How to receive pounds in Nigeria

In short

• A UK sender can pay you by bank transfer once you give them a GBP account name, account number, and sort code.
• You can get a Juicyway GBP account without being based in the UK.
• You need a Juicyway USD account before you can request a GBP account.
• Once the pounds arrive, you can keep them, convert them to naira, or send them to another bank account.

A sender in the UK pays you by bank transfer, and for that they need UK account details. A GBP account gives you those details and lets you receive the pounds as pounds, so you decide when to convert them.

Who receives pounds in Nigeria

People in Nigeria receive pounds for different reasons. A freelancer invoices a client in the UK, and a remote worker is paid by a UK company. A business sells to customers in the UK, and people in the UK send money to relatives and friends in Nigeria.

In each case, the sender has pounds and needs an account in pounds to pay them into. GBP is the currency code for the British pound, and a GBP account is an account in pounds.

What a UK sender needs to pay you

A sender needs three details to pay you by UK bank transfer:

• Account name: Your name as it appears on the account.
• Account number: The number that identifies your account.
• Sort code: A six-digit number that identifies the bank or payment provider that issued the account.

With these details, the sender pays you from their banking app the same way they pay anyone else in the UK. The payment goes through Faster Payments, the UK payment system for bank transfers made online and in banking apps. A Faster Payment usually arrives within two hours. Payments made outside normal working hours can take longer.

Do you have to be based in the UK?

No. You can get a Juicyway GBP account without being based in the UK. The sender uses its account number and sort code like any other UK account details, so a client who pays by UK bank transfer can pay your invoice into it.

Checks before the sender pays you

• Account name: Give the sender your account name exactly as your Juicyway app shows it. UK banks use a name check called Confirmation of Payee when someone pays a new account. The sender's bank compares the name the sender enters with the name on your account, and it warns the sender before they pay when the two names don't match.
• Account number and sort code: Check both before you share them. A bank can't cancel a Faster Payment once the sender makes it, so a mistake in either detail can send the money to the wrong account.
• Payment type: Ask the sender to pay by UK bank transfer from a UK bank account.
• Amount: Banks set their own limits on Faster Payments, up to £1 million on a single payment. Before a large payment, the sender checks their bank's limit, and you check the daily and monthly limits in your Juicyway app.

A freelance payment, from invoice to naira

A freelance designer in Nigeria finishes a £500 project for a client in the UK. The designer adds their Juicyway GBP account name, account number, and sort code to the invoice. The client pays by bank transfer, and the £500 arrives in the designer's GBP account.

The designer can keep the pounds to pay a bill in pounds later, without converting to naira and back again. Or the designer can convert the £500 to naira when they want to.

When to convert pounds to naira

The exchange rate changes from day to day, so the day you convert changes how much naira you get. On £500, a ₦50 difference in the rate is a ₦25,000 difference in the naira you receive.

The CBN publishes an official exchange rate each day, worked out from trades in the Nigerian Foreign Exchange Market. Your Juicyway app shows the live rate before you confirm a conversion.

Getting a GBP account on Juicyway

With a Juicyway GBP account, you get the UK account details a sender asks for, and you keep the pounds as pounds until you decide what to do with them. To request one, follow these steps:

1. Open a Juicyway account and verify your identity.
2. Request a USD account. You need one before you can request a GBP account.
3. Open GBP in your Juicyway app and tap 'Account details'.
4. Tap 'Request account' and confirm the request.
5. Refresh the app. Your GBP account details appear once the account is ready. This can take longer than five minutes, and the details can appear in the app before the confirmation email arrives.
6. Share your account name, account number, and sort code with the sender.

Once the pounds are in your GBP account, you can do any of the following:

• Keep the pounds: Leave them in your GBP account until you need them.
• Convert them to naira: Use Convert to swap pounds for naira whenever you choose.
• Send them: Send pounds to a UK bank account, or send straight from your GBP balance to a Nigerian bank account and the app converts the pounds to naira for you.

Open a Juicyway account

Key terms

• Sort code: A six-digit number that identifies a UK bank or payment provider. A sender needs it, along with the account number, to make a UK bank transfer.
• Faster Payments: The UK payment system for bank transfers made online and in banking apps. A Faster Payment usually arrives within two hours.
• Confirmation of Payee: A UK name check. The sender's bank compares the name the sender enters with the name on the receiving account before the sender pays.
• Official exchange rate: The rate the CBN publishes each day, worked out from trades in the Nigerian Foreign Exchange Market.

Frequently asked questions

Can I receive pounds in Nigeria without being based in the UK?

Yes. You can get a Juicyway GBP account without being based in the UK, and a UK sender pays into it by bank transfer.

What details do I give a UK sender?

Your account name, account number, and sort code, exactly as your Juicyway app shows them.

How long does a UK bank transfer take to arrive?

A Faster Payment usually arrives within two hours. Payments made outside normal working hours can take longer.

Can a freelancer use a Juicyway GBP account for client payments?

Yes. A client who pays by UK bank transfer can pay your invoice into your Juicyway GBP account.

Do I have to convert the pounds to naira straight away?

No. You can keep the pounds in your GBP account and convert them when you want to.