Hello Guys ,
I've not been here in a long time, I need some suggestions from you guys here ,I own a property in Lagos ,but I haven't been collecting rents from it due to lack of time or interest to travel down,right now I have appointed an agent to mind and collect rents on my behalf,am wondering which is the easiest and best way to receive money from Nigerian? as my account there has been locked for being dormant for too long.

All suggestions are welcome.

Observer1:
Hello Guys ,
I've not been here in a long time, I need some suggestions from you guys here ,I own a property in Lagos ,but I haven't been collecting rents from it due to lack of time or interest to travel down,right now I have appointed an agent to mind and collect rents on my behalf,am wondering which is the easiest and best way to receive money from Nigerian? as my account there has been locked for being dormant for too long.

All suggestions are welcome.

Best you have a Nigerian account into which your rent will be paid. Usually you can have a dormant account unblocked. Contact the bank and find out their procedure for unblocking dormant accounts. Completing a couple of forms and making a deposit usually does it.

Otherwise, you could try opening a [savings] account online with any of the major banks or, as a last resort, a non-resident account. Something like this one: https://www.gtbank.com/personal-banking/nrn-services (I'm not necessarily recommending this bank, other banks have the same service, like First Bank, for instance).
Then you can tie that account to PayPal or Transferwise and send your money from Nigeria to wherever you live.

Cyberknight:


Best you have a Nigerian account into which your rent will be paid. Usually you can have a dormant account unblocked. Contact the bank and find out their procedure for unblocking dormant accounts. Completing a couple of forms and making a deposit usually does it.

Otherwise, you could try opening a [savings] account online with any of the major banks or, as a last resort, a non-resident account. Something like this one: https://www.gtbank.com/personal-banking/nrn-services (I'm not necessarily recommending this bank, other banks have the same service, like First Bank, for instance).
Then you can tie that account to PayPal or Transferwise and send your money from Nigeria to wherever you live.

Thanks bro,I think the problem with mine is that I couldn't travel to get the BVN done,they said I need to be present for it to be done.

I'll try out those suggestions and see how it goes.

Thanks again.

Cyberknight:


Best you have a Nigerian account into which your rent will be paid. Usually you can have a dormant account unblocked. Contact the bank and find out their procedure for unblocking dormant accounts. Completing a couple of forms and making a deposit usually does it.

Otherwise, you could try opening a [savings] account online with any of the major banks or, as a last resort, a non-resident account. Something like this one: https://www.gtbank.com/personal-banking/nrn-services (I'm not necessarily recommending this bank, other banks have the same service, like First Bank, for instance).
Then you can tie that account to PayPal or Transferwise and send your money from Nigeria to wherever you live.

Cyberknight, I know this thread is quite old but when I searched "NRN" this is the latest thread that comes up. I'm hoping you can help with similar info.

My GT account is dormant (long story, but I was using my accounts with other banks), and now I recovered my online banking profile and want to reactivate the account. Reached out to GT support yesterday and they recommended that I switch to a NRN account. I don't even mind but the list of things they're asking for is alarming especially due to the lock down I can't get some of those.

I was about to reply them that I'd prefer my account remain as it was before it became dormant then I stumbled on your comment. I dont want the NRN if that will require additional effort.

I made my parents signatories to my account so they are okay to go in person to help with reactivation but I guess my questions are
would they need the same level of details that GT is requesting for NRN account?
What do I stand to lose if I refuse to upgrade to a NRN account?
Since I have signatories in Nigeria, will GT allow me to leave the account as a resident account?

Also my card has expired but that's not a problem once my account is reactivated, my parents will be able to apply for a new one for me like they did before.

It's not even a showstopper at this time as I have other banks but I want to check it off my to-do list if possible.

Thanks!

VickyRotex:


Cyberknight, I know this thread is quite old but when I searched "NRN" this is the latest thread that comes up. I'm hoping you can help with similar info.

My GT account is dormant (long story, but I was using my accounts with other banks), and now I recovered my online banking profile and want to reactivate the account. Reached out to GT support yesterday and they recommended that I switch to a NRN account. I don't even mind but the list of things they're asking for is alarming especially due to the lock down I can't get some of those.

I was about to reply them that I'd prefer my account remain as it was before it became dormant then I stumbled on your comment. I dont want the NRN if that will require additional effort.

I made my parents signatories to my account so they are okay to go in person to help with reactivation but I guess my questions are
would they need the same level of details that GT is requesting for NRN account?
What do I stand to lose if I refuse to upgrade to a NRN account?
Since I have signatories in Nigeria, will GT allow me to leave the account as a resident account?

Also my card has expired but that's not a problem once my account is reactivated, my parents will be able to apply for a new one for me like they did before.

It's not even a showstopper at this time as I have other banks but I want to check it off my to-do list if possible.

Thanks!

As far as I'm aware, reactivating a dormant account doesn't require the same level of paperwork that opening an NRN does.
I'd advise you reactivate the dormant account instead of bothering with the NRN.

I'm really not sure about your position with respect to having your parents as signatories. If they are signatories, they should be able to complete the reactivation process for you, unless your status as a non-resident has been noted as part of the designation of signatories.
In your shoes I would try to reactivate the account normally and see if that goes through.

