In today's fast-paced, tech-driven world, there is a growing demand for quick and secure international money transfers. However, security alone isn't enough, ease and convenience are also equally important for many people sending money across borders.

The growing number of skilled talents within Nigeria has opened up opportunities for remote international gigs. But, there’s still a common challenge: how to receive payments for their work hassle-free. For those running international businesses and receiving payments from countries like the UK, the question is often the same - how do I receive pounds in Nigeria?

In reality, the problem isn't always a lack of options but the stress of using these channels and having limited control over their funds. In this guide, we’ll show you how to receive money from the UK directly into your account in Nigeria.

The best way to receive money from the UK

Without a doubt, one of the easiest ways to transfer money is through bank transfer. However, this gets complicated quickly when you have to make a bank transfer across borders, like sending from a UK account to an NGN account. Other than the delays encountered in sending money this way, there are also the issues of transaction limits and exorbitant fees.

Here is where Grey's foreign accounts come into play. Your UK bank account is addressable in payment clearing networks in the UK, which allows you to receive payments swiftly with low transfer/international fees. These payment schemes include Faster Payments(FPS), The Clearing House Automated Payment System (CHAPS) and Bankers' Automated Clearing System (BACS).

What is a foreign bank account?

A foreign bank account is a bank account that you open in a country other than your home country. It allows you to hold, deposit, and withdraw funds in the currency of that country or in multiple currencies, depending on the account type.

Why use Grey

With a Grey account, you can send or receive money denominated in a particular currency. With a Grey UK bank account, you can receive pounds in Nigeria without hassle. This is possible because we provide you with a personalised account number, swift code, sort code and IBAN (International bank account number). These will make it easy for you to transfer money directly in pounds.

Read more: How non-US citizens can open a US bank account online

Steps to receive money (GBP) from the UK in Nigeria

Follow these steps to receive money either in pounds in Nigeria.

1. Create an account: On Grey, this process is simple. You will sign up for an account with your basic information,
2. Provide KYC document: The next step is to complete your KYC (Know Your Customer) verification. This will give you full access to your account.
3. Share your account details with the sender: Once your UK bank account is ready, you can send your account details to the sender. They will then be able to transfer funds directly to your account.

Funds sent to your UK virtual account may take up to 2 business days to arrive, depending on the payment method used by the sender's bank.

Your virtual GBP account functions just like a local bank account, allowing you to keep the money there as long as you like or transfer it to any other UK bank account. Additionally, you can instantly convert your pounds to Naira (NGN) if needed.

How to convert GBP to NGN instantly on Grey

Grey offers highly competitive rates for currency exchange so you can swiftly convert your foreign currencies to Naira. Here is how to convert to Naira:

1. From your dashboard, click on Balances
2. Select your preferred currency (e.g. GBP)
3. Select Swap Funds
4. Choose NGN as the balance to transfer to
5. Enter the amount to swap and confirm the transaction.

The specified amount is instantly converted to Naira (NGN) in your Grey account. You can easily withdraw this to your bank account.

Ready?

Sign up for Grey today for seamless global payments anywhere you are in the world.