List of Nigerian Banks Saving That Support International Wire Transfer

Money transfer is an easy way to send money to anyone using your own bank while the other person will be credited to his or her own bank. It is so easy that you can transfer funds to anybody within the country in a few minutes. However, transferring money from abroad is also easy, but not all banks accept such. We normally call this wire transfer. The good news is that many banks now accept wire transfers to saving accounts.

If you tend to send money to your friends, family, or business associates in Nigeria, below is the list of supported banks you can do that. Before then, let’s take a quick look at money transfers to Nigeria.

Bank Wire transfers to Nigeria – Banks VS Money Transfer Companies

Basically, banks allow their customers to send funds to Nigeria. However, this type of transaction comes with fees or charges applied. Another thing is that they offer exchange rates that are way lower than the one you will get at the black market or Bureau De Change. This is why many people prefer using money transfer companies to receive their funds since they will give them a high rate and lower transfer fees.

If you intend to use money transfer companies to receive your cash, the requirements for such transactions are below.

Requirement For Companies Bank Transfer to Nigeria

• Step 1: To transfer money in Nigeria, make sure you have the funds in your account. This should be USD domiciled bank account.
• Step 2: Make sure you have the recipient’s full legal name. The name must match the name on the bank statement.
• Step 3: You will need the recipient’s city address to transfer the funds.
• Step 4: You will also need the Recipient’s Bank Name Recipient’s Account Number.
• Step 5: The account should be a USD domiciled account.
• Step 6: The recipients must have a BVN listed at the bank to receive international transfers.
• Step 7: A mobile number that will be used to send an SMS notification to inform you when the money is credited.
• Step 8: Finally, you will have to choose a reason for sending the money, which can be for purchasing goods, for family or friend support, for property payment, etc.

How to Get BVN from Abroad

Just as you have seen, the sender BVN will also be required. Below is how to get your BVN from abroad.

• Step 1: Visit https://avanteglobalservices.com
• Step 2: Fill in the registration form.
• Step 3: Now, make an appointment at one of their location close to you.
• Step 4: Pay $5 online or when you go to the appointment.
• Step 5: You will have to show your photo ID (driving license or passport) at the appointment.
• Step 6: You will give them your passport photo, or they will take one.
• Step 7: They will take your fingerprint.
• Step 8: They cross-check all your details to make sure they are correct.
• Step 9: You will be given an ID number.
• Step 10: Email your ID number to [email protected]
• Step 11: After this, they will send you your BVN.
• Step 12: You can now give your BVN to your Bank.

Nigerian Saving Bank That Support International Wire Transfer

Many Banks accept international bank transfers in Nigeria. To send money to a Nigerian savings bank account, you will need to get the following from the recipients.

• Bank Name
• Recipient’s Name
• Account Number
• BIC/SWIFT Code.

As the recipients, you will need a Nigerian Naira Saving account or a domiciliary account to be able to receive your money. The difference between a Domiciliary Account and a Naira Bank Account is that in a Domiciliary Account, the bank will pay you in dollars, and then you can go anywhere and change your money.

Meanwhile, in a Naira Saving Account, your money will be converted to Naira by the Bank using the CBN rate, which will be lower than the back market rate.

Below is the list of Banks that support international wire transfers.

1. First Bank

I have been using First Bank for more than two years to receive international wire transfers direct to my Nigerian Saving Bank Account. I have no issues and no complaints at all. In fact, I can tell you that First Bank is one of the best Banks in Nigeria to receive an international wire transfer. Unlike other banks that will take 3 working days to credit your account, First Bank will take just 24 hours, and the cash will reflect on your account. Their requirement is just your Bank Name, full name, account number, and SWIFT code which is FBNINGLA.

2. Union Banks

Apart from First Banks, Union Banks is another great bank that you can use to receive an international transfer. I have used Union Bank to receive a wire transfer to my domiciliary account, and their charges are not that high. However, it always takes 3-4 working days before the money will reflect in my account. Apart from that, I don’t have any other thing to complain about Union Banks. They are reliable, just like First Banks.

3. GT Banks

Many of my friends will always say that GT Bank is for international transactions. The reason is that GT Bank has always been their source of international wire transfers. The good thing is that their exchange rate is a bit higher than other banks. They also credit accounts fast as well and their charges are not that high. If you have a domiciliary bank account, then you should use GT Bank.

4. Access Bank

I can’t say much about access bank, but I know a couple of friends who have been receiving wire transfers using Access Bank and are not complaining. Yes, you can send money to Access Bank from abroad and be sure that the recipients will get the fund in no time. You can do an FX transfer of up to $50,000 with transfer charges of 0.5%.

5. Zenith Bank

With Zenith Bank, you can receive foreign currency transfers from abroad either to your Naira account or to your domiciliary account. The requirement includes the transfer PIN, expected amount in USD, acceptable means of identification, senders name and address, and the receiver’s address and names as well. Even if you don’t have an account with Zenith Bank, you can also pick up the cash in US Dollars at any of their branches.

Other Banks That Support International Wire Transfer

There are still many other Banks that support international wire transfers. All you need to do is to contact the bank you have an account with, and they will explain the requirement you need to receive an international wire transfer to your account. If you don’t want to use Bank, then you can receive money from an approved list of CBN international money transfer operators in Nigeria. Check out the list below.

List of CBN International Money Transfer Operators in Nigeria