How to receive and make international payment in Nigeria

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If you are looking for how to receive and make international payment in Nigeria then you are about to find out the best ways to receive international payment online from either your clients or customers as well as make international payment online as a Nigerian.

If you are a Nigerian, and you are making money online and you are finding it difficult to receive your money from your clients, don’t worry, that is why I wrote this guide. This guide will provide you different ways you can receive your payments online.

If you are a student, there are a lot of business ideas for students that you can begin with. Moreover, this article is for everyone either you are making money from affiliate marketing or you own a business online that is providing you a lot of income, whatsoever online business you are into, this article is definitely for you.

Without wasting your time, let us look at how to receive international payment in Nigeria

How to receive international payment in Nigeria

There are several ways you can receive international payment in Nigeria and they are via;

  1. Domiciliary Account – Wire Transfer
  2. TransferWise
  3. Western Union
  4. Worldremit
  5. Moneygram
  6. Ria Money Transfer
  7. Paystack
  8. Rave by Flutterwave
  9. Payoneer
  10. Skrill
  11. PayPal

1. Domiciliary Account – Wire Transfer

How to receive international payment in Nigeria

Getting paid into your domiciliary account is one of the best ways to receive money online or from your foreign clients. For you to receive international payment in Nigeria via wire transfer, you need to open a domiciliary account.

Once you have your domiciliary account set up, the sender would require certain details to successfully send the money to you. The details the sender will need include;

  • The name on your account
  • Your account number
  • Bank name
  • Bank address
  • Your bank Swift Code and Routing Number.

To collect or withdraw the money from your domiciliary account in the same currency it was sent to your domiciliary account. The process is the same as the withdrawal from your regular naira account. However, if you wish not to collect the cash in the same currency it was sent, you can either tell someone to help you convert the currency into naira or meet the aboki that can help you out with the conversion. Most of the aboki will request you pay them in cash.

  • Go to the nearest branch of your bank once you receive an alert about the international wire transfer.
  • Meet the person in charge of foreign currency transactions.
  • Get the withdrawal slip, complete the withdrawal slip and hand it over for processing.
  • Receive your cash

If you have a domiciliary account you can request for a dollar which can be use to make international or online payment.

2. TransferWise

TransferWise, a London-based online money transfer service founded in 2011 which uses the exchange rates provided by Reuters to facilitate its transactions. With TransferWise, there are no hidden fees which means your money will be converted at the ‘inter-bank’ rate.

TransferWise provides you with a reliable way to receive money from another country in Nigeria whereby your clients, family, and friends overseas can easily send you payment via their credit cards, debit cards, or bank account.

The service delivery of TransferWise is speedy, and you get notified of the money that has just been sent to your bank account in your email. All the sender needs to know about you is your bank account details and email address.

TransferWise is a very viable option for receiving money as it shows the sender a cost breakdown of the transactions. If you’re looking to receive money from overseas, you might want to consider it as one of the ways to receive international payment in Nigeria.

3. Worldremit

WorldRemit allows senders in 50 countries to instantly send money via the app or online to receivers in 150 countries, including Nigeria and other countries across Africa.

WorldRemit is a fast and secure service that lets you transfer and receive payment online using a computer, smartphone. It is a good way to receive international payment in Nigeria because you can download the app and access it anytime and via any device.

There are certain steps you can use to send and pick up your payment. Nevertheless, you might be required to do a few extra steps depending on the bank branch you choose to make your withdrawal at.

Step 1

Provide the following information to the sender;

  • Account name
  • First Name and Surname
  • Your NUBAN number
  • Bank name

Step 2

The sender will complete a send form indicating account deposit option and providing the details supplied by the Receiver.

Step 3

The transaction is completed and Sender and Receiver will get instant confirmation from the WorldRemit system once the transaction is successful.

You don’t have to think twice about receiving payments from abroad as this can be done almost instantly in most countries. Your client can send money to you in Nigeria via instant bank transfer to all major banks and your cash can be picked up easily from any FCMB, Gtbank, First bank, Access Bank and other bank branches in partnership with WorldRemit closest to you.

4. Moneygram

Next on our list on how to receive international payment in Nigeria is MoneyGram. MoneyGram is one of the oldest and reliable money transfer services in the world. With a strong presence in over 200 countries, it is the money transfer platform of choice for a lot of people abroad who have to send money to Nigeria.
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 entering, the reference number given to you by the sender.

After which, hand the completed form to the agent with your valid BVN and receive your money. Within 24-48 hours, you will receive the money in your bank account.

