You thought receiving money abroad was a difficult process, right? I totally understand. As a Nigerian entrepreneur, receiving international payments can be difficult and frustrating. You face many challenges and inconveniences when receiving your personal or business payments abroad, but there is a way out.
As a resident of Nigeria, I have personally encountered the difficulties of receiving online payments from international clients. After evaluating several payment platforms, I will share my insights on the most effective options, including their pros and cons.
Note: To comfortably receive payment abroad, you must own a US dollar account. I recommend GTB, UBA, or ZENITH Bank. It is also essential to have your NIN, Voters Card, driver’s license, or international passport as means of identification. Although World remit and Remitly offer cash pickup options, having a USD account is better.
BEST INTERNATIONAL PAYMENT PLATFORMS FOR NIGERIANS
Based on my experience, research, and public reviews, here are the best methods for receiving international payments in Nigeria:
- Remitly — Sign up
- Geegpay — Sign up
- World Remit — Sign up
- Wise — Sign up
- Payoneer — Sign up
- Upwork — Sign up
- Cryptocurrency platforms
Remitly
Remitly is a financial technology company that provides international money transfer services. Remitly offers competitive exchange rates and low fees for its money transfer services, and it aims to make sending money internationally fast, easy, and affordable, with an impressive reach of over 140 countries.
Transfers with Remitly can be received in seconds and various methods, such as bank deposit, cash pickup, or mobile wallet. Remitly offers a tracking tool to help you keep track of your money transfer as it makes its way to the recipient. I love Remitly so much because it is seamless. Even if your client has never heard of Remitly, they can start the process and have money sent to you within 10 minutes by clicking on this link. It is that simple. The best part is that you don’t need an account with Remitly. All your client needs are your bank details: name, address, account number, etc.
Pros and cons of Remitly
Based on my experience, research, and online reviews, here is a compiled list of the pros and cons of Remitly
Pro
- 4.1 reviews on Trustpilot with over 35,000 reviews
- Remitly delivers money quickly with a debit card
- The Remitly Economy option offers low fees for some countries
- First-time transfers are free
- Phone and live chat support is available 24/7 in multiple languages
- Positive ratings for user-friendly mobile apps
- As a recipient, you do not need a Remitly account to receive payment to your USD account.
- Allows Cash pickup in the bank nearest to you if you do not have a USD account.
Con
- Remitly allows senders in only 30 countries (US, Canada, Australia, and the UK are included)
- It has strict monthly limits on the amount of money sent
- The economy option takes a longer delivery time.
- Doesn’t have an invoicing system.
Visit Remitly now to learn more and start banking!
Geegpay by Raenest
Geegpay by Raenest is a fintech company that provides online money transfer and digital payment services. It allows Africans to receive payments globally and make purchases online. Geegpay tops my list for every Nigerian. With Geegpay, you can create USD, EUR, and GBP bank accounts. It gets better as you can get a virtual and physical card for online payments.
I have used Geegpay, and it’s a great option. You can receive payments via wire transfer to your account within three days. Conversion to your Naira account takes less than 60mins, and the rates are juicy. I have experienced an issue with their fraud team in the past, but the issue was resolved immediately after reaching out to them on Twitter and providing some essential details regarding myself and what I do.
Pros and cons of Geegpay
Based on my experience, research, and online reviews, here is a compiled list of the pros and cons of Geegpay.
Pros
- You can own a Virtual EUR, GPB, or USD account to receive payments abroad.
- Free conversion to local currencies
- Invoicing system can be automated for each client
- Offers virtual cards that work on millions of websites
- Conversion rates are the same as local (Aboki) rates (For those in Nigeria)
- Very affordable fees
- Good customer support
- They provide other benefits such as Salary advance and BNPL (Terms and conditions apply).
Cons
- Account verification may take weeks and requires documentation
- Transfers are received in days, not immediately
- Bad reviews from users for being accused of fraud
Register now using my Raenest Tag ID: 2363
WorldRemit
WorldRemit is a leading digital money transfer service that allows individuals to send money to over 130 countries and 70 currencies worldwide. Whether you need to send money to support loved ones abroad, pay for goods and services, or want a convenient way to send money internationally, WorldRemit can help.
