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Digital money transfer providers can beat the rates offered by your bank. Transferring money online to Nigeria from Ireland, instead of through your bank, will save you on fees and give you access to stronger exchange rates and faster turnaround times.
Use our interactive table to compare transfer fees, exchange rates and other details for sending funds to Nigeria with our money transfer partners.
Sign up and send money with a digital money transfer specialist in four steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Nigeria. Some offer transfers straight to Nigerian bank accounts, while others allow the money to be picked up in Nigerian naira in person. PayPal, banks and other options are available but come with high fees, weak rates and longer turnaround times.
Companies like OFX and CurrencyTransfer specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Nigerian bank account, often in as little as a day or two.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in Nigeria — often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or XE when possible.
Nigerian naira may be carried by your bank but not always. If your local bank can convert youreuros into Nigerian naira, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s say you need to send €1,000 to friends or family. Here’s what you might face as far as fees and exchange rates as of 15 May 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||€10.50||€1.90||€20 + additional correspondent bank fees|
|Exchange rate||1 EUR = 406.569 NGN||1 EUR = 400.873 NGN||1 EUR = 386.761 NGN|
|Transfer speed||1-2 day||Minutes||2-5 days|
|Amount received||NGN 403,113||NGN 400,111||NGN 379,025|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with NGN 24,000 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Nigeria in as little as 15 minutes but with a slightly weaker exchange rate.
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to Nigeria to meet your needs:
When it’s more important to get your money to Nigeria quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Nigeria’s exchange rate often fluctuates when compared to the euro, so expect exchange rates today to be different than those you’ll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Track how the Nigerian naira trades against the euro in our historical rate chart.
To send money to Nigeria from Ireland, you’ll need government-issued ID and other documents, while documents needed to pick up money in Nigeria may be different by company.
To send money from Ireland to Nigeria, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Nigerian money transfer scams have been plaguing the money transfer world for many decades, and may be referred to as 419 scams, Nigerian Prince scams or overseas funds transfer scams. Typical signs of this scam include:
If you suspect you’ve fallen victim to one of these online crime scams, contact your local Garda station.
Sending your hard-earned money to Nigeria shouldn’t cost a fortune. Compare transfer companies that specialise in foreign for the strongest rates, lowest fees and flexible delivery. Next time you need to make a transfer, take a look at our international money transfers page for the full lowdown.
We compare Revolut Standard and Revolut Premium side by side to help you decide which account is right for you.
The UK-based CurrencyTransfer platform lets you compare and select the best money transfer rates.
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