I know PayPal has limited some of its features from the Nigerian users but it’s still worth including. PayPal is currently my easiest way of receiving money from my clients. I can transfer as low as $5 (or even $1) and as much as possible.
PayPal is loved by buyers because if their call-back feature which allows you to ask for refunds in case you didn’t receive a product or were unsatisfied with it. PayPal charges are not exploitative and most ad networks and affiliate programs accept them.
The only thing required for your PayPal account is a valid email address, phone number and a Visa or MasterCard. If you have a Verve card, you can easily generate a credit card on GetBarter for your PayPal account.
If you intend using your PayPal account for only sending of money, you can easily crate an account.
Also, apart from receiving money, as a business owner you can integrate PayPal into your website and start using it as a payment gateway. This will warrant upgrading your account to a business PayPal and will offer your customers the option of paying with PayPal or their credit cards.
Payoneer is another easy way of sending and receiving money internationally though they are not as big as PayPal. Unlike PayPal, Payoneer allows Nigerians to send and receive money from all supported countries of the world.
With Payoneer, you can receive your earnings from companies like Amazon, Media.net,Google Adsense,
One good thing about Payoneer is that they’ll give you UK, US, Japanese, Australian, and Chinese bank accounts for receiving money from the companies. These bank accounts however cannot be using for receiving money from from personal accounts and any money sent to it from such accounts will automatically be reverted.
The only requirements for owning a Payoneer is a valid email address, phone number, Nigerian bank account (that bears the same name with your Payoneer) and an internet enabled device.
• Domiciliary Account
A domiciliary account is a type of account that will allow you hold money in other currencies apart from the Naira. The difference between your personal account and a domiciliary account is that it can only send/receive Naira while the later sends and receives money in other currencies including the U.S. dollar.
If you perform business transactions with foreigners or intend saving your money in other currencies, you’ll have to go for a domiciliary account.
Domiciliary accounts can be opened in almost all Nigerian banks like GT Bank, Zenith Bank, Union Bank, First Bank, Access Bank, FCMB, Stanbic IBTC, UBA, Fidelity Bank and many others.
Requirements for opening a domiciliary account varies with banks but you’d be needing a valid means of identification, passport photographs, two references, a recent utility bill and your Bank Verification Number (BVN).
• Western Union
Western Union is a secured and reliable money transfer agent in the world with over 5,000 outlets in Nigeria. Western Union is so popular and trusted by foreigners and you can send any amount.
Most Nigerian banks serve as Western Union agents and you can see the Western Union logo on their sign-boards.
To start sending or receiving money via Western Union, you’ll first need to create an account online. Sending money on Western Union after creating an account is very easy. First you’ll have to choose a money transfer service, then input your receiver and the payment information as required and finally confirm the identity and money transfer details.
Receiving money on Western Union can be in three ways but the most common is receiving the funds as cash. This involves visiting a Western Union agent with a means of identification and the tracking number (MTCN) provided to you by the sender. The agent will pay you once he or she confirms the information you provide.
The other methods involves receiving it directly into your Nigerian bank account or by using your prepaid card.
MoneyGram is another easy way of sending and receiving money and it’s similar to the Western Union money transfer service. MoneyGram is trusted worldwide and you can see the agents in most Nigerian banks.
To send money via MoneyGram you’ll have to visit any of their outlets and the agent will give you a form to fill. After filling the form, you’ll return it to the agent together with the amount you intend transferring and a transfer fee.
The agent will make the transfer and issue you a reference number. Your recipient will with the reference number claim the funds in any MoneyGram outlet in the country.
In receiving money, your sender will give you the reference number which you’ll show to your agent.