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In an increasingly interconnected world, the ability to receive foreign money transfers is a necessity for many individuals and businesses in Nigeria. Whether it's receiving payments from international clients, receiving funds from family members abroad, or managing investments from overseas, having a seamless process for receiving foreign money transfers is crucial. In this article, we will guide you through the steps and considerations for receiving foreign currency in Nigeria.

Choose the Right Receiving Method

Before diving into the specifics of receiving foreign money transfers, it's essential to decide on the most suitable method for your needs. There are several options available, each with its advantages and limitations:

1. Bank Transfer: One of the most common methods is receiving foreign currency directly into your Nigerian bank account. Ensure that your bank supports the currency you wish to receive.

2. Money Transfer Services: Companies like Western Union, MoneyGram, and TransferWise (now Wise) provide convenient ways to receive foreign currency in Nigeria. You can pick up cash at designated locations or have it deposited into your bank account.

Read the article via the link below to create, verify and activate Wise personal account for USD, GBP, EUR and other foreign bank accounts to receive payment and withdraw in Naira in Nigeria:
https://www.nairaland.com/7281099/guide-create-verify-activate-wise

3. Online Payment Platforms: If you are receiving payments for online services or e-commerce, platforms like PayPal and Payoneer can be useful, although they have certain restrictions in Nigeria.

4. International Wire Transfers: For businesses and larger transactions, international wire transfers are an option. Ensure that you have the necessary bank details to facilitate the transfer.

Provide Accurate Information

When receiving foreign money transfers, accuracy is paramount. Be sure to provide the sender with precise and up-to-date information, including:

1. Bank Account Details: If you're receiving funds through a bank transfer, share your bank's SWIFT/BIC code, account number, and account name in the exact format as it appears on your bank account.

2. Identification: In some cases, you may be required to provide a valid form of identification, such as a government-issued ID or passport.

3. Reference Numbers: Always provide any reference or transaction numbers provided by the sender to facilitate the tracking and processing of the transfer.

Understand Exchange Rates and Fees

Foreign money transfers often involve currency conversion, and this can impact the final amount you receive. Exchange rates and fees can vary widely between banks, money transfer services, and online platforms. It's essential to understand these factors to maximize the value of your transfer.

1. Exchange Rates: Compare the exchange rates offered by different providers and choose the one that offers the most favorable rate.

2. Fees: Be aware of any fees associated with receiving foreign money transfers. Some banks and services may charge receiving fees, while others offer fee-free options.

3. Hidden Costs: Watch out for hidden costs, such as intermediary bank fees, which can reduce the amount you receive.

Compliance and Regulations

To ensure a smooth and legal process for receiving foreign money transfers, it's crucial to be aware of Nigeria's financial regulations and compliance requirements. Here are some key points to consider:

1. Central Bank Guidelines: Familiarize yourself with the Central Bank of Nigeria's guidelines regarding foreign exchange transactions and foreign money transfers.

2. Taxation: Understand the tax implications of receiving foreign currency, as you may be required to report and pay taxes on such income.

3. Documentation: Keep records of all foreign money transfers, including transaction receipts and any documentation related to the source of funds.

Receiving foreign money transfers in Nigeria can be a straightforward process when approached with careful consideration and adherence to regulations. By selecting the right receiving method, providing accurate information, understanding exchange rates and fees, and staying compliant with financial regulations, you can efficiently manage your foreign currency transactions and make the most of your international connections.

Remember to stay informed about the latest developments in financial regulations, as they may change over time. With the right knowledge and approach, receiving foreign money transfers in Nigeria can be a hassle-free experience that opens up a world of opportunities for individuals and businesses alike.

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Humblemax:
Yes this is true. But to list separately at both marketplaces either with same BIN or different BIN prices, I simply list at Afternic first before proceeding to list at Dan.

Going by info from Dan CSS, I prefer to keep things simple to avoid distribution conflicts.

Humblemax:
Not quite.
You can also list separately at both marketplaces with same or different BIN prices.

