Have you got a friend or relative or business partner who resides in out side Nigeria that needs to receive payment from you? Then this article will show you the top best ways to transfer money to any person in any country internationally.
With all these different technologies invented every where, internationally sending and receiving money is very easy. All what you need to transfer money across the border is your identity document.
Most importantly, it’s not compulsory to own the international currency such as Dollar, pounds, Euro, etc before you can transfer money to any international country.
To send money to any international bank account from Nigeria, first know the currency rate, for example, the present rate of Naira to dollars is N560:1, then to fund the account of the person who you want to transfer money to, you have to have the Nigerian Naira in cash or any easiest equivalent methods and your identity document.
Read this also: list of all Nigerian banks and their headquarters address.
Top best ways to transfer money online internationally
An international money transfer isn’t only available at banks. In fact, you’ll likely pay lower costs and get your money faster by using one of the following licensed money transfer companies.
According to the World Bank, international remittances totaled 689 billion dollars in 2018. Now, thanks to increased competition from money remitters who specialize in smaller payments, the cost of cash transfers is being brought down.
The more popular remitters are still Western Union, MoneyGram and Xoom. However, traditional remitters tend to be more expensive. That’s why we suggest WorldRemit. They offer lower fees and better exchange rates for cash transfers under US$2,000.
WorldRemit is the number one of the top best ways that we can use to transfer money internationally, now, to create your WorldRemit account and how to use it to send money, please continue reading.
- Create your WorldRemit online account and login
- Tap in how much, how you want to transfer (cash pickup, bank deposit, Mobile Money or Airtime top-up) and where to.
- Enter your recipients details
- Make local US payment to WorldRemit, using a bank transfer or your debit or credit card
- Please note that WorldRemit transaction is instant if you are having a cash and your valid photo ID and transaction reference number depending on country by country.
WorldRemit transfer fee differs depending on amount or where you want to transfer the money to. No wonder, you will be told how much it costs before your transfer.
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2. Wise (formerly, TransferWise)
If you’re someone who often find themselves waking up in one country and going to sleep in another, managing money across borders can be difficult. Repeatedly exchanging cash into a foreign currency can cost a lot in fees.
TransferWise, a company focusing on “borderless banking,” makes managing money in multiple currencies a breeze. It’s also possible to do regular money transfers through the platform without setting up its borderless bank account.
For more information, please visit wise website.
Banks are almost always more expensive than companies that specialise in overseas transfers. They charge high fixed fees and worse exchange rates than you can get from our earlier suggestions.
We think it’s vital for you to make a fair comparison though, so we recommend Citibank for a wire transfer. This is because they charge the lowest transaction fees and offer the best foreign exchange rates.
As long as you’re transferring a decent amount, your money will go further than other high street banks.
How to transfer money using Citibank
- First register your details because to transfer money internationally, you’ll need to register
- Make sure you have a valid ID like your passport or driver’s license
- Provide money transfer details.
- Your money transfer service will need to know the currency, amount, and the account or person you’re sending money to
- Pay for your transfer. Choose how you want to pay for the transfer.
- Your bank or money transfer service will then convert the money and send it overseas.
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4. Bank-to-Bank Transfers
Some banks, for example, GTBank let people take money directly from one bank account and deliver it to a recipient’s bank account. These types of transactions can be arranged online, over the phone, or in person at the delivering bank.
They may have a fee depending on the institution, and the account and routing numbers for both the sending and receiving banks are required.
Some banks may offer special remittance programs for transferring slightly smaller amounts. However, in cases such as these, it is important to look at the exchange rates because although a fee might not be charged, the institution could be making money off of the transaction fee spread.
5. Wire Transfers
It is possible to send large sums of money from one bank account to another through the use of a wire transfer. These types of transfers are initiated through a bank officer at the delivering bank who fills out the necessary forms. Wire transfers, for the most part, must be done in person.
There is also a fee for this type of service, but wire transfers offer protection from both banks involved, making the fee worth it. For people residing in the U.S., wire transfers must be executed before 5 p.m. EST for the money to arrive the same day.
Anytime you are intending to choose a service to send money internationally, it’s important to pay attention to exchange rates and fees charged by the service because not every service charges the same amount.
