How to Receive Dollars in Nigeria - Financial Quest (2024)

If you’re looking to conduct some business deals with customers or firms outside Nigeria, then one of the first things that would come to your mind would be “how can I receive dollars in Nigeria?” There are several ways to receive dollars from overseas, but the hassles lie with finding the best option for you, and ensuring that it is secure.

In today’s guide, we’ll be discussing some of the best available services that you can use to receive funds (dollars) from outside of the country. We’ll also take a brief look at their features, so you can make a well-informed choice.

There are several ways to receive dollars from abroad, but in this guide, we’ll be focusing on the most convenient ones.

Here is the list of the best methods to receive dollars from abroad in Nigeria:

1. Domiciliary account
2. Western Union
3. Western Union via Quickteller
4. MoneyGram
5. RIA Money Transfer
6. WorldRemit
7. Payoneer
8. Transfer Wise
9. Leatherback
10. Fincra
11. Grey
12. Chipper Cash
13. $end (Flutterwave)
14. Changera
15. Verto
16. Remitly
17. Small World
18. Skrill

• Domiciliary Account

One of the best ways to receive foreign currencies is through a domiciliary account. Most banks in Nigeria have domiciliary accounts for the United States dollar. That means you can receive your dollars directly to your Domiciliary account. And after receiving your dollars you can head to the bank to make a withdrawal and collect your dollars in cash. You can open a US (USD) domiciliary account with Zenith bank, Access bank, UBA, First Bank, FCMB, GTBank, etc.

To be able to receive funds into your domiciliary account, the sender must have the following details from your domiciliary account.

• Account name
• Account number
• Name of the bank
• The Address of the bank
• Bank’s SWIFT CODE
• Bank’s Routing Number

You will receive your funds within the next 72 hours after a successful transfer.

• Western Union

Western Union is an international money transfer service provider, they have been in active service for over 149 years. Western Union allows you to send and receive money from various countries around the world.

They currently have a network of over 200 countries worldwide, and you can receive their various currencies into your Western Union account. This is one of the fast easy means to receive or send money in dollars to Nigeria.

In other to receive funds through Western Union, you must provide the following information:

• Money Transfer Control Number (MTCN)
• Sender’s name
• Receiver’s name
• Answer to Test Question (if provided)
• Location {Country} where the money is being sent from
• Amount to be received
• Valid ID card (non-expired government-issued ID, International Passport, Voter’s card, National ID card, BVN, Driver’s Licence, etc.)

• Western Union via Quickteller

Another method you can use to receive dollars in Nigeria is via Quickteller on Western Union. Quickteller is an online financial service provider that allows you to send and receive funds via the web (www.quickteller.com)

To receive dollars from Western Union via Quickteller, follow the procedures below:

• Visit the Quickteller website at www.quickteller.com
• Click on Sign up and create an account on the platform
• Click on “Send and Receive Money” on the platform
• Click on “Western Union”
• Now select your bank from the list displayed (Zenith, GTBank, or FCMB)
• Under the “Choose Currency” option, select “Dollars”
• Click on “Receive money now”
• The Western Union receive money data page will then be displayed on the screen
• Enter the following details to receive your funds;
• Enter the Money Transfer Control Number (MTCN) as provided by the sender
• Enter the name of the sender’s country
• Enter your bank account number, and account type, either savings or current
• Enter the expected amount in dollars
• Enter your phone number
• Enter the answer to the test question as provided by the sender
• Click on “Continue”
• Confirm the details you provided once more
• Click on “Submit”

NOTE: Western Union money can only be received from the location indicated by the sender. Also, Western Union may issue you your funds in Naira, after converting your dollars into its equivalent in Naira.

What is the Western Union Money Transfer Limit?

The maximum cumulative send limit per individual on Western Union is $1,000 or it’s equivalent in Naira. While the maximum receive limit per transaction is $10,000 or its equivalent to Naira.

The max. Send limit for individuals usually last within the next 90 days, after which the individual can initiate another transfer via Western Union.

• MoneyGram

MoneyGram is a high-performance web-based financial application that allows users to send and receive money from over 200 countries around the world. The money will be received in a few minutes after initiating a payment request on the platform.

The maximum send limit per customer on MoneyGram is $1,000, or it’s equivalent in naira within 90 days. To receive money from MoneyGram, you must provide a reference code which you can get from the sender, and then head over to your bank and fill out a “receive form”. Once your details are verified, your funds will be issued to you.

The maximum cumulative receive limit per individual on MoneyGram is $8,000 or it’s equivalent in Naira within 30 days.

• RIA Money Transfer

RIA Money Transfer is a popular financial service provider that offers international money transfer services. They currently have a worldwide network of over 140 countries including the United States, and the United Kingdom, among others. You can receive your funds (dollars) directly into your bank account within minutes after the transfer is initiated. To use receive money via RIA money transfer, visit the official website of RIA money transfer and create an account on the platform.

• World Remit

World Remit is another platform through which you can receive dollars in Nigeria. They offer online international money transfer services to its customers and has a network spanning over, 150 countries around the world.

