How to Receive Money from Abroad in Nigeria Easily, Safely, and at Low Cost

In today’s globally connected economy, receiving international payments should be fast, secure, and cost-effective. For individuals and businesses in Nigeria, modern financial technologies and services now make this not only possible but seamless. At Towb, we are committed to empowering users by providing the most efficient solutions for international money transfers. This article highlights the best ways to receive money from abroad in Nigeria—without unnecessary delays or high fees.

What to Consider Before Receiving International Payments

When choosing the right method to receive money from abroad, it is important to evaluate:

• Transfer fees: Some services charge significantly higher fees than others.

• Exchange rates: Even small differences can significantly impact your funds over time.

• Transfer speed: Urgent transactions may require faster options.

• Security: Always use reliable, regulated platforms.

• Accessibility: Consider whether you need a bank account to receive the funds.

Best Ways to Receive Money from Abroad in Nigeria

1. Virtual Foreign Currency Accounts (USD/EUR/GBP)

Platforms like Grey, Payoneer, Wise, Chipper Cash, and Cleva offer foreign currency virtual accounts, allowing Nigerians to receive payments from abroad easily.

How it works:

1. Sign up and complete identity verification on the platform.

2. Get a dedicated USD, EUR, or GBP virtual account.

3. Share the account details with the sender.

4. Receive payments and withdraw them to your Nigerian bank account.

Benefits:

✅ Low fees and competitive exchange rates.
✅ Transfers complete within 1-2 business days.
✅ Ideal for remote workers, freelancers, and small businesses.

2. Domiciliary Accounts in Nigerian Banks

Banks like GTBank, Zenith Bank, UBA, and Access Bank offer domiciliary accounts to receive and hold USD, EUR, or GBP.

How it works:

1. Open a domiciliary account (requires valid ID, utility bill, and two references).

2. Provide the sender with your SWIFT/BIC code.

3. Receive wire transfers.

4. Withdraw foreign currency or convert to Naira.

Benefits:

✅ Safe and regulated.
✅ Suitable for large or business transactions.

Considerations:

⚠️ Higher Transfer fees.
⚠️ Slower processing times (2-5 business days).

3. International money transfer Services (IMTOs)

Services like Western Union, MoneyGram, WorldRemit, Remitly, and Sendcash allow receiving cash or direct deposits.

How it works:

1. The sender initiates the transfer.

2. The recipient receives the funds via bank deposit or cash pickup.

Benefits:

✅ Fast delivery—funds are typically available within minutes.
✅ No bank account required (for cash pickups).

Drawbacks:

⚠️ Higher service fees.
⚠️ Potential cash shortages may delay pickups.

4. Towb: Receive Money in Seconds via Crypto to Nigerian Banks

Towb allows you to receive money from abroad with unmatched speed and lower fees than traditional services. Towb uses stablecoins like USDT to accelerate transfers, enabling direct deposits to Nigerian bank accounts within seconds.

How it works:

1. Create a Towb account and complete simple identity verification.

2. Fund your Towb wallet with USDT via any global crypto platform.

3. Choose the Nigerian bank you wish to send funds to and enter the recipient’s bank details.

4. Send funds within seconds to the Nigerian bank account with very low fees.

Benefits:

✅ Ultra-fast transfers—transactions complete in seconds once confirmed.
✅ Very low Transfer fees compared to banks or Western Union.
✅ Track your Transfer in real time via the Towb app.
✅ Ideal for freelancers, business owners, and families needing quick, safe transfers.
✅ Transparent exchange rates with no hidden fees.

Best for:
Freelancers, digital entrepreneurs, families sending and receiving regular support, and anyone needing fast, safe, and hassle-free money transfers in Nigeria.

5. Gift Cards (For Small Transfers Only)

Some individuals receive payments in the form of gift cards, which can be sold via platforms like Cardtonic for cash.

Limitations:

⚠️ Not reliable for large or business payments.
⚠️ Highly variable exchange rates and fees.

Comparison of Key Options

Pro Tips from Towb for Receiving International Transfers

✅ Compare options: For the fastest, lowest-cost transfer, Towb provides instant transfers with very low fees.
✅ Verify service reliability: Use Towb or regulated platforms to keep your funds safe.
✅ Watch out for hidden fees: Towb shows all fees and exchange rates transparently.
✅ Choose Towb for urgent transfers: Perfect when you need immediate funds for emergencies or ongoing payments.
✅ Use crypto wisely: Towb enables you to convert USDT directly to your bank account quickly, safely, and easily.

Frequently Asked Questions (FAQs)

Q: What is the fastest way to receive money in Nigeria?
A: Towb enables USDT-to-bank transfers within seconds. Western Union also offers fast delivery but with higher fees.

Q: Which platform offers the best exchange rate?
A: Towb provides competitive rates with low fees and clear transparency, alongside Grey and Wise for virtual accounts.

Q: Can I receive money without a bank account?
A: Yes, cash pickups via Western Union or digital wallets are available, but Towb requires a bank account for instant deposits.

Q: Is using crypto in Nigeria legal?
A: Yes, but it is best to use regulated and safe platforms like Towb to convert crypto directly to your bank account.

Q: What’s the best option for freelancers?
A: Towb is ideal for freelancers who need fast, low-cost transfers, while Grey, Payoneer, and Wise are also suitable for virtual account payments.

Final Word from Towb

At Towb, we believe everyone deserves fast, safe, and reliable international money transfer solutions—without complexity or high costs. Whether you are a digital nomad, a business owner, or receiving family support, choosing the right method can make a significant difference.

Use this guide to make informed decisions, protect your funds, and enjoy hassle-free international transfers with Towb.