Guide
Ultimate Guide: How to Receive Dollars In Nigeria With Ease
Bisola Asolo
·
26 Apr 2024
If you're a Nigerian freelancer, creator or business owner servicing international brands or individuals, you'll understand just how difficult it is to actually receive international payments. The struggle is acute, give there’s severe shortage of ways to get paid.
This has led many to miss out on international projects, collaboration and offers. Others have inadvertently run into the hands of scammers and fraudsters, all in a bid to receive payment for services they've rendered or get some money from loved ones in diaspora.
All this and more is why we've taken extra care when writing this guide to explore all avenues for receiving dollars in Nigeria; including traditional bank transfers, online payment platforms, and the rest.
Traditional Bank Transfer
Traditional bank transfers have long been a standard method for receiving dollars in Nigeria. Typically, the process involves you sharing your local bank account details including SWIFT code to the sender. The sender then uses the information provided to send dollars to you.
Now, while bank transfers are usually reliable and secure, they are often associated with huge fees. The transaction fees are usually as high as 10% of the total amount being sent. In some cases, both the sending and receiving bank attach transaction fees on the amount in question.
That's not all, traditional bank transfers take longer processing times, averaging 2 - 5 working days for normal transactions. Some transactions take as much as 7 - 10 working days, depending on several factors including:
Amount being sent
Security checks on the transaction
Availability of receiving bank
Downtime of sending bank.
Extra care needs to be taken between the sender and receiver while exchanging details as well. This is to ensure accurate information is shared, thus helping minimize delays.
It goes without saying that the final amount received is usually affected by fluctuations in exchange rate. With the added fees & charges, this method is not the most popular amongst Nigerian service providers with international clients.
Online Payment Platforms
The digital revolution has brought about the rise of online payment platforms – offering convenient alternatives for receiving dollars in Nigeria. There are lots of platforms such as Paystack, Payoneer & Flutterwave that allow users create accounts and receive payments around the world with relative ease.
These online platforms are usually better than the traditional bank transfer method in terms of speed & usability. As a matter of fact, some of these online platforms have proven to complete transactions within an hour, making funds available for use almost immediately.
The general process of receiving dollars in Nigeria using these platforms is:
Create an account with any platform of choice
Verify your identity with an authorized ID card
Once verified, create a virtual USD account for accepting payments.
Send this USD account to your clients/sending party.
As soon as they make the payment into the USD account, you'll get notified.
Depending on the platform, you may receive your dollars within 30 minutes or 3 days.
It's important however to be careful with transaction fees, conversion rates for currencies, withdrawal limits & verification processes. When it comes to online payment platforms, verification for Nigerians is not usually a walk in the park. Before you can start receiving dollars, you have to verify your identity thoroughly (this takes a lot of time on some platforms).
Failure to verify your identity properly can lead to suspension of your account and loss of funds. As stated already, currency conversion rates and transaction fees are worth keeping tabs on, since they can be considerably high at times.
Other than these, using online payment platforms for receiving dollars is highly recommended.
Peer-to-Peer Transactions
In the past couple of years, peer-to-peer (P2P) transactions have gained some level of popularity as a cost-effective means of receiving dollars in Nigeria. Top platforms such as Remitly and TransferWise allow you to send and receive international payments without a middleman, thus reducing transaction costs significantly.
Unsurprisingly, P2P transactions often offer competitive exchange rates as well as transparent fee structures which makes it quite attractive to both individuals and businesses alike.
They've proven to be quite popular since they are easy to use. All you have to do is register on any of the P2P platforms, get on the payment/currency swap pages, decide the rate with your sender, send them the necessary details and get your money.
The biggest drawback with peer-to-peer transactions however is its susceptibility to scams and fraudulent activities. A good percentage of people that use P2P transactions run into scams on a regular basis, thus it's essential to thread carefully.
Before you engage in any transaction ensure to:
Verify the senders identity
Refrain from sharing any sensitive information.
Double-check the details you're giving out
Use a reputable platform with good security.
All of these will help you minimize the risk of facing the harsh reality of being scammed or defrauded. Any sum lost in a P2P transaction is hardly ever recovered. Be careful.
Super
One of the best ways to receive dollars in Nigeria right now is to use Super. Similar to other online payment platforms, it enables you to create a virtual USD account which you can use to accept payments. You can then withdraw your USD into your local bank account in Naira.
One of the biggest advantages of Super is that it offers the because foreign exchange rate between USD to Naira conversion, usually in the range of 3% - 5%. Better rates should be your most important consideration as a freelancer because it ensures you keep more of the money you’re receiving from your customers. Instead of losing it all to fees and hidden markups.
