Transferring money from Nigeria to countries has not really been easy, this has really debased and restricted some individual activities as there is no clear cut platform, that is user-friendly, to serve this purpose.
People send money abroad for many reasons, mostly for business transactions and payment of bills.
Also, payment of school fees and other allowances by parents whom wards are abroad studying.
This necessitates the need for transferring money from here, Nigeria, to other countries across the globe.
The reason behind this set back is as a result of the tainted reputation of our beloved country, Nigeria, specifically because of the high rate of money laundry and other related crime.
This has made the CBN stipulated some rules to govern the transfer of money from Nigeria to other countries.
However, it is very possible to transfer money from Nigeria to other countries without much ado, provided you are not against the rule of the institution, Central Bank of Nigeria.
The service designed by the CBN to facilitate the transfer of money from Nigeria to other countries is restricted to inter-personal transactions and not for business purposes. The CBN policy on money transfer to other countries states that an individual can send up to $5000 to another individual abroad.
This service cannot be used to pay bills like school fees by Nigerian parent for their ward abroad.
If you don’t know, not all banks in Nigeria can take part in the CBN money transfer purposes, CBN only licensed MoneyGram and Western Union to offer this service, these two firms are international firms.
Some Nigerian banks are affiliated to these firms to aid in the money transfer services, thus, making it stress-free and easily accessible.
A good example of this banks is the First bank, this bank can transfer money from Nigeria to other countries in Europe, Asia and America.
However, there are still other ways through which money can be transferred from Nigeria to other countries of the World.
A good example of these means is the Banks International Money Transfer.
The Banks International Money Transfer is a platform designed to aid money transfer from Nigeria to other countries of the world.
This service is offered by some banks in Nigeria to transfer money from Nigeria to limited number of Africa countries.
With this, money can be transferred and received from Nigeria and other African countries within the sphere of this service.
Example of Nigerian bank with this package is GTbank.
GTbank International Money Transfer is a platform designed to allow GTbank account holders and non account holders send and receive fund to and from other GTbank branches in West Africa.
In accordance to the CBN directives, for anyone to receive money using the GTbank International Money Transfer platform, the person must be a GTbank account holder in the receiving country or must be identified by an account holder in that country.
The recipient, being a GTbank account holder or non-account holder, will just walk to any GTbank branches in Nigeria or African Countries like Ghana, Gambia and Sierra Leone to send or receive money.
This is an easy way of transaction.
Money transfer is normally done in dollars, the maximum amount that can be transferred per operation is $10000, the recipient can be paid in dollars or any local currency.
Another means to transfer money from Nigeria abroad is the wire transfer service.
This service is the same as the normal bank deposit processes, all you need to do is to go to your bank, inform the cashier the intent of your transaction.
You will be given an appropriate form to fill, enter the necessary details and within a short period, your transaction is completed.
All these means are as a result of the technological advancements around the globe, trading and other domestic transactions can now be made from Nigeria to other countries across the globe.