How To Receive Money From Abroad in Nigeria

December 22, 2022
Mins Read
Table of Contents

You Can Use These 16 Ways To Receive International Money If Living In Nigeria

It has always been difficult for Nigerians to delve into international business because of the lack of inflow of funds from international grounds. Here is a comprehensive guide on how to receive money from abroad in Nigeria in simple ways.


People living in Nigeria have always considered earning in dollars or receiving international money extremely complex.

There was a time when this procedure was extremely difficult, and Nigerians had to wait for hours, sometimes days, in their traditional banks, waiting for the money to reach them. It was difficult for loved ones to send money from abroad to their parent or children staying in Nigeria.

Free Rolled 20 U.s Dollar Bill Stock Photo


However, with the advent of technology and the availability of the internet in almost every nook and corner of Nigeria, it has become much easier for the residents to receive dollars from various countries and learn how to receive money from abroad in Nigeria.

This has given the immense opportunity for businesses, freelancers, and other dealers to collaborate with foreign companies and organizations and work for them. Getting their payment in dollars has become easier.

Even if you want to receive money abroad from your loved ones settled abroad, the procedure has become less complicated. Now, you can get an instant transfer of international funds through bank accounts, private money transfer firms, and mobile wallets, and the situation has been greatly improved.

Here is a comprehensive guide on how to receive money from abroad in Nigeria in dollars/international money.

Free Creative isometric image of online money transaction via mobile phones on blue background Stock Photo


How To Receive Money From Abroad In Nigeria?

There are several financial services available in Nigeria today that accept international payments. Each service comes with its advantages and disadvantages, and the amount remitted depends on the size of the transfer and the country of origin.

Let us look at some of the simple ways in which you can receive International funds in Nigeria.

Free Illustration showing credit card functions for different payments Stock Photo


1. Bank Deposits

Bank transfers have always been a preferred way of transferring international funds to Nigerian bank accounts. They are also a secure way of receiving funds but can be quite expensive.

When money is deposited or received in Nigerian Banks, it is generally done through a SWIFT network which is used to send money abroad. Almost all banks use this network in Nigeria. It comes with a hefty correspondent bank fee to have the intermediary bank perform the transfer.

As per a recent report, using new fintech firms, which also offer bank deposits, are, on average, helping Nigerians receive remittances from abroad to their home country in a much less expensive way.

So, in comparison, it is quite affordable and cheap to receive international money through private fintech companies than through banks.

Free stock photo of accounting for money, accounts, adult Stock Photo


2. Mobile Wallet

Thanks to the advancements in technology, people living in Nigeria can now access their international funds through mobile wallets. This is received in the form of digital cash, which can be used to pay merchants.

It is also an extremely safe way to transact, as it comes with specialized encryption technology that protects your financial information from hackers.

You can use mobile wallets like Wallets. Africa, Wise, and Skrill can accept international funds and provide you with the same. Some companies also work with many money transfer services to support mobile wallets.

3. Cash Pick Up

This method is apt for people who prefer receiving their international money in bank notes. Services like Western Union, Small World, Remitly, or World Remit allow shippers to Nigeria to choose this method, where USD will be tracked and delivered safely to your nearest pickup point in Nigeria.

To get cash, it is best to conduct a real-time comparison engine and select 'Transfer to Cash Pickup Location' before making the transfer. This transaction again comes with a deduction.

Free stock photo of accountant, accounting, adult Stock Photo


Is Receiving Money From A Traditional Bank The Best Option?

Nigerian banks are outsourcing international money transfers to remittance services following the Central Bank of Nigeria's decision to limit all international money transfers to US dollar transfers.

Traditional Nigerian banks don’t offer low exchange rates to exchange USDs or charge flat fees for wire transfer services to receive US dollars. All this is done by a digital money transfer service.

You would need to pay the wire transfer fee while remitting money, but no fee is charged to the recipient. The sender will be charged a fee by the International Money Transfer Service on an exchange rate that is set by the money transfer service provider.

Some of the banks in Nigeria that provide this service are given below.

1. First Bank Nigeria (FBN)

FBN has collaborated with several money transfer firms like Western Union, MoneyGram, and World Remit to provide easy access to international funds in Nigeria.

