How To Send Money From A Nigerian Bank Account
Many people use their Nigerian bank accounts to send money rather than international transfer agents. This is because a Nigerian bank account can save you very large amounts of money, and also it takes less time to send the money.
One of the main benefits of using a bank account for sending money is that it will be safer and faster than using a wire transfer. Plus, it is also convenient because you can do your banking on any device, wherever you are. Keep reading to learn how to send money from a Nigerian bank account with three easy steps.
Why Should You Send Money From A Nigerian Bank Account?
There are many reasons people send money from their Nigerian bank account, one of which is efficiency. Sending the funds through a bank instantly sends them, which is much more efficient than hiring an agent, who can take up to two or three days to process transactions.
The most obvious benefit would be to save international transfer fees. The average wire fee would cost an individual a lot more than they’d like to spend on their overseas remittances, especially when they could be saving those extra dollars in their own personal account. Many Nigerian citizens already use Fibo as a reliable service to send money from a bank account.
Ways To Send Money From A Nigerian Bank Account
You can use your bank account to send money through different methods. You can do that in three major ways: through a bank transfer, money order, and check.
Bank Transfer
This method is used to send the funds from your account to another bank account in a different country. In this case, you need to follow the same steps used when sending funds from your own personal bank account: fill out the receiver’s information and confirm that they are legitimate before submitting your transaction information for processing.
The process could take up to two days if you incorporate a wire transfer, which is much longer than sending the funds through a bank transfer would take.
Money Order
Money orders are the same as the checks you cash at the local bank, except they are made of paper and can be sent worldwide. This type of transacting is not used very often. Still, it is useful if your bank account has insufficient liquidity or if your bank does not provide funds in a particular currency or location.
Checking
As opposed to money orders, checking accounts can be used to send funds from your Nigerian personal bank account to other locations worldwide. In this case, there are two ways to send money: by using a check or money order. You can only use the first method if you already have the funds in your account.
Three Easy Steps To Send Money From A Nigerian Bank Account
You can use three easy steps to send money from a Nigerian personal bank account. They are;
Get a Free Nigerian Bank Account
You can get a free Nigerian bank account anytime and anywhere you want to, on Fibo. The process is super easy, and you can start sending funds immediately. All you need is an email address and a valid mobile number to verify your identity (just like if you were applying for an international credit card).
Fill in the Recipient Information
Once you have a free bank account, the next step is to fill out the recipient’s information where you want to send money from your Nigerian bank account.
Confirm the Transaction and send Money
The last step is to confirm the transaction information by clicking on “confirm.” If you are using a check or money order, once you confirm that everything is correct, your funds will be transferred to their respective banks, from where they will be sent according to the steps mentioned above. If you are using a bank transfer, your funds will immediately be sent after confirming that everything is correct.
Benefits Of Using A Bank Account To Send Money
Below, I will briefly explain some of the benefits of using your personal bank account to send money;
It’s Fast And Easy
Sending money via a bank account is faster than using other methods. The funds go directly to your recipient, making it safer and faster.
It’s Secure
Your funds are protected as they are sent through a bank account. They will not be affected if your recipient decides to close that bank account, unlike what would happen if they accept funds that were sent through a different method.
It’s Inexpensive
This is probably the most obvious benefit for many people, and this is why many Nigerians prefer to use their bank accounts when sending money overseas. You don’t have to worry about paying huge international transfer fees if you send funds through a bank account.
This also positively affects your personal balance in your respective country’s currency as you can start earning real money rather than just spending it if you use it wisely.
The Bottom Line
It really doesn’t matter how you choose to send your money, as long as you find a way to transfer it from your Nigerian bank account to another location worldwide. However, bank accounts are a secure and easy way to send money from Nigeria. If it is not an option that you have yet considered, you may want to give it a try. I hope this article gave you vast information about how to send money from a Nigerian bank account.