Sending money abroad can be a complex and daunting task, especially when it comes to ensuring the safety of your funds. With so many options available, it’s important to choose the safest and most reliable method to transfer money internationally.

In this comprehensive guide, we will explore the safest ways to send money abroad from Nigeria, providing you with valuable insights and actionable steps to make informed decisions.

Why Safety Matters in International Money Transfers

When it comes to sending money abroad, safety should be a top priority. The last thing you want is for your hard-earned money to be lost or stolen during the transfer process. By choosing a safe and secure method, you can have peace of mind knowing that your funds will reach their destination without any issues.

Safety in international money transfers is crucial for several reasons:

1. Fraud Prevention: Sending money through secure channels minimizes the risk of falling victim to fraud or scams. By using reputable platforms, you can trust that your funds will be protected.
2. Data Security: Ensuring the safety of your personal and financial information is essential. Opting for secure transfer methods guarantees that your sensitive data remains confidential and protected from unauthorized access.
3. Reliable Delivery: The safest money transfer methods provide reliable and timely delivery, ensuring that your funds reach the intended recipient without any delays or complications.

Now that we understand the importance of safety in international money transfers, let’s explore the safest methods available for sending money abroad from Nigeria.

1. Western Union Money Transfer

Western Union is a well-established and widely recognized platform for sending money globally. It offers a safe and reliable way to transfer funds from Nigeria to other countries. With over 5,000 outlets in Nigeria, Western Union provides convenient access to their services.

To send money through Western Union, you will need to provide the following information:

• Sender’s name, phone number, and address.
• Receiver’s name and country.
• Amount in Naira.
• Acceptable means of identification (e.g., International Passport, Driver’s license, National Identity Card).
• Account holder with a bank.
• Test question and answer (where applicable).
• Maximum limit of USD1,000 or Naira equivalent per customer per quarter, as stipulated by the Central Bank of Nigeria.

It’s important to note that Western Union strictly operates on a person-to-person basis, and business transactions are not allowed.

2. MoneyGram

Similar to Western Union, MoneyGram is a trusted platform for sending money internationally. With its presence in over 200 countries, MoneyGram offers a reliable and secure way to transfer funds from Nigeria.

To send money through MoneyGram, you will need to follow a process similar to Western Union. Provide the necessary sender and receiver information, including identification documents, and choose the amount to be transferred. MoneyGram partners with Nigerian banks to facilitate outbound money transactions.

3. Domiciliary Account

A domiciliary account is an excellent option for sending large sums of money abroad. It allows you to hold funds in foreign currencies, such as USD, GBP, or EUR, and make direct transfers to foreign receiving accounts for various purposes, including business transactions.

Opening a domiciliary account is similar to opening a regular bank account. You will need to complete an account opening form, provide a valid means of identification, provide your Bank Verification Number (BVN), and submit other required documents such as references, a recent utility bill, and a passport photograph.

Once your domiciliary account is set up, you can initiate money transfers by providing the recipient’s bank details, including the account name, account number, bank name, and branch name. The funds will be converted into the destination currency at prevailing forex exchange rates.

4. PayPal

PayPal is a leading global online payment platform that allows individuals and businesses to send and receive money across borders. While PayPal had restrictions on Nigeria in the past due to fraud concerns, the restrictions have been lifted as Nigeria’s reputation and fraud prevention measures have improved.

As of December 2018, Business Accounts are now available to e-commerce merchants in Nigeria. However, you can only receive money through a website cart, not directly from another user. You cannot receive money with a PayPal Personal Account in Nigeria but can use it to send money, make online payments, and buy items on e-commerce sites.

Opening a PayPal account is simple. Visit the PayPal website (www.paypal.com/ng) and sign up. You can link your bank account or debit card to your PayPal account for easy transfers.

When sending money through PayPal, the funds will be converted to the recipient’s currency at the applicable exchange rate. PayPal provides a secure and convenient way to send money abroad.

5. Skrill

Skrill is an e-commerce platform that facilitates low-cost international money transfers through the Internet. Similar to PayPal, Skrill allows users to send and receive funds globally.

With Skrill, you can send money to an email address. If the recipient has a Skrill account, the funds will be automatically credited. If not, the recipient will be notified to open a Skrill account to receive the money. If the transfer is not accepted within 14 days, the funds will be returned to the sender.

Skrill supports over 40 leading currencies worldwide, making it a convenient option for sending money abroad.

6. Payoneer

Payoneer is a global payment platform that offers online money transfer and digital payment services. With Payoneer, users can send and receive funds into their bank accounts, Payoneer e-wallet, or onto a reloadable prepaid MasterCard debit card.

To start using Payoneer services, you will need to apply for a Payoneer MasterCard on their website (www.payoneer.com). Once approved, the card will be shipped to your designated address.

Payoneer provides a secure and reliable way to send and receive money internationally, making it a popular choice for freelancers and business owners.

7. Wise (formerly TransferWise)

Wise is a UK-based money transfer service that offers virtual foreign currency accounts to its customers. It allows users to open local bank accounts in various regions, including the EU, UK, USA, Canada, Australia, and more.

With Wise, you can receive funds in your virtual account and convert them at the official Wise exchange rate. The converted funds can then be sent directly to your local bank account. Wise provides a cost-effective and efficient way to transfer money internationally.

Conclusion

When it comes to sending money abroad from Nigeria, it’s crucial to prioritize safety and security. By choosing the right money transfer method, you can ensure that your funds reach their destination reliably and without any issues.

Options such as Western Union, MoneyGram, domiciliary accounts, PayPal, Skrill, Payoneer, and Wise offer safe and reliable ways to send money internationally. Each method has its own advantages and considerations, so it’s important to choose the one that best suits your needs.

Remember to compare fees, exchange rates, and delivery times to make an informed decision. By following these guidelines and using reputable platforms, you can confidently send money abroad from Nigeria while prioritizing safety and security.

For more information and updates on money transfer options and services, visit trusted financial websites and consult reliable sources to stay informed about the safest methods available for sending money abroad.