How to receive money from abroad online? It’s easier and faster to send money from one country to another. Foreign exchange services have also made it simpler to deal with money from different countries.
But when you send money from abroad to someone, like inheriting property or moving back home after living abroad, both you and the person receiving the money might have to pay fees. These fees can add up, so it’s important to keep them in mind.
If you’re expecting an international payment, there are various ways to receive money from overseas. Each has its pros and cons. Here’s a quick overview of the transfer types we’ll cover.
4 Simple Methods on How to Receive Money From Abroad Online
1. International Money Transfer Services:
- These services offer a secure and straightforward way to receive money in any currency directly into your bank account.
- To receive funds, you provide your bank and personal details to the sender, who then sets up an online account with the transfer provider to exchange the money.
- International transfers typically take 1-5 days to process and often come with lower fees and better exchange rates compared to banks.
2. Bank Transfer:
- Another option is to receive money through a bank-to-bank transfer initiated by the sender via online or mobile banking.
- You’ll need to provide specific personal data for the transfer, including your name, account number, residential address, bank name, and SWIFT Code.
- While bank transfers are widely known, they may come with high fees, especially for large sums.
3. Cash Pick Up:
- You can collect money in person from cash pick-up locations, such as convenience stores, petrol stations, or credit unions, depending on the country.
- No account setup is required; you only need the transaction reference number and valid identification to collect the cash payment.
4. Mobile Wallets:
- Some people prefer to use mobile wallets for financial transactions instead of traditional bank accounts.
- Mobile wallets serve as both a payment method and a way to receive money from abroad, offering convenience and flexibility.
- They are commonly used for spending and managing money, serving as an alternative to cash or bank cards for purchases
Can I Receive Money From Abroad in my Bank Account
Yes, absolutely! Receiving money from abroad directly into your Nigerian bank account is one of the most common and convenient methods.
Here’s a step-by-step guide on how you can receive money from abroad:
- Provide Your Bank Details:
- Share your Nigerian bank account details with the sender. This typically includes:
- Bank name
- Your full name (as it appears on the account)
- Account number
- SWIFT/BIC code (for international transfers)
- IBAN (if applicable)
- Share your Nigerian bank account details with the sender. This typically includes:
- Sender Initiates Transfer:
- The sender initiates an international bank transfer from their bank. They will need your bank details to complete the transfer.
- Bank Processes the Transfer:
- The sender’s bank sends the funds through the international banking network to your bank in Nigeria.
- Funds Deposited into Your Account:
- Once the transfer is processed, the funds are deposited directly into your Nigerian bank account.
- Check Your Account:
- Keep an eye on your bank account for the incoming transfer. Depending on the sender’s location and the banks involved, it may take a few days for the funds to appear in your account.
- Confirmation:
- You may receive a notification from your bank once the funds have been credited to your account. You can also check your account balance online or through your bank’s mobile app.
- Withdraw or Use the Funds:
- Once the funds are in your account, you can use them as needed. You can withdraw cash from ATMs, make purchases using your debit card, or transfer the funds to another account if required.
- Consider Currency Exchange:
- If the funds are in a different currency, your bank will convert them to Nigerian Naira (NGN) at the prevailing exchange rate. Be aware of any currency conversion fees or charges that may apply.
Cheapest Way of Receiving Money From Abroad
1. Cryptocurrency Transfers:
- Consider using cryptocurrencies like Bitcoin or Ethereum for direct and relatively low-cost transfers.
- Provide the sender with your cryptocurrency wallet address.
- Once the sender sends the funds to your wallet address, you can access them instantly.
- Cryptocurrency transactions often involve minimal fees compared to traditional methods, especially for larger amounts.
2. Peer-to-Peer (P2P) Transfers:
- Use platforms like Wise (formerly TransferWise) for direct peer-to-peer transfers.
- Wise offers mid-market exchange rates and transparent fees, which can be lower compared to banks and traditional money transfer services.
- Provide the sender with your Wise account details, and they can initiate a transfer directly to your Wise account.
3. Direct Bank Transfers:
- Request direct bank transfers from the sender’s bank to your bank account.
- This method can be cost-effective for larger amounts, as it may involve lower fees compared to other options.
- Provide the sender with your bank account details, including your bank name, account number, and SWIFT/BIC code for international transfers.
4. Direct Payments via Online Platforms:
- If both you and the sender have accounts on the same online payment platform, consider direct payments within the platform.
- For example, PayPal allows users to send money to other PayPal users directly, often with minimal fees or no fees for domestic transfers.
Can I Receive Money From Abroad Through PayPal
Yes, you can receive money from abroad through PayPal. PayPal is a widely used online payment platform that allows users to send and receive money internationally.
Receiving money through PayPal is straightforward and convenient. As long as you have a PayPal account and share your email address with the sender, they can easily transfer money to you from abroad.
Here’s a direct guide on how to receive money through a PayPal account:
- Open a PayPal Account:
- Sign up for a PayPal account if you don’t already have one. It’s free and can be done on the PayPal website.
- Share Your PayPal Email:
- Provide your PayPal email address directly to the sender.
- Sender Sends Money:
- The sender logs into their PayPal account and sends money directly to your PayPal email.
- Receive the Funds:
- Once the sender completes the payment, the funds will be instantly available in your PayPal account.
- Withdraw or Use the Funds:
- You can leave the funds in your PayPal account for future transactions or withdraw them to your linked bank account.
- Withdrawals to a bank account typically take a few business days to process.
- Currency Conversion (If Needed):
- If the sender sends money in a different currency, PayPal will automatically convert it to your primary currency (e.g., Nigerian Naira) at the prevailing exchange rate.
- Check Your PayPal Balance:
- You can check your PayPal balance anytime to see the received funds.
How Long Does it Take to Receive Money From Abroad?
Different transfer methods have different processing times. For example, bank transfers may take a few business days, while transfers through services like Western Union or PayPal can be quicker, often within minutes
Rules For Receiving Money From Overseas
Following these rules and guidelines helps you safely receive money from overseas. It ensures you follow the necessary regulations and protect yourself from potential risks.
- Provide Correct Details: Give the sender accurate information like your full name and bank account details.
- Follow Regulations: Know and adhere to your country’s rules for receiving international funds, including ID requirements and compliance checks.
- Be Aware of Fees: Understand any fees or exchange rate charges associated with the transfer.
- Choose Secure Methods: Pick a trustworthy transfer service that’s safe and reliable.
- Keep Records: Keep records of transactions and communications related to the transfer.
- Report Income if Needed: If necessary, report the received funds to tax authorities in your country.
- Watch Out for Scams: Be cautious of potential scams and verify the sender’s identity before sharing personal information.
- Monitor Account Activity: Regularly check your bank account or payment platform for any unusual activity and report any concerns promptly.