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Use our interactive table to compare transfer fees, exchange rates and other details for sending funds to Nigeria with our money transfer partners.
Always make sure you’re sending money to someone you know. Despite being the butt of many jokes, the “Nigerian prince” scam is one that still happens often. This scam involves being contacted by someone requesting help in recovering a lot of money. This person may want you to give them your bank account information or money to pay the fees, with the promise that you’ll be rewarded later.
Never provide your financial information or send money to anybody you don’t know.
An international money transfer allows you to send money to friends, family and businesses overseas. Generally, it involves you sending cash or money from your bank account to an intermediary transfer service or bank, which then exchanges and sends the money to your recipient in another country — in this case, Nigeria.
Depending on the provider, you can initiate a money transfer in person, online or by phone. Your cash or bank account transfer is then either deposited into your recipient’s bank account or made available as cash for pickup at a location in their country.Back to top
Many major German banks offer the option to send funds to Nigeria. But they typically charge high transfer fees and offer exchange rates that are significantly lower than the mid-market rate — or the rate banks and transfer providers use when trading among themselves.
A reputable money transfer specialist can often offer better exchange rates and charge lower fees, saving you money and putting more Nigerian naira into your recipient’s pocket.
Jonathan wants to send €1,000 from Germany to Nigeria to help his wife cover some of the costs associated with raising their children. His bank doesn’t send funds to Nigeria, so he is comparing the services of two money transfer companies — one that offers transfers that take place within minutes.
|Money Transfer Company A||Money Transfer Company B|
|Exchange rate||€1 = 410.456 NGN||€1 = 410.762 NGN|
|Transfer fee||€6||€81 for money in minutes; €12 for bank account transfers|
|Transfer speed||2 business days||1 hour for money in minutes; 4 business days for bank account transfers|
|Transfer options||Bank account deposit||Cash pickup, bank account deposit|
|Total NGN received for €1,000||410,533.57 NGN||410,762.00 NGN|
Jonathan’s comparison shows that even a small difference in exchange rates can make a noticeable difference in the amount you transfer. Transfer fees vary greatly depending on the transfer method you choose.
By comparing a few elements of your transfer, you can ensure that you get the cheapest deal for your needs.
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency.
Nigeria’s exchange rate is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
You might need to send an emergency cash transfer to Nigeria — for example, if a friend travelling through the country loses their wallet. But when you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option.
Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
Western Union and MoneyGram provide the largest money transfer networks in the world, with thousands of agent locations around the globe. You’ll need to pass your transaction reference number on to your recipient to allow them to pick up your funds. They’ll also need to bring along a photo ID.
Whether picking up funds in Nigeria or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.
Our top picks are our selection of the best money transfer services, based on our extensive research and market experience. Here’s how we choose them.
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With over 500,000 agents worldwide and more than 70,000 of them in the United States alone, sending money overseas with Western Union is simple and fast.
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