Can PalmPay Receive Money from Abroad? (Answered!) (2024)

Since its inception in 2018, PalmPay’s popularity has increased to over 30 million users across Nigeria.

But can PalmPay receive money from abroad, or does it operate within Nigeria’s borders?

If you have a friend, family member, business associate, or client based abroad, you’re probably wondering if you can receive the money directly to your PalmPay.

In this post, we’ll look at the ins and outs of the PalmPay app to determine if it suits your needs. We’ll also explore several alternatives for a seamless experience the next time you receive international wire transfers.

Can PalmPay Receive Money from Abroad?

• 01. What is PalmPay? scroll down
• 02. Can PalmPay receive money from abroad? scroll down
• 03. PalmPay alternatives that let you receive money from abroad scroll down
• 04. Final thoughts scroll down

What is PalmPay?

Before discussing whether PalmPay allows international transfers, let’s look at a brief overview of the app.

PalmPay is a Fintech company that was launched in Nigeria in 2018. It aims to provide convenient, flexible payment methods to individuals and businesses in Nigeria.

The app lets you:

• Send and receive money within the country
• Make online purchases from over 600k merchants
• Buy airtime
• Pay for subscriptions and utility bills
• Split bills
• Apply for loans

One key feature of PalmPay that stands out among other financial apps is that it lets you earn cashback at partnering businesses and stores.

According to their website, you can earn up to ₦500 daily. You can also take advantage of promotions to get discounts on certain purchases.

Can PalmPay Receive Money from Abroad?

While PalmPay is an excellent way to transact and transfer money within the country, you can’t receive money from other countries.

PalmPay is still relatively new to the finance world and is, therefore, still establishing itself within the country and finding ways to meet local needs.

The platform may expand to accommodate other countries in future, but for now, it’s not an option if you want to receive money from abroad.

That said, if you want to engage in international financial transactions, you’ll need to use alternative methods, some of which are outlined below.

PalmPay Alternatives That Let You Receive Money From Abroad

So, you’ve just closed a deal with an international client, and they ask for your financial details so that they can make the transfer.

You didn’t consider the transfer options available because you assumed PalmPay would do the job.

Imagine the frustration you feel when you realize PalmPay can’t help and you can’t think of any other way to receive funds from abroad.

Before you give up on that job, several PalmPay alternatives let you receive money from outside Nigeria. They include:

• Domiciliary accounts: These are accounts that deal in foreign currencies. Most banks in Nigeria offer domiciliary accounts, which may be convenient if you often receive money from abroad. However, it’s worth noting that domiciliary accounts usually have specific requirements and fees. Compare different banks to find the best rates that align with your needs.
• Money transfer services: Another way to receive money from abroad if you’re in Nigeria is through money transfer services like Wise, PayPal, and WorldRemit. Some money transfer services allow you to withdraw cash, while others only allow direct bank deposits. Another perk is they allow you to track your money to monitor real-time progress.
• eWallets: The last way to receive money from abroad if you’re in Nigeria is through e-wallets. These digital systems let you transfer and store funds in multiple currencies. Some common eWallets in Nigeria include Payoneer, FlutterWave, and Google Pay.

Both domiciliary accounts and money transfer services are excellent alternatives to PalmPay, but they charge transaction fees and offer different exchange rates. Ensure to compare different options to find the most affordable one.

Final Thoughts

While PalmPay offers a fantastic and flexible way to make monetary transactions in Nigeria, it doesn't cater to the global market.

If you want to receive money from abroad, I recommend opening a domiciliary account with your bank or any other in Nigeria.

Alternatively, you can create an account with money transfer services such as Remitly, MoneyGram, Western Union, or PayPal.

PalmPay may incorporate international transfers in the future, but consider the above options for now.