In December 2020, the Central Bank of Nigeria introduced a new set of regulations that affected the way money transfers could be paid out in Nigeria, meaning that they could no longer be paid out in Naira, only in US dollars. Consequently, anyone hoping to receive money via bank transfer from abroad would require a US dollar bank account in Nigeria.
From the word ‘go’ WorldRemit was quick to respond to the changes. In fact, we were the first cross-border payments business to give customers the option of sending money to Nigeria in US dollars, for cash pickup or bank transfer.
And now, we’re back helping you find out how to receive US dollars from abroad because we want to make things as simple as possible for you.
Table of content
Why open a US dollar bank account?
How to open a US dollar bank account in Nigeria
How to withdraw money from US dollar accounts
How to convert US dollars into Naira
How to receive a cash pickup transfer in Nigeria
WorldRemit's ongoing support
Why open a US dollar bank account?
Apart from enabling you to receive bank transfers from abroad, a US dollar bank account offers other advantages:
You can get a US dollar MasterCard or Visa card* to make purchases or use on trips overseas
You can transfer US dollars from one account to another within the same bank, using your mobile app or internet banking
With a MasterCard or internet banking; a US dollar bank account can be operated from anywhere in the world
You can make purchases online and send money abroad - for example, pay for a loved one’s education overseas
How to open a US dollar bank account in Nigeria
Most major banks in Nigeria offer US dollar accounts and have simple, user-friendly account policies. Each bank may have slightly different requirements for opening an account and will require varying minimum opening and operating balances. In general, you will be required to supply:
A completed application form
A copy of your ID (driver’s license, International passport, National I.D Card, or any other acceptable ID by the bank)
So, once you’ve received money into your US dollar account from friends or family abroad; how do you withdraw it? Banks in Nigeria have different processes, however, they do follow a similar pattern, as they try to ensure proper documentation is in place.
Here are the general steps you’re most likely to follow:
Complete a cheque, counter-teller or a withdrawal form provided by the bank, indicating amount, name and signature
The teller will verify your biometric (this happens for all cash withdrawals/banking transactions in Nigeria) using the Bank Verification Number (BVN) machine/portal
Once your BVN details, along with other withdrawal requirements (e.g is your account active, the date on the cheque, names and verified signature) are confirmed, the teller will release the cash
Please note that charges apply for US dollar withdrawal on bank accounts and vary from bank to bank
There are no interbank transfers on US dollar accounts, but interest is earned on savings
You can transfer between two US dollar accounts within the same bank using your mobile app or internet banking platform depending on the bank
How to convert US dollars into Naira
To make the most of the money you receive from overseas, you’ll probably want to convert it from US dollars to Naira. That way you can pay bills, buy food and pay school fees. All you need to do is ask your bank to convert the money for you.
How to receive a cash pickup transfer in Nigeria
Your family and friends can send you money via bank transfer and cash pickup for payout in US dollars.
Here’s how receiving money via cash pickup works:
Ensure your sender uses your name as it appears on your ID and Bank Verification Number
Both you and your sender will receive a WorldRemit reference number and PIN after your sender completes the transaction on the WorldRemit app or website
To pick up your cash, go to any of our partner banks: Access, Fidelity, FCMB, FirstBank, GTBank, Polaris, UBA, Union Bank or Zenith Bank
Complete the form provided by the bank
The teller will process your transaction and hand over the cash to you
You have an option to change the cash to Naira at any designated point of your choice
You can also deposit funds into a US dollar account or open one with the funds at a bank of your choice
You can also request a US dollar denominated card from the bank to use for online purchases among other things
WorldRemit’s ongoing support
We were the first cross-border payments service to enable money transfers to Nigeria, for cash pickup and bank transfer in US dollars. Plus, we offer a great network coverage for both bank transfer and cash pickup.
