Sending money from the United Kingdom (UK) to a bank account in Nigeria can be a straightforward process with various methods and options available. Whether you need to support family members, pay for services, or conduct business transactions, this article will guide you through the process and explore different methods, including the use of cryptocurrencies.
Traditional Bank Transfers
The most common method of sending money from the UK to Nigeria is through traditional bank transfers. Here’s a step-by-step guide:
- Choose a Reliable Remittance Service Provider:
Research and select a reputable remittance service provider that offers competitive exchange rates and low transfer fees. Popular options include TransferWise, WorldRemit, Western Union, and MoneyGram.
- Register and Provide Information:
Sign up for an account with the chosen remittance service provider and provide the required information, including your personal details and recipient’s bank account information in Nigeria.
- Initiate the Transfer:
Enter the transfer details, including the amount you wish to send and the recipient’s bank account details. Verify all the information before confirming the transaction.
- Pay for the Transfer:
Follow the instructions provided by the remittance service provider to pay for the transfer. This can usually be done through bank transfer, debit card, or credit card.
- Track the Transfer:
Once the transfer is initiated, you can usually track the progress of the transaction through the remittance service provider’s website or mobile app. You will also receive notifications regarding the status of the transfer.
With the increasing popularity of cryptocurrencies, sending money from the UK to Nigeria using digital currencies can be an alternative method. Here’s how:
- Set Up a Cryptocurrency Wallet:
Choose a reliable cryptocurrency wallet that supports the currencies involved in the transfer, such as Bitcoin, Ethereum, or Ripple. Popular wallets include Coinbase, Binance, and Trust Wallet.
- Buy Cryptocurrency:
Purchase the desired cryptocurrency using a reputable cryptocurrency exchange in the UK. This can be done by linking your bank account, debit card, or credit card to the exchange platform.
- Transfer Cryptocurrency to Nigeria:
Once you have purchased the cryptocurrency, transfer it to a Nigerian cryptocurrency exchange or directly to the recipient’s cryptocurrency wallet. Ensure you have the recipient’s cryptocurrency wallet address for the transfer.
- Convert Cryptocurrency to Local Currency:
If the recipient prefers to receive Nigerian Naira instead of holding the cryptocurrency, they can sell the received cryptocurrency on a Nigerian exchange like DartAfrica and withdraw the funds to their bank account.
Apart from traditional bank transfers and cryptocurrencies, other methods to consider include:
- Mobile Money Transfers:
Some mobile money platforms, such as Paga, allow users in the UK to send money directly to Nigerian mobile money accounts. Both the sender and recipient need to have registered accounts with the specific mobile money service.
b. Peer-to-Peer Transfers:
Various peer-to-peer transfer platforms like PayPal and Skrill enable individuals to send money internationally. However, it’s essential to check if the service is available in both the UK and Nigeria, and consider any associated fees.
Exchange Cryptocurrencies For Fiat on DartAfrica
DartAfrica is a very easy and highly beneficial way for you to convert your crypto assets to fiat that you can withdraw to your local bank account. DartAfrica is a very new and quickly expanding cryptocurrency trading platform that aims to make it pleasant and easy for users in Ghana and Nigeria (for the time being) to sell cryptocurrencies for fiat. DartAfrica offers support for popular cryptocurrencies like USDT, USDC, ETH, and BTC and has plans to increase this selection in order to cater to a wide range of consumers with various preferences. One of the many potential benefits of using DartAfrica is the fact that there are no transaction fees, unlike other exchange platforms or traditional banking institutions.
The platform also provides simple navigation, quick and secure transactions, and a user-friendly design. To efficiently use DartAfrica:
- Visit their website to register in just a few simple steps.
- Create a transaction pin by logging into your account and selecting “Security” to authorize withdrawals.
- For instructions on creating a local bank account, click “Account Details”.
- Choose the coin you want to deposit by clicking “Sell Coins.” Put the USD amount (at least $20).
- By selecting “Sell Now,” you will be given a barcode and wallet address to deposit the equivalent amount you intend to sell. After two block confirmations, the corresponding amount of fiat is transferred into your account. You may track your transaction in the “Trades” area until the deposit is complete. You can see this on your “Dashboard.”
- To withdraw money to the account you’ve previously set up in step 3, click “Withdraw funds,” then enter the desired amount. Without any additional fees, your local bank receives a quick credit.
Sending money from the UK to a bank account in Nigeria has become more accessible with multiple options available. Traditional bank transfers, cryptocurrency transfers, mobile money transfers, and peer-to-peer platforms offer flexibility and convenience. Evaluate each method based on factors such as cost, speed, and recipient’s preference to choose the most suitable option for your needs. Always ensure you use reputable service providers and prioritize security throughout the transfer process.