Getting paid by a client, employer, or platform abroad sounds simple until you're actually the one doing it. Local banks aren't always built for it, fees show up in places you didn't expect, and figuring out which option actually fits your situation takes more research than it should. This guide breaks down how international payments work, what you'll need, and what to weigh before picking a way to receive them.
What Are International Payments?
An international payment is any transfer of money between people or businesses in different countries. For Nigerians, that usually means getting paid in dollars, pounds, or euros by a foreign client, employer, or platform, then converting or holding that money in a way you can actually use.
How Can You Receive International Payments in Nigeria?
A few main routes exist. Traditional bank wire transfers work but tend to be slow and layered with intermediary fees. Other services offer easier setup but often come with their own conversion markups. Fintech apps with multi-currency or virtual dollar accounts, CherryPay included, have become popular recently, letting you receive money into a supported USD or EUR account without going through a full wire transfer. Which one fits depends on how often you're getting paid, by whom, and how much.
What Do You Need to Receive International Payments?
To receive international payments, you’ll need to have a fully verified account with any of the Nigerian banks if you don’t mind their fees. Otherwise, apps like CherryPay give you the opportunity to create global dollar and euro accounts to receive payments. All you just have to do is install our app from any of the buttons on this page, create an account, verify it, create your preferred dollar accounts, and you’ll be ready to start receiving payments internationally.
How Long Do International Payments Take to Arrive?
This varies a lot by method. Bank wires can take two to five business days depending on the sending and receiving banks. Some third-party services move faster, sometimes on the same-day. Fintech apps with dedicated receiving accounts, like CherryPay, often move faster than traditional wires, though timing still depends on the sender's bank and the specific provider.
How Much Does It Cost to Receive International Payments?
Costs usually come from three places: a flat transfer fee, an exchange rate markup, and sometimes an intermediary bank fee for wires. Exchange rate markup is often the biggest hidden cost, since providers rarely use the exact market rate. It's worth comparing the actual amount that lands in your account, not just the advertised fee, before choosing a method.
What Is the Best Way to Receive International Payments in Nigeria?
There isn't one answer for everyone. If you're receiving large, infrequent payments, a bank wire might be fine despite the wait. If you're a freelancer getting paid regularly by multiple clients, a dedicated receiving account with lower markup usually saves more over time. Fortunately, CherryPay gives you everything you need as a freelancer. Weighing speed, cost, and how often you get paid will point you toward the right fit faster than chasing whichever option is most talked about.
How CherryPay Helps Nigerians Receive International Payments
CherryPay offers supported USD and EUR receiving accounts, so eligible users can receive qualifying payments from clients, employers, or platforms without routing everything through a traditional wire transfer. It's one option among the ones covered above, worth weighing against your own frequency and volume of payments. Another interesting fact is that CherryPay also offers virtual dollar cards that you can use to seamlessly pay for your subscriptions and online tools.
Conclusion
Receiving international payments in Nigeria has more options today than it used to, but more options also means more research. Matching the method to how you actually get paid, whether that's occasional large transfers or steady freelance income, matters more than picking whatever's most popular.If you're looking for a simpler way to receive international payments, CherryPay is built for exactly that. You can install the app from your device’s app store to get started today!
Frequently Asked Questions
Do I need a BVN to receive international payments in Nigeria?
For many regulated platforms, yes. BVN verification is often required before you can access certain receiving or payment features.
Can I receive international payments without a foreign bank account?
Yes. Fintech apps with multi-currency accounts and services like Payoneer let you receive international payments without needing a bank account abroad.