Sending money to Nigeria via transfers has evolved and things are gradually becoming faster, easier and cheaper.
Have you ever tried to send money to Nigeria from other countries and you are told to pay fees that are just unrealistic?
Have you ever tried sending money to Nigeria and the days to effect the transfer took over a week?
If you have ever experienced such then you would agree with me that the emotional trauma during the delay to make the transfer or the charges are a turn off and in a way tries to discourage a customer from sending money to other countries.
Previously sending money to another country such as Nigeria had to be done over the counter, then we have PayPal that would like to know every detail about you before letting you use their platform to make transfers or even receive money and they still do no let Nigerians receive money with PayPal.
And now the best way to send money to Nigeria fast, easy, cheap and secure is via Bitcoins.
What is Bitcoins
I’m sure you must have heard the word Bitcoin but if you do not know what is Bitcoin, it is a digital currency which is not controlled by any Bank or entity. Bitcoins are not printed like your usual Dollar, Naira, Euro or Pounds notes. It is generated by people that are running computers all over the world and this makes it under the control of everybody and not a single organization like the Banks.
It is not hack-able and you are in total control of your digital money as long as you have the wallet address and keep the password safe. It is like your email address and password, no one should have your the combination otherwise your funds can be stolen.
Bitcoin has a finite number that can ever be generated which is 21 million and this limited number is part of what is driving the price up as more cannot be generated unlike the Dollar or Naira that once more are printed it reduces the value of your currency. For more on this you can check out this link on coindesk.com
How To Send Money to Nigeria Cheap & Fast
Honestly as I type this article, 5 years ago I would have said the best way to send money to Nigeria is via Western Union, Money Gram or PayPal but the very first time I started using Bitcoins I realized it is the future and not just the future, it is also a Storer of Value.
I say Storer of Value because as at the time of writing this post in August 2017, 1 Bitcoin is valued at $4,400.
But guess what?. In January 1 Bitcoin was around $980. Not only did the value increase by a multiple of 4, it is also increasing and it is predicted that it could be as much as $1 million for 1 Bitcoin in some years to come. And as you read this article i’m sure it is no longer $4,400. And this is simply because more people are getting to know about it, it is finite in number, more countries are adopting it and more stores are accepting it as a mode of payment now.
However if you decide to buy Bitcoins to keep or Buy Bitcoins to make a transfer, that is left to you.
Getting a Bitcoin Wallet
Now coming back to how to send money to Nigeria, Bitcoin is becoming the best, cheapest, fastest and safest way to send your money to Nigeria as long as you know how it works and how to get Bitcoins. You may ask how, but all you have to do to own Bitcoin address and this can be done by having a Bitcoin wallet first which can be opened in https://blockchain.info/wallet/#/. Look at the wallet like your bank account and the wallet address like your bank account number.
Once you open up https://blockchain.info/wallet/#/
Click on the “Sign Up” button
A page opens where you type in basic requirements such as:
Once you do that a confirmation mail is sent to you and after that confirming you can login to your Bitcoin wallet and view your bitcoin address. The address looks like random characters such as “ff2f214b5e867415a31c36d0ea2cb78d48dd2fb7”
Please save the wallet address somewhere safe. It is like your bank account number and you can save it in your email or somewhere very very safe but it is not advisable to use your email password as your bitcoin wallet password on Blockchain.info because is there is any hack into your email the hacker may as well login to your Blockchain.info account and transfer all your Bitcoins, so keep them safe.
That said, once you get your bitcoin wallet and have an account with https://blockchain.info/ all you have to do next is buy Bitcoins and the best way and place to buy Bitcoin is on https://localbitcoins.com/.
It is safe to buy from there and ensure that you do not trade outside the platform as localbitcoins.com have an escrow feature that guarantees security. If any buyer tries to convince you to buy outside the platform, ensure you are doing it face to face with the person by meeting physically otherwise it is not advisable as you may get scammed.
Register on the localbitcoins.com, make your request to buy Bitcoins buy picking your preferred seller or preffered rate. Once you type in the amount you want to buy a box is presented to show you the estimated amount of Bitcoins you would receive for the amount you typed in the box.
Once you are ok with the amount, you can start trade by clicking on the button and a chat box is displayed in which you can use to chat with the seller before proceeding, ask necessary questions if need be. The platform holds the Bitcoins of the Seller and once you make the cash transfer and click on Transfer made the Seller verifies the money in his account and the seller clicks on release Bitcoins and your bitcoins would be sent to your the Bitcoin address.
Most people have found buying bitcoins on the platform a little confusing so if you can meet up physically with a seller around your area it is also recommended and far easier.
Once you have your bitcoin in your wallet. You can sell it to any buyer in Nigeria via the same platform “localbitcoins.com” and the buyer in turn Sends your money to your bank account in Naira.
If your do not have a buyer or do not know how to go about selling on the platform you can give me a call on 08033942359 or send me an email on [email protected] and I can buy it from you myself or hook you up with a buyer. I could buy as much as 20 Bitcoins if you have to sell.
Once you have sent money via Bitcoin the first time, subsequent times becomes relatively easier as this is now the preferred way of sending money to Nigeria fast,cheap and easy without going through any Bank, paying fees or being tracked.
I hope you found this post helpful, if you have questions, clarifications, want to Buy or Sell Bitcoins I can also help you. Simply shoot me a mail or give me a call on [email protected], 08033942359.