Receiving Canadian Dollars (CAD) in Nigeria is what happens when you have friends, family, clients or business associates in Canada. To receive these payments, you need a Canadian bank account or secure money transfer service. 

Since there are so many new regulations around foreign transactions in Nigeria, this post will show you several methods available for receiving CAD payments in Nigeria along with everything else included. 

Read also: How to send money abroad from Canada.

Ways to Receive Canadian Dollar Payments in Nigeria

There are several options available for receiving CAD payments in Nigeria. However, the most secure options include;

1. Using a Domiciliary Bank Account

A CAD domiciliary bank account is a Nigerian account domiciled in Canada. It allows you to receive direct deposits from Canada and hold the Canadian currency.  Unfortunately, not all Nigerian banks offer domiciliary accounts in Canadian Dollars since it isn’t a popular currency like GBP, EUR or USD. 

The opening process is also quite stressful as you need a minimum balance of about CAD 100 and a guarantor with a similar account. If you need to receive the payments instantly, it may not be an option as the bank needs processing times which can take up to 5 business days. 

Banks also have to convert CAD to Nigerian Naira before you can withdraw your payments in Nigeria which means you’ll be subjected to unfavourable exchange rates. There’s also the account maintenance costs that can add up in the long run. 

Read also: How to Convert Canadian Dollars to Naira on OhentPay.

2. Using Money Transfer Services

Transfer services are the most favourable alternative because payments are instant, there’s no minimum opening balance required and you don’t need a guarantor to open one. However, factors like exchange rates and fees are dependent on the option you choose. 

Since there are several money transfer services currently available today, it can be overwhelming to choose an option. Some offer NGN services but not CAD payment options so your sender would have to use a GBP, EUR or USD account. Others offer limited payouts. 

So one we do recommend is OhentPay. With OhentPay, you can receive CAD in Nigeria, exchange it for NGN at very favourable rates and get the equivalent into your Naira account in minutes.

If you want to send money to other countries from Canada, start with this guide here.

To do this simply follow the steps below;

• Log into your OhentPay account on the website or the mobile app.
• Once you’re in, navigate to your CAD balance by tapping on the dropdown button on balances.
• On the CAD balance page, tap on “Exchange” to proceed.
• Make sure the set exchange currency pairs are CAD and NGN respectively.
• Enter the amount you want to exchange and then review the live exchange rate.
• Tap on “Continue” to move to the review page.
• Review the transaction and authorize the conversion once you’re satisfied.
• The equivalent will immediately be transferred to your NGN balance where you can spend from or send to another NGN account.
• NB: The currency exchange rates fluctuate constantly, the rate you see on the converter might differ slightly from the actual rates. This is why you should always review the exchange rates on the exchange page at the time of your transaction.

Wrapping Up

When choosing how to receive CAD payments in Nigeria, consider factors like how much you want to transfer, how quickly you need to receive it, and the convenience attached to each provider. Taking all of this into account, OhentPay is the most reliable option currently available.

If you’d like to send money from Canada to anywhere in the world and you prefer fast transfers at great rates, we recommend the OhentPay money transfer service. Create an account to get started here.