Receiving money from abroad is more prevalent than ever. It’s an ordinary aspect of your finances. Nevertheless, receiving money from abroad can be intimidating, particularly if you are new to it.

If you’re curious about how to receive money from abroad in Nigeria, you are not alone! Receiving money from abroad can be a bit of a hassle, but don’t worry, we’re here for you!

Here in this article, we will tell you how to receive money from abroad in Nigeria, the steps to be taken and talk about the many options you have available, so that you can just get money from abroad and spend your foreign money!

Therefore, if you are expecting some cash from an overseas relative or business partner, or you require a safe way of receiving foreign payments, then this piece is for you. Follow me and let us examine the best way on how to receive money from abroad in Nigeria.

Can You Receive Money From Abroad in Nigeria?

Yes, foreign countries can send money to Nigeria. Nigeria boasts a well-regulated financial system in which foreign money remittances can be received with ease.

International money is received by most Nigerians every year from friends, relatives, or business partners in other countries.

The government and bank policies have guaranteed the security of cross-border money transactions as well as adherence to anti-money laundering as well as know-your-customer rules.

It is normally a simple and routine process to receive money from abroad in Nigeria.

How to Receive Money from Abroad in Nigeria

So how do you receive money from abroad in Nigeria? You can receive it by having a payment provider which the sender can use from where they are and a payment provider which you can receive in Nigeria.

Majority of banks claim that they offer international payments, but all of them don’t accept Nigerians. Below is how you receive money from abroad in Nigeria:

1. Domiciliary Bank Account

The first way on how to receive money from abroad in Nigeria is domiciliary account. It allows for any individual based in Nigeria as an individual entity or business firm to hold and make transactions within foreign currencies such as US Dollars, Euros, or Pounds Sterling.

How to receive money from abroad using Domiciliary account

Open domiciliary account: Visit a Nigerian bank offering domiciliary account services, such as UBA, GTBank, or Access Bank, and open an account.

Provide account information to the sender: Provide your account name, account number, bank name, bank address, and SWIFT code to the sender abroad.

Sender initiates transfer: The sender remits money from their bank abroad to your domiciliary account.

Transfer is finalized: Your bank in Nigeria gets the transfer and credits it into your domiciliary account.

Your money is within reach: Your money is now in your domiciliary account, and you can convert it to naira or use it for international transactions.

2. Fintech Apps

Fintech applications have revolutionized sending and receiving money across borders. With fintech applications, you have a quick, easy, and secure way of receiving money from abroad in Nigeria. You can get money in minutes, have transactions tracked in real-time, and be able to have access to competitive exchange rates with fintech applications.

How to receive money with Fintech apps

Download a fintech app: Choose a secure fintech app, such as WorldRemit, TransferWise, or Payoneer, and install it on your smartphone.

Sign up: Sign up on the fintech app with the personal and identification details required.

Provide recipient details: Share your name, email address, and phone number with the sender in another country so that they can transfer money to you.

Sender transfers money: The sender sends money through the fintech app to your account.

Access money: Your money is now in your account in the fintech app and can be exchanged for naira or used in international spending.

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3. Cryptocurrency

Cryptocurrency is another way on how to receive money from abroad in Nigeria. It is a much sought-after cross-border payment system on the basis of its security, speed, and possible cost benefit. Cryptocurrencies are supported by blockchain technology to enable peer-to-peer money transfer in a decentralized environment without the involvement of intermediaries. This can result in faster and lower-cost cross-border money transfer.

How to receive money with Cryptocurrency

Download a cryptocurrency wallet: Get and install a trustworthy cryptocurrency wallet application, e.g., Coinbase or Binance.

Create an account: Sign up for an account on the crypto wallet app, providing required personal and identification details.

Share your wallet address: Provide your own crypto wallet address to the foreign sender.

Sender makes transfer: The sender initiates a transfer of cryptocurrency to your wallet address.

Access your funds: Your crypto funds are now in your wallet, and you can convert them to naira or use them for online spending.

