Need to get money out of Nigeria to Europe.

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Imperial Ties

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Dec 24, 2020
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Basically, all of nigerian banks have limited monthly international transactions to 100$ per month, per person.

Is there a way to go around the limit of 100$ that you know about? For an example, would it help if I had a business/company bank account in Europe? Would my people in Nigeria be able to go over the limits by sending the money to an actual business bank account instead of private bank account / payment provider apps?

I really need some ideas and knowledge, please.
 
There are many Nigerians trading on paxful with many options available. Bank account transfers, crypto and others, maybe that could help you. I think crypto sounds most reasonable
 
Another option is to find something that is not easily available in Nigeria that's expensive and no one will look at it funny.

For example you could buy factory equipment like a injection molding machine. Get a few quotes and profermer invoices. Share them with the bank but slip one in of your own.

Choose your one and ask them to pay the offshore company belongs to you.
 
Imperial Ties said:
Basically, all of nigerian banks have limited monthly international transactions to 100$ per month, per person.

Is there a way to go around the limit of 100$ that you know about? For an example, would it help if I had a business/company bank account in Europe? Would my people in Nigeria be able to go over the limits by sending the money to an actual business bank account instead of private bank account / payment provider apps?

I really need some ideas and knowledge, please.
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Crypto is your friend in this case. (I have business in Nigeria as well).
 
Imperial Ties said:
Basically, all of nigerian banks have limited monthly international transactions to 100$ per month, per person.
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This is for Naira to dollar transactions due to dollar shortage. You are not talking about domiciliary accounts held in dollars are you?

The shortage problem is being fixed by CBN when late last year they forced all remittances agents globally sending money into Nigeria to send in USD and payouts to be in USD and no longer Naira. The shortage will pass hopefully as country should be awash with dollars hopefully by end of this quarter.

Imperial Ties said:
Is there a way to go around the limit of 100$ that you know about?
Click to expand...

Just do what everyone else does in Nigeria and open a Luno account. Buy crypto and then sell it abroad for dollars and bank the dollars somewhere. That is the only reason crypto is so popular in Nigeria and asia...btw.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
This is for Naira to dollar transactions due to dollar shortage. You are not talking about domiciliary accounts held in dollars are you?

The shortage problem is being fixed by CBN when late last year they forced all remittances agents globally sending money into Nigeria to send in USD payout in USD and no longer Naira. The shortage will pass hopefully as country should be awash with dollars hopefully by end of this quarter.



Just do what everyone else does and open a Luno account. Buy crypto and then sell it abroad for dollars and bank the dollars somewhere. That is the only reason crypto is so popular in Nigeria and asia...btw.
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Yup. And there are also many traders and p2p exchanges as well. It is a good and proven use case of crypto and it works well.
I work with local traders who pick the phone up at every hour of the day.
 
JackAlabama said:
Yup. And there are also many traders and p2p exchanges as well. It is a good and proven use case of crypto and it works well.
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A good one is Hamid 😉. Over last 3 years he has traded over 1,334 bitcoins or over $40m in today's value. There are literally 100's of p2p traders like him.

One can go to Remitano and literally go through list of countries to see how people are using BTC to evade currency controls on an industrial level from Nigeria to South Africa to Venezuela....lol.

https://remitano.com/btc/ng/buy

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
A good one is Hamid 😉. Over last 3 years he has traded over 1,334 bitcoins or over $40m in today's value. There are literally 100's of p2p traders like him.

One can go to Remitano and literally go through list of countries to see how people are using BTC to evade currency controls on an industrial level from Nigeria to South Africa to Venezuela....lol.

https://remitano.com/btc/ng/buy
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Hamid must have a good business. With lets say 1% commission.

Amazing how people yearn for freedom. eu folks, which soon will not even be allowed to travel for touristic purposes, should take notes.
 
JackAlabama said:
Hamid must have a good business. With lets say 1% commission.

Amazing how people yearn for freedom. eu folks, which soon will not even be allowed to travel for touristic purposes, should take notes.
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What do you mean "will not be allowed to travel for touristic purposes"?
 
lacomaco said:
Why would anyone want to travel with restaurants, pubs, museums, shops, cinemas all closed? Just for the sake of travelling? Bringing the virus with yourself, infecting others with the possibility of getting seriously ill in a foreign country?
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well, surprise surprise. Not everywhere is it like that. Data is key as always.
The wall is actually built to keep people in and not out.
 
1. well, surprise surprise. Not everywhere is it like that.
Indeed not everywhere is it like that. Just talk to the UAE. They opened their doors to tourists before Christmas, and the number of new infection started to grow exponentially in the beginning of January.
2. Data is key as always.
What kind of data are you talking about? I did not mention anything related to data
3.
The wall is actually built to keep people in and not out.
Which wall? EU governments want some breathing room till they get enough vaccines for their population for herd immunity. Do you say that Germany which has announced not to allow South Africans and British to bring the triple-dangerous virus is doing it to keep Germans in and not the South Africans out? Or what is your concept? Come on please....
 
lacomaco said:
1. well, surprise surprise. Not everywhere is it like that.
Indeed not everywhere is it like that. Just talk to the UAE. They opened their doors to tourists before Christmas, and the number of new infection started to grow exponentially in the beginning of January.
2. Data is key as always.
What kind of data are you talking about? I did not mention anything related to data
3.
The wall is actually built to keep people in and not out.
Which wall? EU governments want some breathing room till they get enough vaccines for their population for herd immunity. Do you say that Germany which has announced not to allow South Africans and British to bring the triple-dangerous virus is doing it to keep Germans in and not the South Africans out? Or what is your concept? Come on please....
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UAE have had less than 800 deaths for a population of 6M excluding tourists. 96% of death's had underlying illnesses which they were receiving ongoing treatment.
Plus it's open to everyone so no issue with virus spreading, they have put measures in place.

