When it comes to sending money abroad from Nigeria, what do you consider to be the most important factor? Speed, affordability, safety or convenience?

With the increase in global businesses and borderless transactions, you need to be updated on the methods through which you can process and send international transactions, seamlessly. In this article, we will highlight the different ways through which you can transfer money from Nigeria to other countries.

Read also: Top 5 Apps for Sending Money to Nigeria From Abroad.

The Different Ways To Transfer Money From Nigeria To Other Countries

The process of sending money abroad is known as Outbound Money Transfer (OMT). Read on to find out the channels available for an OMT in Nigeria.

Bank Transfer.

You can send money overseas through a bank wire transfer from a commercial bank in Nigeria to the receiver's bank abroad. To carry out a bank wire transfer in Nigeria, you can either use a money transfer outlet or a domiciliary bank account. When using bank transfers, you can either use a domiciliary account or 3rd party money transfer outlets.

Read also: How to Transfer Money to A Foreign Bank Account.

• Domiciliary accounts

A domiciliary bank account is an account that allows you to hold money in foreign currencies. With a domiciliary account, you can send, receive and keep money in foreign denominations. The process of opening a domiciliary account is as easy as opening a savings or current bank account. The only difference is, for a domiciliary account you need to submit two completed reference forms and make an initial deposit in a foreign currency.

To send money abroad with a domiciliary account, you have to provide details like;

• The recipient's account name
• The recipient's account number
• The recipient's residential address
• The recipient's bank name
• The recipient's bank address
• The recipient's bank SWIFT code
• The recipient's bank routing number

If the currency in your domiciliary account is different from that of the receiver's country, you need to convert it to the current foreign exchange rates. Once the transaction is approved from your end, the recipient will get the money within 2-5 business days.

Read also: What Details Do You Need to Send Money to Another Country?

• Money transfer outlets

If you do not have a foreign bank account in Nigeria, you can use the services of companies like Western Union, Ria, Money Gram, and WorldRemit to send money abroad. Some of these money transfer outlets work in partnership with commercial and microfinance banks in Nigeria while a few others have their offices in locations around the country.

Some of the things that you will be required to submit are;

• The sender's name, phone number and house address.
• A valid means of identity (National ID card, International passport, Voter's card, Driver's license).
• Recipient's name, country, address, bank details and a means of Identifying the sender.
• Once the money is transferred from your location, the receiver will get the money within 1-3 working days.

Financial Technology Services.

With the advent of technology and the relevant roles that international transfers play in our daily lives and businesses, there is a need for a swifter and more affordable money transfer method.

Several companies have risen to bridge this gap by providing faster, cheaper and more convenient means of transferring money from Nigeria to other countries. These companies are popularly known as Financial Technology (Fintech) service providers and some of the most affordable, swiftest and easy-to-use Fintech apps.

Read also: 5 easy tips to save money on international transfers.

OhentPay

OhentPay is a swift and secure platform that allows Nigerian residents to send and receive money internationally. With OhentPay you do not have to worry about limited payment methods, high processing fees or long transaction time.

Download the OhentPay app on your mobile phone, here.

Grey

Grey is a FinTech platform that makes global payments accessible to global professionals, remote workers, freelancers and digital nomads.

To open a Grey account, start here: www.grey.co

LemFi

LemFi is a financial technology company that offers financial services like; international transfers, global account opening and payment services. LemFi especially serves the financial needs of new immigrants. So with LemFi, you can have a multi-currency account in any country of your choice.

To open a LemFi account, start here: www.lemfi.com

Wrapping Up

There's no perfect method and the medium of international transactions is not one-size-fits-all, you have to do your research on each method and choose the one that is suitable for you. Finally, double-check the details and ensure they are accurate because errors in any of these details might lead to a delay in the transaction or loss of money. 

If you’d like to send money 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.

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