How to Receive Money From Abroad in Nigeria

There are four common ways to get money from someone outside Nigeria into your Nigerian bank account. Which one is best depends on how fast you need it, how much the sender pays in fees, and the exchange rate you end up with.

1. Receive USDT or crypto, then sell it for naira (fastest)

USDT is a stablecoin designed to stay worth about one US dollar. Anyone abroad with an exchange account can send it to you in minutes, any day of the week, and you decide when to change it to naira.

How to do it with KWIQ:

1. Download the KWIQ app and sign up.
2. Open your USDT wallet in the app and copy your deposit address. Note the network shown next to it.
3. Send the address and network to the person paying you. They send USDT from their exchange or wallet.
4. When it arrives, swap it to naira at the rate shown in the app and withdraw to any Nigerian bank account.

You can also receive Bitcoin, USDC or Ethereum the same way. KWIQ has 20+ crypto wallets and charges no fee to swap crypto to naira. Check today's USDT to naira rate before you sell.

Good to know

• The sender pays a small network fee to send USDT. On some networks this is a few cents.
• Always use the exact network your KWIQ app shows. Sending on a different network can lose the money.
• You don't have to sell straight away: the USDT stays in your wallet until you swap it.

2. International bank transfer

The sender's bank sends money to your Nigerian bank account (often through SWIFT). It's familiar and suits large amounts, but it can take a few working days, both banks may charge fees, and the conversion rate is set by the banks.

3. Money transfer apps

Money transfer services let someone abroad pay by card or bank transfer and deliver naira to your account or for cash pickup. They are convenient for families, but fees and exchange rates differ a lot between providers and between days, so compare the amount you'll actually receive in naira.

4. Domiciliary (dollar) account

A domiciliary account at a Nigerian bank lets you receive foreign currency and keep it in dollars. It's useful if you want to hold dollars, but receiving can still take days and you'll need to convert to naira at your bank's rate when you need to spend it.

Which should you choose?

If you need…	Best option
Money the same day, including weekends	USDT or crypto to your KWIQ wallet
To hold dollars	USDT in your KWIQ wallet, or a domiciliary account
To receive a very large, documented payment	International bank transfer
Something simple for a relative who doesn't use crypto	A money transfer app, or ask them to buy USDT on an exchange

Staying safe

• Only share your deposit address. Never share your password, PIN or one-time codes.
• Check the network every time, especially for USDT.
• A screenshot is not a payment. Wait until the funds show in your wallet.
• Keep records of what you receive and when.

Ready to cash out? Read how to sell USDT for naira or see all crypto to naira rates.