Read this also: eNaira website (its app, wallet, what it means, price and how to login).
PayPal’s international transfers come with hefty fees, so it’s only best for sending money within the U.S. It also allows for the largest transfers amount with no limit to how much you can send in total (but individual transactions are limited to $10,000).
Sending money domestically to friends and family via a PayPal balance or linked bank account is free. Sending to friends and family, also domestically, via a credit card, debit card or PayPal credit is subject to a charge of 2.9% of the amount sent through this method, plus a fixed fee of $0.30.
Note: international transfers are subject to transaction and funding fees, plus a fixed fee for sending in other currencies.
Banks and credit unions work directly with Zelle to offer the service of transferring money internationally. To use, customers have to sign up with Zelle directly, which can often be done from their own bank’s app or web site and enroll their profile.
According to Zelle, recipients already enrolled with Zelle will receive funds in “a matter of minutes,” hence, it is one of the top best ways to transfer money internationally.
If your bank isn’t currently partnering with Zelle, you can still use the service through its Android and iOS apps (but the recipient must bank with an institution partnering with Zelle).
If you’re sending money to a bank account overseas, and want to send directly in the destination country’s currency, Remitly is a cost-efficient option. The service also offers a promised delivery time—and if it isn’t met, you get your money back.
One of the major advantages of Remitly is its express service, which comes at a $3.99 fee and can transfer funds within minutes. Remitly also offers a home delivery service to your recipient which takes only 1-2 business days.
Delivering payments in USD will also incur a fee, and that fee is based on the amount of money sent. Remitly also charges a 3% fee when paying via credit card or business debit card.
Remitly’s transfer fees depend on how much is being sent, where the money is originating from and where it is being sent to. For example, sending USD to the Philippines, with the recipient receiving it in the local currency, will not incur any fees if transferring via economy—but that doesn’t mean it’s free, since Remitly’s exchange rates are inflated in order for the company to make money.
In comparison, sending money from the U.S. to Argentina will face a $0.49 fee. Express transfer fees also vary on the same criteria.
OFX are a good option for online users who still want strong customer service over the phone. I don’t know about you, but I’d feel much safer transferring larger sums of money overseas if I can talk to someone.
They also recently stopped charging a flat fee for US customers doing international transfers. Combined with a very competitive exchange rate for money transfers over US$7,000 it make OFX a great option for sending large sums of money overseas.
To create OFX account for transferring money internationally, please use the guides below:
- Set up a free online account and login to get a live quote for your transfer
- Enter recipient details including bank account, financial institution number, account number and branch transit number
- ‘Finalize transaction’ and pay using your bank account or wire transfer. Business customers can use direct debit
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Xoom tends to have low upfront fees, such as under $5, when you use a bank account instead of debit or credit card, but exchange rate markups can be over 3%. Some providers mark up their rates by less than 1%. Xoom still tends to be cheaper than banks’ international wire transfers.
By using this method to transfer money internationally, all transfers will arrive within minutes, regardless of the payment method but it could take up to a few days, depending on some factors such as banking hours or time zones.
11. Domiciliary account
Another one of the top best ways to transfer money internationally is using domiciliary account.
A domiciliary account is a specific kind of bank account that allows you to receive and make payments in foreign currencies such as US dollars, Pounds, Euro, etcc. All money in a domiciliary account is valued at the current naira exchange rate.
See this also: domiciliary account opening processes for all banks in Nigeria (up to date guides).
MoneyGram was licensed as a Money Transmitter by the New York State Department of Financial Services.
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people across the globe over the last five years.
The Company leverages its modern, mobile, and API-driven platform and collaborates with the world’s leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers, MoneyGram as a Service
13. Western Union
Western Union is one of the top best ways to transfer money online internationally. It same-day delivery feature is possible when you have transfers sent to cash pickup locations and use a debit or credit card (or pay cash in person), though you pay more for the rush.
Western Union’s website varies its transfer limits in country by country, for example, $5,000 to Mexico and $50,000 to India.
The cheapest transfers require bank accounts for sending and receiving money and can take over a week for delivery. As the biggest money transfer provider worldwide, Western Union’s main advantage is its network, especially for sending cash in person and providing cash-pickup delivery options.
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