@NBA

I have used both MoneyGram and Western Union so many times over 5 years to pay the USA creditor's payment or send  to my trusted friend across the bordered USA state as emergency fund(gas expense, tire blew up, any small amount no more than $25 dollars---with IOU).

Of course their transfer fee on MoneyGram and Western Union are different. MoneyGram is cheaper than Western Union, but Western Union is STRONG FRAUD-PROTECTION than MoneyGram, according to the national banking system online as well as magazine said.(their opinions, not mine)

Yes that is correct when you send money via either Western Union or MoneyGram, the other party, who picks up money in US dollars, is required to fill out "RECEIVE MONEY FORM" with money transfer control number, in turn to show proper identification card (passport or driver's license) and answer the secret question to  the Western Union/MoneyGram cashier to be verified on the computerized system before cash out to the other party.

But I never use them (Western Union/MoneyGram) for outside of the USA such foreign countries because of 419 i fear.

For me, it is reliable to me only when i cannot be drive more than 100 miles away from my hometown in the USA. I am a gold card membership of Western Union sending money on a secured online as well as my prepaid Western Union MasterCard credit card to reload my fund to charge item anyplace, anywhere it has "MasterCard logo" on storefront/restaurant/gas station doors. There is no monthly interest fees and credit check background for USA legal resident only. But for getting money, I have to go any local Western Union location to pick up money with proper ID, money transfer control number, and answer the secret question.

Their common location hours on both Western Union and MoneyGram in the US are 10am to 10pm on Monday through Saturday (closed on Sunday), some opens on Sunday at limited hours, some end at 6pm varies to different States of the USA. Both Western Union and MoneyGram locations in the USA ARE NOT TAKEN PLACES IN THE AMERICAN BANKS unlikely Nigeria banks. Both are licensed STAND ALONE franchised parlors taken places in any department stores, pharmacy stores, convenience stores, even small/rural postal services and grocery stores.

@NBA,
To use the UBA NRN, just use the named beneficiary option online transfer menu and choose the branch of UBA you want the money sent to. The person the goes to the stated branch with ID and transfer details to get the money.

Has any body tried to sent money to their accounts here from a Naija dorm account?. It is always easy to send home but will be interesting if transfer out is as advertised?

Last week I wanted to send money home for some shares and I found out the following for the same amount.


Money gram
Exchange rate: 248naira to 1 pound
Cost of transaction = 17 pounds
Collection Period =15minutes later

Western Union
Exchange rate = 240naira to 1 pound
Cost of transaction = 25pounds
Collection period = 24hours after

or
Cost of transaction = 50 pounds
Collection period = same day

From the information above I would say Moneygram is it. I couldn't believe Western Union had such a low exchange rate and much higher fees and to transfer the money the same day their charges more than three times that of moneygram.

I have also found Moneygram fees and rates to be much better than Western Union. There is a $2999 limit to how much you can send with Westeren Union while Moneygram has none or a much higher limit. The maximum I have sent via Moneygram was $8000 and it cost $160 for a 10 minute service.  Same amount was received in USD in a bank in Nigeria and safely deposited into the receivers account.

Comparison below shows it will cost me $145 to send $2999 to Nigeria via Western Union versus $59.98 for the same amount using Moneygram.

Western Union
The maximum send amount for money transfers is $999.99 to $2999.99 per 30 days, depending on your profile and the country to which you are sending money.
  Selected Service
Money In Minutes
  Sending to
Nigeria
  Sending from
United States
Amount to send   $ 2999.00
Money transfer fee*   $ 145.00
Total estimated amount   $ 3144.00

Send Now
Estimated exchange rate 1 US Dollar = 122.5370996 Nairas
Estimated local currency pay out = 367488.76 Nairas

Moneygram
  Pricing Result     
Country Sending From :    UNITED STATES
Country Sending To :    NIGERIA
Service :    10 Minute Service
Send Amount :    2,999.00    US DOLLAR
Fee Amount :    59.98    US DOLLAR
Total Amount :    3,058.98    US DOLLAR
Receive Amount :    2,999.00    US DOLLAR

Request was priced by country. Please check country restrictions. All fees and foreign exchange rates are subject to change and are not set until the transaction is sent.

Same amount was received in USD in a bank in Nigeria and safely deposited into the receivers account.

hi NBA can you use money gram to send money straight into an account?

has anyone used the GTB intr bank transfer, think they started this some months ago,

We are pleased to inform you that as part of our continuous efforts towards providing you with superior and excellent customer service, Guaranty Trust Bank plc has commenced NIBSS Electronic Funds Transfer (NEFT) service on its Internet Banking Platform.

