Friday, May 27, 2016

Transfer Money Out of Nigeria ?

People and firms that operate from countries with minimal capital control measures are accustomed to transferring money out of these countries and receiving money from foreign parties reasonably quickly with minimal fuss, provided that the transfers are for legitimate purpose. Needless to say, in present circumstances, all countries with modern banking institutions have put set up regulatory measures to detect, identify and penalize potential money transfers of illegal nature (for example money laundering). 

People and firms that wish to transfer/receive money normally compare simple issues of cost, exchange rates, financial soundness of the institution and speed of transfer. Some might also consider more mundane issues such as for instance convenience (does the institution have a branch nearby) and customer care (are staff in the institution helpful and courteous). However, to transfer money out of a nation with strict capital control measures is never as simple. An example is Nigeria. 


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