When it comes to managing money in Nigeria, it is important to understand the different types of accounts available and how they work. One common type of account is the domiciliary account, which is denominated in foreign currencies such as USD, GBP, and EUR. Another type of account is the naira account, which is denominated in the local currency, the Nigerian naira.
Transferring money between these two types of accounts may seem daunting, but it is a straightforward process that can be easily mastered. In this article, we will provide a detailed guide on how to transfer money from a domiciliary account to a naira account. Whether you are looking to convert your foreign currency to naira or need to transfer funds for a purchase, this guide will provide you with all the information you need to complete the transfer successfully.
Requirements for Transferring Money from Domiciliary Account to Naira Account
Before you can transfer money from a domiciliary account to a naira account, there are a few requirements that you need to fulfill. These requirements include:
- Valid domiciliary and naira account: You must have valid and active domiciliary and naira accounts with your bank. If you don’t have one or both of these accounts, you will need to open them before you can proceed with the transfer.
- Access to online banking or visit to bank branch: You will need to have access to your bank’s online banking platform or visit the nearest branch to initiate the transfer. If you don’t have online banking set up, you will need to visit the bank branch in person to complete the transfer.
- Sufficient funds in domiciliary account: You must have sufficient funds in your domiciliary account to cover the amount you want to transfer, as well as any fees and exchange rates that may apply.
- Knowledge of exchange rates and fees: It is important to have an understanding of the exchange rates and fees that apply to your transfer. Exchange rates can fluctuate daily, so you should check the current rate before initiating the transfer. Your bank may also charge fees for the transfer, which can vary depending on the bank and the amount being transferred.
Steps for Transferring Money from Domiciliary Account to Naira Account
Step 1: Log in to your online banking platform or visit your bank’s nearest branch.
To initiate the transfer, you need to log in to your online banking platform using your login credentials or visit your bank’s nearest branch to complete the transaction in person.
Step 2: Navigate to the section for transferring funds or making payments.
Once you have logged in, navigate to the section for transferring funds or making payments. This section may be labeled differently depending on your bank, but it should be easily identifiable on the online banking platform.
Step 3: Select the option to transfer funds from your domiciliary account to your naira account.
Select the option to transfer funds from your domiciliary account to your naira account. This option may be listed under “internal transfers” or “interbank transfers” depending on your bank’s online banking platform.
Step 4: Enter the amount you wish to transfer, the account number of the naira account, and any other necessary information.
Enter the amount you wish to transfer, the account number of the naira account, and any other necessary information such as the reason for the transfer.
Step 5: Review the transaction details to ensure they are correct, including the exchange rate and any applicable fees.
Before confirming the transfer, review the transaction details to ensure that they are correct, including the exchange rate and any applicable fees that your bank may charge.
Step 6: Confirm the transfer by entering your banking password or providing any other required authentication.
Once you have reviewed and verified the transaction details, confirm the transfer by entering your banking password or providing any other required authentication.
Step 7: Once you have confirmed the transfer, you will need to wait for it to be processed. The time it takes for the transfer to be completed may vary depending on your bank’s policies. However, most transfers are completed within a few minutes to a few business days.
Tips and Considerations for Transferring Money from Domiciliary Account to Naira Account
Transferring money from a domiciliary account to a naira account is a relatively simple process, but there are a few tips and considerations that you should keep in mind to ensure that the process goes smoothly. These tips include:
1. Check Exchange Rates and Fees Beforehand to Avoid Surprises
Before initiating a transfer, it is important to check the exchange rate and any fees that may be charged by your bank for the transaction. This will help you avoid any unexpected surprises and enable you to plan accordingly.
2. Consider the Timing of the Transfer to Maximize Exchange Rates
Exchange rates fluctuate constantly, so it is important to consider the timing of your transfer to ensure that you get the best rate possible. You can do this by monitoring exchange rates and choosing a time to transfer when the rate is favorable.