Their payment system is a bit similar to Remitly, as their names are. The payment fees are on the sender; you don’t get charged a dime as a recipient. If you choose bank deposit as your payment means, your bank might charge you for their services.
Pros and cons of WorldRemit
Based on my experience, research, and online reviews, here is a compiled list of the pros and cons of WorldRemit
Pros
- lower transfer fees compared to local banks
- WorldRemit offers flexible fees and no minimum transfer amount.
- Quick and easy account setup with various support options.
- Customers in over 50 countries can send money to 130+ countries.
- Multiple payment and delivery options are available.
Cons
- It may be an expensive option for larger money transfers.
- WorldRemit has separate apps for money transfer services and multi-currency accounts, which can be confusing.
Visit WorldRemit now to learn more and start banking!
Wise
Wise (formerly Transferwise) is a financial technology company that offers online money transfer and foreign exchange services. It was founded in 2011 to make international money transfers more transparent and affordable. As wise showcases a new brand look with green as their themed color, they aim at making transactions easier for everyone everywhere with access to 170 countries and over 50 currencies.
One of the main features of Wise is that it allows users to send and receive money in different currencies at a low cost, as it uses mid-market exchange rates instead of markup rates that traditional banks and other money transfer providers often charge. Wise is a partner with Flutterwave to use its pan-African payment infrastructure to send money to verified Nigerian bank accounts.
A verified Wise account will give you access to account details in different currencies. You could activate account details for USD, EUR, British Pounds, CAD, and more. Although you can receive payments from clients with a Wise account through your email or phone number, you must verify your account to access account details and routing numbers that can be used to receive payments from clients without a Wise account.
Note: Creating a business account has proven to be stressful. As a freelancer or employee, the individual account would be best. The business account requires a lot of paperwork.
Pros and cons of Wise
Based on my experience, research, and online reviews, here is a compiled list of the pros and cons of Wise.
Pros
- Wise has very low transfer fees than other money transfer providers.
- No hidden charges; they are very transparent about their fees
- Gives access to multi-currency accounts
- Wise is known for having good customer service and a simple, user-friendly platform.
- Access to both individual and business accounts
- It provides one of the best exchange rates
- Wise account verification could give you access to Stripe in Nigeria.
Cons
- Cash cannot be withdrawn directly; it can only be transferred to bank accounts or mobile wallets.
- It does not support all currencies; hence money cannot be transferred to every country through the platform.
- Wise doesn’t support transfers to Dominiciary accounts in Nigeria. You can only withdraw your money to your USD account.
- Verification is difficult because it doesn’t allow deposits from a Nigerian account.
- Wise debit cards are currently available in about 70 countries, and Nigeria isn’t included.
If you are abroad, click here to confirm your country’s availability. Visit Wisenow to learn more and start banking!
Payoneer
Payoneer is a fintech company that provides online money transfer and digital payment services. It allows individuals and businesses to send and receive payments globally and purchase online.
I used Payoneer to receive payment, which took about two days to process. It was a seamless transaction, but I wasn’t pleased with their automated naira exchange. If you use sites like Fiverr and Upwork, withdrawal fees on Payoneer range from $2-5. This is a good option as it is reliable, but it would be favorable to connect your USD account instead of a naira account. I recommend Payoneer for anyone looking to join the Amazon affiliates program or who needs to get their earnings from it.
Pros and cons of Payoneer
Based on my experience, research, and online reviews, here is a compiled list of the pros and cons of Payoneer
Pro
- Available in 200 countries
- Free international payments (Payoneer to Payoneer)
- Multilingual customer support
- Fee-free VAT payment in the EU and UK
- Competitive conversion rates
Con
- Most suitable for small businesses and freelancers
- It has no payment gateway or POS system
Visit Payoneer to learn more and start banking!
Upwork
Upwork is a platform that allows businesses to find and hire freelancers for various services, including writing, graphic design, programming, and more. It is a popular platform for freelancers and businesses because it allows them to connect easily and collaborate online.