Unlike most online payment platforms Super offers:
Faster verification approval
Swift transaction processing times
Little to non-existent transaction fees
The ability to automate your invoice
No hidden charges
Getting started with Super is quite easy and straightforward. All you have to do is create an account on the platform and get verified with a valid ID card. Once done, you'll be able to set up your payment details for receiving crypto and local bank payments. Once your client receives your invoice, they are able to make payments which reflect in your accounts instantly.
Conclusion
Receiving dollars in Nigeria centres around navigating a diverse landscape of payment methods, each with its advantages and challenges.
As we've seen, traditional bank transfers offer reliability but not without massive transaction fees, processing times and unnecessary delays. They've also proven to be going out of style and unsurprisingly too – due to the above issues listed
Online payment platforms tend to be a better alternative to traditional bank transfers, with faster transactions, ease of use and general convenience. However, users are advised to be more careful with rising transaction fees/currency conversion rates and extreme delays during ID verification.
Peer-to-peer (P2P) transactions are the cost-effective alternatives of both methods of receiving dollars in Nigeria discussed already. Unfortunately, one has to be really careful due to the high risk of scams which have become synonymous with such platforms.
Super has proven to be top of the pile given it leverages its online platform to enable international payment acceptance, at the fastest speed and best foreign exchange rates. In addition, users don't have to worry about high transaction fees, processing times, security or delayed verification.
Whether through traditional banking channels, digital payment platforms, peer-to-peer networks, or Super, the ultimate goal should always be to prioritise security, transparency, and efficiency to ensure seamless cross-border transactions in a rapidly evolving global economy.
If you're a Nigerian freelancer, creator or business owner servicing international brands or individuals, you'll understand just how difficult it is to actually receive international payments. The struggle is acute, give there’s severe shortage of ways to get paid.
This has led many to miss out on international projects, collaboration and offers. Others have inadvertently run into the hands of scammers and fraudsters, all in a bid to receive payment for services they've rendered or get some money from loved ones in diaspora.
All this and more is why we've taken extra care when writing this guide to explore all avenues for receiving dollars in Nigeria; including traditional bank transfers, online payment platforms, and the rest.
Traditional Bank Transfer
Traditional bank transfers have long been a standard method for receiving dollars in Nigeria. Typically, the process involves you sharing your local bank account details including SWIFT code to the sender. The sender then uses the information provided to send dollars to you.
Now, while bank transfers are usually reliable and secure, they are often associated with huge fees. The transaction fees are usually as high as 10% of the total amount being sent. In some cases, both the sending and receiving bank attach transaction fees on the amount in question.
That's not all, traditional bank transfers take longer processing times, averaging 2 - 5 working days for normal transactions. Some transactions take as much as 7 - 10 working days, depending on several factors including:
Amount being sent
Security checks on the transaction
Availability of receiving bank
Downtime of sending bank.
Extra care needs to be taken between the sender and receiver while exchanging details as well. This is to ensure accurate information is shared, thus helping minimize delays.
It goes without saying that the final amount received is usually affected by fluctuations in exchange rate. With the added fees & charges, this method is not the most popular amongst Nigerian service providers with international clients.
Online Payment Platforms
The digital revolution has brought about the rise of online payment platforms – offering convenient alternatives for receiving dollars in Nigeria. There are lots of platforms such as Paystack, Payoneer & Flutterwave that allow users create accounts and receive payments around the world with relative ease.
These online platforms are usually better than the traditional bank transfer method in terms of speed & usability. As a matter of fact, some of these online platforms have proven to complete transactions within an hour, making funds available for use almost immediately.
The general process of receiving dollars in Nigeria using these platforms is:
Create an account with any platform of choice
Verify your identity with an authorized ID card
Once verified, create a virtual USD account for accepting payments.
Send this USD account to your clients/sending party.
As soon as they make the payment into the USD account, you'll get notified.
Depending on the platform, you may receive your dollars within 30 minutes or 3 days.
It's important however to be careful with transaction fees, conversion rates for currencies, withdrawal limits & verification processes. When it comes to online payment platforms, verification for Nigerians is not usually a walk in the park. Before you can start receiving dollars, you have to verify your identity thoroughly (this takes a lot of time on some platforms).
Failure to verify your identity properly can lead to suspension of your account and loss of funds. As stated already, currency conversion rates and transaction fees are worth keeping tabs on, since they can be considerably high at times.
Other than these, using online payment platforms for receiving dollars is highly recommended.