5. Western Union

Just like MoneyGram, Western Union is one of the oldest and efficient money transfer services in the world. It is one of the go-to money transfer services for Nigerians because of its ease-of-use nature.
With Western Union, you can send and receive money from over 200 countries in the world without stress.

You can pick up money at any participating Agent location near you. The good news is that in almost all banks, there is a Western Union agent. You can also decide to get your money directly from the app.

How to collect your money from an agent

After locating an agent around you, a form would be handed to you. Complete the ‘To Receive Money’ form using printed, capital letters. You would also be required to provide the following information;

  • Sender’s name
  • Where money was sent from
  • Test question and answer (if applicable)
  • MTCN if required. Money Transfer Control Number (MTCN), is a number that comprises of ten digits and is used by Western Union for money transfer.)

After filling, present an ID with the form to the agent. The agent will then check your ID sign the receipt and ask you to sign. You can then collect your money.

How to collect your money using the mobile application

You can receive money quickly and easily on your mobile phone via their mobile money transfer service.

Depending on the services offered by your mobile service provider, you can use the money to pay bills, buy goods and services, purchase minutes, and withdraw cash.

Follow the steps below for mobile transaction.

  • Ask your sender to choose ‘receiver’s mobile wallet’ as their payout option and make sure they have your correct mobile number with country code.
  • You will get a text message after the money is added to your wallet.

6. Ria Money Transfer

With Ria Money Transfer, customers can receive money from overseas directly into their bank account, eliminating the stress of filling out paperwork and having to supply identification, a reference number, or authentication code.

If you have a bank account with First Bank, Diamond Bank (now Access Bank), Polaris Bank and Ecobank, you can receive money directly into your bank account through the money transfer platform.

If you do not have an account with any of the above-listed banks, you can still receive money through Ria. What you need to do is walk into any of the Ria-Partner banks and provide these details:

  • Proof of identification
  • Sender’s name and address
  • Your own personal information
  • The amount you are expecting
  • The transfer pin (given to you by the sender).

In sending money to Nigeria, your client should use the following steps;

  • Create a free account in under 2 minutes or log in if they already have one.
  • Start a money transfer using their bank account, credit, or debit card.
  • Confirm that everything looks right and hit send! Your money is on its way.

You can choose to pick up your money through an agent or get it nice and easy via the mobile application.

7. Paystack

Paystack is unarguably the best payment processor in Nigeria. Everything about the platform lends credence to the fact that they are set out to capture the Nigerian market with their simple, yet appealing user-interface and easy-to-use functionality.

Paystack makes it easy to receive money from your clients, both locally and internationally. With Paystack, you can automate your transactions as one-time or recurring payments.

Creating an account with Paystack is simple and straightforward, unlike other payment processors who ask for too much information.

Paystack doesn’t charge you for creating an account with them. They only charge a service fee of 3.9% + N100 per international transaction. They process billions in transaction value monthly because many merchants find them easy to use.

It is interesting to note that if you want to receive your payments from Paystack in USD instead of Naira, it is possible.

For merchants with websites, simply setup Paystack on your website, integrate your Paystack keys at your backend, and you’re good to go.

For Freelancers who render services online, you can receive money from your foreign clients by creating an invoice on the Paystack platform, providing their details, including; customer email, customer name, phone number, and amount.

The client receives the invoice in their email with a Pay Now button, which redirects them to a page where they can make the payment.

Once the client makes a payment, you receive it instantly in your Paystack account. Quite easy, right? Now, you understand why Paystack is unarguably the best at what they do.

8. Rave by Flutterwave

Flutterwave provides a platform for you to receive payments in multiple currencies around the globe. With Flutterwave, you don’t have to worry about going to the bank because you need to receive money from clients overseas. The Flutterwave platform guarantees you ease and convenience to initiate transactions from the comfort of your bedroom.

Receiving money through Flutterwave is as simple as ABC. All that is required is for you to create an account on the platform, provide your local bank account details, and start receiving money from all over the world.

Flutterwave was founded in 2016, and in a short while, it has gone ahead to be a significant shareholder in the market, providing PCI-DSS compliant solution to ensure the security of your customer data.

Rave allows you to receive payments locally and globally directly from bank accounts, cards and mobile money wallets with no hassles and zero set up fees. Flutterwave charges you 3.8% of each international transaction you carry out.

Flutterwave provides you with a dashboard that you can access from any browser. This means that you can accept and monitor your payments and your customers.