With the introduction of this service, you no longer have to issue cheques or physically visit a GTBank branch to transfer funds from your account to a beneficiary’s account in other commercial banks in Nigeria. You can simply initiate payments from the comfort of your home or office.

This service will be added to your internet banking profile upon request at any of our branches nationwide. Thus, transfers made from your GTBank account(s) to third parties whose accounts are domiciled in other commercial banks will receive value within 24-48hours of the initiation of the transfer.

Dis Guy:

hi NBA can you use money gram to send money straight into an account?

has anyone used the GTB intr bank transfer, think they started this some months ago,

Hi Dis Guy,
No.

You can with UBA remit to a UBA account holder. UBA remit will pull the funds from your checking/current account abroad and pay it into the UBA account holder in Nigeria.  They could also pull the funds from your credit card at a higher fee.
https://www.ubaremit.com/

The alternative will be to do a wire transfer to send the money to an account.

.

Hi NBA,

Please I would like to know how you are finding the Diamond Bank account ? I initially considered the UBA as they are very responsive but it seems their charges can be high and unexpected. What have you found it terms of online banking access and customer service responsiveness with your non residential accounts. Thanks

Hi Etin,

The application process for Diamond bank was smooth. They have emailed the account numbers but I am still waiting for the internet access ID and Password, cheque book, and Debit card which they say will be sent by courier.

The UBA charges are something else but I have limited my use to the Savings account and so far it seems reasonable. You can transfer to other UBA accounts online from your Savings. I haven't seen the stated charges for N5 on every N1000 for balances above N50,000 in the Savings and I moved over 1 mil in September, will let you all know if it occurs. There was a thread here on Nairaland about UBA charges and my goodness people were venting!

Hi NBA,

Thanks for your quick response. I have got to the point where I need to have an account I can remotely operate from UK. I would probably have gone for UBA savings but if I transfer to my brother's account then charges would be incurred if he try to get it out. Its so bad that when I sent money to buy some shares via moneygram rather than pay it into his UBA account and buy the shares there he took the cash to GTB and bought the shares through his account at GTB. That made me wonder what kind of charges make you risk carrying large sums?

I think I'll check out Diamond Bank. Thanks for this very useful and informative thread.

You are welcome Etin.

I just looked through my savings account statements and the only charges to date are N100 per month which is labeled as "LOGIN CHG". I have transferred large sums of money from my savings to my stockbroker as well as to my sister’s UBA savings in the last few months and haven't incurred additional charges neither has she.

Here is a quote from my relationship officer:
"Charges do not apply when you make account to account transfer via u-direct, however a charge of N200 will apply if it is to a named beneficiary. The only charges that apply with cheques are COT charges just like when you make normal withdrawal."

The other convenience is I have UBA Remit so I can do a transfer of up to $4999 for $25, pulled directly from my checking/current account to my UBA savings account at the official exchange rate (much better than western unions). I then transfer the amount to my sister’s account or stockbroker broker, all this online. It usually says the remit transfer will take up to 4 business days but my experience has been 2 business days. Very convenient. Below is the UBA Remit fee schedule.
Fee Schedule
Transaction Between: Transaction Fee
USD 0 and USD 500                 Flat fee of USD 10.00
USD 501 and USD 1000 Flat fee of USD 12.00
USD 1001 and USD 1500 Flat fee of USD 15.00
USD 1501 and USD 2000 Flat fee of USD 20.00
USD 2001 and USD 4999 Flat fee of USD 25.00
USD 5000 and USD 6000 Flat fee of USD 30.00
USD 6001 and USD 7500 Flat fee of USD 35.00

https://www.ubaremit.com/cust_main.php

Hi NBA,

now that's looking very good. I started out with the Diamond Reach Account yesterday and so far I am impressed with the responses. All documents required have been scanned and emailed to them and acknowledge by them, not only by their automated mails but by a named person too. I have also received a reference number with which to transfer funds to the account via Citi Bank. So far so good.

The information provided by you on your UBA is very encouraging as UBA is my first choice. I guess I'll be pursuing that angle too. I'll keep you posted on my findings.

Thanks again.

Hi NBA,

When you say you transfer funds from your UBA savings to your broker, is it a UBA broker you mean or another broker with a UBA account? I have been using UBA NRN accounts since late last year, and just recently opened a trading account with UBA Stockbrokers. However my orders and other instructions go through my relationship manager rather than directly through the broker (have never even dealt with anyone from UBA Stockbrokers directly), and I am curious whether you have a direct relationship with a UBA Stockbrokers broker.

