Receiving International Transfers in US Dollars as a Nigerian Freelancer
For a lot of Nigerians, receiving money from abroad is quite common. Whether it’s from family and friends trying to show love, business partners trying to close deals, customers in other countries trying to make purchases.
With the increase in remote working due to the Pandemic, Nigerians in different industries now receive international payments from international employers. However, a lot of us struggle with figuring out the best way to receive these funds.
In 2020, the Central Bank of Nigeria (CBN) issued circulars amending and clarifying the procedure for receipt of diaspora remittances (“the Circulars”). The apex bank ordered that all remittances should be paid in US dollar or directly into the recipient’s domiciliary account. The goal is to control the distribution of dollars in the economy and eliminate what is clearly arbitrage.
This is not just amazing news for Nigerians receiving money from abroad but is also great news for people in the diaspora trying to send money to people in Nigeria.
How can you receive international money transfers as US Dollars?
The process of receiving a money transfer from anywhere in the world through Nigerian banks and International Money Transfer (IMT) services is easy but differs slightly with different partners.
Here are a few ways you can receive international transfers as US Dollars cash or into your domiciliary account.
Western Union is a credible and convenient means of receiving international transfers in Nigeria. The Western Union mobile app and website are digital channels that can be used to make international transfers. However, Western Union also has 550,000 agent locations in more than 200 countries to carry out transactions physically.
The process of receiving money from a Nigerian bank is also straightforward. It includes providing your Western UniMTCN (Money Transfer Control Number) and a valid means of ID which could be your driver’s license, NIMC Slip, International Passport or Voter’s card.
The remittance can then be received as cash in USD or directly into your domiciliary bank account.
World Remit is a fast and secure service that lets you transfer money online using a computer, smartphone, or app instantly. When sending money using any of the World Remit channels, you are given two option; the Cash pickup option or the Direct bank account transfer. The Cash Pickup allows the receiver to pick up remittance as USD over the counter of select World Remit partners while the direct transfer allows only remittance to the recipients domiciliary account
The process of receiving a Cash pickup is also very seamless. Upon provision of government-issued ID, such as a passport or driving licence and transaction reference number ( which recipients receive by SMS (and in some cases email as well), USD will be given to you.
Money Gram offers safe international transfer at good, affordable rates.
With their website, app or thousands of convenient MoneyGram locations around the world, international transfers are quite convenient. One of the perks of international transfers using MoneyGram is that fund transfers are also completely free when you send money to a GTBank account via the MoneyGram App or MoneyGram Online.
You can also walk into any Nigerian bank nationwide to pick up international transfers from anywhere in the world as US Dollars cash or have funds remitted directly into your Domiciliary account.
Remitly Money Transfer service is instant, secure, reliable, and a convenient alternative for receiving funds directly to Nigeria as cash pick up or directly into your account.
With Remitly, it is also possible to track transfers; so the sender can notify you, the receiver, of when the cash pick up is available at any Nigerian Bank Nationwide.
At this point, all you have to do is walk into the bank with your valid government-issued ID and transaction information. You would receive your transfer as US Dollars cash or paid directly into your domiciliary account.
Other International Money Transfer Operators who have partnered with Nigerian Banks include Xoom and Transfast. If you are one of the people who has had to suffer from the stress of changing international currency recently this news should excite you because it means you can now get the exact amount of money paid to you. No dollar lost, no charges on the money.
Onyinyechi Nneji is a Content Marketer at GTBank, Nigeria. When she’s not writing about financial products and services, she uses digital marketing to support the growth of local, independently-owned businesses. She also writes fictional stories centred around feminism, family and mental health within Africa. Connect with me on Twitter, Instagram or via mail