Rave by Flutterwave is focused on businesses. It lets you receive payments locally and globally

with no hassles and zero set up fees. It allows customers to pay using their Visa, MasterCard and Verve cards.

Flutterwave created two distinct products. One for businesses looking to accept worldwide payments. Another for individuals looking to conveniently make payments from anywhere in the world.

There are two options you can use for your business;

  • Flutterwave for Business

This was designed for people/businesses that wish to receive money from customers /clients, monitor and grow their business.

  • Barter by Flutterwave

For people who want to create virtual cards for their shopping, or send money within their friendship circles and people who want an easy convenient way of paying bills, this option is perfect.

For businesses processing payments via Flutterwave, they have access to an array of payment methods including barter by Flutterwave.

Rave gives you incredible insight into who your customers are so you can understand who they are and their transaction habits when using your product.

9. Payoneer

Payoneer provides a secure and easy alternative for Nigerians to continue receiving international payment.

Payoneer’s cross-border payment service has empowered local businesses, freelancers, and online sellers to make and receive payments globally, just like they would locally. In other words, it works exactly as PayPal does.

Recently, Payoneer entered into partnerships with top e-commerce and freelance platforms, affiliate networks, and global outsourcing providers to provide an easy way to receive money from clients overseas.

To receive money through Payoneer in Nigeria, you have to register. After registering, you receive a virtual bank account number.

Once you open an online account, it is easy to receive payment. You can even decide to add your local bank details and transfer funds directly to that account.

How long does it take to receive payment via Payoneer?

It generally takes 2-5 business days for the funds to reach your bank account after you receive the confirmation email. Transfers within the US usually take 2-3 business days.

After the money has been paid into your Payoneer account, you can go ahead to request for withdrawal into your bank account. Remember that depending on your bank, charges are applied to using Payoneer. You can read more about Payoneer online payment service here.

10. Skrill

Skrill is also part of my list on how to receive international payment in Nigeria.

To receive money from other Skrill users, they can either do this by having them sending money to you directly or through a cart on your website after opening and setting up your account.

There are two types of Skrill accounts; Personal and Business account.

Personal account

This is the best choice of account type for an individual who plans to receive money or make online purchases and other international transactions. With your personal account, you can;

  • Send money
  • Receive money
  • Shop online
  • Purchase cryptocurrencies

Business account

This is a good way to receive international payments as a business owner. It is easier for businesses who want to receive payment from their customers.

Once you have this account, the payment solution can be integrated into your website easily. This means that you can receive payments from your customers. They can pay for your products/services with credit/debit card, from the wallet or transfer without you having to wait too long.

Nonetheless, you have to be consistent to enjoy using Skrill as a monthly service fee of EUR 5.00 (or equivalent) might be deducted from accounts that fail to perform transactions within 12 months.

11. PayPal

PayPal is commonly use to collect payment online, that is the reason is part of this article, “how to receive international payment in Nigeria”. But ensure an invoice is created in your paypal account, so that clients who aren’t using PayPal can make payment with their credit cards. Another alternative is to send your Paypal email address or Paypal link to them (that is if they have PayPal account). If you are a Nigerian and you want to create an account that can send and receive funds, then feel free to read our article on how to create a PayPal account in Nigeria.

How to make international payment in Nigeria?

Are you a Nigerian and you want to pay for some goods or services you purchase online but your Naira card is giving you limitations. As you read on, you will find out how to make international payment in Nigeria.

Due to bank policies, it is difficult for Nigerians to make online payments especially is the payment is in form of dollar, euro or any other foreign currency. There are lot of ways you can now make international payment as a Nigerian. These methods I am going to be listed below can be use peradventure the platform you are making payment to support the payment method.

Below are the different ways you can make international payment in Nigeria:

  1. PayPal
  2. Payoneer
  3. Domiciliary account through your dollar/euro/pound card

Conclusion on how to receive international payment in Nigeria

We have listed 11 best ways on how to receive international payment in Nigeria from clients abroad without any stress. You can make use of more than one methods to receive international payment for example, a clients may prefer to pay you via Payoneer, if you have a Payoneer account you can send him your Payoneer details for the payment to be successful. In addition, always inform your clients your method of payment before concluding a deal in order to prevent any dispute. thanks for reading, if you have any question or inquiries, you can either make use of the comment box below or contact us.

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Emmanuel David

I am the fountainhead of Deluxepreneur. With 7 years of experience, I love to write informative articles on careers, celebrity net worths and also step-by-step guides to our readers. Feel free to contact me if you have any inquiries.

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