What are the top 5 platforms I can use to send money abroad? This is one of the most common searches on Google by Nigerians. A plethora of options are available. There are financial institutions, banks, or globally recognized transfer platforms that leverage technology to transfer money internationally.
An interesting fact you should know is this – even with the availability of these money transfer service providers, many Nigerians do not still know how to send money internationally. While some of them know these platforms, but just find them somewhat difficult to use.
Certainly, this post will expose you to the top 5 platforms that you can use to send money abroad. In other words, your” how to send money abroad questions” will be answered when you understand how these platforms work. Importantly, you need to take cognizance of the requirements, charges, sending time, etc.
Our Top 5 Platforms You Can Use To Send Money Abroad
2. Domiciliary Account
3. Western Union
4. Money gram
Send Money Abroad With Wise
The number one option on our list is Wise which was previously known to be Transferwise. With this platform, you can send money abroad from Nigeria. It’s a UK money transfer provider and has been in existence since 2011.
Do the following:
- Create an account – Of course, the number one step is signing up with the service provider. Create an account with Wise using your email address. And remember to use a strong password.
- Amount – The next thing step is to select the amount you want to send. If you are sending $100 for example, you may need to send $105 due to transaction charges.
- However, before you make a transfer, it is advisable to use the calculator to see fees and exchange rates. The transaction fees are dependent on the amount, the currency you’re sending money to, and your payment method.
- Fill in your details – Before a successful transfer of money abroad, you should have some of the following details ready, your name, the recipient’s full name, your phone number, the recipient’s phone number, the recipient’s address, etc.
- Review the details – It’s always good to review your transfer details so that transfer goes successful. Make sure everything looks right before hitting the send button.
Send Money Abroad Via Domiciliary Account
Having a domiciliary account allows you to send money abroad. There isn’t too much paperwork to be done here. A government ID card is required (Drivers License, International Passport, Voters Card), utility bill, passport photograph. Some banks will require you to provide 2 referees who own a current account.
It takes about 3 days for your account to be set up. Upon completion, your account number would be sent to you via email, your SWIFT Code, routing number, etc. All these processes are just to have the domiciliary account.
You are only allowed to fund a domiciliary account with foreign currencies such as dollars, pounds, or euros which enables you to do foreign transactions on that account.
Nigerian banks do not sell foreign currencies; they will refer you to the black market. You will always buy at a high rate. Once you get those foreign currencies you go back to the bank to deposit them and it reflects in your account.
With the funds in your account, then, you can easily send money internationally through your mobile App. You will be charged a transactional fee and it depends on the bank you are using. The fees are relatively small.
Send Money Abroad Via Western Union
Western Union has been in existence for many decades and is also known to be one of the most common ways to send money abroad. It’s not just a platform to receive funds internationally, you could also send money.
Interestingly, anyone who intends to send money abroad can do this by going to any Western Union shop or online. At the time of writing this article, a check on the website says “the online platform wasn’t available but will be back soon.”
Before transferring or sending money internationally, make sure you register your profile in 3 simple steps – create your profile, verify your profile, and send money.
One would be wondering, how do I have funds in my Western Union account. It’s almost the same procedure as having a domiciliary account.
Here are the procedures:
- Go to any Western Union shop or outlet.
- Give the agent the amount you wish to load, bear in mind that it comes with charges.
- If you’re loading a prepaid card, give them the card too.
- Load your prepaid card or cell phone with the desired cash amount.
Now that you have money to send abroad, do the following:
- Login To Profile
- Choose Sending method
- Choose the Country amount and delivery method
- Enter card details
- Enter your receiver information
- You will get an email confirmation
- Share MTCN code with the receiver
Send Money Abroad Via MoneyGram
MoneyGram is another reliable platform that has been in operation for years. It’s like a twin brother to Western Union. The procedure is almost the same. It is the second-biggest money transfer company in the world.
With this platform, you can also either visit one of their outlets closest to you or send money internationally online. You can also MoneyGram App on Appstore. Fill in your details. It is very much cheaper when you make a transfer via the App. You can either load your credit card or debit card with money and send it.
Send Money Abroad Via Xendpay
Xendpay offers one of the lowest-cost global money transfer services. Xendpay has an App that is currently available on iOS and Android. This platform also works in Nigeria. So, your destination won’t be a problem here.
You are either using the App or website to send money.
Also, any user can fund or transfer funds through bank transfer, credit, or debit card. However, the process of sending money starts with creating an account.
Let’s assume you have created the account. Then, do the following:
- Just log in. If you haven’t, registration only takes a few seconds. Or you can get going even faster with Facebook or Gmail login.
- Select the amount you want to send and the destination. Then check out what your money looks like at the other end, without any hidden fees.
- Also, bear in mind that there are a few details you will need relating to your recipient’s bank account before sending such as IBAN, Swift code, bank name, bank address, etc.
Other Platforms To Send Money Abroad From Nigeria
There are other ways you might want to explore sending money abroad. Making international transfers does not end with MoneyGram or Western Union.
Below are other options