Easy Ways to Receive Money in Nigeria
Don’t go anywhere else if you want to know how to get money sent to you from far away relatives; read this post carefully to the end. Money transfer refers to the process of sending money from one location to another via electronic means.
For the sake of this post, the term “money transfer” will be used several times as it explains how to receive funds in Nigeria from countries such as the United States, the United Kingdom, Canada, and so on. It has been established that migration from Africa to the Americas, Europe, and other parts of the world is a common occurrence.
The insane exchange rate encourages Africans to leave the sub saran in search of better opportunities elsewhere. The proceeds from overseas endeavors are often sent back home to fund domestic initiatives and establish local businesses.
It’s not mind-boggling to realize that many Nigerians with family or friends living abroad have no idea how to send or receive money.
Western Union Money Transfer-
With a Western Union money transfer, you can get your hands on your money in as little as ten minutes after the sender initiates the transfer. Western Union is one of the world’s oldest money transfer companies.
How it Functions
A valid international passport, national ID card/NIMS, valid driver’s license, voter card, and, as of late, BVN, are all acceptable forms of identification in the Nigerian banking system; the sender simply visits any Western Union operator’s shop in his area and provides the following to the agent:
* The cash to be remitted
* Your full name as it is contained in your ID card which supposedly should be a primary ID card After receiving the sender’s information, the operator processes it and returns the MTCN (money transfer control number) to the sender; the sender then sends the following to the recipient: I the MTCN; ii) the sender’s name as it should appear on the transaction; iii) the amount being sent, and iv) the recipient’s name and address.
As appropriate, a test question and its answer (optional) Once the above information has been received by the receiver, he or she can go to any commercial bank in Nigeria that provides this service. You conduct this business primarily in banks in Nigeria.
An account with them is usually a prerequisite for doing business. As previously mentioned, you’ll need to bring identification with you. You have to fill out a Western Union form and hand it over to the officer with your ID so that he can process the transaction and give you the money.
MoneyGram
MoneyGram is another option for receiving funds quickly in Nigeria, with transfers typically completed in under ten minutes. Similar to Western Union’s method, but with a shorter eight-digit reference number instead of the latter’s ten-digit MTCN. To get this service, walk right into almost any bank.
If you have a Business Verification Number (BVN), you can withdraw up to $5000 from any Nigerian bank through the MoneyGram International money transfer platform, which was recently mandated by MoneyGram International to the Central Bank of Nigeria. https://www.moneygram.com.
Methods of Making a Financial Transfer:
RIA Transferring money is the third most popular option for getting cash in Nigeria. Although this method is similar to the previous two in terms of procedure, it differs in that the recipient must have an account at the bank in order to withdraw the money.
Additionally, you may find these links useful: Online Money Transfer with Western Union How to Send Money: Sending Money Around the World A valid government-issued photo ID and a properly filled-out form are all needed to become a walk-in customer at this franchise.
Methods of Transferring MoneyThe newest kid on the block, Tranfast money transfer, debuted on February 14, 2018. Identical to those mentioned above four, it requires an ID card and a properly filled-out form in Nigeria. This demonstrates how simple it is to obtain funds in Nigeria. Do you have any inquiries? please share your thoughts in the section below. Does this make sense? Please elaborate.
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