[reblogged] HOW TO SEND MONEY FROM NIGERIA TO ANOTHER COUNTRY.

http://www.naijaonlinebiz.com/how-to-send-money-from-nigeria-to-another-country/

Are a Nigerian who require to send money from
Nigeria to another country ? Are intending to
make transfer fund to another country outside
Nigeria. Initially, sending or transferring money
from Nigeria to other countries in the world is
impossible but with the recent CBN revised
guidelines for International Money Transfer
Services Nigeria Banks have started deploying
Outbound Money Transfer services to ease the
stress of sending money from Nigeria to
individuals outside the country.
Everything I’m going to discuss here will boil
down to;
• How to send money from Nigeria to UK
• How to send money from Nigeria to United
State
• How to send money from Nigeria to India
• How to transfer money from Nigeria to Pakistan
• How to send money from Nigeria to Cameroun
• How to send money from Nigeria to Ghana
• How to send money from Nigeria to South Africa
• How to transfer money from Nigeria to
Philippines
• How to send money from Nigeria to Malaysia
• How to send money from Nigeria to Canada
• How to send money from Nigeria to Europe
• How to send money from Nigeria to China
• How to transfer money from Nigeria to Dubai
• How to send money from Nigeria to Germany
• How to send money from Nigeria to Indonesia
• How to send money from Nigeria to Jamaica
• How to send money from Nigeria to Kenya
• How to transfer money from Nigeria to London
• How to send money from Nigeria to UAE
• How to send money from Nigeria to USA
• How to transfer money from Nigeria to bank
account abroad.
It is easier to receive money sent to Nigeria from
other country than to send money from Nigeria to
other country because almost all Nigeria banks
are under the inbound money transfer services
guideline as provided by CBN. Under the Inbound
money transfer, an individual living abroad can
send money to an individual in Nigeria but those
living in Nigeria cannot send money to those
living in other country. The money transfer
regulation by CBN came up as a result of the
negative perception about Nigeria being a country
for money laundering and others fraudulent
activities.
For this very reason; many Nigerians who wish to
send money to their family members, relatives,
friends, make payment for conference registration
and those who are into the business of
importation of goods and service from other
countries continue to find it difficult.
In August 2014, there is an introduction of the
revised guidelines for International Money
Transfer Services by the Central Bank of Nigeria
(CBN), which allows provision of Outbound Money
Transfer services in the country. The Outbound
Money Transfer is person to person international
money transfer from Nigeria to countries around
the world. It doesn’t matter if you have bank
account here in Nigeria or in these countries as
many people would say…it is the prerequisite.
In one of my earlier post, I showed you how you
can transfer money from Nigeria bank account to
foreign account number
. Today, in this article, I will show you how to
send money from Nigeria to any other Country in
the world; UK, United State, India, Cameroun,
Ghana, South Africa, Uganda, USA, Canada,
Europe, Kenya, Philippines, UAE, Malaysia,
Germany, Dubai, Indonesia, Jamaica, China,
Pakistan etc.
So, you if thinking of paying for conference(s)
registration outside Nigeria while in Nigeria or
how to send money from Nigeria to any of these
countries above for international business
transactions, to family member, relative or friend;
below are four best options you can use to send
money from Nigeria to any country around the
world with an in-depth guide on how you can
send the money from Nigeria to the country.
How to send money from Nigeria to any country
in the world
Central Bank of Nigeria (CBN) licensed only
MoneyGram International and Western Union
Money Transfer as International Money Transfer
Service Operators (IMTOs) in the country but I
have additional two other options I have used in
sending money from Nigeria to other country
making it a total of four options.
So, the four best options for sending money from
Nigeria to another country are;
1. Western Union Money Transfer
2. Domiciliary account
3. PayPal money transfer
4. MoneyGram International transfer
How to send money from Nigeria to another
country through Western Union Money Transfer
There are about 5,000 Western Union outlets in
Nigeria, 22 licensed banks and 905 microfinance
banks. Among these banks, about 70% of them
already serve as agents to Western Union but
their agent service relationship is limited to
provision of Inbound Money Transfer Services.
However, with the new guidelines allowing
provision of Outbound Money Transfer services,
and the CBN licensing western union money
transfer, some banks have started signing up as
agents for provision of Outbound Money Transfer
services.
I have personally tried sending money through
many of these Nigeria banks’ western union
money transfer services to other country but they
all failed.
The only Nigeria bank I know that offers
Outbound Money Transfer services of sending
money from Nigeria to other countries as of the
time this article is written is FIRST BANK OF
NIGERIA PLC. First Bank was licensed by CBN
and commenced the outward sending of Naira to
other countries via Western Union since
September 2014.
How to send money from Nigeria to another
country through Firstbank’s western union money
transfer service
What you need are;
• Your receiver’s location and bank details
• Identification
• Cash
How to send the money
• Visit any Firstbank of Nigeria close to you
• Head straight to their customer service desk and
tell them you want to send money from Nigeria to
United State, London, India, Cameroun, in fact
anywhere you want.
• Some forms will be given to you to fill-in the
recipient’s personal information, bank account
details and the amount you want to send. Fill the
form properly and wherever you are confused, ask
questions.
• Standard charge/fees is approximately 16,500
naira for every $2000
Note: you don’t need to open or have bank
account with Firstbank for this to be possible.
Your valid Identification card- National ID card,
driving license or international passport will be
required. Again, you will be charge a variable
transaction fee, fixed VAT and tax.
All currency conversion will be done by Firstbank,
so no need to worry about currency exchange
rate. For example if you are to send money from
Nigeria to UK, Firstbank will help you convert your
naira amount to its equivalent pound sterling (£ /
GBP) before sending the money.
