If you are planning on transferring money from an international account into your local bank account, then this article is for you. The UBA banking system enables you to transfer funds from any of your foreign currency accounts into a local account at the UBA. Most financial institutions allow you to transfer money from one account to another if both have been listed with them. However, not all banks recognize each other’s foreign accounts. Therefore, before transferring money from your foreign currency account into a local bank account, make sure that the two financial entities are connected and share information about the bank’s customers and their transactions. Here we will explain how to transfer money from a foreign currency into a local bank account through the UBA.
How To Transfer Money From A Foreign Currency Account Into A Local Bank Account Through UBA?
If you own a foreign currency account, you can easily transfer funds into a local bank account. The UBA is the best place to open a local bank account. The foreign currency account will most likely be a functioning bank outside of Nigeria. The foreign account will either be a commercial bank, like HSBC, or a financial institution like an investment bank. Once you make the transfer, you will need to open a local UBA bank account. This is because the UBA is the only Nigeria bank that will accept foreign currency. The process of transferring money from your foreign currency account into a local UBA account is simple. You will need to open a local UBA bank account, find the bank’s SWIFT code, and link the two accounts. You will also need to know the bank’s SWIFT code so that the transfer can be completed.
Step 1: You will need to open a local bank account with UBA.
The first step to transferring money from a foreign currency account into a local bank account is to open a local UBA bank account. UBA is the only local bank that will accept foreign currency deposits. To open a UBA local account, you will need to visit a local branch and show your valid identification documents such as a driver’s license, passport, or a letter from your employer. You will also need to present a bank draft from your foreign currency account and a deposit of N1000.
Step 2: You will need to find out the bank’s SWIFT code.
Now that you have a local UBA bank account, the next step is to find the bank’s SWIFT code. The SWIFT code is the international bank account
identifier that identifies the bank. To do this, log into the UBA’s online banking platform and type in the name of your account. The account name should appear at the top of the screen. Click on the “Detailed Information” button. The account name will appear at the top of the screen.
Step 3: Register for your bank’s online transfer service.
Registering for a transfer service ensures that your money will be transferred quickly and securely. When you register for a transfer service, you need to specify the account details such as the account number and the name of the person receiving the funds. You will also need to indicate the amount to be transferred. Once you register for the transfer service, the next time you make a transfer from your foreign currency account, it will be tagged with your UBA account number. The transferring account will then be able to see that the money is coming from your UBA account.
Bottom line
The UBA is the best place to open a local bank account. You can open a local UBA bank account in just two steps. Make sure to bring a copy of your foreign currency account’s bank account information. You can also visit a nearby branch to sign up. Once you have a local UBA bank account, you can easily transfer funds from a foreign currency account into your new UBA account.