International bank transfers to US dollar bank accounts are available through these partner banks: FCMB, First Bank, Access Bank, Fidelity Bank, GT Bank, UBA. And cash pickup is available from - Union Bank, Fidelity Bank, Polaris Bank, FCMB, First Bank, Access Bank, Zenith Bank. But watch this space - more banks will be coming on board soon.
And when you’ve been sent money from abroad, you can follow its progress every step of the way with our Transfer Tracker App. The app is free to download through the Google app store in a number of countries including Nigeria.
What currencies can I transfer to bank accounts in Nigeria? At the moment, bank accounts in Nigeria will receive US dollars only. The bank account must be with Access Bank, FCMB, Fidelity Bank, First Bank, GT Bank, Union Bank or UBA and should be a USD domiciled account.
What currencies can I transfer to bank accounts in Nigeria? At the moment, bank accounts in Nigeria will receive US dollars only. The bank account must be with Access Bank, FCMB, Fidelity Bank, First Bank, GT Bank, Union Bank or UBA and should be a USD domiciled account.
Visit one of the 4,500+ Western Union agent locations1 in Nigeria. Provide your sender's name, the amount expected and the tracking number (MTCN). Show a government-issued ID. Get your money once your details have been verified.
No, you cannot send money to Nigeria with Zelle, as Zelle is available only in the US. The payment app only allows you to send money from one US bank account to another, meaning both the sender and the recipient must have US bank accounts.
The short answer is no. Venmo is not internationally supported, and the app is only available to US residents. To use Venmo in the first place — let alone send and receive money via online banking — both the sender and the recipient must have US bank accounts and, in some circ*mstances, Social Security Numbers too.
To pick up your cash, go to any of our partner banks: Access, Fidelity, FCMB, FirstBank, GTBank, Polaris, UBA, Union Bank or Zenith Bank. Complete the form provided by the bank. The teller will process your transaction and hand over the cash to you.
You cannot receive money with a PayPal Personal Account in Nigeria but can use it to send money and make online payments and buy items on e-commerce sites. Nevertheless, you can request funds from your customers by sending them invoices through your PayPal business account.
Yes!You can receive dollars in your Naira account, but the conditions vary from bank to bank. Some banks ask you to create a SUD-linked account so that the money can be deposited in that account and you can have easy access to it.
The sender goes to a convenient MoneyGram location. Provide the sender with your details including your full legal name, bank name, bank account number and country of residence. The sender completes transaction, pays in cash and the money is on its way to your bank account!
Log in to your PayPal account, click on Wallet, then click on PayPal balance.On the subsequent popup, simply click on Manage currencies, then on the following page Add Currency. You're done! Now your PayPal account is ready to receive International payments in currencies of your choice.
Cash App is unavailable in Nigeria, so you'll need a VPN to create a Cash App account and transfer money using the platform. ExpressVPN is the best VPN for Cash App, thanks to its concentration of servers in the U.S. and the U.K. as well as its excellent security features.
You can send Bitcoin with Cashapp. In January 2018, Cash App expanded to support Bitcoin. This means you can use Sendcash to send money to Nigeria using Cash App.
Instarem: Instarem is one of the cheapest options to send money to Nigeria. It's also the best app if you need to send from the US ($) or Canada. TransferGo: TransferGo is the second-best option for transfers to Nigerian bank accounts.
Apple Pay is available to Ghanaian and Nigerian merchants that want to accept payments from users in the US, UK, Canada, and other countries where Apple Pay is supported.
Withdrawing dollars from a US dollar account in Nigeria is a very easy process, although cash withdrawals over the counter and ATM withdrawals will often incur a fee. Here is a list of different ways to withdraw US dollars from you bank: Fill out and give a cheque or a withdrawal form to your bank teller.
A domiciliary account is a specific kind of bank account that allows you to receive and make payments in foreign currencies, including US dollars. All money in a domiciliary account is valued at the current naira exchange rate.
To convert money to another currency: Go to Payment Methods.Select the More icon beside the currency you want to convert and click Convert currency.Select a currency and enter the amount you want to convert.