3. Double-Check Account Numbers and Other Transaction Details Before Confirming
It is essential to double-check all transaction details, including the account number of the naira account and the amount you wish to transfer. This will help you avoid sending the funds to the wrong account or transferring an incorrect amount.
4. Contact Your Bank’s Customer Service if You Encounter Any Issues
If you encounter any issues during the transfer process or have any questions, don’t hesitate to contact your bank’s customer service for assistance. They can help you resolve any issues quickly and efficiently.
Access Bank’s Transfer Methods You Can Use
1. AccessAfrica
AccessAfrica is a payment solution that simplifies global payments for P2P, B2B, P2B, G2P, and other payment activities. It allows customers to initiate payments in local currency or USD, and beneficiaries receive funds in local currency or USD. AccessAfrica focuses on Africa and has transfer corridors to several countries worldwide. Features include sending and receiving in local currency or USD, affordable transfer fees, near-instant payments, and availability to Access Bank customers and non-account holders.
2. PaySend
Paysend is an online card-to-card transfer service that provides a fast, secure, and low-cost alternative for sending money to friends and family in Nigeria. With Paysend, individuals can easily send funds from their bank accounts or bank cards to a recipient’s card or account. The service is designed to be efficient and cost-effective, providing a convenient way for people to transfer money quickly and easily.
Additionally, Paysend offers highly competitive interest rates on available balances, payable monthly, which means the more you save, the more you earn. Whether you’re sending funds to help out a loved one or paying for a service, Paysend is a great option for anyone looking for a hassle-free, secure way to transfer money to Nigeria.
3. Ria Transfer
Ria Transfer is an international money transfer service that offers fast, secure, and low-cost transfers. With Ria, you can receive funds directly into your Access Bank account or collect them over the counter at any Access Bank branch. The service offers convenience and ease for both senders and beneficiaries, making it a popular choice for those who need to transfer money quickly and reliably.
To receive payments, beneficiaries will need to provide their PIN, expected amount, acceptable means of identification, sender’s name and address, and receiver’s name, address, and phone number. With Ria, you can trust that their money will be delivered safely and efficiently.
4. Western Union
Western Union and Access Bank have partnered to offer an innovative service called Account Based Money Transfer (ABMT) that allows you to receive funds directly into your Access Bank account through the Bank’s Internet banking platform. This service is fast, secure, and a low-cost alternative to traditional money transfer methods.
To receive payments, you need to provide the Money Transfer Control Number (MTCN), expected amount, acceptable means of identification, receiver’s name, address, and phone numbers. Additionally, for sending payments, you need to provide your name, phone number, address, receiver’s name and country, amount in Naira, verified BVN, test question and answer (if applicable), and a maximum send limit of 1,000USD Naira equivalent per customer per quarter, as stipulated by the Central Bank of Nigeria. With Western Union and Access Bank, sending and receiving payments has never been easier or more convenient.
Read: What is Savings Account?
5. Moneygram
MoneyGram is a popular electronic funds transfer service that allows individuals to send and receive money from over 200 countries and MoneyGram Agent locations worldwide. The service is fast and convenient, and funds can be received as cash or directly into an account. To receive payments, the recipient must provide a reference PIN, expected amount, acceptable means of identification, receiver’s name, address, and phone number.
To send payments, the sender must provide their name, phone number, address, the receiver’s name and country, amount in Naira, verified BVN, and test question and answer where applicable.
555
555
555
555
555
555
555
555
555
555
Getting into Spinplus is quick and easy with spinpluslogin. No annoying delays. I can hop right into the action. Click here to give it a shot: spinpluslogin
Hey guys, tried ok8bet1 recently, and it’s pretty solid. The odds are decent, and the customer service was quick to respond. Worth a look, man! Try ok8bet1
Casino777mx, bringing a little Mexican flavor to the slots. Sounds like a fiesta! Always looking for new place to play! Here is the hook-up: casino777mx
I like this post, enjoyed this one regards for putting up. “No man is wise enough by himself.” by Titus Maccius Plautus.
