal with services of relaying messages, but now provides one of the most effective and efficient money transfer services in the whole wide world.
Western Union has a huge wide agents more than 245,000 around the world, and are visible in over 200 countries.
They are one of the leading brands and one of the most reliable, effective and efficient money transfer service providers. Their service and reputation has stood the test of time. They have a revenue of over $4billion.
You can send money through Western Union the same way you learnt from MoneyGram above, they have same operational process, the rules and dynamics are the same. The money can be received in ten minutes after processing as well. The only difference is that you will have to access western Union with other primary ID cards mentioned above, while MoneyGram can only be accessed with BVN as an ID card. You are now familiar with money transfer service from Nigeria to other parts of the world. You can visit https://www.westernunion.com for further clarity on service terms.
Is this helpful, feel free to use the comment box below for your questions for clarity where in doubt. Kindly help share this Post as well.
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurial development. A councillor and motivational speaker.