5 Best International Money Transfer Services In Nigeria

It has been a general belief overtime that using traditional banks in Nigeria to transfer money internationally is the safest and best option. It is convenient to infer that this no longer holds water. Why? The emergence of a digital payment system designed by a different financial institution to facilitate international money transfers from, and to Nigeria! They are called the International Money Transfer Operators (IMTOs).

Today, there is the proliferation of internet-enabled international money transfer services that allows you to send and receive money at your convenience with a robust security framework that makes your transactions simple, safe, and fast. Carrying out cross-border transactions not only for personal purposes but for business and pleasure as well, has become the most convenient

While this article focuses majorly on Nigeria’s top international money transfer services providers and their features as seen below, we also highlight IMTOs who are at the time of writing, approved by the Central Bank of Nigeria.

Best International Money Transfer Services in Nigeria

1. Leatherback

You can use Leatherback as your international money transfer. The platform enables you to transact between Nigeria and fourteen other countries, with the United Kingdom as the core transfer destination.

Leatherback service is available in Nigeria, Ghana, Uganda, South Africa, Tanzania, the United States, the United Kingdom, Germany, etc. Leatherback is best used by international students, importers and exporters, freelancers, and whatnot that want to send money to other parts of the world.

You can have accounts in US dollars, British pounds, and Euros while you reside in Nigeria when you open a Leatherback account. This will, in turn, enable you to transfer and receive money in these foreign currencies while in Nigeria.

In addition, there is a Leatherback virtual card that works like a credit card and enables you to make transactions like money transfers or bill payments. This payment system has a robust security infrastructure that protects against fraud and possible theft of your account. Concerning your varying needs, you can have either a Leatherback personal or business account, which identifies with its features that your transfer is simple and reliable.

2. Fincra

Fincra is a Nigerian money transfer service that enables you to make local and global payments. With its payment system exclusively designed for businesses and professionals, you can use Fincra to cater for your financial needs, which range from money transfers to utility payments.

Fincra is API-supported as it, with its featured API, works on currency conversion, utility payment, terminal, and core payment. As a Fncra user, you can have virtual accounts that enable you to receive international payments while in Nigeria. You can receive money transfers in the global currencies of US dollars, British pounds, and Euros.

Moreover, Fincra offers agency banking as a service for businesses to ace their financial inclusion and expansion strategy. Therefore, Fincra is your one-stop payment solution when you want to send and receive money from companies.

3. Flutterwave

Flutterwave is a money transfer service that enables Flutterwave account holders to receive payments from anywhere in the world.

This international payment platform provides products and services on bank accounts, mobile money wallets, barter accounts, and cash pick-up locations when you use its “Send” feature on Flutterwave.

In other words, Send by Flutterwave enables you to make instant money transfers from anywhere worldwide. Using various methods, you can send money to local bank accounts and mobile money wallets.

4. Paystack

Paystack is a payment service provider in Nigeria, and it is known as a better alternative to money transfers. With a Paystack account, you can easily receive money from anywhere.

As simple as Paystack is, your recipient can generate a payment link on their Paystack dashboard and which you will receive to initiate payments. You can also use credit or debit cards as an alternative to link generation.

The users that can have a Paystack account are freelancers, businesses, content creators, etc., because it enables them to receive payment worldwide without glitches.

5. Remitly

Remitly is a fantastic online substitute for conventional online money transfer services like brands like Western Union and Moneygram since it makes it simple, quick, and reasonably priced to send money to Nigeria.

While Remitly works with Nigerian banks like Guaranty Trust Bank (GTBank) and Polaris Bank, you use this payment service on the Remitly app to make transactions across the globe. One primary requirement of using Remitly in Nigeria is to have a domiciliary account that allows you to send and receive foreign currencies in your bank account.

Approved IMPTOs

While we bask in these top international money transfer service providers, here are the IMTOs who are at the time of this writing, approved by the Central Bank of Nigeria.

Conclusion

You can easily use international money transfer services at little cost with you using services that range from Leatherback to Remitly. These services offer you various services and products to make transfers, pay bills, and own virtual accounts in Nigeria.

However, it is essential to do your due diligence in understanding these international money transfer services to choose the transfer service that will best suit your needs.