This platform can also be used to receive international payments for freelancers. It is suitable because it protects the interests of both parties, as the contract and terms of work would be protected by escrow.
How to use Upwork to receive international payments as a freelancer
Upwork offers a “Direct Contract” feature that allows freelancers and clients to work together outside the Upwork platform. This can be useful if you want to establish a long-term working relationship with a client or if you want the security and convenience of paying through the platform. Using Upwork has some benefits, like escrow services and project management tools, like invoicing. This method is strictly for non-upwork projects and comes with a fee of 3.4% per contract. The best part is that your client can use this method without signing up for the platform.
How to create a direct contract on Upwork
- Click on the paper airplane icon on the top right corner of your screen.
2. Click on the “Create a Contract” button and follow the prompts to enter the details of your contract, including the client’s name, the scope of work, and the payment terms.
3. Send the contract to your client.
4. Your client will need to accept the contract and deposit funds into escrow
5. Get paid once you complete the work.
Payment Methods on Upwork for Nigerians
To get paid on Upwork in Nigeria, choose from the following:
Direct to local banks:
- Withdrawals cost $0.99 each
- Payment is made via their conversion rate to your naira account.
Paypal
- Withdrawals cost $2
- Paypal sending and withdrawal fees are on you
Payoneer
- Withdrawals cost $2
- Payoneer withdrawal fees are on you
Wire transfer USD
- It costs $30 to wire funds to any bank.
- It may take up to 7 business days to receive the transferred funds.
Pros and cons of Upwork
Based on my experience, research, and online reviews, here is a compiled list of the pros and cons of using Direct contracts on Upwork
Pros
- They offer escrow service protection
- Contract management is made easier
- Your client doesn’t have to sign up for the platform to work with you.
- They offer conflict assistance
- Quicker payment and invoicing system
Cons
- More expensive compared to other options
Click here to learn more about direct contracts!
Cryptocurrency
This is an interesting way to receive payments. I always advise opting for payments via stable coins (USDT) so you don’t lose out on any decrease in coins.
Here is how to begin:
- Choose a cryptocurrency platform: There are many platforms available, such as Coinbase, Binance, Luno, etc., that allow you to buy, sell, and hold various types of cryptocurrencies. Ensure to research the best cryptocurrency platforms and read online reviews before deciding.
- Create an account: To receive crypto payments, you must create an account on the chosen platform. This usually involves providing personal information such as your name, email address, phone number, and identity verification.
- Set up your wallet: Most cryptocurrency platforms provide their wallets in which you can store your cryptocurrencies. You must set up your wallet by following the platform’s instructions.
- Provide your payment address: You must provide your payment address to the person or entity sending you the payment. This unique string of letters and numbers identifies your wallet on the blockchain. There isn’t any name confirmation with cryptocurrency, and the entire process is untraceable. Ensure to send the right address, triple-check.
Remember that using a cryptocurrency platform carries some risks, such as the possibility of hacking or fraud. Researching and comparing different platforms carefully and using strong passwords and other security measures to protect your account and funds are essential.
Pros and cons of Cryptocurrency
Based on my experience, research, and online reviews, here is a compiled list of the pros and cons of using cryptocurrency to receive payments
Pro
- Using cryptocurrency is fast and affordable
- Conversion rates are the same as local (Aboki) rates (For those in Nigeria)
- Available in most countries
- Eliminates Chargeback frauds
Con
- Banned in some countries
- Many people are not conversant with crypto and might be skeptical about using it, especially with all the associated frauds.
- It is more complex than other payment options and isn’t beginner friendly.
Earning money is hard enough; you shouldn’t sweat to cash out. I have presented the best and most efficient ways to receive international payments in Nigeria based on my experiences working with clients and dealing with various payment methods. Each method has its unique advantages and disadvantages. The best option for receiving international payments for someone in Nigeria will depend on your specific needs and preferences. Researching and comparing different options is essential to find the one that works best for you.
If you feel this list is incomplete and want me to look into another method or company, I would love to hear from you!
Email me to see if it qualifies to get featured on this list.
Disclosure: This contains some affiliate links, which means that if you sign up through these links, I may earn a commission at no extra cost to you.
Leave a Reply