Google wallet (pay) currently supports a Google Prepaid Card, Discover Card, Citi Master Card, Visa Card, MasterCard and American Express. One of this card can used to fund Google wallet in Nigeria. So, you are required to obtain one of those cards and fund it with money.
Zenith Bank is among the top Nigerian banks that support PayPal. Zenith Bank support PayPal through its MasterCard and Visa Card which you can use to verify your PayPal account.
This is due to local financial regulations in each country. Before PayPal can offer service in the country they must reach an agreement and comply with regulations. Nigeria is not the only country where PayPal does not offer their service.
With WorldRemit, US Dollar account holders and non-USD account holders of First Bank can receive funds from abroad in US Dollars directly into their Dollars accounts. Where recipient has no USD account, funds channeled through Naira accounts are deposited into USD accounts created by the Bank on behalf of recipients.
For every Dollar sent to you from anywhere in the world via MoneyGram, you will receive N5 more into your GTBank account or over the counter at any GTBank branch nationwide. MoneyGram ADMT service is a payment service that enables MoneyGram customers abroad send money to beneficiaries in Nigeria.
There are locations across Nigeria, Ghana, Liberia, Cameroon, Senegal, Kenya, Uganda, South Africa, Zimbabwe, Morocco, Egypt, Algeria, Tunisia, Ethiopia, Ivory Coast, Gambia, Sierra Leone, Burkina Faso, Mali and all across Africa.
Nigeria's Central Bank (CBN) recently passed a regulation that blocks almost all money transfer operators (MTOS) from making transfers into the country. “Almost all” because as of now, only three MTOs – Western Union, MoneyGram and Ria – are authorised to make transfers.
At WU.com and via the Western Union® money transfer app, you can send money online straight to your receiver's bank account, for cash pickup in minutes2 at more than 4,500 agent locations3, or you can transfer money directly to your receiver's mobile wallet2.
PayPal charges 2.99% of the total transaction amount when sending or receiving money in exchange for goods and services. This is free, or 0%, for consumer-to-consumer transactions.
In a few simple steps, you can set up your PayPal Business account to accept payments in foreign currencies, and convert them to USD automatically, manually, or not at all. Here's how to accept international payments to your PayPal Business account.
The initial transfer may take up to five days pending Receiver registration, with subsequent transactions to the same Receiver bank account number occurring within minutes.
WorldRemit is a UK-based digital remittance service that's one of the fastest and cheapest ways to send money internationally on Monito. In 2021, it ranked as one of the cheapest providers for remittances from the United States and South Africa to Nigeria.
The cheapest way to buy foreign currency is online. Shopping around online allows you to compare banks, currency providers and travel agents. You can compare currency exchange rates, commission fees, postage costs and whether or not you can collect your foreign travel money at the airport or at a local branch.
MoneyGram ADMT service is a payment service that enables MoneyGram customers abroad send money to beneficiaries in Nigeria. A sender of funds can initiate transfers from a point of sale (MoneyGram Agent location abroad) for Cash pick up or direct credit into a customer's account in Nigeria.
Here are the best apps to send money to Nigeria: Instarem: Instarem is one of the cheapest options to send money to Nigeria. It's also the best app if you need to send from the US ($) or Canada. TransferGo: TransferGo is the second-best option for transfers to Nigerian bank accounts.
WorldRemit is one of the best platforms people in different countries use to send money to Nigeria. With Worldremit you can send money to Nigeria as cash pickup or as a bank transfer and as an airtime popup. However, you can only send a bank transfer to Dollar accounts (domiciliary accounts) in Nigeria.
Apple Pay is available to Ghanaian and Nigerian merchants that want to accept payments from users in the US, UK, Canada, and other countries where Apple Pay is supported.
Introduction: My name is Rueben Jacobs, I am a cooperative, beautiful, kind, comfortable, glamorous, open, magnificent person who loves writing and wants to share my knowledge and understanding with you.
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