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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

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4 Comments

  • apeiron October 12, 2016

    Thanks for this…..it really help me

  • forge4profit November 22, 2016

    Good day Mr Omeh
    As I’m still new to bitcoins, I did some resurge and investigate the crypto currency markets , and especially in Africa. I do believe that bircoins are here to stay. I would also suggest that you can combine this article with your post on money transfers and Forex,

    I found a trading company (ICE3X) in South Africa that provide a bitcoin service to Nigeria, where you buy your bitcoins in Naira trough Voguepay. This could also open doors to Nigerians to be able trade/transfer bitcoins (currency), and enable another way to do money transfers to almost any country.

    ICE3X offers a safe and easy registration process- (that is free by the way) and has secure an exclusive agreement with Vogue Pay for their payment processor to buy bitcoin’s and start trading within hours.

    The ICE3X website offers loads of valuable information regarding bitcoin, bitcoin trading, and bitcoin in Africa. With a bitcoin school program – also free, I found great deal of informative info to learn crypto economics and trading. This would enables Nigeria now to be part of the safest African bitcoin exchange, and be able to purchase bitcoin in Naira from your native Nigeria.

    Everything they offer is free, and all info is free on their website. they are a totally open book trading platform to crypto currency. There is no referral programs connected to this company, or marketing related programs.

    I do think this company do deserve some further investigation and could be great expansion on your forex trading and money transfer.

    • Darlinton Omeh November 22, 2016

      Alright, I’ll do further investigation as you said and try act on the investigation result. You can write a detailed blog post on that to be published here.

  • mdpap January 22, 2017

    Helpful post thanks.

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