Online money transfer is not something new especially among
Nigerians who have families, friends or business partners outside the country. If
you belong to any one of these categories, then chances are that you’ve
probably received money from overseas before.
Along the same line, you may also need to send money outside
the country, and it could be for loved ones, business or any other thing.
International money transfer from Nigeria to other countries is regarded as Outbound Money Transfer or OMT for short.
One of the major challenge you’re likely to face when
choosing a website to transfer money abroad is the reliability of the service.
And this is understandable since you don’t want your money to get caught up in
In order to help you overcome this challenge, we’ve come up
with the most secure ways to send money abroad from Nigeria.
Without wasting any more time, let’s delve straight in.
PayPal is arguably
the largest payment platform on the global scope. They are used by both
individuals and businesses across the world to make payments for services and
Apart from their huge
customer network, they are also one of the most secure payment gateways online.
Generally, users are to send money to loved ones and also receive from them.
Unfortunately, for Nigerians,
it’s a one-way service. You only get to send money abroad. But you can’t receive
Although this might
be frustrating for some people, but that is just how PayPal is (at least for
the moment). They go an extra mile to prevent fraudulent transactions on their site
even if it means shutting them out.
In fact, Nigerians were
not allowed to use the platform for years, but in the past years, some of the
restrictions were lifted and now we can now send payment to other countries.
The good thing about using PayPal is that it is very secure. So you don’t have
to worry about getting scammed.
Hopefully in the coming
years, Nigerians will be allowed to receive payment too.
That said, there’s still a way to go about receiving money with PayPal, but I guess that’s a topic for another day.
Another secure payment platform for sending money
abroad online from Nigeria is Neteller.
Like PayPal, Neteller is one of the largest global
money transfer service available today. And they are operative in more than 200
You can send money from Nigeria to countries like US, UK, Canada, China, Dubai, Malaysia, Japan, South Africa, and so many more.
Here comes my favorite – Payoneer. Without wanting to sound bias, Payoneer is one of the biggest global payment platforms available in many countries.
In fact, many people who are not able to use PayPal
due to restrictions often turn to Payoneer. So you could say Payoneer is a very
a good alternative to Paypal especially for processing international payments.
But then this article is about sending money online rather than receiving
Payoneer usually provides a prepaid MasterCard which you can use to make payments online and also withdraw in your local currency (which is naira in this case). As someone who has used both Payoneer and PayPal, I would say PayPal is better as they offer higher conversion rates, so they are generally cheaper to use.
I have been using Payoneer for a couple of years
now both for sending and receiving money. And I must say I find them very
secure. I have never had any issue with them. Just that I wish their conversion
rates could be higher. I would probably opt for PayPal if they didn’t offer a
one-way service to Nigerians.
That said, both Payoneer and Paypal are great options for sending money online. You should be fine with any one of them.
Western Union is without doubts the oldest method of sending money outside Nigeria. And even though more payment options are now becoming available to Nigerians, it still remains one of the most popular and secure ways to send money abroad from Nigeria.
company has over 5,000 outlets in the country. These outlets work with several
local banks, which compromises of both commercial and microfinance banks.
Interestingly, most of this outlets now
function fully as OMT agents in lieu of CBN directive.
To use the Western Union Money Transfer, you can either visit any one of their outlets or licensed banks. You will be given some forms to fill which will include details of the recipient’s name, bank details, location, as well as the naira sum you want to transfer. You will also be required to provide a means of identification.
The naira sum you are sending will be
converted by the outlet to the corresponding destination currency based on the
existing forex exchange rates.
First Bank, Access Bank, Zenith Bank, and GTB are some registered commercial banks where you can easily do a western union money transfer.
It is important to note that western
union money transfers usually include charges borne by the sender. Also, you
can only send to individuals. Business transactions are not allowed.
Another payment platform that operates in a very similar
way to Western Union is MoneyGram.
MoneyGram is an international payment solution that
allows you send money outside Nigeria. They’ve been around for a long time, and
position as one of the most reliable payment platforms on the net. So you can
trust them with your money.
The company operates in more than 200 countries
(Nigeria inclusive) with offices in more 300, 000 thousand locations.
Luckily MoneyGram has partnered with many Nigerian
banks. This allows you to send money abroad from Nigeria through your local
bank as long as they are a partner.
As earlier indicated, the process of transferring
money with MoneyGram is very similar to that of Western Union. All you have to
do is visit your local bank, fill out some forms and provide some useful
information about the transfer, such as the name and bank details of the
recipient, as well as the amount you want to send.
After that, the bank will take care of converting
your money (naira) to the destination currency depending on the existing
exchange rates. Most of the time, this is usually in dollars.
You should be notified once the transfer has been made.
To wrap it up, there are definitely other secure ways to send money abroad from Nigeria, but the ones discussed above are a good place to start. They are popular and trusted by many.
Anyways, do let me know what you think in the comment section.