4. Cash Pickup Services

Cash pickup services enable individuals to receive funds from abroad in Nigeria in an easy and secure way. Cash pickup services allow senders to send funds, which are payable in cash at a predetermined place.

How to receive money with Cash Pickup Services

Choose a cash pickup service: Select a reputable cash pickup service provider, such as Western Union or MoneyGram.

Sender initiates transfer: The sender transfers the money through the cash pickup service provider.

Get a reference number: The sender provides you with a reference number specific to the transaction.

Pick up cash: Visit a pre-arranged cash pickup facility, show the reference number and identification, and collect the cash.

Also Read – 7 Most High Paying Skills in Nigeria That are Worth Learning in 2025

Factors to Consider Before Choosing How to Receive Money From Abroad in Nigeria

The best payment provider for you is a matter of your business/your requirements and preferences. When choosing between an option, consider the following:

International payment frequency: Ongoing payments can be simpler with a Fintech app.

Number of transactions: If you have higher transactions, think about a domiciliary account with lower transfer fees.

Your technology comfort level: If you don’t know much about cryptocurrency, a domiciliary account could be safer. If you’re choosing a fintech app, choose one with simple inputs and instructions that are easy to follow in accepting payments.

Credibility and track record: Choose well-known institutions with a good reputation and positive online reviews, and check if they possess relevant certifications and licenses. Stay away from institutions with a poor history of security violations and lack of good customer service support.

Currencies & exchange rates: Always check to know what currencies they offer and make sure to compare the provider’s supported bank with your client’s preferred payment provision. You’ll want to look out for those offering competitive exchange rates with minimal hidden fees.

Payment times: Be aware of the foreign transfer processing time. Look at the average waiting time from when your client pays until it arrives in your account. Select financial providers that offer speedy and efficient processing, especially if you rely on timely payments for your livelihood.

How Long Does It Take to Receive Money?

Having known how to receive money from abroad in Nigeria, the time to make money accessible in Nigeria from abroad varies. It’s based on what is utilized as the transfer process and a variety of factors. They encompass identity verification processes, receiver details accuracy, as well as Nigerian third-party facilities opening hours

Where domiciliary bank accounts may take a couple of days to make money transferable, certain money transfer institutions, cash collection services, as well as bitcoin, can accomplish it much earlier.

Thus, if you are interested in learning how you can receive money from overseas, consider your options and choose the most suitable one.

Issues in Receiving Money From Abroad in Nigeria

Receiving foreign currency in Nigeria can be challenging. Some of the frequent issues include:

Long waiting periods and delays
High transfer charges
Security threats
Regulatory issues
Issues with currency exchange
Technical issues
Issue with documentation and verification

Knowing these issues of how to receive money from abroad in Nigeriabeforehand can prepare you and guide you to work around them.

Frequently Asked Questions

Can money be transferred in foreign currency directly into my Nigerian bank account?

You can accept foreign currency in a domiciliary account, where you can hold and retain foreign currencies.

How do I track my money transfer from abroad?

You can track your transfer using the transaction reference number provided by the sender or the money transfer agency.

Are there any restrictions on transfers for accepting money from abroad in Nigeria?

Transfer limits vary by service and provider. Some services may have daily or monthly limits.

Can I receive money sent to me from outside Nigeria via my mobile phone?

Yes, some online money transfer companies and mobile money operators allow you to receive money into your mobile wallet directly.

Do I pay any fees or taxes to receive money from outside Nigeria?

Yes, you may be charged by the sender’s bank, the recipient bank, or the money transfer agency. You may also be taxed on the received amount.

Conclusion

It is now easier to receive money from abroad in Nigeria. With all these options of how to receive money from abroad in Nigeria, you can choose the one that suits you.

Regardless of whether you do it through bank transfers, online funds transfers, cash collection services, or cryptocurrencies, your business associates and loved ones abroad can send you money.

Simply by following these simple steps of how to receive money from abroad in Nigeria, you can benefit from your money at your convenience in a safe manner. Always research and compare to acquire the best for you.