Nigerians can now send money abroad faster using Paypal

Nabanker


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Posted by on Friday August 8, 2014 at 12:3:19:

If you are considering sending money from Nigeria to a foreign country like the US, UK, Canada, South Africa or other developed country, it can actually be easier for you to do so by just making use of a Paypal account in Nigeria.

In terms of money transfer, a popular method which Nigerians abroad normally use is Western Union but when one wants to send money abroad, it is not possible with Western union and so people are forced to make use of bank wires. This makes it a bit expensive for people who might just want to send a little money from time to time or a waste of time for people who want to send money immediately. With Paypal, Nigerians can now send even small amounts of money quicker and cheaper.

I don't need to remind you that Paypal is now in Nigeria and although the platform doesn't allow Nigerians to receive money from other users yet, users in Nigeria are able to send money abroad to other Paypal users.

Whether you are sending money to someone that is close to you or just a business contact, sending money through Paypal can be quite faster and beneficial.

There are probably a lot of ways to send money abroad from Nigeria but I think Paypal is the easiest as you can do it from your home or office without the need to visit your bank.

Banks in Nigeria allow their customers to send money abroad to foreign bank accounts of people they know or a business contact they work with and banks do so using the Wire transfer service they offer. A Wire transfer service requires one to at least have a bank account in Nigeria and for the receiver to also have a bank account. You can then make a request at your bank for the transfer to take place and the transaction is normally completed in less than 7 working days and there are some charges. With Paypal however, you can transfer money in minutes.

Nigerians normally send money abroad for various reasons such as gifts for their families and friends, for paying school fees, buying online application forms, paying for subscriptions, doing online shopping, paying freight forwarders, paying business partners and so on. It is much easier and faster now to do so with Paypal.

When you send payment with a verified Paypal Nigeria account, the funds will be sent immediately in foreign currency and your account will be debited with the Naira equivalent of the amount you sent in foreign currency.

I also noticed that there is a limit to the amount of money someone can send abroad using Paypal from Nigeria and for now, this is set at around $200,000 per year.

With Paypal Nigeria, the sender doesn't pay any fee for sending money but the receiver pays some fee which is small and will automatically be deducted from the amount he received. Recently, I sent $100 to someone in the USA and the person got a total of about $95 in his account. So, apart from the money deducted from the receiver's end, no other fees are charged to the receiver. With wire transfers, the sender pays a charge while with Paypal, the receiver pays a charge.

To start using your Paypal account to send money abroad you just need to register for a Paypal Nigeria account and add a Visa or Mastercard to it. Verify the account once and you will then be able to automatically send money anytime you want.





Comments:
Re: Nigerians can now send money abroad faster using Paypal Reply by FATAI MOHAMMED AYINLA on Tuesday August 12, 2014 at 22:7:31:

I wish I have access to this online banking and transact through any authorised Nigerian bank and beyond.



Re: Nigerians can now send money abroad faster using Paypal Reply by Mayor on Friday January 2, 2015 at 15:10:39:

Hi!
i was just wondering that since you posted this in August, is there anyway that things might have changed?



Re: Nigerians can now send money abroad faster using Paypal Reply by damilola on Wednesday January 14, 2015 at 23:15:43:

I really want to say a big thank for such a huge information shared



Re: Nigerians can now send money abroad faster using Paypal Reply by Adeleke on Friday April 17, 2015 at 15:5:48:

How do I register for a Paypal Nigeria account?



Re: Nigerians can now send money abroad faster using Paypal Reply by Felix Okoli on Friday April 17, 2015 at 15:5:48:

It is easy. Just go to paypal.com/ng and open account with your correct details.


Re: Nigerians can now send money abroad faster using Paypal Reply by mary Alege on Monday April 27, 2015 at 10:57:4:

How long does it take for the receiver to recieve money



Re: Nigerians can now send money abroad faster using Paypal Reply by Felix Okoli on Monday April 27, 2015 at 10:57:4:

The money is received instantly with Paypal but if you are talking about withdrawing physical money after receiving it, then it may take a few days to get to the bank.




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