It has never been easy to transfer money from Nigeria to other countries of the world. The reason being as a result of the Nigeria’s reputation for money laundering and its related fraud. Central Bank of Nigeria (CBN) has some rules in place that prohibit outbound money transfer from Nigeria to other countries of the world. However, it is still possible and relatively easy to transfer money from Nigeria to other countries and I want to explain the process in this article.
We want to explain all the options available and the step by step process required to transfer money from Nigeria to countries such as China, United Kingdom (UK), United States of America (USA), India, Brazil, South Africa, Malaysia, Indonesia, Kenya, Australia, Switzerland, France, Germany, Denmark, Belgium, Russia, Ghana, Spain, Jamaica, United Arab Emirates (Dubai), Japan, South Korea, Hong Kong, Mexico, Italy, Egypt, Israel, etc.
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The outbound money transfer services allowed or licensed by the CBN is limited to only person to person basis. This means that businesses can not utilize the outbound money transfer services to send money to another business oversea. According to the CBN guidelines, an individual can send up to $5,000 to another individual abroad. Outbound Money Transfer services also can not be used for school fees payment abroad by parents and guardians from Nigeria to their children schooling abroad.
It is important to note that not all banks in Nigeria provides outbound money transfer services. CBN has licensed MoneyGram and Western Union to render this service. These two international agents in turn are signing some of the Nigerian banks as agents to provide this services. With this, it is now possible to transfer money through some Nigerian banks such as First Bank to other countries in Europe, Asia, and America. Still, there are some other means through which you can transfer money to friends and businesses oversea.
Different Means To Transfer Money From Nigeria To Other Countries
Banks International Money Transfer – This is offered by some banks in Nigeria to a limited number of countries within Africa. With this, you can send and receive money to and from number of countries.
GTBank For Example: The GTBank International Money Transfer (GTMT) is designed to enable both GTBank account holders and non account holders send and receive funds to and from any GTBank subsidiary in West Africa. In line with a directive by the CBN, recipients of funds through GTMT in Nigeria must either be GTBank account holders or must be identified by a GTBank account holder.
GTBank account and non-account holders can walk into any of the GT branches to transfer and receive funds in Dollars to and from any of their subsidiaries in Nigeria, Ghana, Gambia and Sierra Leone. According to GTB, It is an effective way of paying for goods and services.
Money Transfer is denominated in US Dollars and a maximum of $10,000.00 per transfer. Beneficiaries can be paid in US Dollars or local currency, Cedis, Dalasi, Leone and Naira.
Wire Transfer Services – This service is almost the same with most banks. Walk into the banks, request for the appropriate form, fill it with the relevant information
To be continued