Have you ever pondered on the simplest way to receive money from abroad in Nigeria? Because you don’t know how to accept foreign payments as a freelancer or online shop, it isn’t easy to sell your goods and services in foreign markets. We all understand that receiving money from clients, relatives, and friends abroad is always a delight in Nigeria.
International money transfers used to be distinguished by time-consuming documentation for both senders and recipients. However, receiving money now is a piece of cake from countries like the US, UK, Canada, Germany, Australia, Denmark, France, and Belgium. You can now completely receive money abroad from Nigeria in less than two minutes.
Consider a scenario in which you call a relative who lives abroad and wants to send money to you, and in just minutes, you simply receive a credit notification at the same time. Yes, it’s now pretty simple. In this article, we’ll demonstrate some excellent strategies for stress-free money collection from foreign clients.
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6 Ways for Nigerians to Receive Money From Abroad
Here are Nigeria’s top 6 methods for receiving money from abroad:
1. WorldRemit
With the help of WorldRemit, you can receive money at excellent service rates from your overseas customers, family, and friends. Senders simply require a computer, smartphone, or tablet device. Thanks to the platform, which makes sending quick and simple. While attending the University of London, Somali immigrant Ismail Ahmed launched the business in 2010. He recognized the need to enhance the process of transmitting money between continents and nations. Receiving money from a bank account or credit card of the sender is simple with WorldRemit.
WorldRemit is integrated for continuous and seamless service delivery with over 20 Nigerian banks. To get your money, stop by one of the 140 cash pickup locations nearby or direct transfer to your Nigerian bank account. Additionally, WorldRemit enables immediate airtime replacement for Nigerian networks, 9Mobile, Globacom, MTN, and Airtel.
Senders from 50 nations can send money to recipients in 150 nations using the WorldRemit platform. Your money is safe with over 125,000 5-star reviews. Many Nigerians are happy, thanks to WorldRemit’s quick and effective money transfer service. WorldRemit is ideal for you if you have international family, friends, or clients that want to send money here in Nigeria.
2. Cryptocurrency
In recent years, cryptocurrencies have significantly disrupted financial institutions and businesses. They are currently altering how we transmit money abroad as well. Bitcoin and other cryptocurrencies are among the least expensive and fastest methods of sending money across international borders. This implies that you are exempt from paying the steep costs that intermediaries impose on conventional money transfers. You don’t even need to use peer-to-peer cryptocurrency exchange to transfer. And if you don’t want to hold crypto, you can easily sell it for Naira.
Breet App is the best crypto trading platform for this. Breet is an OTC cryptocurrency exchange platform that offers services to cryptocurrency novices and experts who want to quickly and risk-free convert their cryptocurrency to cash in under five (5) minutes. Once the sender sends Bitcoin or other digital currency straight to the recipient’s wallet, the recipient might choose to hold the bitcoin or convert bitcoin to naira once it reaches the wallet.
3. Wise (Formerly Transferwise)
An online money transfer company formerly called TransferWise was established in 2011 and is based in London. It uses Reuters exchange rates to speed up transactions. There are no extra costs with Wise. Using their credit card, debit card, or bank account, your foreign clients, family, and friends may send money to you easily through Wise, giving you a dependable means to receive money from other countries.
Wise users receive an email informing them of the recent transfer of funds to their bank account. Your email address or bank account information is all that is required to send money to you. Wise is a very practical choice for receiving money because it provides the sender with a breakdown of the transaction’s costs. You ought to take this into account if you want to receive money from abroad in Nigeria.
4. Payoneer
Receiving money from abroad has grown difficult and time-consuming after PayPal withdrew Nigeria from its list of nations where customers can use its service. Payoneer, on the other hand, provides Nigerians with a secure and convenient alternative to continue receiving money from abroad. Local businesses, independent contractors, and online sellers can send and receive payments internationally the same way they do locally, thanks to Payoneer’s cross-border payment capabilities. So it functions similarly to PayPal.
In order to offer a simple way to accept money from international clients, Payoneer recently teamed with top e-commerce and freelance platforms, affiliate networks, and international outsourcing companies. You must register here in order to receive payments with Payoneer in Nigeria. You will be given virtual bank accounts for USD, British pounds, and Euro after registering. You can ask for a withdrawal to be made to your Nigerian bank account after the money has been credited to your Payoneer account. Be aware that some banks have fees associated with utilising Payoneer.
5. Paystack
The most effective payment processor in Nigeria is probably Paystack. With its straightforward yet appealing UI and user-friendly features, the platform makes it clear that it intends to dominate the Nigerian market. Paystack makes it simple for you to automate payments for one-time or regular transactions. Unlike other payment processors that request excessive amounts of information, Paystack makes the process of opening an account quite straightforward. The process of creating an account with Paystack is free. Only 3.9% + 100 are the only fees we impose on overseas transactions. It performs monthly transactions totalling billions of dollars since many retailers find it simple to use.
Please be aware that it is possible to get payments from Paystack in USD rather than Naira. If a business owner already has a website, all that is needed is to set up Paystack there and connect the Paystack key to the backend. If you work as a freelancer online, you can get paid by clients in other countries by producing an invoice on the Paystack platform and including information about the client, such as name, email address, phone number, and amount.
A “Pay Now” button on the invoice your customer gets through email sends them to a page where they may submit payment. You get a payment from a consumer right away in your Paystack account. Yes, it is simple. You now understand why Paystack is, without a doubt, the greatest at what they do.
6. Rave by Flutterwave
Rave is a platform for accepting payments in different currencies worldwide and is offered by Flutterwave. You don’t need to worry about going to the bank to accept money from foreign clients if you use Flutterwave. You may easily start trading from the comfort of your bed, thanks to the Flutterwave platform. With Flutterwave, earning money is as simple as ABC. Create an account on the platform, provide the information for your local bank account, and begin receiving money from all around the world.
Flutterwave, which was established in 2016 and has had a significant market expansion, offers PCI DSS-certified solutions that guarantee the protection of consumer data. Rave enables you to accept payments straight from your bank account, card, and mobile wallet both locally and internationally. No setup costs or hassles. All foreign transactions you make are subject to a 3.8% fee from Flutterwave.
Final Words
The days of sending money abroad using only one provider (Western Union) are long gone. Whichever method you use to receive money abroad, the sender must verify the receiver and their information. Keep track of all of your transactions, and be on the lookout for fraud. One thinks of the Nigerian Prince hoax. Before using any method, compare prices across platforms.
Before the sender sends you money, top money transfer services will display to the sender the precise amount you will receive. Last but not least, pay attention to how long it takes to receive money, particularly if you have a deadline or a payment that is coming due soon. Additionally, always, always read the small print.