World Remit transfers are instant, and you don’t need to visit the bank to send or receive money from abroad. Also, the beneficiaries are not charged for the transfer.

World Remit does not have a minimum transfer limit. However, it has a maximum transfer limit of $2,000 for the first transaction, after which the maximum limit per transaction becomes $7,500. WorldRemit is fast, reliable, affordable, and transparent.

• Payoneer

Payoneer is a popular financial service company that offers online money transfer and digital payment services to its customers. They also help provide customers with working capital if needed. Payoneer facilitates money transfers between businesses and individuals in different countries. They have a network of over 200 countries and territories.

Payoneer money transfer is secure, fast, and reliable. You can get paid and receive your money just as easily as you do locally. After receiving your dollars into your Payoneer account, you can send the funds directly to your bank account and proceed to withdraw cash.

Visit the Payoneer website at www.payoneer.com to create an account today.

• Wise (TransferWise)

Wise is a London-based online money transfer service provider. It was founded in January 2011 and currently supports more than 750 currencies worldwide.

Wise has a very low transfer fee when compared with other companies. You can pay as low as 0.5 to 2% as a fee depending on the route. After receiving dollars into your Wise account, you can directly transfer them to your bank account for withdrawal.

• Leatherback

Leatherback is a popular global trading platform designed for individuals and businesses looking to conduct financial transactions. With leatherback, you can send or receive money from different countries and continent.

With leatherback, you can receive up to 25 different currencies including the United States dollar. Also, leatherback has no hidden charges, or unnecessary fees. So If you’re looking for a platform to make financial transactions without having to lose much due to fees and charges, then check out leatherback today.

• Fincra

Fincra is a financial service provider that offers payment solutions to clients worldwide. So if you’re looking to make or accept payments globally, then Fincra is one of the available options for you.

The processing fees for Fincra transactions are quite cheap, and fast, and these payments can be done dynamically in multiple currencies. So when next you want to receive dollars in Nigeria, try making use of a Fincra wallet, it’s a great choice.

With Fincra you can receive funds from your customers or employer directly to your Fincra wallet in various currencies.

• Grey

Grey offers its users free USD, GBP and EUR accounts for conducting international transactions. It is one of the frequently used platforms by foreign employers to pay remote workers in various country including Nigeria.

You can enjoy high speed international money transfer with Grey. And what’s more? Opening an account is free of charge. All you need to do is visit Grey website and create an account.

Once you’ve gotten your Virtual account details, you can share it with your employer or customer, and get paid in dollars while in Nigeria.

• Chipper Cash

Chipper cash is one of the rising financial platforms for sending money across Africa and a few other countries around the world. It is currently available in 7 countries and supports several currency exchanges like the US dollar. It’s one of the good option to receive your dollar payments in Nigeria.

• $end (Flutterwave)

$end is a fintech service provider powered by Flutterwave. As the largest payment network in Africa, Flutterwave offers seamless financial transactions between customers within and outside Africa. Flutterwave is ISO verified, which means that all its financial transactions are safe and secured.

With Send, you can receive money from various part of the world. You can send the funds when received directly to your bank account from your money wallet.

• Changera

Changera is a financial payment platform that allows you to send and receive money internationally. You can also pay utility bills, or buy airtime and data for your loved ones from wherever you are in the world.

Open an account on Changera today to start enjoying easy financial payments.

• Verto

Verto is a global financial service provider that offers individuals and business firms of all sizes access to international cross-border payment services, FX and banking solutions via its advanced API platform.

With Verto, you can receive payments globally and easily withdraw to your bank account.

• Remitly

Remitly is a US-based money transfer agency, that offers fast and reliable international transactions between individuals or firms. It is the best choice for individuals or firm looking to send or receive money from United Kingdom, United States, Australia, and Germany.

Remitly currently supports money transfers in over 85 countries around the world. Visit Remitly website today, and create an account.

• Small World

Small world is a UK-based money transfer agency and digital banking service provider. They are entrusted by over 15 million customers worldwide and is active and available in Nigeria.

Small world offers cheap international financial services to its customers. With small world, you can receive money from around the world in different currencies, pay bills online, or airtime top up.

• Skrill

Skrill is a popular financial service provider. It is widely used by customers to send and receive money from various parts of the world.

Skrill is known as one of the fastest money transfer agencies, and has a quite a good reputation globally. This platform is easy to use and supports over 200 currencies worldwide. Every year millions of users conduct transactions of over US$1 billion on Skrill. Amazing right? So that means, your funds is secured when you receive dollars via Skrill.

There you have it! The 8 possible ways to receive dollars in Nigeria from your business partners or loved ones. With the help of the platforms described in this article, you can perform various financial transactions with individuals, companies, and firms.

Can I receive dollars in Nigeria via PayPal?

No. PayPal Nigeria is not commissioned to receive funds. However, you can send funds to other countries via PayPal Nigeria.

Can I receive dollars in my naira account?

Yes. However, it depends on your banking institution. In most cases, the bank will automatically create a USD-linked account for you and deposit the money there.

Can I receive dollars in my savings account?

A savings account can be used to receive dollars. However, it will depend on your Banking institution.