Free stock photo of accounting for money, accounts, adult Stock Photo


2. United Bank for Africa (UBA)

UBA also has tied up with various international payment services like World Remit, Small World, and Western Union

3. Zenith Bank

Zenith Bank works with remittance partners like Western Union, Azimo, and World Remit.

16 Ways To Receive Money From Abroad In Nigeria

Now, let us look at the top 16 ways to receive international money in Nigeria.

person standing in front of store


1. Domiciliary Account

This is a preferred and reliable way to operate your Nigerian Bank account to receive International funds. This method has been traditionally used, and several people depend on banks to receive their dollars.

For this, you need to open a domiciliary account with your bank in Nigeria (most banks provide the option) to receive dollars or international money. Once the money has been received, you can visit the bank and withdraw your cash.

A domiciliary account can be operated through First Bank, Zenith Bank, FCMB, UBA, Access Bank, GTBank, etc.

It normally takes 48-72 hours to process the payment. Before making the transfer, the sender should be able to give out the below-mentioned information for quick transfers.

  • Your Account name and Account number
  • The Bank name and address
  • Bank SWIFT code and routing number
Free stock photo of accountant, accounting, adult Stock Photo


2. WorldRemit

WorldRemit was initiated in 2010 by a Somali migrant named Ismail Ahmed. This was the time when he was studying at the University of London, and he realized the pain of transferring international funds across various countries and continents.

If you have overseas family, friends, or clients who want to transfer money here in Nigeria, WorldRemit is the perfect way to receive money abroad at great service rates. This service is also extremely quick, as the transfer is done electronically using the web and on any device (smartphone/computer/tab).

The sender has the option to send money to you using his credit card or his bank account. WorldRemit is successfully integrated with over 20 banks for timeless and seamless service delivery with 140 cash pickup locations near you to receive your money.

This channel allows senders across fifty countries to send money to almost 150 countries around the world. WorldRemit also allows instant replenishment of airtime for Nigerian networks like MTN, Airtel, MTN, Globacom, and 9Mobile.

3. TransferWise

TransferWise originated in 2011 in London to provide services in money transfer services. This premium service comes with no hidden cost, facilitates transactions, and depends on Reuters-generated exchange rates.

One of the best features of this service is that it shows the sender the details of the cost of the transaction. It is quite a secure way to receive money from other countries and easily send payments using their credit card, debit card, or bank account by simply entering their email addresses and bank details.

With TransferWise, you get an email notifying you that the amount has been transferred by the sender, who only needs your email details and bank account number to transfer the funds. It also gives a breakdown of costs to the sender, making it more feasible for him to understand the expenses related to the transaction.

4. Western Union

Western Union has been providing money transfer services and has a history of almost 150 years. It has a wide network in more than 200 countries which allows you to send and receive money abroad in various currencies across the globe.

You should have the following info handy before you take out funds:

  • Sender’s and Recipient's name
  • Answers to test questions
  • Source city {country}
  • The Money Transfer Control Number (MTCN)
  • Amount received
  • Valid identification

5. Paystack

Paystack is arguably one of the best payment processors in Nigeria because of its simple yet attractive interface and user-friendly features.

Paystack makes it easy to receive money from domestic and international customers. It allows you to automate transactions as one-time or recurring payments. Unlike other payment processors that ask for too much information, creating an account with Paystack is simple and easy.

Paystack does not charge a fee for account creation. Instead, they charge on a ‘per-transaction basis, and their service fee is 3.9% + ₦100 per international transaction. Many merchants find it easy to use, which is why it processes billions of dollars worth of transactions each month.

For freelancers providing services online, you can receive money abroad from overseas clients by creating an invoice on the Paystack platform and providing details such as email, name, contact details, and amount.

Your customer receives an invoice via email that includes a Pay Now button that redirects them to a page where they can make their payment. As soon as a customer makes a payment, you get a credit in your Paystack account.

6. MoneyGram

MoneyGram is another powerful internet-based application in more than 200 countries where you can receive your funds within minutes. This service comes with a maximum limit for each consumer, which is 1,000 Naira within 90 days.

