In this article, we will show you the easy way to send money to a domiciliary account in Nigeria from UK, USA, Canada, South Korea, Philippines and other countries. We will equally show you how to receive money into a domiciliary account in Nigeria.
One of the problems a lot of Nigerians faced today is receiving money from abroad. Traditionally it’s easy for someone staying in a foreign country to wire money anywhere in the world using PayPal and other foreign bank operators.
Since PayPal does not allow Nigerians to receive money into their account we are left with only one option and that is domiciliary account. With a domiciliary account, you can receive and send money anywhere in the country from Nigeria. You will also get a dollar MasterCard that you can as well used for online purchase.
Now let’s assume you live in the following countries…
- The United States
- South Africa
- China etc.
And you want to send money to your relatives that live in Nigeria. You can do this through the following options…
- Western Union Money Transfer.
- MoneyGram International Transfer.
- Bank Wire Transfer to a Domiciliary account.
But before then, the Receiver in Nigeria has to open a domiciliary. You can open a domiciliary account with UBA, Diamond Bank, First Bank, Gtbank, etc.
Steps To Received Money To A Domiciliary Account In Nigeria.
To receive money to a domiciliary account in Nigeria you will need the following information…
- Account number
- Name on the account
- Name of the bank
- Branch address of the bank
- Routing Number
- Swift Code. (You can Google the Swift Code of your Bank.)
To send the Money you will make use of the Online Banking or you can use the local Bank. Depending on the Bank, the steps are almost the same. After you receive your alert, you can go to your bank and withdraw the money by filling your foreign currencies withdrawal slip. After that you will receive your money in the currency, it can be dollar or EURO.
Then you can proceed to change it to your local currency at the Bureau De Change. The Bureau De Change is an official place to meet buyers and sellers of foreign currency. There you can exchange your dollars for any currency both Naira or any other foreign currency. It’s better to change the money with them because they will buy it mostly at the black market rate which is more than the bank dollar rate.
Some Bank has their limit of sending money. For example, some may not allows the transfer of more than $10,000 per day is equivalent to the needed currency. And also before initiating any transaction, make sure you know the transfer limit and follow all the rules regarding taxes and money transfer.
Just as stated above, you can’t receive money in Nigeria using PayPal because it’s restricted and any other contrary information you found on the internet, for now, is false.
As you can see it’s not that difficult to receive money in Nigeria using Domiciliary Account. And you can also transfer money to your relatives in Nigeria without any stress.