How to receive money from abroad to Nigeria through wire transfer in 2017
Receiving money through bank wire transfer is the best especially if you have a domiciliary account. There are many methods to receive money from abroad to Nigeria like the Moneygram, Western Union, paypal payoneer etc. But in this post we will be dealing on wire transfer as a means of receiving money from abroad to Nigeria.
What is Wire Transfer
Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.
Right here in Nigeria, all banks accept wire transfer both in naira account or domiciliary account. I always recommend people to try and create a domiciliary account cause you will receive cash on the currency that was sent to you. But if you received the cash directly into your naira account, the money will be changed into naira.
How to Receive Money From Abroad to Nigeria through Wire Transfer
You don’t want to receive money from abroad to Nigeria through Moneygram or western union, you can receive your cash through wire transfer. And with wire transfer, your money will reflect within 5 working days though it depends on the bank. The likes of First Bank, Gtbank and Diamond Bank seems very fast when it comes to wire transfer though first bank might cost you a bit(domiciliary account).
First let me tell you this, it is much easier to receive money through wire transfer here in Nigeria than to wire money to someone abroad. Many cases you have to use Moneygram or western union to send money from Nigeria to abroad.
Let me stress this again. It is good and best option to recieve money from abroad to Nigeria through wire transfer is domiciliary account. If you know that you will be receiving money from abroad, try and open a domiciliary account especially with Gtbank, first bank or diamond bank. Gtbank is easy to create though you will get two referees using gtbank current account. First bank is very good though costly for some likewise diamond bank.
But if you don’t want to undergo such stress, then use your naira savings or current account but remember the amount you are leaving behind or giving it to the bank.
- account name,
- account number,
- The bank name
- The bank branch address,
- SWIFT CODE,
- Routing Number.
Some wire transfers don’t ask for routing number especially if you are to receive it in Nigeria but rather they ask for Swift code or bic code. But you should get all the requirements stated above in case the need arise. If you are receiving the money through your diamond bank account, access bank account or zenith bank account, get their swift code/bic code and routing number.
Swift code/bic code is an international bank code that identifies particular banks worldwide. It is through the bank swift code that wire transfer can take place. While routing number or routing transit number (RTN) is a nine digit number used to identify financial institution in a transaction. Most common transaction types where routing numbers are used are ACH and wire transfers.
If someone or a company is sending money to you through wire, give the person or the company the above requirements and you will receive your money within 2-5 working days.
This is how to receive money from abroad to Nigeria through wire transfer, if you have question or inquiry, Afribankonline is here to assist you.