Banking Business And Entrepreneurship

How to Receive Money From Abroad to Nigeria Through Wire Transfer 2017

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Do you know that you can receive money from abroad to Nigeria through wire transfer, if you are a business person or engages in online business, this type of money transfer is quite okay for you. 

A lot of people are used to receiving money are used to receive from Moneygram, Western Union or even PayPal. But for me the fastest right now is bank wire.


How to Receive Money From Abroad to Nigeria Through Wire Transfer

First i recommend you to try and create a domiciliary account, first bank, diamond bank and gtbank are the best right here in Nigeria.


Through Domiciliary account

As i recommend first bank, diamond bank and gtbank, guaranty trust bank is the cheapest and easiest for you to open a domiciliary account. But if you are a business person, first bank and diamond are good for you. 


Receiving money through bank wire transfer is best with domiciliary account because the money sent to you will be on the foreign currency.


You can change it on any bureau de change. With savings account, the money will be automatically changed by the bank using the CBN exchange rate which is lesser to that of the black market.

Opening a domiciliary account isn’t a difficult task as it’s same with opening a savings account or current account. With Gtbank you can open an account without having any foreign currency with you, but the likes of first bank and diamond bank requires such. 

So walk into any first bank, diamond bank or gtbank branch, go to customer service and tell them that you want to open a domiciliary account.

A form will be given to you to file and you will require to have a least two referees to sign on the form.  Gtbank and first bank will require the referees to have a current account with them. 

After  creating your domiciliary account you are good to receive money from abroad to Nigeria through bank wire and you can also create a dollar debit card with your dormi account as the likes of gtbank have totally banned use of PayPal on naira Mastercard. 

If someone wants to send money to you from abroad, just give the person your dormi account number, name,name of the bank,SWIFT CODE and Routing Number.

It only takes a spaces of 2-3 days to receive an alert about the payment. Good aspect of this is you will withdraw the foreign currency sent to you. 

Disadvantages of Receiving money through Domiciliary Account

The major disadvantage is if there is scarcity of the foreign currency sent to you, it will take a lot of time before bank will give you your money and this can be very frustrating( happened to me with Gtbank). 


Through Savings Account

I use this method sometimes, and it seems to be the fastest way when compared with domiciliary account. This requires you to send or give your bank savings account number and name of the bank with swift code or routing number. To get this, go to your bank and ask the customer service the bank swift code and routing number.

Note the money will be changed through CBN rate which is less when compared with black market though gtbank gives high exchange rate than other banks in Nigeria. 


To conclude this, important things required from you to be able to receive money from abroad to Nigeria through bank wire are: bank account number, swift code, routing number and your name. 

Thanks for taking time to read this and if you have any question or suggestions please ask through the comment box thanks. 

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