Very useful thread by the way, thanks.

Thanks CBANJ.

I meant another stockbroker with a UBA account. I considered the UBA Stockbroking account but they did not have an online facility at the time and that was a requirement for me. I am guessing since you are still going through your relationship manager they do not have it yet, hope the arrangement is working for you though.

@ NBA

It is working fine, I figure UBA Stockbrokers will have an online facility soon, and since I don't have anyone in Naija who can follow up on things for me, I decided a relationship manager can at least assist if I have any issues related to my portfolio ( I was in Naija last February and went to UBA House @ Marina and met some of the NRN staff).  As with any other institution when dealing with Naija from outside the country, one just has to try and see  how it works out.  I must say though I am quite pleased, I had submitted the CSCS identification form to my relationship manager two or three weeks ago with instructions to debit my account for the N2,500 subscription fee, and just today I tried to log on to cscsnigerialtd.com and it has been activated, I have verified that all my orders have been executed at the prices indicated on my broker statements, and execution of orders has been timely.

This forum (NairaLand) has continued to be extremely informative and now it is even saving me money.  I had also been concerned about the hefty charges on my UBA account, but thanks to NBA's post I now realise I should be using my savings rather than current account (I have always used UBARemit to transfer to my current account rather than my savings).  The only thing I noticed with the savings is that interest is paid about every three months, so maybe charges will hit quarterly too.  How long have you been using UBARemit without any charges to your saving account?

great thread, I've UBA NRN and also got friends to sign up for it, I actually sent my forms directly to Marina Lagos office, and stuff was processed in days, so far no complaints, Temitope the rep for US people is great with his emails, and responds very quickly. I always joke and say sometimes his emails can be like spam cause he explains everything at every step of the way, but I really appreciate it
I also like ubaremit and the ease of that as well online, goes straight to my own bank account. My own exp has been 2 business days.

Using UBA stockbrokers for my capital market acct, its only a matter of time, I say a few mths b4 they get online, I'm also using the CSCS option

mutu1:

@NBA,
To use the UBA NRN, just use the named beneficiary option online transfer menu and choose the branch of UBA you want the money sent to. The person the goes to the stated branch with ID and transfer details to get the money.

Has any body tried to sent money to their accounts here from a Naija dorm account?. It is always easy to send home but will be interesting if transfer out is as advertised?

I was told by relationship manager Temitope that it wouldnt be possible because they cant exchange it, option could be to have someone in naija withdraw it and then exchange it and send it to u, or u could wait to go to naija to do that. So yeah its very easy to send money in but harder to get it out.

Hi NBA,

I have not been able to access Diamond Banks website, are you having the same situation or is it just me?

Etin:

Hi NBA,

I have not been able to access Diamond Banks website, are you having the same situation or is it just me?

Hi Etin,
I am able to connect, try again as it may have been unavailable when you tried.

About sending money from Nigeria abroad, below is a conversation I had a while back with my relationship manager. I have not had to do this yet though.

Question to UBA: What options do I have to remit money back to myself in the US?

Response: To effect transfers to your US address, kindly give us a duly signed instruction to transfer to your account in US stating your bank’s SWIFT details. It typically takes two days to reflect in beneficiary account.

Question to UBA: That's good, how much does this transfer cost?

Response: Its 0.5% of amount transferred plus VAT (5%) and a telex charge of USD 25.

Hi Dear,
Hopefully this mail will find you in a perfect state of mind and good healthy condition. While going through the dating sites today,(www.nairaland.com) I came accross your profile which I personally find interesting and charming and decided to drop you few lines just to say hi,I am looking for a friend in a man or woman of your kind who unerderstands the need to love and be loved. I have taken time to see the age difference b/w us but this is really within my choice of age range and I have no problems with that.
I sincerely find you and will be very happy if you can send me an email here (mami_mby@yahoo.co.uk) so that i will send you mail as soon as porsible for you to know me very well.
Regards.
Miss mami

NBA:

About sending money from Nigeria abroad, below is a conversation I had a while back with my relationship manager. I have not had to do this yet though.

Question to UBA: What options do I have to remit money back to myself in the US?

Response: To effect transfers to your US address, kindly give us a duly signed instruction to transfer to your account in US stating your bank’s SWIFT details. It typically takes two days to reflect in beneficiary account.

Question to UBA: That's good, how much does this transfer cost?

Response: Its 0.5% of amount transferred plus VAT (5%) and a telex charge of USD 25.

aaah great!! I'm going to ask mine again, this will be awesome!

