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Remittance & Money Transfer Guide: Tips for Receiving or Sending Money Overseas
There are many ways to receive or send money overseas, several firms have set up services for international money transfer, the hassle currently lies in finding the best option for you while ensuring it is secure.
We’ll be discussing some of the best services available and their features so that you can make an informed choice.
Western Union
Western Union is an international money transfer service, which has been in service for over 149 years. It enables you send and receive money worldwide. With a network in over 200 countries, Western Union controls 20% of all remittance transactions. It is a fast and easy way to send or receive money in naira or dollars and is available at any UBA Branch.
The Receiver is required to provide the following information:
- Money Transfer Control Number (MTCN)
- Sender’s full name
- Receiver’s full name
- Answer to the Test Question (if provided)
- Location {Country} where money is being sent from
- Amount to be received
- Valid, non-expired government issued photo ID – International Passport, Voter’s card, NIMC card/slip, BVN, Nigerian Driver’s Licence
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The maximum cumulative send limit per individual is $1,000 or its Naira equivalent within 90 days and the maximum receive limit is $10,000 or its naira equivalent per transaction.
Online transfer services are currently not available in Nigeria; however, customer can visit any UBA Branch to send money via Western Union.
This feature is currently not available in Nigeria.
This feature is currently not available in Nigeria.
Visit any UBA Branch, complete and submit a Western Union Receive Form and submit along with your valid, non-expired, government issued ID
The Maximum receive limit $10,000 or its naira equivalent per transaction.
MoneyGram
Moneygram uses a high-performance, web-based application that makes it easy for customers to receive their money within a few minutes of their payment request. You can now send money to over 200 countries from any UBA branch to family and friends. The service has a maximum send limit of 1000USD naira equivalent per customer every quarter and is available to account and non-account holders.
- To send money:
Visit any UBA branch, complete and submit a MoneyGram ‘send form’ with the details of your transfer. Once the transaction is processed, a Reference Code is generated. The Sender then sends this code to the Beneficiary receive the money at a UBA Branch.
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- To receive money:
Money can be received directly into a UBA account or at a UBA branch with the reference code received from the sender. At the branch, the beneficiary will complete and submit ‘receive form’. Once details have been verified, the beneficiary receives cash in their local currency.
The maximum cumulative send limit per individual is $1,000 or its Naira equivalent within 90 days
The maximum cumulative receivable limit per individual is $8,000 or its Naira equivalent within 30 days.
The maximum cumulative send limit per individual is $1,000 or its Naira equivalent within 90 days
You can receive MoneyGram funds directly into your bank account in Nigeria. However, the sender would be required to select the ‘Direct to Account’ option and include your UBA account number when transferring funds
Money can be received via direct credit into your UBA Account or at a UBA Branch Beneficiary where you can fill a MoneyGram received form and provide details such as your BVN and Reference Number
No, this feature is currently not available in Nigeria.
Yes, MoneyGram can send money directly into UBA account, however direct to account is initiated by the sender.
The maximum cumulative send limit per individual is $1,000 or its Naira equivalent within 90 days.
The MoneyGram Send Service is an instant. Once the reference has been generated, the beneficiary receives funds.
The only acceptable means of ID for MoneyGram in Nigeria is your BVN.
Ria Money Transfer
RIA Money Transfer is one of the largest international money transfer companies in the world. With a worldwide network in over 140 countries, RIA allows you receive money within minutes directly into your UBA naira account or cash at a UBA Branch close to you from friends and family living abroad.
World Remit
World Remit is an online international money transfer service that serves over 150 countries, can be done conveniently from any location without visiting a bank and does not charge the beneficiaries. With World Remit there is no minimum amount for transfer. However, the initial transaction is subject to a maximum of USD 2,000, while the maximum limit per transaction is USD 7,500, the total of which must not exceed USD 50,000 every 6 months. It is fast, affordable and transparent.
You can receive funds directly into your UBA account. However, this action must be initiated by the sender
WorldRemit transfers are instant.
You can receive money directly into your bank account in Nigeria. However, the sender would be required to select the ‘Direct to Account’ option and include your UBA account number when transferring funds
This service is currently not available in Nigeria
The sender can download the World Remit’s app and follow the ‘Send Money’ instructions. The sender would be required to select the ‘Direct to Account’ option and include your UBA account number to enable you receive directly into your UBA Account.
Africash
Africash is a secure electronic payment service that allows intra and inter-country money transfer across Africa. The fast and secure electronic payment service allows you send and receive money from all UBA locations across Africa. With Africash, funds are instantly credited to the beneficiary’s account from the send country and customers can request for cancellation, modification and refund of unpaid transfers. Visit https://www.ubagroup.com/nigeria/africash/ to learn more.
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