How to transfer money from Nigeria to the US using PayPal

Premise 1: As a Nigerian you can own a PayPal account and tie it to a Nigerian bank.  I have so far been able to get it to work on a Zenith Bank debit card.  However you can only pay with your PayPal, you cannot receive money in Nigeria.  We will deal with that matter another day.

Premise 2:To transfer money (USD) from Nigeria to say the US, you need to do Forex transfer, buy dollars (probably at black market rate) and use your bank to transfer.  You may black market extra, you pay your bank all sorts of charges and at the end, you may spend about $50 in charges or more in order to transfer $150.

Premise 3: This is only a PayPal to PayPal money transfer.

I have found a cheaper way

Here’s how.  With Naira in your Zenith bank account (dear readers please let me know if you get this to work on another bank’s card/account), log into your Nigerian PayPal account and transfer dollars to a US-based PayPal (the address of the recipient).  You may use xe.com or abokifx.com to find out the exchange rate for the day.

PayPal will charge you only about $7 to transfer $100 or a little more.  The US recipient gets the dollar instantly (which Zenith bank converts using the official exchange rate of the day).

Now, if you are the owner of that US account, well…

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