Polaris Bank has started to make payments in US dollars to money transfer beneficiaries in Nigeria. The service is available to both account and non-account holders. Polaris Bank is one of the largest banks in Nigeria with over 300 branches throughout the country.
The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria. This is because of a new regulation that only allows US dollar payout for remittances in the country. The suspension will improve visibility of US dollar remittance flows.
The Central Bank of Nigeria (CBN) has issued a directive to allow money transfers to be paid in US Dollars to improve the flow of Diaspora remittances into Nigeria.
How Polaris Bank Remittance Works
Apart from its own money transfer service, the bank works with leading money transfer companies such as Ria Money Transfer, WorldRemit, Western Union, and MoneyGram. Therefore, you can send US dollars to your recipient using these services. For instance, Polaris Bank Western Union partnership means Polaris Bank customers can receive and send money through the Western Union service in any Polaris Bank branch in Nigeria.
You can send money to personal and business accounts held at Polaris Bank or to a non-account holder. Non-account holders will receive cash in US dollars. The beneficiaries are able to receive their funds in minutes. Its relationship with established money transfer companies makes the process faster and convenient.
How to Do Transfer in Polaris Bank
To make money transfers in Polaris Bank, you need to dial 833Amount*Account Number# from your phone number registered with Polaris Bank, then follow the on-screen prompts.
To send money to Polaris Bank using its money transfer partners, go to the partners’s website or app and follow the procedure of making a transfer. Add the details of the receiver and complete the transaction. The limit for transfers to Polaris bank is NGN7,000,000 per day. The limits may be lower, however, depending on your country and your payment method.
The bank hopes that Nigerians in the Diaspora will use the service to send US dollars to their family and friends during the holiday season. Receiving remittances in US dollars will allow Nigerian to receive money in a stable currency.