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Best Way To Receive International Payments In Nigeria

The first thing that comes to mind when most business owners or entrepreneurs are about to receive payments for goods to be sold or services rendered outside Nigeria is the best way to receive international payments in Nigeria.

As a result of this, some people even restrict their sales to customers or clients within the country to enable them easy access to their money. Nevertheless, this doesn’t have to be so.

There are tons of easy and fast ways to receive money from overseas. So when next you think of sales or rendering services online, be sure your money will get to you.

I’ll be sharing 10 very fast and effective companies for receiving international payments.

  1. Domiciliary Account-International Bank Wire Transfer

This is one of the best methods for those who have a domiciliary account.

This account can be opened in any of the local banks around you. It is advisable to have this account if your clients or customers are majorly dwelling in one particular country. This is so because there are various account types for different currencies.

Once you have your domiciliary account set up, the sender would require certain details to successfully wire the money. The details include;

  • Your Account Name
  • Account number
  • Bank name
  • Bank address
  • Your bank Swift Code and Routing Number.

To collect the money, you need to visit your bank and fill out a slip given to you by the person who oversees foreign transactions. You can then decide if you want your money to be converted to Naira.

Nevertheless, if you don’t have this account, there are several available options to receive money from overseas.

  1. WorldRemit

WorldRemit allows senders in 50 countries to instantly send money via the app or online to receivers in 150 countries, including Nigeria and other countries across Africa.

WorldRemit is a fast and secure service that lets you transfer and receive money online using a computer, or smartphone. It is a good way to receive international payments because you can download the application and access it anytime and via any device.

There are certain steps you can use to send and pick up your payment. Nevertheless, you might be required to do a few extra steps depending on the bank branch you choose to make your withdrawal at.

Step 1

Provide the following information to the sender;

  • Account name
  • First Name and Surname
  • Your NUBAN number
  • Bank name

Step 2

The sender will complete a send form indicating account deposit option and providing the details supplied by the Receiver.

Step 3

The transaction is completed and Sender and Receiver will get instant confirmation from the WorldRemit system once the transaction is successful.

You don’t have to think twice about receiving payments from abroad as this can be done almost instantly in most countries. Your client can send money to you in Nigeria via instant bank transfer to all major banks and your cash can be picked up easily from any FCMB, Gtbank, First bank, Access Bank and other bank branches in partnership with WorldRemit closest to you.

The uniqueness of this company is that over 90% of bank transfers to Nigeria arrive in less than 10 minutes. Amazing right?

  1. TransferWise

If you are still thinking of a good way to receive international payments, TransferWise should be top on your list.

In about an hour, you can receive your payment using their easy and user-friendly online application.

However, how fast TransferWise can send your money depends on the option your client used in sending the money. It can be within one day, or even within seconds.

TransferWise converts your money at the ‘inter-bank’ rate. This means that there are no additional hidden charges as you might find with many international transaction companies.

Your client can transfer through different options including;

  • Debit Card

Paying for your transfer with a debit card is easy and fast. It’s also usually cheaper than credit card, as credit cards are more expensive to process.

  • Credit Card

Paying for your transfer with a credit card is easy and fast. TransferWise accepts Visa, MasterCard and some Maestro cards

This form of Payments are instructions you give TransferWise to make a bank transfer directly from your bank account.

  1. MoneyGram

This is a fast, easy and extremely reliable way to send money and the best way to receive international payments.

To receive your money sent, find any MoneyGram location around you and consult the agent (most local banks are MoneyGram enabled). You would be asked to complete a simple receive form entering, the reference number given to you by the sender.

After which, hand the completed form to the agent with your valid photo I.D. and receive your money. That’s all!

  1. Western Union

If you have ever collected money or participated in the process of receiving payments from abroad, you would certainly have heard of Western Union.

With Western Union, you can send and receive money from over 200 countries in the world without stress.

You can pick up money at any participating Agent location near you. The good news is that in almost all banks, there is a Western Union agent. You can also decide to get your money directly from the app.

How to collect your money from an agent

After locating an agent around you, a form would be handed to you. Complete the ‘To Receive Money’ form using printed, capital letters. You would also be required to provide the following information;

  • Sender’s name
  • Where money was sent from
  • Test question and answer (if applicable)
  • MTCN if required

After filling, present an ID with the form to the agent. The agent will then check your ID sign the receipt and ask you to sign. You can then collect your money.

How to collect your money using the mobile application

You can receive money quickly and easily on your mobile phone via their mobile money transfer service.

Depending on the services offered by your mobile service provider, you can use the money to pay bills, buy goods and services, purchase minutes, and withdraw cash.

Follow the steps below for mobile transaction.

  • Ask your sender to choose ‘receiver’s mobile wallet’ as their payout option and make sure they have your correct mobile number with country code.
  • You will get a text message after the money is added to your wallet.
  1. RIA Money Transfer

If you are still searching for the easiest way to receive money from abroad, RIA is the option.

In sending money to Nigeria, your client should use the following steps;

  • Create your free account in under 2 minutes or log in if they already have one.
  • Start a money transfer using their bank account, credit, or debit card.
  • Confirm that everything looks right and hit send! Your money is on its way.

You can choose to pick up your money through an agent or get it nice and easy via the mobile application.

  1. Payoneer

For freelancers, the best way to receive international payments is Payoneer.  This company aids better payment link between the seller and the buyer overseas.

How long does it take to receive payment?

It generally takes 2-5 business days for the funds to reach your bank account after you receive the confirmation email. Transfers within the US usually take 2-3 business days.

Once you open an online account, it is easy to receive payment. You can even decide to add your local bank details and transfer funds directly to that account.