Sending money from Nigeria to another country
through Firstbank’s western union money transfer
service is very easy and simple. You can actually
follow this method to send money from Nigeria to
any country in the world. However, this method is
best used when you want to send out small
amount of money from Nigeria to another country
because of CBN directives and guidelines .
2. Domiciliary account
How to send money from Nigeria to another
country through domiciliary account
With domiciliary account you can transfer send
money from Nigeria to another country. For you
to send money from Nigeria to another country
through a domiciliary account, you need to have
or open a domiciliary account. If you want open a
domiciliary in Nigeria, you can open a domiciliary
account with Gtbank, Firstbank, Zenith bank
, diamond bank or UBA.
A domiciliary account is an account that allows
you save money in US Dollars, Pounds Sterling or
Euro with your money valued at the prevailing
exchange rate. The account will help facilitating
your international business transactions and is
funded through travellers cheques, lodgement of
foreign currency cheques, cash inflows and cash
deposits. Domiciliary account can be good and
effective when big amount of money is to be send
from Nigeria to another country.
As a sample study I will use Gtbank domiciliary
account to show you how to send money from
Nigeria to another country
Things required before sending money from
Nigeria to other country through Gtbank DOM
Account
• Recipient’s bank details – these include account
name, account number, name of the bank and
branch name, SWIFT CODE, Routing Number.
• The money – if the money you will transfer
abroad is more than what you have in your
domiciliary account, you have to pay in extra
money into your domiciliary account. Meanwhile,
GTbank are NOT into currency conversion,
therefore you have to convert the money (the
naira form) to its equivalent international
accepted standard currency (such as dollar, euro,
or pounds sterling) before paying-in into
domiciliary account. You can do this at Firstbank,
black market or any other financial institutions
that are into money exchange.
How to send money from Nigeria to another
country using GTbank domiciliary account
To send money from Nigeria to UK , United State,
Cameroun, Ghana, South Africa, Uganda, USA,
Canada, Europe, Kenya, Philippines, UAE,
Malaysia, Germany, Dubai, Indonesia, Jamaica,
China, India, Egypt, Pakistan or any country in the
world through GTbank domiciliary account;
• Visit any GTbank branch nearest to you.
• Locate their customer service Reps and request
that you want to transfer from your domiciliary
account to another account abroad. You will be
directed to the right person in charge.
• A money transfer form will be given to fill
recipient’s account name, account number, name
of the bank and branch name, SWIFT CODE,
Routing Number, amount to be transferred and
your own bank details. Fill the form and wherever
you are confused, don’t hesitate to ask question.
As I said before, “if the money you will transfer
abroad is more than what you have in your
domiciliary account, you have to pay in extra
money into your domiciliary account.
Meanwhile, GTbank are NOT into currency
conversion, therefore you have to convert the
money (the naira form) you will pay into your
domiciliary account to its equivalent
international accepted standard currency.
You can do this at Firstbank, black market or
any other financial institutions that are into
money exchange” .
• Submit the form and you’re done. Within
48-72hours, you receive an SMS that the money
have been deducted from your DOM account and
transferred to the overseas account.
3. PayPal money transfer
How to send money from Nigeria to another
country through PayPal money transfer
“PayPal is one of the world’s largest online
payment platforms which allow individuals
and businesses to make easy international
payments.It has been used over the years to
pay for transactions on online platforms like
Amazon, eBay, and other top e-Commerce
websites. Paypal boasts of more than 100
million users worldwide ”.
PayPal can be highly effective for transferring
small amount of cash overseas and with a
surprisingly low cost option. But for high amount
more than a few hundred dollars it is usually
expensive compared to almost any other method.
Mark the phrase “can be” – that is assuming
your recipient has a PayPal account.
If you are to send money from Nigeria to another
country through PayPal, you need a PayPal
account. Some good news here is that Firstbank
of Nigeria has taken the lead in providing a
PayPal account services for all Nigerians. So, you
can open a PayPal account in Nigeria through
First bank’s online banking platform (FirstOnline)
.
Once you open the PayPal account with Firstbank,
you are free to login into your Firstbank PayPal
account through FirstOnline (first bank internet
banking platform) and make your money transfer
to any country you want.
But when you are not able to do so by yourself
through Firstbank’s internet banking platform,
• Visit any Firstbank branch close to you and
request that you want to transfer from your
PayPal account to another account abroad.
• PayPal money transfer form will be given to you
to fill. Fill it and submit and you’re done.
4. MoneyGram International
How to send money from Nigeria to another
country through MoneyGram International
Ecobank, UBA, First Bank, Access Bank, Sterling
Bank, Fidelity Bank, Skye Bank, Keystone Bank,
Enterprise Bank, Mainstreet Bank, Diamond Bank
and Wema Bank, among others financial
institution offer MoneyGram service in Nigeria.
UBA MoneyGram
“MoneyGram with over 300,000 locations in over
200 countries, partnering with UBA with over 700
business offices in 19 African countries and
offices in New York, London and Paris, offers the
best choice for Nigerian’s sending money abroad
to loved ones”
UBA was given a go-ahead to send out money
through MoneyGram International since October
2014. The “Naija Sends” is the Outbound Money
Transfer service by MoneyGram and UBA Plc.
To send out money through UBA MoneyGram;
• Simply walk into any UBA branch nearest to and
request that you want to send out money through
‘Naija Sends’
• You will be given MoneyGram money transfer
form to fill.
With any of the above four means, you
comfortably send or transfer money from Nigeria
to another country. They are all relatively easy
and simple.
If you finding any of those four ways of sending
money outside Nigeria difficult, lets know where
you have problem. You can use the comment box
below to ask your questions and comments

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