Sending Money to a Domiciliary Account

There are many reasons why you need to send money to a recipient or yourself. Online commerce has occasioned the need for money transfer.
Once you sell a product or service and receive payment you can send it to your local bank account. Other reasons people need money transfer include school fees, sending to friend or family members.
Other reasons are to pay medical bills, purchase suppliers or pay merchants. The global trend in money transfer has changed because of advancement in technology.
No matter your demography knowing how to transfer money from abroad is beneficial. To start you need to open domiciliary account in your local bank.
wire-transfer-payment-pay-payment
Money Transfer Options
There are a few money transfer options available to people. You can use western union money transfer or money gram international transfer. Another effective method is bank wire transfer to a domiciliary account.
  • western union money transfer
  • money gram international transfer
  • bank wire transfer to a domiciliary account
How to Send Money to a Domiciliary Account
To use wire transfer you need to open a domiciliary account with you local bank. The account could be euro, dollar or pounds denominated.
Most commercial banks in Nigeria operate domiciliary account. Top contenders are Guarantee trust Bank, First Bank, Stanbic and United Bank for Africa. Others are Zenith Bank, FCMB and Diamond Bank.
  • Guarantee trust Bank
  • First Bank
  • Stanbic
  • United Bank for Africa
  • Zenith Bank
  • FCMB
  • Diamond Bank
Information to Receive
To send money through wire transfer you need to receive certain information. The information should be accurate so the money is transferred to the right bank and account.
The information is the account number, name of account and name of bank. Other information is the banks branch address, routing number and Swift Code.
  • account number
  • name of account
  • name of bank
  • banks branch address
  • routing number
  • Swift Code
How to Transfer the Money
Once you have the correct information you have two options. You can go to your local bank fill the form or use online banking.
Make sure you fill the form accurately and find out the maximum amount allowed. Most Nigeria banks have a cap of $5,000 to $10,000 per day or week.
 

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