Last week, I had €90 sent to me by a client in Europe. To my surprise, Western Union used the exchange rate of €1 = N202.

One euro is going for between N230-N245 out there and bank rate is N216. (Meanwhile, whenever you do transactions online and pay with your MasterCard the bank deducts money from your account based on the black market rate.)

This is pure robbery. Has anyone else experienced this?

JuanDeDios:
Last week, I had €90 sent to me by a client in Europe. To my surprise, Western Union used the exchange rate of €1 = N202.

One euro is going for between N230-N245 out there and bank rate is N216. (Meanwhile, whenever you do transactions online and pay with your MasterCard the bank deducts money from your account based on the black market rate.)

This is pure robbery. Has anyone else experienced this?

Just try and open ur domicilary account and when u want to open it ticks dollars, Euro and £
And automatically pay the money into ur account

onajo2000:


Just try and open ur domicilary account and when u want to open it ticks dollars, Euro and £
And automatically pay the money into ur account

I actually have a dollar dom account. You mean I can ask the sender to send the money in dollars and pay it in there directly? But I noted that on the receipt my client sent me, they already calculated the naira over there which suggests that once the money is being sent to Nigeria it's automatically 'nairalised' for the receiver.

scammers everywhere, evem W.U

How much will the charge for dollars cos I will be receiving $5000 next week through WU.

onajo2000:


Just try and open ur domicilary account and when u want to open it ticks dollars, Euro and £
And automatically pay the money into ur account

Since no bank accepts foreign currency in dom account,how can one activate the account?,can it be activated by electronic dollar?

pinkyruledworld:
scammers everywhere, evem W.U

I tell you!

YoungWiseCash:
How much will the charge for dollars cos I will be receiving $5000 next week through WU.

dollar is 193.33

YoungWiseCash:
dollar is 193.33

That one is even better, but it's still stealing. Euro is far worse at 202.

They are stylishly robbing us. Paying with your card online is the worst. Last week my diamond visa card was charged 13k+ for a $57 software. Crazy.

JuanDeDios:

That one is even better, but it's still stealing. Euro is far worse at 202.

Next time, use a domiciliary account in € to receive your Euros

W.U in 2015?

coolsix:


Next time, use a domiciliary account in € to receive your Euros

W.U in 2015?

How does that work? You just give the person your dom account number and he is able to pay in the money? I already have a domiciliary account in dollars. Can I add euro to it or I have to open another?

JuanDeDios:

How does that work? You just give the person your dom account number and he is able to pay in the money? I already have a domiciliary account in dollars. Can I add euro to it or I have to open another?

It works like this:

Your Dollar Account has an account number, Sort Code and a SWIFT Code.

You give the person abroad the following information:

Bank Name
Bank Account Number(The Dom Account)
Bank Sort Code(Optional)
Bank SWIFT Code(Most Important)
Bank Address: Use the bank's Head Office Address or The Branch Address where you open your account
Bank Country: Nigeria

Thats all.. The Person would make the payment at his own bank abroad and the money would be delivered to your account within 2 - 5 days.

Note that someone cannot send Euro(€) to a Dollar Account! Impossible! To receive Euro, you must have a Euro Account.

Have you tried www.worldremit.com .This is what I use from Canada. You can tell your client to use it to send money to you. They are far better than WU. I stopped using WU to send money to Nigeria when I discovered that their exchange rate and fee is too crazy. With worldremit, you get the money in your bank account direct and you don't have to use any ID to get your money unlike WU and others. Their exchange rate and fee is very very reasonable.

coolsix:


It works like this:

Your Dollar Account has an account number, Sort Code and a SWIFT Code.

You give the person abroad the following information:

Bank Name
Bank Account Number(The Dom Account)
Bank Sort Code(Optional)
Bank SWIFT Code(Most Important)
Bank Address: Use the bank's Head Office Address or The Branch Address where you open your account
Bank Country: Nigeria

Thats all.. The Person would make the payment at his own bank abroad and the money would be delivered to your account within 2 - 5 days.