Hi this is kind of of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding skills so I wanted to get advice from someone with experience. Any help would be greatly appreciated!
You need to participate in a contest for among the finest blogs on the web. I’ll recommend this web site!
Great blog here! Also your site loads up very fast! What web host are you using? Can I get your affiliate link to your host? I wish my site loaded up as fast as yours lol
But wanna say that this is very useful, Thanks for taking your time to write this.
Everything is very open and very clear explanation of issues. was truly information. Your website is very useful. Thanks for sharing.
Good write-up, I¦m normal visitor of one¦s website, maintain up the excellent operate, and It’s going to be a regular visitor for a long time.
It¦s really a cool and useful piece of information. I¦m glad that you shared this useful information with us. Please keep us up to date like this. Thank you for sharing.
Can I simply say what a reduction to find someone who truly is aware of what theyre speaking about on the internet. You positively know find out how to bring an issue to mild and make it important. More individuals need to learn this and perceive this side of the story. I cant believe youre not more widespread since you undoubtedly have the gift.
Yay google is my king helped me to find this great site! .
I believe you have mentioned some very interesting details , regards for the post.
An interesting discussion is worth comment. I think that you should write more on this topic, it might not be a taboo subject but generally people are not enough to speak on such topics. To the next. Cheers
I found your blog web site on google and examine a number of of your early posts. Proceed to maintain up the very good operate. I simply additional up your RSS feed to my MSN Information Reader. Looking for forward to studying extra from you afterward!…
of course like your web site but you need to take a look at the spelling on quite a few of your posts. Many of them are rife with spelling problems and I to find it very troublesome to inform the reality then again I’ll definitely come again again.
Can I just say what a relief to find someone who actually knows what theyre talking about on the internet. You definitely know how to bring an issue to light and make it important. More people need to read this and understand this side of the story. I cant believe youre not more popular because you definitely have the gift.
I like the helpful info you provide on your articles. I’ll bookmark your blog and check again here frequently. I am reasonably sure I will learn lots of new stuff proper here! Good luck for the following!
I think you have mentioned some very interesting details, appreciate it for the post.
I genuinely enjoy examining on this web site, it has wonderful blog posts. “For Brutus is an honourable man So are they all, all honourable men.” by William Shakespeare.
Merely wanna remark on few general things, The website style and design is perfect, the subject material is rattling great. “The stars are constantly shining, but often we do not see them until the dark hours.” by Earl Riney.
I like this post, enjoyed this one appreciate it for posting.
Greetings! This is my 1st comment here so I just wanted to give a quick shout out and tell you I truly enjoy reading your blog posts. Can you suggest any other blogs/websites/forums that go over the same topics? Thanks a ton!
I have been exploring for a little bit for any high quality articles or blog posts on this sort of space . Exploring in Yahoo I finally stumbled upon this site. Studying this info So i am satisfied to express that I’ve a very excellent uncanny feeling I discovered exactly what I needed. I most unquestionably will make certain to do not disregard this website and give it a look on a relentless basis.
With every thing which seems to be developing throughout this specific area, your opinions are actually very stimulating. Having said that, I beg your pardon, because I can not subscribe to your entire plan, all be it radical none the less. It seems to everybody that your comments are not totally rationalized and in simple fact you are generally your self not really fully confident of your point. In any event I did enjoy reading it.
This design is steller! You certainly know how to keep a reader entertained. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Excellent job. I really loved what you had to say, and more than that, how you presented it. Too cool!
I think other site proprietors should take this website as an model, very clean and magnificent user friendly style and design, as well as the content. You’re an expert in this topic!
An interesting discussion is worth comment. I think that you should write more on this topic, it might not be a taboo subject but generally people are not enough to speak on such topics. To the next. Cheers
It is appropriate time to make a few plans for the future and it is time to be happy. I have read this post and if I may just I want to suggest you few attention-grabbing issues or suggestions. Perhaps you can write next articles regarding this article. I wish to learn even more things approximately it!