Peer-to-Peer Transactions
In the past couple of years, peer-to-peer (P2P) transactions have gained some level of popularity as a cost-effective means of receiving dollars in Nigeria. Top platforms such as Remitly and TransferWise allow you to send and receive international payments without a middleman, thus reducing transaction costs significantly.
Unsurprisingly, P2P transactions often offer competitive exchange rates as well as transparent fee structures which makes it quite attractive to both individuals and businesses alike.
They've proven to be quite popular since they are easy to use. All you have to do is register on any of the P2P platforms, get on the payment/currency swap pages, decide the rate with your sender, send them the necessary details and get your money.
The biggest drawback with peer-to-peer transactions however is its susceptibility to scams and fraudulent activities. A good percentage of people that use P2P transactions run into scams on a regular basis, thus it's essential to thread carefully.
Before you engage in any transaction ensure to:
Verify the senders identity
Refrain from sharing any sensitive information.
Double-check the details you're giving out
Use a reputable platform with good security.
All of these will help you minimize the risk of facing the harsh reality of being scammed or defrauded. Any sum lost in a P2P transaction is hardly ever recovered. Be careful.
Super
One of the best ways to receive dollars in Nigeria right now is to use Super. Similar to other online payment platforms, it enables you to create a virtual USD account which you can use to accept payments. You can then withdraw your USD into your local bank account in Naira.
One of the biggest advantages of Super is that it offers the because foreign exchange rate between USD to Naira conversion, usually in the range of 3% - 5%. Better rates should be your most important consideration as a freelancer because it ensures you keep more of the money you’re receiving from your customers. Instead of losing it all to fees and hidden markups.
Unlike most online payment platforms Super offers:
Faster verification approval
Swift transaction processing times
Little to non-existent transaction fees
The ability to automate your invoice
No hidden charges
Getting started with Super is quite easy and straightforward. All you have to do is create an account on the platform and get verified with a valid ID card. Once done, you'll be able to set up your payment details for receiving crypto and local bank payments. Once your client receives your invoice, they are able to make payments which reflect in your accounts instantly.
Conclusion
Receiving dollars in Nigeria centres around navigating a diverse landscape of payment methods, each with its advantages and challenges.
As we've seen, traditional bank transfers offer reliability but not without massive transaction fees, processing times and unnecessary delays. They've also proven to be going out of style and unsurprisingly too – due to the above issues listed
Online payment platforms tend to be a better alternative to traditional bank transfers, with faster transactions, ease of use and general convenience. However, users are advised to be more careful with rising transaction fees/currency conversion rates and extreme delays during ID verification.
Peer-to-peer (P2P) transactions are the cost-effective alternatives of both methods of receiving dollars in Nigeria discussed already. Unfortunately, one has to be really careful due to the high risk of scams which have become synonymous with such platforms.
Super has proven to be top of the pile given it leverages its online platform to enable international payment acceptance, at the fastest speed and best foreign exchange rates. In addition, users don't have to worry about high transaction fees, processing times, security or delayed verification.
Whether through traditional banking channels, digital payment platforms, peer-to-peer networks, or Super, the ultimate goal should always be to prioritise security, transparency, and efficiency to ensure seamless cross-border transactions in a rapidly evolving global economy.
If you're a Nigerian freelancer, creator or business owner servicing international brands or individuals, you'll understand just how difficult it is to actually receive international payments. The struggle is acute, give there’s severe shortage of ways to get paid.
This has led many to miss out on international projects, collaboration and offers. Others have inadvertently run into the hands of scammers and fraudsters, all in a bid to receive payment for services they've rendered or get some money from loved ones in diaspora.
All this and more is why we've taken extra care when writing this guide to explore all avenues for receiving dollars in Nigeria; including traditional bank transfers, online payment platforms, and the rest.
Traditional Bank Transfer
Traditional bank transfers have long been a standard method for receiving dollars in Nigeria. Typically, the process involves you sharing your local bank account details including SWIFT code to the sender. The sender then uses the information provided to send dollars to you.
Now, while bank transfers are usually reliable and secure, they are often associated with huge fees. The transaction fees are usually as high as 10% of the total amount being sent. In some cases, both the sending and receiving bank attach transaction fees on the amount in question.
That's not all, traditional bank transfers take longer processing times, averaging 2 - 5 working days for normal transactions. Some transactions take as much as 7 - 10 working days, depending on several factors including:
Amount being sent
Security checks on the transaction
Availability of receiving bank
Downtime of sending bank.
Extra care needs to be taken between the sender and receiver while exchanging details as well. This is to ensure accurate information is shared, thus helping minimize delays.
It goes without saying that the final amount received is usually affected by fluctuations in exchange rate. With the added fees & charges, this method is not the most popular amongst Nigerian service providers with international clients.
