Following the post last week on payment methods in Nigeria, you can read more here. We thought it insightful to write about how to receive international payments from countries outside Nigeria.
A lot of businesses restrict their transactions with clients within the country because of the perceived stress in getting paid from outside Nigeria. There are several secure platforms for receiving payment from overseas, so when next you get a client from outside Nigeria, embrace the opportunity, and be sure your money will get to you.
Find below 5 safe, fast, and effective platforms for receiving international payments
DOMICILIARY ACCOUNT
This is one of the easiest ways to receive money from different countries. A domiciliary account can be opened in any of the local banks and you can have different domiciliary accounts, for different countries and currencies such as a dollar account or a Euro account.
WESTERN UNION
If you have ever had any reason to receive money from outside Nigeria, then you would know about Western Union. With this platform, you can receive money from over 200 countries without stress. There are two ways to doing this, either you make use of a participating agent which almost every bank has, or you can use the app. Once you give the correct information, it’s very straightforward.
WorldRemit
This is a fast and secure service that lets you transfer money online using a computer, a smartphone, or an app. With low fees and upfront exchange rates, senders from 50 countries can easily send money to receivers in 150 countries, Nigeria included. Once you download the app and fill in the correct details, you are good to go. You can send to mobile money, do a cash pickup from any location, or make a secure bank transfer.
MoneyGram
This is a fast, easy, and extremely reliable way to send money and the best way to receive international payments. To receive your money sent, find any MoneyGram location around you and consult the agent (most local banks are MoneyGram enabled). You would be asked to complete a simple receive form, enter the reference number given to you by the sender. After this, hand the completed form to the agent with your valid photo I.D. and receive your money. That’s all!
TransferWise
If you are still thinking of a good way to receive international payments, TransferWise should be top on your list. In about an hour, you can receive your payment using their easy and user-friendly online application. However, how fast TransferWise can send your money depends on the option your client used in sending the money. It can be within one day, or even within seconds. TransferWise converts your money at the ‘inter-bank’ rate. This means that there are no additional hidden charges as you might find with many international transaction companies. You can either use your debit card to pay which is cheaper than a credit card and if you prefer a credit card, TransferWise accepts Visa, Master, and Maestro cards.
What platforms have you used to receive payments? which other platforms can you recommend, kindly share your thoughts in the comment section.
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