How To Receive International Payments in Nigeria in 2024

It can be quite a hassle to receive global payments in Nigeria. I mean, what isn’t? But it can get very annoying when money is involved. 

There are various reasons you could be expecting money from abroad, and it shouldn’t be stressful for you to receive it. You could be expecting money from a friend or relative abroad, or it could even be from an international client who wants to pay for your services. 

If you have been looking for the best way to receive money from abroad, your search ends here. In this article, I will talk about how to receive international payments in Nigeria through five different methods so you can choose the best one for you. Without further ado, let’s get started. 

5 Best Ways to Receive International Payments in Nigeria 

There are different ways you can receive payments globally in Nigeria. For some of these methods, you can get paid instantly while others may require you to wait a few days before you can access the funds. 

Below are the top 5 ways you can get paid from abroad in Nigeria this 2024:

1. Remittance services
2. Gift cards
3. Domiciliary account
4. Cryptocurrency 
5. Cross-border payment apps

Now, it’s time to find out more about each of these methods. 

1. Remittance Services

Remittance services like MoneyGram and Western Union are popular choices for receiving money from abroad. They let people send funds from one location to another. To use these services, the sender goes to a MoneyGram or Western Union office or uses their online platform. Then they provide the recipient’s details and the amount to send. 

Typically, it takes around 1-5 days for money transferred via this method to get to Nigeria. The recipient can then collect the money from a local agent, branch or partner bank. The process is straightforward, but there are fees attached. 

2. Gift Cards

Gift cards are another way you can receive international payments in Nigeria. Basically, instead of receiving your funds in fiat currency, you get the equivalent in gift cards. The good thing about this method is that there are no transaction fees or wait time involved. 

The sender buys a gift card for a store or platform like Amazon or an open-loop gift card like a Visa gift card, and sends the card details to you via email or text. You can then use the card to shop online or sell it for cash on Nosh. If you want, you can decide not to use or sell your card and just keep it as a store of value. If the conversion rate of the gift card increases when you’re ready to sell it, you gain some money.

To use this method, it is recommended to make sure the gift card is for a retailer or platform you can use. Although, if it is not, you can always trade it on platforms like Nosh. 

3. Domiciliary Account

A domiciliary account is a type of bank account in Nigeria that holds foreign currencies like Dollars, Euros, or Pounds. To use this method, you need to open a domiciliary account with your bank. Once you have your bank account details, share it with the sender. When they send money, it will go directly into your domiciliary account in that foreign currency. 

This method is useful for receiving large sums and avoids conversion fees that might apply to other methods. However, it may require a bit more paperwork and setup.

4. Cryptocurrency

Cryptocurrency offers a fast and easy way for people to receive payments from anywhere. 

To use this method, decide on a coin to use. Stablecoins like USDT or USDC are good options. The sender transfers the cryptocurrency equivalent of the money to your crypto wallet. You can then convert it to Naira or keep it as cryptocurrency. Depending on the amount and the platform used, there might be transaction fees involved. 

You could also use coins like Bitcoin or Ethereum if you would like to leverage their price fluctuations. If you sell your Bitcoin when the worth is higher than when you received it, you make a profit. However, you can be at a loss if the worth of the coin drops. 

5. Cross-border Payment Apps

Cross-border payment apps like PayPal, Wise, and Payoneer make it easy to receive money from abroad. Some common ones that work in Nigeria include Grey, Geegpay, and Cleva. Freelancers mostly use this method to receive global payments in Nigeria. 

These apps work by generating a virtual foreign bank account which you can use to receive payment from various sources. You can then transfer the funds to your Nigerian bank account or use the app to make payments. These apps often offer competitive exchange rates and lower fees compared to traditional banks. 

They’re convenient and user-friendly, making them a popular choice for many.

Frequently Asked Questions About Receiving International Payments in Nigeria 

1. How can I receive international payments in Nigeria?

To receive international payments in Nigeria, you can use various methods. Popular options include remittance services like Western Union and MoneyGram, domiciliary accounts, gift cards, cryptocurrency and cross-border payment apps such as Cleva and Grey. 

2. Which bank can receive foreign currency in Nigeria?

Most banks in Nigeria can receive foreign currency through domiciliary accounts. Major banks such as First Bank, Zenith Bank, and Access Bank to mention a few, offer domiciliary accounts that allow you to receive, hold, and manage foreign currencies like dollars, euros, or pounds.

3. Which app can I use to receive foreign currency in Nigeria?

Apps like Grey, Cleva, Sentz and Geegpay are great for receiving foreign currency in Nigeria. These apps allow you to receive international payments and manage funds easily. They often provide competitive exchange rates and lower fees compared to traditional banks.

4. Where can I convert my gift card to cash in Nigeria?

You can use gift card trading platforms like Nosh to convert your gift card to cash in Nigeria. Nosh allows you to sell your gift card for cash at high rates. Once you sell your gift card, you’ll receive the equivalent amount in Naira.

Conclusion

Receiving international payments in Nigeria doesn’t have to be stressful or complicated. With the right method, you can easily access your funds from abroad. You can use remittance services, gift cards, domiciliary accounts, cryptocurrency, or cross-border payment apps to receive foreign currency. 

To find the best method for you, consider factors like fees, transfer speed, and convenience. Remember, if you have gift cards you want to convert to Naira, you can download Nosh to trade.