In the year 2015, Nigerians received about $21 billion from abroad. That figure was sent home by Nigerians in Diaspora. The significant increase of digital marketing in Nigeria in the last few years would no doubt have swelled that figure.
However, one of the biggest problems facing many Nigerian freelancers and affiliate marketers is how to receive payment abroad. Apparently, Nigeria has a bad track record of honesty in financial matters which has made PayPal scared of us.
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The ban placed on receiving money in Nigeria has been a reoccurring pain for many people and has made some Nigerians incur losses. In fact, a petition was once signed but it apparently yielded no fruits.
If you want to receive money in Nigeria from abroad, you can still do so via the 5 alternatives below.
1. Skrill (formerly known as Moneybookers)
Skrill is one of the top alternatives through which Nigerians can receive money from abroad. It provides basically the same service as PayPal and allows you to send and receive funds in Nigeria.
If you’re having a hard time accessing your money on Payoneer, you can easily transfer it to Skrill after which you can request that it be paid into your Nigerian account. It’s that easy!
Nevertheless, you will be required to verify your account before you can enjoy the full features of using Skrill.
Payoneer is a global financial company that helps you withdraw your earnings online and then give you access to it at your convenience.
To make this possible, you will need to register with them, after which you will receive a Payoneer card through the post service or any other courier service here in Nigeria. You can then withdraw your earnings from any bank’s ATM here in Nigeria.
As a freelancer or affiliate marketer, this is one of the easiest ways to receive to receive payment abroad. In fact, you can refer to them as an online bank!
3. Western Union Money Transfer
Western Union is another great way to receive money from overseas. If you work online and you have clients who understand the money transfer problem in Nigeria, you should consider wstern union.
Like every other transfer channel on this list, you will need to verify your account by providing your bio-data and also providing a valid means of identification like your National ID or Voter’s ID or Driver’s license.
While transactions via this channel are fast, transfer charges can be a little exorbitant for small businesses.
If you’re an affiliate marketer with Amazon, Ebay, Commission Junction and others, this option is a great idea for you. If you’re a freelancer, you can also check if the marketplace you work has this feature.
Once you request payments, the company (or individual) you’re working with would simply send you a cheque which you can cash out from any Nigerian bank.
Receiving payments via cheques is slower than other options and often takes days or even weeks (depending on your bank) for it to arrive. In addition, you will need to have an active domiciliary account to use this option. Transfer charges vary from bank to bank.
5. Bank wire transfer
This option is the simplest. All you need do is provide your bank account details and the money will be wired in from overseas. Again, the account must be a domiciliary account (capable of sending and receiving money from overseas.) If you’d like to open a domiciliary account, you can check this link for how to open one.
There’s no specific time frame for the funds to arrive. Sometimes, the money may arrive your account with speed; other times, it may take days or weeks. It all boils down to how fast your bank processes the transactions.
While PayPal which a preferred channel for sending money across the globe still upholds its restriction on Nigerians from receiving money, the methods listed above are also good alternatives. So whatever business you do online, you can still receive payments without PayPal.
So what are your contributions? Do you know other channels through which Nigerians can easily receive money?