Remittances from abroad account for a huge contribution to the economy of Nigeria. The influence of remittances has both macro and microeconomic implications. These remittances positively impact the financing and balance of payment deficits, as well as in improving the welfare of the recipient households. Various channels exist for sending money internationally from one part of the globe to another, with bank wire transfers and international money transfer services topping the chart. This article strives to clearly explain how money can be sent to Nigeria from Denmark using some of these channels.
These are some ways to send money to Nigeria from Denmark:
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Paysend
With Paysend, someone in Denmark can easily send money to Nigeria using a smartphone. The Paysend app can be downloaded on the App Store, Google Play, or App Gallery, to facilitate international money transfer. Creating a Paysend account is the initial step, which involves the user providing essential information such as first and last names, date of birth, and residential address. Upon successful completion of the account creation, the user is to log in to access the international money transfer services of Paysend. The next step is to click on New Transfer to set up the transfer. At this point, the sender is expected to provide the transfer method to be used, transfer amount, and his/her payment details, as well the details of the recipient. The next step is to review the details provided and confirm the transaction.
Recipients in Nigeria can receive funds through their bank accounts directly from Paysend on the same day of the transaction. The sender is charged 0 Danish Krone (DKK) for this service, however, from March 1, 2022, it would not be free anymore. For the Cash Pickup option, the recipient can use any of the 500 plus Cash Pickup locations across Nigeria. The delivery happens the same day of the transaction and costs the sender 9DKK for the service.
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WorldRemit
Creating a WorldRemit free account is the first step towards making an international money transfer from Denmark to Nigeria. The account creation requires basic information about the sender, such as name, mobile number, email address, and residential address. The verification of the identity and address of a new user of WorldRemit requires any of the following; current signed passport, current European issued driver’s license, current European residence permit, bank statement or utility bills. These documents and bills must not be older than 6 months and must be issued and/or certified by the Danish authorities.
Upon logging in, the sender is to choose the amount to send, and the delivery method to be used. The subsequent step is for the sender to add the details of the recipient. The next step is for the sender to pay for the transfer using any of the payment options. These include debit, credit, or prepaid card payments and bank transfers. The app can be used to track the transfer. Recipients can visit any of the following banks for Cash Pickup; Union Bank(now Titan Trust Bank), Zenith Bank, Polaris Bank, First Bank, Access Bank, and Fidelity Bank. The banks in Nigeria that are eligible to receive direct bank account deposits from WorldRemit include Zenith Bank, Ecobank, Polaris Bank, Access Bank, Fidelity Bank, and First Bank.
It is pertinent to state that limits are set by WorldRemit on residents of Denmark for international money transfers. The maximum send amount per 24 hours using a debit, credit or prepaid card is DKK 298,000 while DKK 80,000 is the limit per transaction. For bank account transfers, like Trustly, iDEAL, Poli, Interac, and Klarna the maximum send amount per 24 hours is DKK 298,000 and the same amount is allowed per transaction using these bank transfers channels.
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Ria
For over 30 years, Ria has been moving money across the globe in a manner that is fast, efficient, and safe. The first step to sending money internationally with Rai is to create a free account using either the Ria Money Transfer webpage or the mobile app. With the Ria account creation completed, the sender should log in. The next step is to enter the transfer details, that is, the country the money is to be sent to – Nigeria, in this case, the desired send amount, the delivery option suitable for the recipient, and the payment options for the sender. After providing these details, the Send Now button is to be clicked to proceed to the next stage of the procedure. Next, the recipient’s information is to be provided, which includes the full name, email address, and/or phone number.
The next step is for the sender to specify the way the recipient in Nigeria should receive the money, either through bank deposit or cash pickup. For the bank deposit option, the recipient’s bank account name and bank name are needed, whereas, cash pickup requires the sender to select a pick-up location in Nigeria convenient for the recipe. The final step is for the sender to provide payment information, and the money is en route to Nigeria. It is important to point out that deposits into the recipient’s bank account require that the account be a USD domiciliary account.
The speed of the transaction is dependent on the payment method that the sender chose. Payments using debit, credit, or prepaid cards are fast as it takes 15 minutes or less for the payment to reach Nigeria, while payments from bank accounts may take up to 4 working days. However, for the first time using the bank account payment option, Ria performs a security check to confirm the ownership of the bank account by making two micro-deposits below $1 into the bank account of the sender. These micro-deposits from Ria will appear Ria Money Transfer in the bank statement of the sender and this has to be confirmed by the sender to complete the process. To do this, the sender is required to log in to his/her Ria account to confirm acknowledgment of these Ria micro-deposits.