All these travel bans is because people who can work from anywhere are starting to look at new options. UAE is looking a lot better than the UK. The restrictions currently in the UK mean you can only go to the supermarket.

Workforce who lost their jobs and some who quit especially the under 30's who are skilled in IT can live in Dubai and get work in the UK. Lead some sort of normal life and the weather is much better.

All that is going on is to keep Europeans in as the majority of the world is getting back to normal.
 
lacomaco said:
1. well, surprise surprise. Not everywhere is it like that.
Indeed not everywhere is it like that. Just talk to the UAE. They opened their doors to tourists before Christmas, and the number of new infection started to grow exponentially in the beginning of January.
2. Data is key as always.
What kind of data are you talking about? I did not mention anything related to data
3.
The wall is actually built to keep people in and not out.
Which wall? EU governments want some breathing room till they get enough vaccines for their population for herd immunity. Do you say that Germany which has announced not to allow South Africans and British to bring the triple-dangerous virus is doing it to keep Germans in and not the South Africans out? Or what is your concept? Come on please....
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Data: The draconian lockdown countries have also rising numbers.

I assume you live in eu from your writing. Germany?
 
CaptK said:
UAE have had less than 800 deaths for a population of 6M excluding tourists. 96% of death's had underlying illnesses which they were receiving ongoing treatment.
Plus it's open to everyone so no issue with virus spreading, they have put measures in place.

All these travel bans is because people who can work from anywhere are starting to look at new options. UAE is looking a lot better than the UK. The restrictions currently in the UK mean you can only go to the supermarket.

Workforce who lost their jobs and some who quit especially the under 30's who are skilled in IT can live in Dubai and get work in the UK. Lead some sort of normal life and the weather is much better.

All that is going on is to keep Europeans in as the majority of the world is getting back to normal.
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Exactly. You nailed it! And as we see, the wall being built is actually supported by a lot of people. Who would want to leave into the dangerous waters anyway.
 
@CaptK well said.

Many people from EU that can effort it enjoying this days in Dubai.

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CaptK said:
UAE have had less than 800 deaths for a population of 6M excluding tourists. 96% of death's had underlying illnesses which they were receiving ongoing treatment.
Plus it's open to everyone so no issue with virus spreading, they have put measures in place.

All these travel bans is because people who can work from anywhere are starting to look at new options. UAE is looking a lot better than the UK. The restrictions currently in the UK mean you can only go to the supermarket.

Workforce who lost their jobs and some who quit especially the under 30's who are skilled in IT can live in Dubai and get work in the UK. Lead some sort of normal life and the weather is much better.

All that is going on is to keep Europeans in as the majority of the world is getting back to normal.
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I was thinking hard to decide to answer but here it is:
1. Who talked about the number of death? Only you. I talked about the number of infections - "Indeed not everywhere is it like that. Just talk to the UAE. They opened their doors to tourists before Christmas, and the number of new infection started to grow exponentially in the beginning of January."
Screenshot 2021-02-03 at 9.59.12.webp


Speaks for itself, doesn't it?
2. You did not mention what kind of data you talk aboiut when you wrote "2. Data is key as always."
What kind of data are you talking about? I did not mention anything related to data.
Now you talk about death rate which in the UAE is quite incomparable to other developed countries. 90% of the population is foreign, and by far the average age is much lower as the UAE sends away older foreign workers instead of spending money on their healthcare like in nearly every other country. Still, you did not even say anything what do you mean by Data is key always.
3.
You wrote: "The wall is actually built to keep people in and not out.
I answered: "Which wall? EU governments want some breathing room till they get enough vaccines for their population for herd immunity. Do you say that Germany which has announced not to allow South Africans and British to bring the triple-dangerous virus is doing it to keep Germans in and not the South Africans out? Or what is your concept? Come on please...."
You wrote as an answer: "All these travel bans is because people who can work from anywhere are starting to look at new options."
Now of course you are entitled to your opinion but do you seriously think that lockdowns are due to the fact the freelancers want to work somewhere else and the authorities rather close their countries causing huge damages just to keep the freelancers at home?

You wrote: "All that is going on is to keep Europeans in as the majority of the world is getting back to normal." What about Australia or New Zealand? Trying to lock their people in just for the sake of ruling them or trying not to invite virusholders from abroad(SA, UK etc)?

You did not answer my question: " EU governments want some breathing room till they get enough vaccines for their population for herd immunity. Do you say that Germany which has announced not to allow South Africans and British to bring the triple-dangerous virus is doing it to keep Germans in and not the South Africans out?"

JackAlabama said:
Data: The draconian lockdown countries have also rising numbers.

I assume you live in eu from your writing. Germany?
Click to expand...

"The draconian lockdown countries have also rising numbers."
Statistically and mathematically what you say is meaningless. Which country, by what ratio, by how much, what is the time frame you are looking at etc etc.

"I assume you live in eu from your writing. Germany?"
I live in the EU, but not in Germany. Believe me I want to travel, between 2013-2019 I flew 190,000m a year on average. I am running a multinational group of companies and should visit my colleagues regularly (in the UAE also) but I think it is very irresponsible to encourage people to travel, to spread their viruses all over the world. For exactly the same reason I am not visiting my mother of 78, as I do not want her to be infected by me, to get ill and die with a high probability.

And yes, I do not want the new mutant virus-holders to come into my region. They should stay at home, infecting their own people not me.
 
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