Sending and receiving Bitcoin is not as complicated as many people think, especially now that there is a growing number of platforms in the country that offer a seamless and faster way of sending and receiving Bitcoin via a user’s local bank account. On some of these platforms, you can buy top cryptocurrencies like Bitcoin or Ethereum by simply using a debit card or via bank transfer. This is a simple guide that will show you the fastest way to send or receive bitcoin directly in your Nigerian bank account.
How to convert your Bitcoin to Nigerian Naira deposited into your bank account
SendCash – a platform developed and managed by BuyCoins Africa that links its users’ Nigerian bank accounts to a bitcoin wallet address so that when bitcoin is sent from any platform to the wallet address, the naira equivalent is automatically deposited into the linked bank account. Once the wallet address linked to a bank account receives any digital currency, the digital currency is sold off by BuyCoins on its platform, automatically using its API. The naira is equally deposited through its payment partner, PayStack.
How to use SendCash
- Use SendCash’s real-time exchange rate from BuyCoins, to calculate how much bitcoin to send.
- Get a unique bitcoin wallet address generated by SendCash for the Nigerian bank account you are sending the money to.
- Transfer bitcoin to the wallet and the recipient receives it in naira.
CryptoFully is a digital payment platform that allows users to send and receive cryptocurrency and get the digital assets converted and deposited into their Nigerian bank account. With this platform, you can send money from anywhere in the world, to Nigerians, through any application that supports Bitcoins with zero transaction fees. There is a daily limit of $1000 on this platform, but a user that wants to exceed this limit can email the company’s support for assistance. A user does not need to have an account with Cryptofully before he or she can use the platform.
How to use Cryptofully
- Input the recipient’s bank account number and name of the bank, then the account name will automatically be generated.
- Input the sender’s email address.
- Input the amount of money you wish to send in naira, and the BTC equivalence will be generated automatically.
- Click Send Now.
- A unique bitcoin wallet address will be generated for the bank account details and as soon as the BTC equivalence of the money is sent to the wallet address, the recipient will receive the cash in his or her Nigerian bank account.
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Bundle is a cryptocurrency or cash social payment application which makes it fun and easy to send and receive cash and cryptocurrency. With the Bundle app, you can send, request and receive cash or cryptocurrency and also can pay for goods and services through the app. You can equally include a cool emoji as a memo just to make it more fun. A person who has no account with Bundle can receive payments through his or her phone number, but will have to download and signup on the Bundle app to use or withdraw the cash or crypto. This application also allows users to buy Bitcoin, BNB, BUSD and Ethereum with a debit card or through bank transfer, or sell any of these cryptocurrencies and withdraw cash to bank accounts without any transaction fee.
How to use Bundle Africa
- Download the Bundle Africa mobile application from Google play store or from App store.
- Sign up with the platform with your phone number, email and a strong password.
- Complete your profile setting and verification by linking your BVN (bank verification number).
- You can send and receive Bitcoin to your bundle wallet, by a few taps.
- You can also fund your Bundle account using a debit card or through bank transfer, and make instant purchases or buy Bitcoin or top cryptocurrencies like Ethereum, BUSD, and BNB.
YellowCard is an exchange that offers a platform where its users can buy and sell major cryptocurrencies through bank transfers or by cash. This exchange is supported by Binance, and it is currently available in Nigeria, Botswana and South Africa. Yellow card gives its users the opportunity to accept bitcoin payment for physical goods and the payment is converted into local currency by the exchange and deposited into the users local bank account.
How to use YellowCard
- Download the YellowCard mobile application.
- Sign up with YellowCard.
- Verify your email address, name and phone number to be upgraded to the tier 1 verification level. At this verification level,you have a daily transaction limit of N20,000 – N200,000. If you want to carry a transaction above this limit per day, you can increase your verification level.
- To buy bitcoin on Yellowcard through bank transfer, deposit naira into your YellowCard account.
- Once you have deposited your cash, go to the buy section and carry out your transaction.
- Once you have purchased the bitcoin, you will see your bitcoin balance on the wallet section and you can send the bitcoin to any other platform from there.
- To buy bitcoin on Yellow Card with cash, go to store and search for any close available agent.
- Contact the agent and make cash payment to the agent.
- The agent will either credit your bitcoin address or give you a Yellowcard pin which you can redeem on the deposit section.
- Once you have redeemed the pin, you can now buy bitcoins.