F*ckin’ remarkable issues here. I’m very happy to peer your article. Thank you a lot and i am looking forward to touch you. Will you please drop me a e-mail?
Thanks for all of your efforts on this website. Gloria really likes conducting internet research and it’s really simple to grasp why. We all notice all relating to the lively medium you render reliable solutions through this website and therefore foster participation from other individuals on this content so our favorite child is discovering a great deal. Enjoy the rest of the new year. You are always carrying out a stunning job.
Very interesting subject, regards for posting.
Hey there, You’ve done a fantastic job. I will definitely digg it and personally recommend to my friends. I am confident they will be benefited from this site.
Precisely what I was searching for, thankyou for posting.
What¦s Taking place i am new to this, I stumbled upon this I have found It positively helpful and it has aided me out loads. I’m hoping to contribute & aid different customers like its aided me. Good job.
I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…
hey there and thank you on your information – I’ve certainly picked up anything new from proper here. I did then again expertise a few technical points the use of this site, as I skilled to reload the web site lots of times prior to I may get it to load properly. I have been brooding about if your web hosting is OK? Now not that I am complaining, however sluggish loading cases instances will often impact your placement in google and can harm your high-quality rating if ads and ***********|advertising|advertising|advertising and *********** with Adwords. Well I am including this RSS to my email and could look out for a lot extra of your respective exciting content. Ensure that you replace this once more soon..
Its like you read my mind! You seem to understand so much approximately this, such as you wrote the ebook in it or something. I think that you simply can do with some p.c. to power the message home a bit, however instead of that, that is wonderful blog. An excellent read. I will definitely be back.
I have recently started a website, the info you provide on this website has helped me tremendously. Thank you for all of your time & work.
Hi I am so thrilled I found your blog, I really found you by error, while I was looking on Askjeeve for something else, Anyways I am here now and would just like to say cheers for a tremendous post and a all round thrilling blog (I also love the theme/design), I don’t have time to look over it all at the moment but I have bookmarked it and also added in your RSS feeds, so when I have time I will be back to read a great deal more, Please do keep up the fantastic work.
Valuable information. Lucky me I found your web site by accident, and I am shocked why this accident didn’t happened earlier! I bookmarked it.
Someone essentially help to make seriously posts I would state. This is the very first time I frequented your web page and thus far? I amazed with the research you made to create this particular publish extraordinary. Magnificent job!
Hi! Do you know if they make any plugins to safeguard against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?
Someone necessarily help to make seriously posts I’d state. This is the first time I frequented your web page and to this point? I surprised with the research you made to make this actual post extraordinary. Great task!
I really appreciate this post. I have been looking all over for this! Thank goodness I found it on Bing. You have made my day! Thanks again!
Well I sincerely enjoyed reading it. This information procured by you is very constructive for accurate planning.
Please let me know if you’re looking for a article writer for your blog. You have some really great posts and I believe I would be a good asset. If you ever want to take some of the load off, I’d really like to write some content for your blog in exchange for a link back to mine. Please shoot me an e-mail if interested. Many thanks!
I enjoy reading and I think this website got some really useful stuff on it! .
I am always invstigating online for ideas that can assist me. Thank you!
My brother suggested I might like this web site. He was entirely right. This post truly made my day. You cann’t imagine just how much time I had spent for this info! Thanks!
I like the helpful information you supply to your articles. I will bookmark your weblog and take a look at again right here regularly. I’m quite sure I will be told lots of new stuff proper here! Best of luck for the next!
I love your writing style really loving this internet site.
Thanks , I’ve just been looking for information approximately this subject for a long time and yours is the greatest I have discovered till now. But, what in regards to the bottom line? Are you sure in regards to the source?
An fascinating discussion is worth comment. I feel that you should write more on this subject, it won’t be a taboo topic but usually persons are not enough to speak on such topics. To the next. Cheers
Hello.This post was really remarkable, especially since I was browsing for thoughts on this issue last Saturday.