To receive money abroad using this service, you should have a referral code that can be obtained from the sender, go to your bank and submit a "receipt form". Your money will be credited to you once your details have been verified.

7. RIA remittance

RIA Money Transfer is another noteworthy provider with a network of more than 140 countries (including the UK and the US) offering international money transfer services. International currencies can be deposited in minutes to your bank.

8. Payoneer

Payoneer is another highly preferred money transfer services company with a presence in more than 200 countries.  It helps businesses, clients, and people across the nation to send or receive money.

Payoneer transfers are safe, quick, and trustworthy. You also have the option to transfer the funds received in dollars to your Nigerian bank account and withdraw cash.

9. Remitly

Remitly is a US-based money transfer agency that offers fast and reliable international transactions between individuals or businesses, especially from people in the UK, US, Australia, and Germany.

Remitly is currently operational in 85 countries.

10. Chipper Cash

Chipper Cash is a practically innovative, new, and emerging financial platform that helps international clients and family members send money to Africa from anywhere.

Since it is new, it is operational in only seven countries at present. But it supports multiple currency exchange options such as USD. This is a great way to receive money in Nigeria.

11. Changera

Changera allows you to pay your utility bills, transfer funds from one place to another, purchase airtime or data, and lose more. It has been used by several international companies and local Nigerians to send and receive money internationally.

All you need to do is to initiate and operate an account with Changera today and get access to smooth financial transactions.

12. Verto

Verto is a renowned financial services provider that provides individuals and businesses of every kind with access to foreign exchange, international payment in foreign currencies, and banking financial solutions using an enriched API platform.

Verto allows you to receive payments worldwide or have them transferred to your bank account.

13. Skrill

Skrill is a popular money transfer services provider using which you can send and receive money from different parts of the world. It is a quick money transfer agent with a very good reputation all over the world.

It deals in 200+ currencies worldwide, and millions of users transact over $1 billion with Skrill each year. This means your money is protected when you receive dollars through Skrill.

14. Grey

Grey is unique as it offers its consistent customers a free USD, GBP, and EUR account to conduct international transactions. It is one of the platforms widely used by foreign employers to pay freelancers in various countries, including Nigeria.

With Grey, you can enjoy high-speed international money transfers, can open and operate your account for free, and can easily share it with your employer or client and get paid in dollars in Nigeria.

15. Small World

Small World is a great service in digital banking that has been initiated by the Britains.

More than 15M customers trust this service provider for transferring funds from one nation to another, paying online bills, adding airtime, and performing several other financial services at a nominal fee.

16. Fincra

Fincra is a money transfer services provider that provides payment solutions to customers around the world. So, if you want to make and accept payments worldwide, it is one of the best options available.

Fincra's transaction processing fees are very low and fast, and these payments can be made dynamically in multiple currencies. It allows you to receive funds from your customers and employers directly into the Fincra wallet in a variety of currencies.


So, there you are! To earn money in dollars and receive international payments in Nigeria is not difficult anymore. These were the top ways in which you can form strong business partnerships with International clients or receive money from your loved ones instantly.

Refer to the experts at Pillow Fund to help you with any doubts that you may have regarding these money transfer services. Using the above-mentioned techniques, it has become much easier for people residing in Nigeria to receive money abroad from institutions, companies, and people.

Frequently Asked Questions

1. Can I receive money abroad with my Naira 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.

2. How do I receive money from abroad?

There are several ways you can receive money from abroad when you are residing in Nigeria. Here is the list of the best methods:

  • Domiciliary account
  • WorldRemit
  • TransferWise
  • Western Union
  • MoneyGram
  • RIA remittance
  • Payoneer
  • Paystack
  • Remitly
  • Chipper Cash
  • Changera
  • Verto
  • Skrill
  • Grey
  • Small World
  • Fincra

3. Can Kuda receive money from abroad?

For Kuda to receive money from abroad, you would need to open a US dollar bank account, also known as a domiciliary account, with a traditional Nigerian bank. For that, you simply need to visit the branch to create an account and process a withdrawal.

Did you enjoy reading this?

Subscribe now and stay tuned for moreexclusive news, updates, special promotions, and more.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Start building wealth with easy returns on Pillow