Once you sell a product or service and receive payment
you can send it to your local bank account. Other reasons people need money
transfer include school fees, sending to friend or family members.
Other reasons are to pay medical bills, purchase
suppliers or pay merchants. The global trend in money transfer has changed because
of advancement in technology.
No matter your demography knowing how to transfer money
from abroad is beneficial. To start you need to open domiciliary account in
your local bank.
Money
Transfer Options
There are a few money transfer options available to
people. You can use western union money transfer or money gram international
transfer. Another effective method is bank wire transfer to a domiciliary
account.
- western union money transfer
- money gram international transfer
- bank wire transfer to a domiciliary account
How
to Send Money to a Domiciliary Account
To use wire transfer you need to open a domiciliary
account with you local bank. The account could be euro, dollar or pounds
denominated.
Most commercial banks in Nigeria operate domiciliary
account. Top contenders are Guarantee trust Bank, First Bank, Stanbic and
United Bank for Africa. Others are Zenith Bank, FCMB and Diamond Bank.
- Guarantee trust Bank
- First Bank
- Stanbic
- United Bank for Africa
- Zenith Bank
- FCMB
- Diamond Bank
Information
to Receive
To send money through wire transfer you need to receive
certain information. The information should be accurate so the money is
transferred to the right bank and account.
The information is the account number, name of account
and name of bank. Other information is the banks branch address, routing number
and Swift Code.
- account number
- name of account
- name of bank
- banks branch address
- routing number
- Swift Code
How
to Transfer the Money
Once you have the correct information you have two
options. You can go to your local bank fill the form or use online banking.
Make sure you fill the form accurately and find out the maximum
amount allowed. Most Nigeria banks have a cap of $5,000 to $10,000 per day or
week.
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