“My Friend in UK Promised Me $600 but I Don’t Have a USD Account. What Should I Do?” Expert Advises
- A concerned Nigerian man has written to Legit.ng requesting guidance on how to receive money from abroad
- According to him, he requested financial assistance from a friend who lives in the United Kingdom
- Victoria Adebisi, an experienced customer representative, has provided insight on how to receive funds from abroad
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
A Legit.ng reader is seeking advice on the options available to receive funds from abroad without a domiciliary account.
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The Legit.ng reader, who preferred anonymity, wrote:
"Please help. I recently connected with an old classmate who currently resides in the United Kingdom and asked for his financial assistance. He offered to help me with $600 and requested my dollar account to send the money. However, I don't have a dollar account and don't intend to open one because I don't earn in dollars. What can I do?"
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How to receive funds from abroad in Nigeria
Victoria Adebisi boasts over six years of experience as a customer representative in the banking sector, coupled with valuable insights gained from working across various departments.
Receiving money from abroad is as easy as getting cash from within Nigeria. A customer can open a domiciliary account or use third parties, such as International Money Transfer Operators (IMTOs).
A domiciliary account lets you receive, send, and transfer foreign payments using your local bank. To open an account, a customer must provide all necessary documents. Some banks charge at least $100 to open an account, while others require identification and a referee with a current account.
On the other hand, IMTOs do not require any account opening; you only need identification. Some of these IMTOs include Western Union, WorldRemit, and Sendwave.
The main difference between domiciliary accounts and IMTOs is that a customer can get paid directly into the domiciliary account, which can then be withdrawn from the bank's counter for exchange.
For IMTOs, all that is needed is to send a local bank account number to the sender, who will then send their full name, country of residence, and the reference number of the transaction.
Upon the arrival of the funds, the receiver will receive a notification and need to go to the bank. They will be given a slip to fill in the information, including the reference ID.
It is important to note that payments from IMTOs can only be received in naira using the prevailing exchange rate. In contrast, a domiciliary account holder can withdraw funds in the same currency the money was sent in.
Disclaimer: Advice given in this article is general in nature and is not intended to influence readers' decisions about solving issues of threats. Readers should always seek their own professional advice that takes into account their own personal circumstances before making any decision.
Do you have a story to tell? Want an expert's advice? Please email us at ask.an.expert@corp.legit.ng with 'Ask an expert' in the subject line.
CBN, FG not converting domiciliary accounts
Meanwhile, Legit.ng earlier reported that the Nigerian government and the Central Bank of Nigeria addressed reports about potential plans to convert funds in domiciliary accounts into naira.
The report had suggested that the move would help the naira recover in the foreign exchange market and increase forex supply in Nigeria.
Over $30 billion is reportedly idle in accounts across various Nigerian banks, including Access Bank, GTBank, UBA, Zenith Bank, and others.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