Any good knowledge about Procter & Gamble investment Opportunity?

Is it meant for Nigerians too and is it worth investing in it?

Minimum of $250 is required and can be built up.

Proshare News and Analysis
Afribank engages the Diaspora on funds transfer
Posted Wednesday, October 10, 2007

Mr. Chinedu Onyia, Executive Director, Afribank Nigeria Plc, has invited Nigerians, abroad, to get set for MoneyGram services at Afribank which would be embedded with multiple benefits.

The Executive Director, while addressing Nigerians in the United States of America last weekend, stated that MoneyGram at Afribank would be a unique experience for both the remitters and recipients as the Bank has introduced innovations to MoneyGram money transfer operations in Nigeria.

Mr. Onyia, who was in the US on a marketing trip abroad, said that Afribank has put up structures that would enable it offer investment options for the senders and receivers of MoneyGram funds transfer at Afribank. According to him “Afribank is ready to carry out instructions from recipients to purchase shares, invest in real estates, invest in high yield instruments, Afribank target Savings Account, and also pay third parties.

He added that recipients of MoneyGram funds transfer in any of the Afribank’s 250 branches are assured of the most convenient and quick service. “The Bank has set a minimum level of efficiency and turn around time obtainable in all its branches for MoneyGram services. MoneyGram desks would be created in all the branches with a backup facility. A 24-hour customer care line will also be established to ensure that enquiries, monitoring of funds and comments on the Afribank MoneyGram services are attended to promptly while Saturday banking services of the bank will complement the flexibility of MoneyGram in Afribank”, he added.

Recipients of funds through Afribank will also enjoy complementary banking services such as Afribank mobile banking service, Afribank e-courier, e-passport, Afribank private banking and regular availability of forex for recipients among others.

He assured Nigerians that the Bank would offer excellent MoneyGram services through convenience, prompt response, accessibility and solid platform that would make the process of receiving money sent from Afribank a delightful experience.

“We have provided sound structures and personnel that will drive MoneyGram international money transfer market efficiently and excellently. The Bank has installed robust information technology platform, engaged skilled and experienced staff, re-engineered its internal operations and branches for optimum service delivery 24/7”, Mr. Onyia stressed.

[table]Vetiva has been refreshingly professional and I am usually cautious about recommending a company. The execution has been on time, same day, all but one time that was missed and they made amends immediately. A contract note is issued immediately a transaction is completed and can be viewed online. I believe their fees are standard but will attach here for comparison.

I am still wondering about the quality of their analysis as I haven’t been with them long enough to see the results of their daily recommendations but they appear to be conservative. Attached is the last recommendation[/table]

NBA,

Vetiva also required a recommendation from an existing client for new applications is it true

I was referred myself but do not know if it is a requirement. Did you contact them?

[flash=200,200]http://I was referred myself but do not know if it is a requirement. Did you contact them?[/flash]

NBA,

If you have a choice of choosing between Vetiva, Uba and Afrinvest stock broker firm which one would you go for? Vetiva also have this account they Call Nominee account where the can sign on your behalf for PO Anyone knows about this? Please educate us on how this works and if the services rendered for this account holders are free

Mr Cee,

I compared Vetiva to UBA but chose Vetiva because they had a very good online precence while UBA Stockbroking had none. It was important for me. Others were Vetiva seemed to be seasoned in this area than UBA Stockbroking (Not sure how long UBA Stockbroking have been in business). On the flip side, UBA Stockbroking required N250K to open an account versus N1 mil for Vetiva, and they are backed by a major bank.

I did look at Afrinvest and it was on my shortlist. They seem like a solid broker and I think it is N500K to open an account. I read on the Stock Market Tips for Nigerians thread that they are good but not currently providing online access for new customers until they complete their system upgrade. Temporary situation though.

I chose Vetiva and I have been very satisfied with them. I do not have a Call Nominee account, I wasn't aware of it but will ask.

NBA,

Thanks a lot for the Nominee Account they suggested it there is no special form for they said I should indicate on the special instructions colonm of the Bio-Data form I am intrested in the Nominee Account. They said this is mainly for non residential account holders This will enable them sign for me for PO and IPOs Please do find out from them and let me know the pros and Cons if any. I have written them to know if extra fee will be charged for this service. you might as well find out and let me know

I'm also using Vetiva from the States. Excellent customer service and online trading.

@NBA,

Please does Vetiva accept scanned copies of the forms or do I have to mail them?

They accepted scanned copies for the account application though for POs/IPOs they need you to mail the hard copy.