ifenadi: No bank is faster than the other. It all depends on so many factors which are not limited to; access to swift system, number of intermediary banks involved and human factor. Banks makes use of SWIFT network to wire money abroad. Almost all the banks in nigeria are on swift. And again every bank in nigeria has several corresponding banks in major cities in the world. For instance if you want to transfer fund from your dollar account to uk, It will take longer time than a person that wanted to transfer from pounds account to the same location. Also some banks in nigeria do not have corresponding banks in USA. In that case if you wants to transfer funds to USA in those banks, it will take longer time than it will take if you do the transaction in a bank that has corresponding bank in USA.

N.B: 1.if you want your funds to get to USA faster , always request routing number from the beneficiary(if the beneficiary provides only swift code, the transfer process will take longer time)
2. For Europe and UAE transfer make sure that IBAN is part of the info provided by the beneficiary or else it may take longer time to get to the beneficiary.

royalicon: I had a good experience with GT Bank on this topic. For over 3 yrs we are together. With their internet banking platform, you can Transfer foreign currency from your account to other bank oversee, transfer naira to other bank within Nigeria, sell your foreign currency from your Dom account and get the naira equivalent in your current account instantly.
The charges for foreign currency transfer i experience is as follows: 1% or $10 of the amount you are sending (which ever is higher), 4,000ngr telex charges, 5% VAT on the charges. I ran away from UBA because of higher charges the. Though I didnt try other bank since am comfortable with GT bank.

Chlbenze: Good to know. ACCESS BANK AND FIDELITY BANK ARE THE BEST SO Far on this thread . Do i need a ref (some who has an acct). B4 i can get a dom acct in access bank? Since i dnt have a savings or current acct with them

arbitrage:

Yes you need references as part of KYC process.

arbitrage:

Yes you need references as part of KYC process.

Youngzedd: For the best service go for GTBank.

Best bank in black man's land.

sdavirus: I've been using Skye bank since 2009. All these charges you guys are calling are sooo high. Its a naira account that you can also make dollar deposits in. Minimum amount transferable is $100, and I usually get a receipt for transfer within 48 hours. Charges are $10 + 1% of the amount you are transferring. So for $100, its just $11 for bank fees. Whatever convenience Gtbank or Access gives, I've not seen a better deal than Skye bank.....not so sure if the account plan is still on offer, u would have to check.

mayorall: Thank God I havent opened with GTbank, Trying to open with firstbank. But first deposit of $500. And $100 minimum balance. No need of.reference since I have corporate account with them. GT will be too stressful with the charges and references.

2ndOGA:

What if you don't have an account with them beforehand? Would they still require a reference?

Hopefully anyone with an answer can respond to this soon.

nnekaregy: Fidelity bank,they deliver within 48 hours,lower transfer charges and the option of paying your charge through your naira account.

richkids1: I love this thread. Thanks Guys

texaco1: this thread was created last year,it is very possible some of the banks given high rating here could have slipped while those given low ratings could have improved . So pls do more investigation and with the introduction of outward westernunion service and paypal into the nigeria system .things would definitely have changed.

Demaejy:
With the new development of FirstBank and WesternUnion , can one transfer money abroad through the means instead of opening a domiciliary account?

thanks

texaco1:
yes it is very possible but I think only first bank nigeria is involved . www.firstbanknigeria.com/media/media-space/in-the-news/western-union-launches-outbound-service-with-firstbank/ businessdayonline.com/2014/08/western-union-first-bank-launch-outbound-service-in-nigeria/

Demaejy:

With the new development of FirstBank and WesternUnion , can one transfer money abroad through the means instead of opening a domiciliary account?

thanks

Youngzedd:



Only 3 branches nationwide can perform such transfer.

Too bad.

Eyop:


To me none . Go to banks that have a name in foreign exchange transactions.

arbitrage:


There shouldn't be anything like maintenance fee on dom account. It's only dollar card that GTBank even charges annual maintenance fee. Transfers should be like 2 days or more.