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How to send money through Bitcoin in Nigeria

International people worldwide send money to Nigeria every single day. With the help of cryptocurrency like Bitcoin, you can do so without going to the bank to send money. Instead, you can just go online and send funds directly to the recipient. 

How, you may ask? Read on to learn how to send your Bitcoin to Nigeria with our guide below.

Steps in sending money through Bitcoin

There are various ways you can send money to Nigeria using the digital currency Bitcoin, including executing blockchain transactions on exchanges and Money Transfer Operators (MTO). To conduct the process, be sure to use the following steps:

Access funds on your Bitcoin wallet

Making crypto transfers is relatively easy in Nigeria. But before sending funds, you need to have a Bitcoin wallet where you can keep your money safe.

If you don’t have one yet, create an account with the best crypto wallets in Africa, such as Coinbase, Yellow Card, Luno, Binance, and others. These wallets ensure that your funds are secure through encryption and advanced security measures.

Some crypto exchanges also have a native wallet where the Bitcoin or BTC you buy is automatically stored. These can also be used to transfer money to another person. 

Transfer your BTC assets to Nigeria

There are various ways to transfer money internationally using Bitcoin. When it comes to sending it to Nigeria specifically, here are some of the ways to do it:

Bitcoin-to-Bitcoin or Bitcoin-to-Naira transfer

When looking for a way to send money via Bitcoin asset to someone in Nigeria, the easiest way is through crypto exchange platforms like Coinbase. Using this as an example, here’s one way you can do a BTC-to-BTC transfer:

  1. The process begins after logging in to your verified Coinbase wallet. Once you’re in, select the ‘Pay’ option on the page. 
  2. Focus on the ‘Send’ tab and enter the details needed, including the amount you want to send. At Coinbase, you can select to see the value in Bitcoin or the cash value of your choice. 
  3. Additional information to input are which crypto asset you want to use for the payment, the crypto address, phone number, or the recipient’s email.
  4. Once you’ve provided the necessary details, you can finally send your funds to the recipient.

How to transfer to cash using Yellow Pay

Yellow Card, a Bitcoin exchange platform, is another option. The platform has a service called Yellow Pay, which allows users to transfer money without an extra charge. The steps you need to take to send money to Nigeria are as follows:

  1. To transact, you must first register to the BTC Exchange platform Yellow Card. Log in if you already have.
  2. On the homepage, you’ll find the ‘Pay’ option. Select this, then select ‘Send’ to be redirected to the transaction page. 
  3. The recipient should also have a verified Yellow Card account for the transfer to proceed. You can check this by entering their registered phone number, email or crypto wallet on the platform.
  4. Once you’ve confirmed they have an active account on Yellow Card, the next step is to enter the amount you want to send. In the same section, you will see the converted assets to indicate how much they’ll receive in their local currency, which in this case is Naira.
  5. Before you can send the money, you must explain why you’re making the transfer. You can do this by selecting a reason on the list or indicating why when you choose ‘others’. 
  6. Once you’ve completed all the necessary information, click next to proceed to the last page. The final section is where you can review all the information you’ve provided. If you’re certain it’s all correct, click ‘confirm’ to proceed.

How to use Bitcoin to send money using money transfer apps

Another way you can send money to Nigeria is through MTO like Cryptofully. Though the detailed process may vary, it is essentially the same. Using Cryptofully as an example, here’s a guide:

  1. Most MTOs function on mobile devices, so you’ll have to download the app or access its website on the browser. After that, you’ll have to create an account to gain access to the platform’s services.
  2. Find the option to send cash typically on a separate app tab. Once there, you must provide the recipient’s information, including their email address, account number, account name, and bank. 
  3. After this, input the amount you want to transfer. Select the Nigerian Naira (NGN) in the amount option. When you use Cryptofully for this process, the equivalent amount in BTC will be provided.
  4. Cryptofully provides a unique Bitcoin Address, which you’ll use to transfer the money. Copy the address and input it on your Bitcoin transfer transaction to send it to the recipient. 

Tips for safe and secure Bitcoin transfer

The steps related to Bitcoin international money transfer are fairly easy to do. However, it’s important to follow the tips to ensure the success of the process:

  1. Use a reputable Bitcoin exchange or marketplace

When trying to find an exchange to transfer Bitcoin money directly from, you should conduct thorough research to ensure it’s a reliable platform. This will ensure that the funds you deposit and transfer are protected.

To determine whether an exchange can provide your needs, you should look at its security protocols, available features, and supported fiat currency. You can also refer to customer reviews to see whether they’re satisfied with the service provided.

  1. Choose a secure and reputable Bitcoin wallet

Aside from choosing the right exchange, storing your funds in a reliable wallet is also important. Aside from serving as a storage, the biggest benefit of using a Bitcoin wallet to send money is it’s easy to use.   

  1. Keep your private keys and passwords safe and secure

To heighten the security of your Bitcoin assets, you must keep your wallet keys and passwords to yourself. This is to prevent other people from accessing your funds without your knowledge and ensure that only you can control this.

In line with this topic, avoid sharing your private keys regardless of which platform you use for your Bitcoin remittance. No reputable platform, whether an exchange or an MTO, will ever ask for your private keys. 

  1. Double-check the Bitcoin address before sending

When sending your crypto remittance to Nigeria, you should pay attention to the information you provide for the transfer. One aspect you must focus on is the wallet’s private keys; making a mistake will invalidate your transaction.

  1. Consider using a multi-signature wallet for added security

You should consider a multi-signature wallet if you don’t want to go through the long process of sending funds. Aside from the multi-layered protection offered by a multi-sig wallet, it’s also used to share crypto assets between multiple users. 

If you send crypto funds to Nigeria regularly, you can simplify the process through a multi-sig wallet. Instead of using an exchange platform or an MTO, you can share your wallet with the person you’re sending it to. 

However, for this to be viable, you should still store most of your assets in a separate wallet. Only transfer the necessary funds to your multi-sig wallet whenever needed. 

Send your Bitcoin in Nigeria easily

Crypto has made international transfers easier than ever. That’s why you can easily send money to Nigeria through Bitcoin or Naira. However, while sending funds is easy, it’s also essential to be properly informed about crypto and not just send assets whenever necessary. 

For example, besides using your BTC assets for money transfers, you can grow your assets when you figure out the right time to invest in crypto. You can use this information to trade, lend, and mine Bitcoin to make more money.

FAQs

Which crypto exchange apps can I use to send bitcoins to Nigeria?

There are many exchanges to conduct a Bitcoin money transfer, including Coinbase and Yellow Card. Additionally, these exchanges are also great platforms where you can buy Bitcoin with Naira.

Can I track my Bitcoin transfer in real time when sending money to Nigeria?

The best way to track your Bitcoin transaction is by visiting Blockchain.info. Once there, enter the transaction ID to access your transaction summary, including the number of confirmations you received. 

How can I get personalised support when sending Bitcoin to Nigeria?

Most reputable exchange platforms have excellent customer support. You can chat or email to contact customer support when facing issues while making the transaction. Additionally, if you’re new to the industry, you can refer to the Help Centre or FAQs page to learn how to buy Bitcoin with Naira.

How long does it take for the recipient to receive the Naira value after I send Bitcoin to Nigeria?

The processing time largely depends on the payment platform you’re using. To find out, you can check the FAQs page or ask your chosen platform’s customer representatives for accurate information.

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