Good day esteemed nairalanders. Bosses in the house, I have noticed that all borderless payment websites only cater to people abroad trying to send money to Nigeria but none caters to the hundreds of thousands if not millions of businesses/individuals who would also like to send money directly to friends, family and suppliers abroad.

Esteemed nairalanders, please advise on how to send money safely and efficiently to family and businesses in Dubai and Malaysia. So far, I have only found the following options:

1. Domiciliary account: A costly and not so efficient option. First, I need to open a domiciliary account in Nigeria and the unfriendly bank policies. Also, the difficulty in funding dom accounts and at exorbitant rates. Not to forget, the poor exchange rate of receiving local bank, intermediary bank fees, senders fees and having to pay in USD when the local currency I actually need sent is AED/MYR.

2. PayPal: The so called Nigerian PayPal that's supposed to be able to send money abroad relies on the usd supported Nigerian cards to even work. And there's a 100usd limit on these cards (that's if they work). Plus, PayPal is a great pain in the ass. From sudden account limitations, to poor exchange rates and too many risks.

3. Western Union/Moneygram: My research so far shows that both do not support OMT(outbound money transfer) from Nigeria. And even if they do, they charge outrageous fees and very poor conversion rate. Not to forget, the FG policy of not allowing more than 1k usd per quarter.

4. Crypto: Crypto still hasn't solved the problem of easy FIAT to FIAT transfer. Unlike in Nigeria, most if not all countries in Asia have a strict anti-crypto policies such that you can't literally withdraw to bank from your wallet. Transaction refrences cannot contain crypto related words. You have to rely on P2P sale of your coins which is not efficient and totally time wasting and costly.

5. BDC dealer based abroad: This is another option I found but I have heard some scary stories of how these mallams/dealers can literally disappear and refuse to pay your family/supplier abroad after receiving your money in naira equivalent.

I'll be reading your advice in the comment section. Thank you.

Bitc oin and paxful

I have three people you can send money to in Dubai and you will ask your relative to go there and receive in aed. But it's black market o, so they will charge you according to rate.
For Malaysia, I don't know anything about that country

Juwonmania:
I have three people you can send money to in Dubai and you will ask your relative to go there and receive in aed. But it's black market o, so they will charge you according to rate.
For Malaysia, I don't know anything about that country

thanks for your input

More input needed

Boy

OP how did you solve your money transfer issue? I need to know your solution to this problem.