Not many Nigerians carry out international transactions. Those that do, however, often face various challenges due to banking policies and regulations. For example, the most recent update limits the international spending limit on Naira cards to $20 or $50 per month – it was previously $100.
The max, $50, is just around N20,000. Despite this, some banks try to make things easier for customers. International transfers and payments aren’t the only international transactions you may want to perform. How about receiving money? Or managing a domiciliary account?
On that note, here are the best banks for international transactions in Nigeria:
- First Bank
First Bank has a variety of products and features to facilitate international transactions. Notably, the bank sources cheap funds for customers via the Central Bank autonomous window. With First Bank, you can carry out the following international transactions with ease:
- School fees – for undergraduate and postgraduate
- Overseas Medical bills
- Overseas trainings/seminars
- Home Remittances for Expatriates in Nigeria
- Mortgage Repayment
- Membership Subscription and Examination Fees (Individuals)
- Dividend and other investment remittances
- Other technical related payments
The limit for PTA is $4,000 while the limit for BTA is $5,000. To use First Bank international payment service, you need a valid passport and recent visa, fill a form, and provide other regulatory documents.
2. GT Bank
GT Bank offers an exclusive international money transfer service – The GTBank International Money Transfer (GTMT). With this service, you can perform international money transfers whether you’re a customer or not.
The service is reliable for paying for goods and services. All transfers via GTMT are made in US Dollars. The maximum per transfer is $10,000. If you’re receiving money, however, you can receive it in either US Dollars or Nigerian Naira.
GTMT comes with several benefits. You get instant access to cash and you can easily track funds. The bank provides in-depth information on the International accounts where you’re to make payments.
3. Access Bank
With Access Bank, you can perform seamless international transactions by registering a domiciliary account. The best option is a domiciliary current account. It allows you to make transactions in US Dollars, Euro, Pounds, and Yen.
Registering a Domiciliary Account with Access Bank requires just $100 or £100 or €100. Afterwards, there’s no minimum balance required. There’s also no account maintenance fee and no restrictions on the number of withdrawals.
Access Bank domiciliary account comes with debits cards and supports third-party withdrawals.
United Bank of Africa (UBA) provides one of the fastest and reliable international payment services. This is via native partnership with many third-party international payment services.
Examples include Western Union, MoneyGram, World Remit, and Ria. These are easy ways to send and receive money from anywhere in the world. You can send and receive money from and into your UBA account with any of these services.
For reviving funds, the senders only need to do is thick the “Direct To Account” and enter your account number when making the transfer. You won’t need to go to the bank for any withdrawal; you get a direct deposit into your account.
5. Zenith Bank
Zenith Bank features an international money transfer platform that works with a range of money transfer operators. The platform works with more than 15 money transfer operators.
You can use the Zenith Bank International Money Transfers platform whether you’re a customer or not. If you’re not a customer, you have the Cash Pick Up options. On the other hand, customers – only those with a domiciliary account – can use the Direct To Account option.
If you don’t have a domiciliary account, and you use the Direct To Account option, you’ll need to visit the bank to approve the deposit.
FCMB, like some already mentioned banks, facilitate international transfer via money transfer operators. All transactions, however, are made in US Dollars compliant with CBN directives.
With FCMB bank, you can withdraw international US Dollars when you receive an international deposit. All you need is a valid ID – NIN, International Passport, or Driver’s License should suffice. Ultimately, you must have a BVN.
More importantly, you can receive funds directly into your account as an FCMB customer with a domiciliary or Naira account. With FCMB International Money Transfer service, there are no hidden fees or charges.
7. Fidelity Bank
Fidelity Bank makes local and international transactions easy and safe. You can send and receive money via a panoply of channels. The bank partners with these channels so you receive an exclusive service.
If you’re on the receiving end, you pay no charges. You get the money deposited into your account in full, down to the last kobo. In addition, you must not have a domiciliary account; you can use your Naira account.
Furthermore, if you’re receiving less than $300, you only need to provide a secondary proof of identification. In other words, you can use “other identity cards.”
8: Union Bank
I’ll be ending this list with Union Bank. Union Bank is yet another Nigerian bank that uses remittance services for international transactions. The supported services include:
- Western Union
Amongst all, you can only make inbound and outbound transfers, directly from your Union Bank account, with Western Union and MoneyGram.
To get the money directly into your account, simply give the sender your account details. You can receive a maximum of $10,000 as a Union Bank customer. The maximum is $1,000 for non-bank customers.