HOW TO TRANSFER MONEY FROM NIGERIA TO USA
HOW TO TRANSFER MONEY FROM NIGERIA TO USA; Sending money from Nigeria to the United States can be a daunting task, especially with the limitations on foreign exchange transactions imposed by the Central Bank of Nigeria (CBN). However, there are various methods to send money from Nigeria to the US, including traditional methods like bank transfers and new options like cryptocurrency. In this article, we will discuss the steps involved in sending money from Nigeria to the US using both traditional and cryptocurrency methods.
Bank Transfer: This is one of the most common methods used to send money from Nigeria to the US. To initiate a bank transfer, you will need to have a bank account in Nigeria and the recipient will need to have a bank account in the US. You will also need to provide the recipient’s account number and routing number, which can be obtained from their bank.
To initiate the transfer, visit your bank or use your bank’s online banking platform. Provide the necessary details and complete the transaction. Note that there may be fees associated with the transfer, and the exchange rate used may not be favorable.
Money Transfer Services: Money transfer services like Western Union and MoneyGram are also popular options for sending money from Nigeria to the US. To use these services, you will need to visit their agent locations, provide your identification, and the recipient’s information. You can then make the payment, and the funds will be available for pickup by the recipient at a designated agent location in the US.
Note that these services may have higher fees compared to bank transfers, and the exchange rate used may not be favorable.
Use a Cryptocurrency Exchange: Cryptocurrency exchanges like Binance and Coinbase allow users to buy, sell, and transfer cryptocurrencies like Bitcoin and Ethereum. To use this method, both the sender and recipient will need to have cryptocurrency wallets.
The sender will need to buy the desired cryptocurrency using Naira on the exchange and transfer it to the recipient’s wallet address in the US. The recipient can then sell the cryptocurrency on a US-based exchange and withdraw the funds to their bank account.
Note that there may be fees associated with buying and transferring cryptocurrencies, and the exchange rate used may fluctuate rapidly.
Use a Peer-to-Peer Exchange: Peer-to-peer (P2P) exchanges like LocalBitcoins allow users to buy and sell cryptocurrencies directly with other users. To use this method, both the sender and recipient will need to have cryptocurrency wallets.
The sender will need to buy the desired cryptocurrency from a Nigerian seller on the P2P exchange and transfer it to the recipient’s wallet address in the US. The recipient can then sell the cryptocurrency to a US-based buyer on the P2P exchange and withdraw the funds to their bank account.
Note that P2P exchanges may have higher fees compared to traditional cryptocurrency exchanges, and users should exercise caution when conducting transactions with unknown parties.
How To Exchange Cryptocurrencies for Naira on Astro Africa
In cases where you have to receive some money from the USA, the best and most viable option is to receive it in the form of cryptocurrency on Astro Africa. They have one of the highest exchange rates currently.
Astro Africa is undoubtedly one of the most fantastic cryptocurrency exchanges to come out of the Nigerian cryptocurrency ecosystem. It is a platform that embodies the definition of profitable, fantastic user experience, security, and transparency. Astro Africa allows users to exchange their cryptocurrency assets for Naira or Cedis (plans are in motion to expand to other parts of Africa). They provide services such as:
- Exchange cryptocurrency for fiat.
- Direct local deposits.
- Exchange gift cards for fiat.
- Exchange gift cards for crypto.
- An exchange rate calculator.
- High exchange rate for converting assets.
The list goes on and on. All these are made available to users easily, all you need is an internet-accessible mobile phone. They also have a mobile application available for just Android users for now. The amazing thing about Astro Africa is that users are entirely in charge of their portfolios and do not need to hold their assets on the platform before they can trade and withdraw their fiat directly to their local bank accounts free of charge. This makes users focus more on trading and not have to worry too much about how their fiat is being moved around when they need it.
Together with the awesomeness of Astro Africa mentioned above, the signup process is one of the most seamless and straightforward processes ever:
- Proceed to the Astro Africa signup page, and complete all the required details.
- Once the step above is completed, you’ll instantly receive a confirmation code in your email. Copy this code and complete your signup.
- Once you’re done, you are required to set up a five-digit (5) transaction pin. It’s that easy, you can now start trading or you can explore the sleek user interface.
- Make sure you complete your profile by adding your bank account and other necessary details to ensure a maximum pleasurable user experience.
- Next, proceed to select “Sell Crypto”. You first select the amount of crypto you wish to sell (minimum $5). For now, you can only exchange Bitcoin (development is already in progress for supporting other assets).
- You can see the exchange rate, the amount you will receive in fiat also, and the wallet address for you to send your assets to. After 2 block confirmations, your Astro Africa wallet is credited with fiat you can proceed to withdraw to your local bank account.
In conclusion, there are various methods to send money from Nigeria to the US, including traditional methods like bank transfers and money transfer services, as well as new options like cryptocurrency exchanges and P2P exchanges. Each method has its pros and cons, and users should carefully consider the fees and exchange rates involved before selecting a method.
Read also; How to transfer money from USA to Nigeria