Online Payment Platforms
The digital revolution has brought about the rise of online payment platforms – offering convenient alternatives for receiving dollars in Nigeria. There are lots of platforms such as Paystack, Payoneer & Flutterwave that allow users create accounts and receive payments around the world with relative ease.
These online platforms are usually better than the traditional bank transfer method in terms of speed & usability. As a matter of fact, some of these online platforms have proven to complete transactions within an hour, making funds available for use almost immediately.
The general process of receiving dollars in Nigeria using these platforms is:
Create an account with any platform of choice
Verify your identity with an authorized ID card
Once verified, create a virtual USD account for accepting payments.
Send this USD account to your clients/sending party.
As soon as they make the payment into the USD account, you'll get notified.
Depending on the platform, you may receive your dollars within 30 minutes or 3 days.
It's important however to be careful with transaction fees, conversion rates for currencies, withdrawal limits & verification processes. When it comes to online payment platforms, verification for Nigerians is not usually a walk in the park. Before you can start receiving dollars, you have to verify your identity thoroughly (this takes a lot of time on some platforms).
Failure to verify your identity properly can lead to suspension of your account and loss of funds. As stated already, currency conversion rates and transaction fees are worth keeping tabs on, since they can be considerably high at times.
Other than these, using online payment platforms for receiving dollars is highly recommended.
Peer-to-Peer Transactions
In the past couple of years, peer-to-peer (P2P) transactions have gained some level of popularity as a cost-effective means of receiving dollars in Nigeria. Top platforms such as Remitly and TransferWise allow you to send and receive international payments without a middleman, thus reducing transaction costs significantly.
Unsurprisingly, P2P transactions often offer competitive exchange rates as well as transparent fee structures which makes it quite attractive to both individuals and businesses alike.
They've proven to be quite popular since they are easy to use. All you have to do is register on any of the P2P platforms, get on the payment/currency swap pages, decide the rate with your sender, send them the necessary details and get your money.
The biggest drawback with peer-to-peer transactions however is its susceptibility to scams and fraudulent activities. A good percentage of people that use P2P transactions run into scams on a regular basis, thus it's essential to thread carefully.
Before you engage in any transaction ensure to:
Verify the senders identity
Refrain from sharing any sensitive information.
Double-check the details you're giving out
Use a reputable platform with good security.
All of these will help you minimize the risk of facing the harsh reality of being scammed or defrauded. Any sum lost in a P2P transaction is hardly ever recovered. Be careful.
Super
One of the best ways to receive dollars in Nigeria right now is to use Super. Similar to other online payment platforms, it enables you to create a virtual USD account which you can use to accept payments. You can then withdraw your USD into your local bank account in Naira.
One of the biggest advantages of Super is that it offers the because foreign exchange rate between USD to Naira conversion, usually in the range of 3% - 5%. Better rates should be your most important consideration as a freelancer because it ensures you keep more of the money you’re receiving from your customers. Instead of losing it all to fees and hidden markups.
Unlike most online payment platforms Super offers:
Faster verification approval
Swift transaction processing times
Little to non-existent transaction fees
The ability to automate your invoice
No hidden charges
Getting started with Super is quite easy and straightforward. All you have to do is create an account on the platform and get verified with a valid ID card. Once done, you'll be able to set up your payment details for receiving crypto and local bank payments. Once your client receives your invoice, they are able to make payments which reflect in your accounts instantly.
Conclusion
Receiving dollars in Nigeria centres around navigating a diverse landscape of payment methods, each with its advantages and challenges.
As we've seen, traditional bank transfers offer reliability but not without massive transaction fees, processing times and unnecessary delays. They've also proven to be going out of style and unsurprisingly too – due to the above issues listed
Online payment platforms tend to be a better alternative to traditional bank transfers, with faster transactions, ease of use and general convenience. However, users are advised to be more careful with rising transaction fees/currency conversion rates and extreme delays during ID verification.
Peer-to-peer (P2P) transactions are the cost-effective alternatives of both methods of receiving dollars in Nigeria discussed already. Unfortunately, one has to be really careful due to the high risk of scams which have become synonymous with such platforms.
Super has proven to be top of the pile given it leverages its online platform to enable international payment acceptance, at the fastest speed and best foreign exchange rates. In addition, users don't have to worry about high transaction fees, processing times, security or delayed verification.
Whether through traditional banking channels, digital payment platforms, peer-to-peer networks, or Super, the ultimate goal should always be to prioritise security, transparency, and efficiency to ensure seamless cross-border transactions in a rapidly evolving global economy.