29 Jan 2025
Living in a foreign country can be quite intimidating since the society, culture, and law can be quite different from those in an expat’s home country. For all Nigerian expats living in Poland, learning regulations, especially those related to remittances, is an essential ordeal. This is especially essential for most Nigerians who work and make a regular money transfer from Poland to Nigeria.
However, navigating remittance policies can be tedious, so this blog will help you get a crash course on Poland’s remittance policies for Nigerian immigrants.
Poland has become a popular destination for migration, making it necessary to have remittance regulations set up for smooth operation. Below are some basics of those regulations.
Poland’s well-established regulatory system is under the authority and supervision of the National Bank of Poland (NBP). The bank issues licenses to institutions that offer remittance services, such as banks. Additionally, it monitors these institutions to ensure they operate within the framework of financial stability and transparency. The NBP also plays a crucial role in maintaining public trust by safeguarding the financial system against malpractice.
Like most Western countries, Poland is pretty serious about the Anti-Money Laundering regulations. This means that one of the core roles of the National Bank of Poland (NBP) is to ensure that all remittance-offering service providers comply with these regulations. Otherwise, their licenses will be taken away.
Institutions must perform thorough customer due diligence and report any suspicious activities to the authorities. Otherwise, their licenses will be taken away, and they could face severe legal and financial consequences.
Poland is an EU member state, which means that many of its policies will resemble those of other EU member states. This includes regulations on financial transactions such as international money transfers, which is good news because it ensures secure and transparent remittance transfers.
The EU’s Payment Services Directive has standardized how fees and exchange rates are shown, so when you send money to Nigeria from Poland, you will be able to make an informed decision about a remittance service.
Before you send remittances, you should be aware of what routes your money could take.
One way to send money is to walk into a Polish bank such as PKO Bank Polski, mBank, or Santander Bank Polska. These banks are licensed by the NBP and, therefore, offer secure remittance transfers. However, you might want to know that their transfer fees can be a little costly. In addition, you might be required to do some paperwork, and the transfer might take a while.
Some post offices in Poland also offer remittance services. The only drawback is that there might be limits to how much money you can send and to which countries you can send it.
If you hate paperwork or are intimidated by banks, you could just use a trusted digital platform. Digital service providers like ACE Money Transfer let you send money online to Nigeria from Poland conveniently and with lower fees. The conversion rates offered by digital platforms also tend to be quite competitive, which is great if you want the value of your remittances to be maximized.
Since Poland is becoming a popular destination for Nigerians, it is important to understand how their policies, especially those related to remittances, work. When you send money online to Nigeria from Poland, make sure you use a secure and legal transfer channel, such as a bank, post office, or private remittance service provider. Try the ACE money transfer app today and send your first remittance to Nigeria free of charge!
Yes, fees can vary depending on the chosen method, the amount transferred, and the specific provider. It's essential to compare fees and exchange rates to minimize costs.
Choose reputable and licensed providers, use secure online platforms, and avoid scams. Consider using services with strong security measures and encryption.
The National Bank of Poland (NBP) regulates remittances in Poland. Providers must comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
Most remittance providers offer tracking services, allowing you to monitor the status of your transfer online or through their mobile app.
Exchange rates fluctuate regularly. It's advisable to check with your chosen provider or use online currency converters to get the most accurate and up-to-date rates.
Nigerian migrants in Poland can send remittances through banks, services to make an online money transfer from Poland to Nigeria, mobile money services, and online remittance platforms.
