• Business - Banking & Finance
  • Updated: May 08, 2023

Seven Easy Ways To Receive Money From Overseas in Nigeria

Are you a freelancer or online merchant having challenges selling your products and services to the international market because you don’t know how to receive international payments?

Everyone in Nigeria is aware of how much joy it is to get money from clients, relatives, and friends living abroad. 

International money transfers, up until recently, were typically defined by laborious documentation for both the sender and recipient.

Today, however, transferring money abroad from nations like the US, UK, Canada, Germany, Australia, Denmark, France, and Belgium is as simple as going for a stroll. 

The entire money transfer process may now be completed in under two minutes because it is so simple.

Nowadays, international money transfers are comparable to local ones because they arrive at the recipient's bank account in roughly the same amount of time.

In this listicle, we will explore seven incredible ways to receive money from your foreign clients into your Nigerian accounts without stress. 

With that said, here are seven of the most popular ways to receive money from overseas in Nigeria: 


1. Payoneer

Receiving money from outside the country has become time-consuming and difficult ever since Paypal removed Nigeria from its list of nations that may use its service.

However, Payoneer offers Nigerians a safe and convenient alternative to continue receiving money from abroad.

Local businesses, independent contractors, and internet vendors can now make and receive payments abroad just like they would locally thanks to Payoneer's cross-border payment service.

To put it in another way, it functions just like PayPal.

To offer a simple way to receive money from clients abroad, Payoneer recently formed relationships with leading e-commerce and freelance platforms, affiliate networks, and international outsourcing providers.

You can proceed to request a withdrawal into your bank account after the funds have been deposited into your Payoneer account. 

Keep in mind that utilizing Payoneer may incur fees depending on your bank.

2. Flutterwave

You can use the infrastructure that Flutterwave offers to accept payments in different currencies all over the world. 

You won't need to bother about going to the bank if you use Flutterwave to receive payments from clients who are located abroad. 

The Flutterwave platform ensures that you can start transactions from the comfort of your bed with ease and convenience.

Money transfer using Flutterwave is as easy as ABC.

You simply need to register for an account on the site, enter the information for your local bank account, and you may begin receiving payments from all over the world. 

Since its founding in 2016, Flutterwave has grown to become a prominent industry player, offering PCI-DSS-compliant solutions to guarantee the security of customer data.

With no hassles and no setup costs, flutterwave enables you to collect payments locally and internationally directly from bank accounts, cards, and mobile money wallets. 

You pay 3.8% of each international transaction you make through Flutterwave.


3. Skrill

Without a doubt, one of the quickest methods for sending and receiving money from anywhere in the world, Skrill enables you to quickly and easily accept payments into your Nigerian bank account. 

Similar to Paypal, Skrill had previously prohibited Nigerians from utilizing its service. To enable Nigerians to utilize its effective online money transfer service, the limitation was eliminated.

Skrill gives you access to a digital wallet, making it simple for you to accept payments from customers, families, and friends living abroad. 

Simply register with the Skrill site and send your client's email address from abroad.

Your client can pay you money into your Skrill wallet in just a few minutes using just your email address. 

After that, you can start a transfer into your Nigerian bank account, and it will take no time to reflect.

Is Skrill a secure place for your money? Yes, it is secure because they use PCI-compliant standards to guarantee the security of their data.


4. Western Union

Western Union is one of the oldest and most effective money transfer services in the world, much like MoneyGram. 

Because of how simple it is to use, it is one of Nigerians' preferred methods of sending money.

With Western Union, you can receive money from anywhere in the world in the form of cash pickups at Agent locations or direct deposits into your Nigerian bank account within minutes of the money being transmitted.

You must present the Agent with your identification and a 10-digit Money Transfer Control Number (MTCN) to receive money at an Agent location in Nigeria. 

A secret question and response will also be required from you for identification.

It is simple to receive your money in Nigeria because every bank is a Western Union agent. 


5. WorldRemit

With WorldRemit, you can receive money at affordable service costs from customers, family members, and friends that live abroad. Because all the sender needs is a computer, smartphone, or tablet device, this platform makes it simple and quick.

In 2010, while attending the University of London, Somali immigrant Ismail Ahmed founded the company after realizing the need to enhance the experience of sending money across borders.

With no difficulties, WorldRemit enables you to receive money from the sender's bank account or credit card directly into your bank account.

It works well with more than 20 Nigerian banks, enabling constant and seamless service delivery.

The WorldRemit platform enables money transfers between senders in 50 countries and recipients in 150 countries.


6. MoneyGram

One of the oldest and most dependable money transfer companies in the world is MoneyGram. 

It is the go-to platform for international money transfers for many people who need to send money to Nigeria and have a significant presence in more than 200 nations.

MoneyGram is a quick and safe way to get your money. It is based in Dallas, Texas, in the United States. 

Simply present a Reference number and a valid photo ID (passport, national ID, or residence permit) at the MoneyGram agent location that is the closest to you. 

You might be asked to complete a short Receive Form in addition to providing the Reference number and a legitimate photo ID to verify your transaction.

With this much knowledge at your disposal, enter any nearby bank and ask for the MoneyGram area. 

You'll be leaving the bank grinning with your money in a matter of minutes. That's how simple MoneyGram makes it.


7. TransferWise

The 2011-founded online money transfer company TransferWise is based in London and uses Reuters' currency rates to speed up transactions. There are no unforeseen costs when using TransferWise.

With the help of TransferWise, you may simply receive funds from clients, family members, and friends living abroad using their credit cards, debit cards, or bank accounts. 

With TransferWise, the service is delivered quickly, and you receive an email notifying you when money has just been sent to your bank account. 

The only information the sender needs to know about you is your email address and bank account information.

Because it provides the sender with a cost breakdown of the transactions, TransferWise is a very viable choice for receiving money.

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Rasheed Olajide Awoniyi
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