First off, here's what my friend who lives in the UK did. He contacted his branch directly, and said he'd an account he wanted reactivated (he was wondering if they automatically close accounts dormant for a period, as he'd been away since 2010). They checked, told him the account was still existing and he could reactivate it, and emailed the reactivation form to him. His brother scanned a copy of the NEPA bill for their Lagos address (the same one he had used to open the account), and he passed all that to the bank, and I made a deposit into the account for him and that was it.

Since you have internet banking, you must have an account officer. Check for their contact details on your I-Banking platform and call/email them directly. Complete the reactivation form, attach your ID and a copy of your parents' NEPA bill and send it in and see what they have to say.

Lastly, re the "disadvantages" of a normal account as compared to an NRN, I don't know of any. The only characterisation the term "non-resident" carries is usually tax-related, but since you are only liable for tax on income earned in Nigeria, it doesn't matter what kind of account the money goes into.

For instance, if you are earning income from rent on property in Nigeria, you are liable for tax on it whether it is paid into a normal Nigerian account or an NRN account.

Cyberknight:


As far as I'm aware, reactivating a dormant account doesn't require the same level of paperwork that opening an NRN does.
I'd advise you reactivate the dormant account instead of bothering with the NRN.

I'm really not sure about your position with respect to having your parents as signatories. If they are signatories, they should be able to complete the reactivation process for you, unless your status as a non-resident has been noted as part of the designation of signatories.
In your shoes I would try to reactivate the account normally and see if that goes through.

First off, here's what my friend who lives in the UK did. He contacted his branch directly, and said he'd an account he wanted reactivated (he was wondering if they automatically close accounts dormant for a period, as he'd been away since 2010). They checked, told him the account was still existing and he could reactivate it, and emailed the reactivation form to him. His brother scanned a copy of the NEPA bill for their Lagos address (the same one he had used to open the account), and he passed all that to the bank, and I made a deposit into the account for him and that was it.

Since you have internet banking, you must have an account officer. Check for their contact details on your I-Banking platform and call/email them directly. Complete the reactivation form, attach your ID and a copy of your parents' NEPA bill and send it in and see what they have to say.

Lastly, re the "disadvantages" of a normal account as compared to an NRN, I don't know of any. The only characterisation the term "non-resident" carries is usually tax-related, but since you are only liable for tax on income earned in Nigeria, it doesn't matter what kind of account the money goes into.

For instance, if you are earning income from rent on property in Nigeria, you are liable for tax on it whether it is paid into a normal Nigerian account or an NRN account.

Thank you so much for the prompt reply. Your advice is really insightful and helpful. I appreciate it.

To clarify, I made my parents signatories to my account couple of years ago while I was leaving. One of the reason was to make things like this easy. So for example, when I had to renew my MasterCard, the bank just sent me an email to confirm that I was aware of the request, as opposed to some other steps I'd have had to take. That was how the bank knew I'm non-resident, but they never mentioned anything about switching to an NRN account then. I decided to send them an email (instead of requesting my parents to go to the bank) because of Covid, to limit their risk of exposure.

Yes, I have an account officer, that was the contact I sent an email to yesterday (from my internet banking) and their support team replied me suggesting NRN with the form and list of things to submit.

I will go with how your friend approached it. I will inform my parents to proceed with completing the form and I can sign if required. That looks like it will be faster than the online communication with the account manager/support team. However, since it's not urgent and considering the risk of their exposure to Covid, I'll just ask GT to send list of things they require for reactivation (not NRN), if it's just the NEPA bill, then I'll ask my parents to scan it to me and I'll complete the reactivation with GT on my end.

No be sey I get any money wey I wan put inside sef

Thank you once again. I appreciate the guidance provided.

VickyRotex:


Thank you so much for the prompt reply. Your advice is really insightful and helpful. I appreciate it.

To clarify, I made my parents signatories to my account couple of years ago while I was leaving. One of the reason was to make things like this easy. So for example, when I had to renew my MasterCard, the bank just sent me an email to confirm that I was aware of the request, as opposed to some other steps I'd have had to take. That was how the bank knew I'm non-resident, but they never mentioned anything about switching to an NRN account then. I decided to send them an email (instead of requesting my parents to go to the bank) because of Covid, to limit their risk of exposure.

Yes, I have an account officer, that was the contact I sent an email to yesterday (from my internet banking) and their support team replied me suggesting NRN with the form and list of things to submit.

I will go with how your friend approached it. I will inform my parents to proceed with completing the form and I can sign if required. That looks like it will be faster than the online communication with the account manager/support team. However, since it's not urgent and considering the risk of their exposure to Covid, I'll just ask GT to send list of things they require for reactivation (not NRN), if it's just the NEPA bill, then I'll ask my parents to scan it to me and I'll complete the reactivation with GT on my end.

No be sey I get any money wey I wan put inside sef

Thank you once again. I appreciate the guidance provided.

Glad to have been of some help. Let us know how it goes.

Cyberknight:


Glad to have been of some help. Let us know how it goes.

Will do. Merci Beaucoup!