Note that someone cannot send Euro(€) to a Dollar Account! Impossible! To receive Euro, you must have a Euro Account.

In other words, only a client who owns a dollar account can remit money to me this way since my account is in dollars? And I can use any friend's account which is denominated in euro. This sounds cool. Thanks.

kayjegs:
Have you tried www.worldremit.com .This is what I use from Canada. You can tell your client to use it to send money to you. They are far better than WU. I stopped using WU to send money to Nigeria when I discovered that their exchange rate and fee is too crazy. With worldremit, you get the money in your bank account direct and you don't have to use any ID to get your money unlike WU and others. Their exchange rate and fee is very very reasonable.

Sounds good. I will check it out.

JuanDeDios:

In other words, only a client who owns a dollar account can remit money to me this way since my account is in dollars? And I can use any friend's account which is denominated in euro. This sounds cool. Thanks.

Yes! Only a client with a dollar account can remit money to you. But many countries abroad have improved. The person may not have a Dollar Account and he can still send it to you.

In other words, its not your concern whether or not the person has a dollar account, your own concern is to receive your money. The person would speak to his bank and his bank would work the magic.

coolsix:


Yes! Only a client with a dollar account can remit money to you. But many countries abroad have improved. The person may not have a Dollar Account and he can still send it to you.

In other words, its not your concern whether or not the person has a dollar account, your own concern is to receive your money. The person would speak to his bank and his bank would work the magic.

Very very good. This will be the first option I put to any foreign client about to pay me next. Thanks.

Permit me to differ with u op, go through their terms and condition they have the right to set their own exchange rate. That's how they make profit they are not running a charity organisation. If you don't like their exchange rate u look elsewhere its simply business.

PLANETMARS:
Permit me to differ with u op, go through their terms and condition they have the right to set their own exchange rate. That's how they make profit they are not running a charity organisation. If you don't like their exchange rate u look elsewhere its simply business.

I'm not sure what exactly you're "differing" with. Did I say they can't set their exchange rate or that Lagos robbers can't make their own rules? I said they're cheating Nigerians. Why is the difference between their rate and even CBN's faux rate so much? I'm looking elsewhere. That's why I opened this thread. Thank you.

JuanDeDios:

I'm not sure what exactly you're "differing" with. Did I say they can't set their exchange rate or that Lagos robbers can't make their own rules? I said they're cheating Nigerians. Why is the difference between their rate and even CBN's faux rate so much? I'm looking elsewhere. That's why I opened this thread. Thank you.

nobody is cheating nobody mr its business good luck with ur search.

my advise open a payoneer account with your account you can receive money with it £ or $
u can cash out your money thru the MasterCard that will be send to you visit payoneer.com or Google payoneer for more info

PLANETMARS:
nobody is cheating nobody mr its business good luck with ur search.

So the exchange rate counts for nothing and you can set up and say one dollar is 100 naira after collecting commission. You wouldn't know when you're cheated, will you?

JuanDeDios:

So the exchange rate counts for nothing and you can set up and say one dollar is 100 naira after collecting commission. You wouldn't know when you're cheated, will you?

I have told u wat u shud knw

teamg:
my advise open a payoneer account with your account you can receive money with it £ or $
u can cash out your money thru the MasterCard that will be send to you visit payoneer.com or Google payoneer for more info

Thank you. I have a Payoneer account and I have their MasterCard. But I'm not sure I understand how what you have stated works. Do I simply give the account name and number to my foreign client and they are able to make a deposit? Does it matter if the client is in US ($) or in Europe (€)?

contact thr Cc https://payoneer.custhelp.com/app/Contact_us

and ask for the activation of thr EU payment service your account will be activated within 24hrs

teamg:
contact thr Cc https://payoneer.custhelp.com/app/Contact_us

and ask for the activation of thr EU payment service your account will be activated within 24hrs

Thank you

YoungWiseCash:
dollar is 193.33

kingxsamz:

good old days. by the time Buhari gets us to 1 use to 1k Naira

hakeem4:
good old days. by the time Buhari gets us to 1 use to 1k Naira

Chai... . And this post was in 2015, right before Apc madness started.