I would like to thnkx for the efforts you have put in writing this blog. I am hoping the same high-grade blog post from you in the upcoming as well. In fact your creative writing abilities has inspired me to get my own blog now. Really the blogging is spreading its wings quickly. Your write up is a good example of it.
hello there and thank you to your information – I have definitely picked up something new from right here. I did however experience several technical points the use of this web site, since I skilled to reload the site lots of instances prior to I may just get it to load properly. I were brooding about if your web hosting is OK? No longer that I am complaining, but slow loading cases times will sometimes have an effect on your placement in google and could injury your high quality score if advertising and ***********|advertising|advertising|advertising and *********** with Adwords. Anyway I am adding this RSS to my e-mail and could glance out for much extra of your respective fascinating content. Ensure that you update this again very soon..
I want to express my appreciation for your kindness in support of those people who absolutely need help on this important area. Your personal commitment to passing the message across turned out to be exceptionally interesting and have frequently helped professionals like me to attain their dreams. The insightful facts means a whole lot to me and even further to my office colleagues. Regards; from all of us.
Way cool, some valid points! I appreciate you making this article available, the rest of the site is also high quality. Have a fun.
I simply could not leave your web site before suggesting that I extremely loved the usual information an individual provide on your visitors? Is going to be again continuously in order to check out new posts
I used to be very pleased to find this net-site.I needed to thanks for your time for this wonderful learn!! I positively having fun with each little bit of it and I have you bookmarked to check out new stuff you weblog post.
Hi there! Someone in my Facebook group shared this site with us so I came to check it out. I’m definitely enjoying the information. I’m book-marking and will be tweeting this to my followers! Fantastic blog and fantastic style and design.
F*ckin’ awesome issues here. I’m very happy to peer your article. Thank you so much and i am having a look forward to contact you. Will you please drop me a mail?
It’s perfect time to make some plans for the future and it’s time to be happy. I have read this post and if I could I want to suggest you few interesting things or suggestions. Perhaps you can write next articles referring to this article. I desire to read even more things about it!
It?¦s actually a nice and helpful piece of information. I am happy that you just shared this helpful info with us. Please keep us informed like this. Thanks for sharing.
I like this web site very much, Its a rattling nice post to read and obtain information. “You can never learn less, you can only learn more.” by Richard Buckminster Fuller.
This website is known as a stroll-through for all the data you wished about this and didn’t know who to ask. Glimpse here, and you’ll positively discover it.
I absolutely love your blog and find the majority of your post’s to be just what I’m looking for. Would you offer guest writers to write content for you personally? I wouldn’t mind publishing a post or elaborating on most of the subjects you write in relation to here. Again, awesome web log!
I like this post, enjoyed this one thankyou for posting.
Hi there, i read your blog from time to time and i own a similar one and i was just curious if you get a lot of spam feedback? If so how do you stop it, any plugin or anything you can suggest? I get so much lately it’s driving me crazy so any help is very much appreciated.
Together with the whole thing which seems to be developing inside this particular subject material, many of your viewpoints are quite exciting. On the other hand, I appologize, because I do not give credence to your whole idea, all be it radical none the less. It would seem to us that your opinions are actually not completely justified and in fact you are generally yourself not really completely convinced of the argument. In any case I did take pleasure in reading through it.
Wonderful goods from you, man. I’ve understand your stuff previous to and you’re just too magnificent. I actually like what you have acquired here, certainly like what you’re stating and the way in which you say it. You make it entertaining and you still take care of to keep it smart. I can’t wait to read far more from you. This is really a great web site.
Hi, Neat post. There’s a problem with your site in internet explorer, would check this… IE still is the market leader and a good portion of people will miss your fantastic writing due to this problem.
Have you ever considered publishing an e-book or guest authoring on other sites? I have a blog based upon on the same ideas you discuss and would really like to have you share some stories/information. I know my readers would value your work. If you are even remotely interested, feel free to send me an email.