Have you tried this recently? Because now if you list at DAN with BIN price, whether you enable it for Afternic distribution network or not, Dan will auto list it at Afternic with same BIN price. Once this happens, you cannot list again at Afternic except you change to Make-Offer at Dan. My experience, though.

AwesomeDuru:
I always put a ridiculously high BIN on Afternic.

And then I'll leave it on Make Offer on Dan.

Most of my non-geo sales so far have been on Dan.

Buyer for this one came with a first offer of $500.

I rejected and told him I don't entertain offers lower than $xxxx.

He then offered $2500.

I countered with $9888.

He accepted and paid.

Great strategy, bro. Of course, to be able to list domain at both Afternic and Dan, you must list it as Make-Offer at Dan.
But with this, do you point (nameservers) the domain to Afternic or Dan?

AwesomeDuru:
Sold!

MetricsHub - $9.8k

My highest sale ever!

More to come to all who grind!

I greet una o.

A big congratulation, bro. I wish you more sales.
The domain initial BIN price was $50k, would you mind sharing more info about the sale? We celebrate with winners, and learn from their success.

1Dray:
Thanks. This was helpful.

You are Welcome.
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Apus:
Submissions are crazy right now on squadhelp with a resultant slower review. My submitted names now stay up to 2weeks pending with no action taken.

Similar experience here. SH customer service said it's due to higher volume of submissions. Although I had two unregistered names approved within 12 hours this week. I guess AI detected the names as top quality names to speed up the approval.

1Dray:
Please, is anyone here using the Wise.com option to receive payments from SH?

Yes. I use Wise option. Any issue?

Brokeness:
Seen. Thanks.

Pls what next?

So annoying. You mean after devoting my time yesterday to guide you through with screenshots, and now you have seen the 6-digit code, you are still quoting another person with what next? I don't blame those who respond with read from page 1.

Spiritualizt:
In domaining, information is power, so it's important to be well-read and have knowledge in your niche. The seller is holding out after receiving offers of $50k and $65k, probably in expectation of a $100k offer.😁😁😁

May be the buyer should go for Wallet, instead of Storage.

Brokeness:
Look at my last screenshot well, and you'd understand that I have gone through everything

My last advice:
1) Engage NameSilo customer support for solution
Or
2) Create a Nigerian Paypal account, add the Visa card, add the PayPal email to Namesilo as payment option, and enable it for payment during checkout.

If all these don't work, visit Paddy Digital for a paid service to fix your account issues.

Good luck.

Brokeness:
No notification yet

When you add the card the first time, NameSilo will debit $1 to test the card, and then refund it. That has nothing to do with you manually verifying the card. You have to click "Verify this card" for another $1 debit to receive the 6-digits code.

Brokeness:
See

Forget the 3-4 days info. The code should already be in your Payday notification box. Copy the code, and go back to the payment method section, you will see instruction to submit the code to verify the card. After verification, you have to authorize the card to be used during checkout.

symbuul:
I don't even understand namesilo. I received the 6-digit code and $1 was deducted, yet the domain wasn't registered.

What did you do with the 6-digit code when you received it? Did you go back to the payment section to submit the code to verify the card, and authorize it as a payment option so it can be used for payment during checkout?
Adding a new card during checkout is the hard way. The simple way is to first add the card, and follow the on-screen instructions to verify it before you can use it to make purchases or add funds to your NameSilo account during checkout.

Brokeness:
Bosses in the house


After funding my payday visa virtual card, namesilo has refused to let me buy name o.

Whenever I try to input the card details, it says card exists. I'm tired.

After adding the card, did you receive a 6-digit code from Namesilo to verify the card for payment? You must verify every new card added before you can use the card. See screenshot below. NameSilo will deduct $1 from the card, and send the code to your Payday notification box.

With your Wise account, you can receive funds from PayPal, Payoneer, Stripe, Shopify etc

Do you need to send money from Nigeria to UK for school fees, family and friends, or to foot accommodation or medical bills? We offer money transfer services at Paddy Digital (Paddy Ecommerce Ltd®). You pay us in Naira, we transfer to the designated GBP or EUR bank.

