International transactions refer to any transactions made in foreign currency. These could range from foreign transfers and payments to receiving funds sent to you from abroad and even tracking the funds.
Now, not many Nigerians carry out international transactions. Those that do, however, often face various challenges due to banking policies and regulations. For instance, there are certain limits to international transactions per day or month which could pose some difficulty to some customers.
Despite this, some banks try to make things easier for their customers. Asides international transfers and payments, these banks also help customers out with receiving money, managing domiciliary accounts and the rest.
What Makes One Bank Better Than The Other
You might be thinking about this; wondering what sets each bank apart from others to make them the preferred one for your international transactions. This actually depends on the banks themselves and the services they render.
From the availability of various platforms to use to the quick response time/processing period to even the level of customer service, each of these banks have their unique ways of tending to your needs as a customer.
In most cases, you can get what you need from any of them but picking the one with services that best appeal to you is always key.
Here are The Top 4 Banks For International Transactions in Nigeria:
1.) First Bank
First bank has a lot of products and features to enable international transactions. The bank seeks out cheap funds for customers through the Central Bank autonomous window. With this bank, the following transactions can be carried out easily:
- School fees – for undergraduate and postgraduate
- Overseas Medical bills
- Overseas trainings/seminars
- Home Remittances for Expatriates in Nigeria
- Mortgage Repayment
- Membership Subscription and Examination Fees (Individuals)
- Dividend and other investment remittance
- Other technical related payments
In order to use the First Bank international payment service, you would need to fill a form, provide a valid passport and a recent visa, together with other documents in line with the regulations.
First Bank won two awards in 2022: for Best Bank in Nigeria 2022 and Best Banking Digital Transformation Nigeria at the International Investor Awards 2022.
2.) GT Bank
Under GT Bank, we have The GT Bank International Money Transfer(GTMT); an exclusive international money transfer service. This enables customers and even non-customers to carry out international money transfers.
This service is really good as it helps with payment for goods and services. All transfers done through GTMT are made in US dollars and the limit for each transfer is $10,000. However, if you’re receiving money, you can get it in US dollars or in Naira.
There are lots of benefits attached to the GTMT service such as easy tracking of funds and quick access to cash. GT Bank also provides detailed information about the international account(s) you intend paying into.
In 2022, GTBank retained the number #1 spot as Most Admired Financial Services Brand in Africa, Most Admired Financial Services Brand in West Africa, and Most Admired Financial Services Brand in Nigeria for the second year in a row.
3.) Access Bank
They help you carry out international transactions seamlessly by registering a domiciliary account. Doing this with Access Bank requires just about $100 or £100 or €100. The best option is a domiciliary current account as it allows you to carry out transactions in Dollars, Euros, Pounds and Yen.
After registering a domiciliary account with Access bank, there is no minimum balance required. There is also no account maintenance fee or restrictions on the number of withdrawals. The Access bank domiciliary account also comes with a debit card and allows for third-party withdrawals.
Access Bank has won awards for Best Commercial Bank, Sustainable Bank of the Year and many others.
4.) UBA Bank
The United Bank of Africa provides one of the fastest, easiest and most reliable international payment services in Nigeria. They do this by native partnership with many third-party international payment services across the globe.
Western Union, World Remit, MoneyGram and Ria are examples of these easy ways to send and receive money from anywhere in the world. With any of these channels, you can send money from and also receive into your UBA account.
For revival of funds, all you need to do is click on “Direct to Account” on the bank’s app and enter your account number when making the transfer. With this, you don’t need to go to the bank for a withdrawal as you get a direct deposit into your account.
UBA has also won several awards including International Bank of the Year and African Bank of the Year.
Vital Note
While most foreign transactions could be carried out at almost any of the available banks, you might want to consider visiting your bank itself to make things easier.
This is because, in some cases, you might need to be an account holder with the bank for when you might need to deposit sent funds from abroad into your domiciliary account when you don’t want it in cash. This helps as you tend to get better and quicker service as the bank’s customer.
Frequently Asked Questions
What are the limits on international transactions per day?
This differs with each bank. Some have a limit of about $1000 while others have a limit of as low as $20 per day.
Do all banks in Nigeria support international transactions?
Not all banks in Nigeria support international transactions as some could be smaller banks that aren’t equipped for that. The major banks in Nigeria(especially the international ones), however, support international transactions.
What are the platforms for international transactions in banks?
They include but are not limited to:
- SendWave
- WorldRemit
- MoneyGram
- Boss Revolution
- Western Union
- Ria
Can one carry out foreign transactions from home?
Making an international payment using the mobile app or Online Banking option is just as secure as it is to make one in a branch. You can make a payment to a new or an existing payee, quickly and easily, from the comfort of your home.
Do I need a domiciliary account before I can carry out foreign transactions?
Yes, you do. A domiciliary account gives you lovely benefits that will make life easy for you when you are dealing with any transaction that is international.
Conclusion
Now that you know the best banks through which to carry out your international transactions, you might want to try them out when next you need to. It’s important to choose the one that suits you most and whose policies wouldn’t be a problem to you.
Also consider the different options or platforms each bank provides in handling your transactions.
Are there any other concerns you might have regarding the topic?
Do let us know!