I have not checked in here for a while because I thought it was getting boring, but the last several posts are great quality so I guess I will add you back to my everyday bloglist. You deserve it my friend 🙂
I in addition to my friends ended up analyzing the great key points found on your website while before long developed a terrible feeling I never thanked the blog owner for those tips. All of the ladies appeared to be consequently joyful to see all of them and already have truly been having fun with them. Many thanks for being quite helpful and then for picking out such impressive resources most people are really desirous to be aware of. My sincere apologies for not expressing appreciation to earlier.
wonderful points altogether, you simply gained a new reader. What would you suggest in regards to your post that you made a few days ago? Any positive?
Oh my goodness! an amazing article dude. Thank you Nonetheless I am experiencing subject with ur rss . Don’t know why Unable to subscribe to it. Is there anybody getting identical rss problem? Anybody who knows kindly respond. Thnkx
Some genuinely superb content on this website, thanks for contribution. “Careful. We don’t want to learn from this.” by Bill Watterson.
Hi my family member! I want to say that this article is amazing, great written and come with approximately all vital infos. I would like to peer more posts like this .
Wonderful web site. Plenty of helpful info here. I’m sending it to a few friends ans additionally sharing in delicious. And certainly, thank you for your effort!
I’d always want to be update on new blog posts on this internet site, saved to favorites! .
I have been surfing on-line more than three hours these days, yet I never found any fascinating article like yours. It is pretty worth sufficient for me. Personally, if all website owners and bloggers made excellent content as you probably did, the net will likely be a lot more useful than ever before.
Good day! I just would like to give an enormous thumbs up for the nice information you’ve got here on this post. I will likely be coming again to your blog for extra soon.
You have noted very interesting points! ps nice site. “I’m going to a special place when I die, but I want to make sure my life is special while I’m here.” by Payne Stewart.
Hello.This article was really fascinating, especially since I was looking for thoughts on this issue last Wednesday.
Hey, you used to write magnificent, but the last several posts have been kinda boringK I miss your tremendous writings. Past several posts are just a little out of track! come on!
The next time I read a blog, I hope that it doesnt disappoint me as much as this one. I mean, I know it was my choice to read, but I actually thought youd have something interesting to say. All I hear is a bunch of whining about something that you could fix if you werent too busy looking for attention.
You are my inhalation, I own few web logs and sometimes run out from brand :). “He who controls the past commands the future. He who commands the future conquers the past.” by George Orwell.
But wanna comment on few general things, The website pattern is perfect, the subject material is rattling superb : D.
I just couldn’t depart your website prior to suggesting that I actually loved the standard information a person supply on your visitors? Is going to be back often to check out new posts
Greetings! Very helpful advice on this article! It is the little changes that make the biggest changes. Thanks a lot for sharing!
Greetings from Florida! I’m bored to death at work so I decided to check out your website on my iphone during lunch break. I really like the knowledge you present here and can’t wait to take a look when I get home. I’m shocked at how quick your blog loaded on my mobile .. I’m not even using WIFI, just 3G .. Anyhow, wonderful blog!
he blog was how do i say it… relevant, finally something that helped me. Thanks
I just couldn’t leave your web site prior to suggesting that I actually enjoyed the standard info a person provide for your visitors? Is gonna be again continuously in order to inspect new posts.
Normally I do not read article on blogs, but I wish to say that this write-up very forced me to try and do it! Your writing style has been surprised me. Thanks, very nice post.
Thank you for another fantastic article. Where else could anyone get that type of info in such an ideal way of writing? I have a presentation next week, and I’m on the look for such information.
I haven?¦t checked in here for some time since I thought it was getting boring, but the last few posts are good quality so I guess I will add you back to my daily bloglist. You deserve it my friend 🙂
Hi there, I found your web site via Google while looking for a related topic, your website came up, it looks good. I have bookmarked it in my google bookmarks.
I like this blog so much, saved to my bookmarks.
You really make it appear really easy with your presentation however I find this topic to be actually one thing which I think I might never understand. It seems too complicated and very large for me. I’m looking ahead for your next publish, I?¦ll attempt to get the hang of it!