For a long time, Nigerians have faced restrictions in doing business internationally because of the difficulties in receiving money from abroad. However, with the increase in digitalization and commercialization globally, there are now seamless structures that allow individuals to send and receive money globally. This has allowed businesses, freelancers, and other dealers to collaborate with foreign companies or organizations. Payment is no longer a problem or barrier to doing business abroad.
Thanks to the advent of technology, there are several services available in Nigeria today that allow international financial transactions. Let’s look at some of these services in detail.
This is the most common way to receive money from overseas. A bank deposit takes place when the sender of a currency makes a bank wire from their bank account to yours. All banks in Nigeria and most international money transfer services use this method to send money worldwide because it is a secure method.
Sometimes, traditional banks use the SWIFT network to wire money overseas and it is common for them to charge correspondent bank fees for having middlemen banks conduct the transfer.
This method is recommended for people who prefer receiving their international money in paper cash. Services like Western Union, Small World, Remitly, or World Remit allow shippers to Nigeria to select this method, where US dollars can be tracked and securely delivered to any local pick-up destination in Nigeria.
When using this option, it is best to conduct a real-time comparison engine and select “Transfer to Cash Pickup Location” before making the transfer.
This is a traditional method used to receive money from abroad. For this, you need to open a domiciliary account with your traditional bank in Nigeria to receive international currency. Any time foreign currency is sent to the account, you can visit the bank and withdraw the cash. Generally, it takes between 48-72 hours to process the payment and for quick transfers, the sender should provide the following details:
Recipient’s account name and account number
The bank name and address
Bank SWIFT code and routing number
Changera is an international money transfer platform that allows users to send and receive money in any currency around the world in a very fast, easy, and secure way.
With an app like Changera, there is no need to go through the complexity of opening a domiciliary account, no long wait times, and no exorbitant fees.
The Best Way to Receive Money from Abroad
If location can’t stop your dreams, then money shouldn’t!
We recommend creating a Changera account for receiving money from abroad and for good reasons too. Here are some of the benefits of choosing Changera:
You don’t need a minimum balance to create a Changera account. It is free!
Say goodbye to the high withdrawal costs that you’d have to pay if you use money transfer services. With Changera, you’ll enjoy the lowest withdrawal costs.
When you need your money, you can get it instantly without having to go to the bank or any cash pick-up location. All you have to do is get the Naira equivalent of your money and send it to your local bank account.
You can easily convert your foreign currency into Naira at great conversion rates without the need for carrying cash around.
All you need to get started is your smartphone, a valid ID, and a stable internet connection. On the other hand, using a domiciliary account requires a string of complex processes that can wear you out.
How to Create a Changera Account in Nigeria
Are you ready to start receiving money from abroad? Follow the following steps:
Create an account by filling in the necessary information.
You’re good to go!
Gone are the days when people couldn’t receive foreign currency in Nigeria. Now, there are several options to choose from and you can form strong business partnerships with international clients. While using a domiciliary account or money transfer services are reliable options for receiving money from abroad, Changera is more convenient. With Changera, you can receive money in multiple currencies and convert it to your local bank account from the comfort of your home.
Start by downloading the mobile app for free on either Play Store or App Store.