Check my signature for details.

tinnymerit:
1word.ai is best,if not avoid

Correct. In the list I dropped above, Blare is 1 word (Dictionary word), taken in 49 ext.
Also Some make up words aren't English, but they're super hot to use for .ai
4L.ai sells, too.

LOL. Me, wey no sell .ai before. No evidence; I go explain taya.

YoobaNesan:
Why you no reg am? You no get money?

So if person reg am and got sold, you dey expect Raba?

No, bro. Community service. No need for Raba. I noticed some interests on .ai by some members recently. I felt I should drop available ones I ran into. Besides, I'm not into .ai. Although I have one or two AI in .com.

The listed .ai domains are still available for those that have financial muscles to register. I don't know how good there are. Look before you leap.

Avivo
Bugzy
Grati
Vipi
Blare
Buski
Bizer
Blendo
Techio
Orbie
Hivry
Grinx
Xonix
Zift
TechIQ
iByte
Techry
Bubb
Bitbra

Let me have your feedback before I drop more.

MrPADDY:
Sometimes these glitches are caused by auto-system or staff errors, but their support officers would never admit it. Being at their mercy, one needs to play cool.

A day before yesterday, I submitted an unregistered domain, and chose SH to register it if approved. SH approved the name for registration within a few hours. At WHOIS, the domain was still unregistered. I then clicked the approval button, and it was registered at NameSilo, but SH showed error message that there was issued with the registration. Upon checking WHOIS again, I discovered the name was registered at exact time I clicked the approval button.

It would be 100% a rare coincidence that an outside person, instead of SH, would register the domain immediately I clicked the button. I felt the domain was auto-registered at NameSilo, but final process at SH interrupted due to glitches.

All my explanations to SH support to add the domain to my account if SH registered it yielded no result. In domain flipping, you win some, and lose some. What doesn't kill you, makes you stronger.

Since last week I posted my recent experience at SH, I have lost two more domains (free submissions) where I chose SH to register if approved. Although, this time, the support was kind enough to admit that they have glitches (see screenshot).

If you have a domain you are very sure of, you may do well to register it before submission at SH for now, so as not to lose it to 3rd party.

auxanosolar:
Please I recently opened a pound account with first bank to receive payment from my client in the UK as sending naira has been an issue recently but she has been unable to send it as she said her app has provision for 6 figure sort code while I was given a 9 figure sort code, please who knows how I can easily receive pounds directly from her as this issue has delayed my money for long

Get digital tools, services and payment solutions at https://paddydigital.com

EtimAbasiama:
Lolz. There's no rules to this boss. Many names are left on make offers. Even Oga Hyk won't price car//king. He will leave it on make offer. So it depends on the name boss.

Congratulations to recent sellers. Good morning fam.

Sold Chevrolet// Silverado//king for $499 last two months. HT- 2 years.

We still dey push

Brother, how is business going? Let's talk on whatsapp. Check my profile for Whatsapp detail.

Sadiq3051:
That's not the case. It's his pounds account he attached to Dan. And Dan also send pounds. That's why the whole issue looks confusing...

Sometimes these glitches are caused by auto-system or staff errors, but their support officers would never admit it. Being at their mercy, one needs to play cool.

A day before yesterday, I submitted an unregistered domain, and chose SH to register it if approved. SH approved the name for registration within a few hours. At WHOIS, the domain was still unregistered. I then clicked the approval button, and it was registered at NameSilo, but SH showed error message that there was issued with the registration. Upon checking WHOIS again, I discovered the name was registered at exact time I clicked the approval button.

It would be 100% a rare coincidence that an outside person, instead of SH, would register the domain immediately I clicked the button. I felt the domain was auto-registered at NameSilo, but final process at SH interrupted due to glitches.

All my explanations to SH support to add the domain to my account if SH registered it yielded no result. In domain flipping, you win some, and lose some. What doesn't kill you, makes you stronger.

TruthFinder crawls through billions of public records from all over the United States and compiles this information in one easy-to-read report.

yankison:
I need pia ..how much

Check our website for Whatsapp contact to get our price list.
https://paddydigital.com