Ria Money Transfer is a subsidiary of Euronet Worldwide Inc. They specialize in transferring money from one location to another all over the world.
Ria participates in bill payment, mobile top ups, debit cards, cashing cheque, currency exchange and money orders. How to do Ria money Transfer in Nigeria depends on the transaction you wish to carry out but I will focus on cash transfers.
Nigerian banks like First, Diamond, Skye and others act as Nigerian representatives of this platform to enable Nigerians home and abroad send and receive money directly into their local accounts.
Those using the transfer platform outside Nigeria can send money using EURO, GBP, NGN and third party banks in NGN only. Most Nigerians are familiar with Western Union, and Money Gram, but Ria Money Transfer is another platform through which money can be wired.
Many foreign nationals who reside in Nigeria send their loved ones money through this platform. Sadly, it is not popular with many Nigerians as they prefer their good old Money Gram and Western Union.
But Ria Money Transfer is another platform to reckon with as it covers over 137 countries in the world. Using RIA Money Transfer, the receiver doesn’t need to go to any physical location as it goes straight into his/her account, but you can also cash the money over the counter.
For you to send money through Ria Transfer platform, there are certain requirements you have to meet and they include:
1. Sender’s name, phone number and address
2. Receiver’s name, address in foreign and phone number
3. Amount in Naira (all monies sent must be in Naira)
4. Valid ID card like international passport, voter’s card, driver’s license or national ID card
5. Sender’s account details. Unlike Western Union, here the sender is expected to have existing account in the bank.
This can vary from organization to organization though. First Bank expects you to be an account holder with them or be identified by an account holder for transactions between two hundred thousand naira (N200, 000.00) and above.
6. Account details of the receiver
Now I am going to show you the steps involved in sending money via Ria Money Transfer
1. Walk into a agent across Nigeria
2. Meet the teller at the teller point and get a Ria Money Transfer document. Fill out the necessary information
3. Give the teller all the requirements listed above
4. You will be given an 11-digit PIN after you are cleared. This PIN will enable the receiver collect the money at his/her destination
Alternative steps to do Ria Money Transfer in Nigeria (for online platform):
1. Open an online account with Ria www.riafinancial.com and click on Get Started. All the instructions are on FAQ on the website
2. Determine the transfer method – debit card, credit card or bank account. These are the 3 major options available.
3. Select a delivery method. This enables you to decide how you want the receiver to get the money. You have to find out from him/her first before deciding.
4. Keep details of transaction. Ensure you keep the details of the transfer to yourself and forward the PIN given to after the transaction to the receiver because he or she has to present it before they are paid.
5. Track the transaction. There is a button on the menu of the website with which you can track the status of your transactions. Transactions take place in split second.
This piece on how to do Ria Money Transfer in Nigeria fully explains the process, guidelines and requirements involved in Ria Money Transfer in Nigeria.
You are not allowed to send more than $5000 in naira equivalent to a receiver elsewhere in the world. This is according to CBN (Central Bank of Nigeria) guidelines.
Laws are now on ground to make all local and international transfers be carried out in naira. This is done in a bid not to dollarize Nigerian economy.
This means you don’t need to visit any Bureau de change for changing your dollars into naira anymore. Financial institutions have software that automatically does the exchange depending on the exchange rate at the time of transaction.
Also, CBN guidelines forbid company to company transfer through this platform. Therefore, all transfers in Ria Money Transfer must be on person-to-person basis.
a. It is convenient in that you can send money to people outside Nigeria easily
b. Ria Money Transfer charges are fairly reasonable
c. Receivers don’t need to identify themselves if is to be wired into their accounts
The processes involved in sending money to receivers are not rigorous
Ria Money Transfer is no rocket science; just go give it a try.
Next time you wish to send your loved one abroad money for upkeep, medicals, education and other needs, make sure you do that through Ria Money Transfer.
The steps above are basically the ones you will take to do Ria Money Transfer in Nigeria providing all the necessary requirements for online and at teller point.