As soon as your client or customer sends payment, the company will receive a transfer command from them and send funds to your bank account. You don’t need to take any further action!

The most unique aspect of this company is that they are in partnership with Kuda bank. This means you can easily get your money directly into your local bank account.

  1. Skrill

This is a European online payment system that is available to residents of Nigeria and some other 200 countries/territories.

To receive money from other Skrill users, they can either do this by having them sending money to you directly or through a cart on your website after opening and setting up your account.

There are two types of Skrill accounts; Personal and Business account.

Personal account

This is the best choice of account type for an individual who plans to receive money or make online purchases and other international transactions. With your personal account, you can;

  • Send money
  • Receive money
  • Shop online
  • Purchase cryptocurrencies

Business account

This is a good way to receive international payments as a business owner. It is easier for businesses who want to receive payment from their customers.

Once you have this account, the payment solution can be integrated into your website easily.  This means that you can receive payments from your customers. They can pay for your products/services with credit/debit card, from the wallet or transfer without you having to wait too long.

Nonetheless, you have to be consistent to enjoy using Skrill as a monthly service fee of EUR 5.00 (or equivalent) might be deducted from accounts that fail to perform transactions within 12 months.

  1. PayStack

Paystack is perfect for your business transactions. With a combination of automated and manual fraud systems, it protects you from fraudulent transactions and associated chargeback claims.

Paystack has a collection of payment tools that will help you get paid quickly and securely from anyone, anywhere in the world. Whether you’re selling on Instagram, in a physical store, or even without a website, it is fast and easy.

Depending on the nature of your business, you may have the need to collect payments from customers in foreign countries. With Paystack, you are able to receive payments from customers anywhere in the world as long they’re using a MastercardVisa, or Verve card.

Important to Note

Although most businesses are eligible for international payments, not all businesses are. To know if your business is eligible please refer to this article: Is my business eligible for international payments?

When creating your business, they will ask you whether you require international payments for your business. If you choose yes and fulfil all the requirements, international payments will be granted when your business is activated. To confirm whether you already have access to international payments, please visit your dashboard preferences. If you have access, the box beside ‘Accept international payments’ will be ticked as shown below:


What if I don’t have international payments enabled?

If you do not have international payments enabled, you will have to submit an international payments request from the Preferences or Settlement Accounts tab in your dashboard settings.

Also, depending on your country or business type, i.e. Starter or Registered; you may have already provided them with the verification documents we require for international payments. To confirm this, please see their requirements here: What are the requirements for enabling international payments for my business?

If they already have these documents, you simply have to click on ‘Request International Payments’ to submit a request as illustrated below.


Your request will be sent instantly using the verification documents you provided when activating your business.

What if they require additional verification documents?

If they require additional verification documents for your international payments request, you will be prompted to provide this when you click ‘Request International Payments’. Here is an illustration below:


You simply have to upload the documents we ask for and click ‘Request International’ on the modal that’s presented. What they ask for will vary depending on your country so please provide them with the information we prompt for. If you’re unsure about what they need, kindly refer to this article: What are the requirements for enabling international payments for my business?

Once you successfully submit an international payment request, you should get a response from them within 48 hours of your submission.

To get your payouts for USD transactions you’ll need a Guaranty Trust Bank or a Zenith Bank USD domiciliary account.

  • You can learn how to get a GTB domiciliary account here.
  • You can learn how to get a Zenith Bank domiciliary account here.

If you do not have a USD domiciliary account with GTB or Zenith Bank, you can only accept international payments in Naira.

How do I add my USD domiciliary account on Paystack?

  1. Go to the Settings page on your Paystack Dashboard and click on the Settlement Accounts tab.
  2. After that, click on Add bank account, beside the USD currency as illustrated below:Screenshot_2020-03-04_at_16.18.28.png
  3. Select your bank and add your domiciliary USD account number.
  4. Finally, click ‘Add bank account‘ to save it.

How much do they charge for USD transactions?

Please find our pricing for USD transactions:


USD Pricing

Nigeria 3.9%


  1. Rave by Flutterwave

The best way to receive international payments all over the world is with Flutterwave. This is one platform that lets you sell wherever your customers are; online, in‑person, anywhere in the world, and everywhere in‑between.

Rave is an easy, secure and reliable payment solution for businesses to integrate on their websites and platforms to link and manage payments or payouts for as many customers possible.

Flutterwave provides you with a dashboard that you can access from any browser. This means that you can accept and monitor your payments and your customers.

Rave by Flutterwave is focused on businesses. It lets you receive payments locally and globally

with no hassles and zero set up fees. It allows customers to pay using their Visa, MasterCard and Verve cards.

Flutterwave created two distinct products. One for businesses looking to accept worldwide payments. Another for individuals looking to conveniently make payments from anywhere in the world.

There are two options you can use for your business;

  • Flutterwave for Business

This was designed for people/businesses that wish to receive money from customers /clients, monitor and grow their business.

  • Barter by Flutterwave

For people who want to create virtual cards for their shopping, or send money within their friendship circles and people who want an easy convenient way of paying bills, this option is perfect.

For businesses processing payments via Flutterwave, they have access to an array of payment methods including barter by Flutterwave.

Rave gives you incredible insight into who your customers are so you can understand who they are and their transaction habits when using your product.

With Flutterwave, security is guaranteed. Hence, payment made via the platform is 100% secure.

Pricing: Varies according to countries. Pricing for international transactions from 2.9% to 3.8%

Finally, making transactions abroad can be easy when you know the right steps to take. Again, only you can tell the best way to receive international payments. This happens after examining the option which is easier, more accessible and best suitable for the type of business you operate or the transaction type.

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