Best way to send money to Nigeria | finder.com

How to send money to Nigeria

Whether you are doing business in downtown Lagos or helping friends or family in Abuja, sending money to Nigeria shouldn’t be difficult and costly.
Comparing a host of international money transfer options let’s you find the best deal that fits your timeline and budget.
MoneyGram International Money Transfers

MoneyGram International Money Transfers

Send funds to more than 200 countries and territories around the world with a MoneyGram international money transfer.

  • Pick up cash within minutes.
  • Send a transfer from one of the 350,000 MoneyGram locations around the globe.
  • Bank deposit available directly into your or the receiver’s account.
  • Mobile wallet deposit available.

    Compare international money transfers to Nigeria

    Use our interactive table to compare transfer fees, exchange rates and other details for sending funds to Nigeria with our money transfer partners.

    I want to send

    to

    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    USD 1 1 day USD 8.00 347.544 NGN 1,734,940 Easily transfer cash to more than 350,000 locations around the world. Go to site Show details
    USD 1 3 - 5 days - - No fees for bank account transfers and cash pickup at 240,000 locations in 130+ countries. Go to site Show details

    Compare up to 4 providers

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    Steps to send money to Nigeria

    1. Create a free account with a money transfer service and provide your name, contact information, proof of identity and bank account information if you are not sending cash.
    2. Provide contact information for your transfer recipient.
    3. Select a payment option and enter the full details of your transfer,.
    4. Keep track of the reference number or receipt you receive to monitor the progress of your transfer.
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    How do international money transfers work?

    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.

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    Banks vs. money transfer companies

    Many major US 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 sends $1,000 to Nigeria

    Jonathan wants to send $1,000 from the US 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 AMoney Transfer Company B
    Exchange rate1 USD = 193.575 NGN1 USD = 193.787 NGN
    Transfer fee$6$81 for money in minutes; $12 for bank account transfers
    Transfer speed2 business days1 hour for money in minutes; 4 business days for bank account transfers
    Transfer options
    Bank account depositCash pickup, bank account deposit
    Total NGN received193,575 NGN193,787 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.

    How to compare transfer companies when sending money to Nigeria

    By comparing a few elements of your transfer, you can ensure that you get the cheapest deal for your needs.

    • Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
    • Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
    • Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
    • Transfer speed. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
    • Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
    • “Hedging” options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
    • Customer support. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.

    Foreign exchange rates explained

    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. For example, in January 2018 one US dollar was worth 360.50 Nigerian naira.

    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.
    Currency exchange rate for Nigeria

    Options for sending money to Nigeria from America

    • Bank transfers. Many major US banks will allow you to wire money to banks in Nigeria.
    • Online money transfer services. It’s simple and convenient to send an online money transfer to Nigeria from the comfort of your home.
    • Providers with cash pickup. Companies like Western Union and MoneyGram offer the option of cash pickups from thousands of agent locations across Nigeria.
    • Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.
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    Emergency cash transfers in Nigeria

    You might need to send an emergency cash transfer to Nigeria — for example, if a friend traveling 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.

    Cash pickup locations

    Western Union, MoneyGram and Ria provide the three 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.

    Tips for picking up cash in Nigeria

    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.

    • Call ahead. Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
    • Bring a friend. Carrying money when alone can be dangerous. Ask a friend to come along.
    • Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
    • Keep your cash hidden. Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.

    Cash pickup locations in Nigeria

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    22 Responses

    1. Default Gravatar
      TonyMarch 31, 2018

      If I send money to Nigeria through Western Union, do you need a Nigerian ID to pick it up from Western Union?

      • Staff
        RonApril 1, 2018Staff

        Hello Tony,

        Good day! Appreciate you contacting finder regarding your inquiry today.

        Upon checking Western Union page, to receive money at the agent location, the receiver must present the completed “to receive money form” as well as a government-issued ID (where applicable). A Nigerian ID can be used so long as it is issued by the government.

        Hope this helps!

        All the best,
        Ron

    2. Default Gravatar
      StarmMarch 10, 2018

      a friend from Texas wants to send me money through western union, all they can tell him is that. they are not allowed to send money to Nigeria I wonder why. can him transfer directly to my bank account in Nigeria through money gram?

      • Staff
        MayMarch 19, 2018Staff

        Hi Starm,

        Thanks for reaching out.

        Yes, MoneyGram is one of the options your friend can use when sending money to you in Nigeria. He can send the money direct to your bank account. If you can refer your friend from Texas to check the options above, that would be great. Please let him know to click on the ‘Go to site’ button so he will be redirected to MoneyGram’s page and process the transfer from there.

        Hope this helps.

        Cheers,
        May

    3. Default Gravatar
      rjNovember 25, 2017

      how to transfer from my icici bank acccount in india to my frens union bank account in lagos ,nigeria

      • Staff
        ArnoldNovember 26, 2017Staff

        Hi Rj,

        Thanks for your inquiry

        If the funds are still in your bank account, it would be best to speak with your bank directly if they are able to send direct bank transfers to Lagos, Nigeria. If not, you may check this page to know more about your options for sending money to Nigeria.

        Hope this information helps

        Cheers,
        Arnold

    4. Default Gravatar
      lekanNovember 17, 2017

      I was sent money from France to Nigeria and its the 5th day nothing as reflected here in Nigeria……. does that mean the money is lost, what do I do? I need a response pls

      • Staff
        MariaNovember 17, 2017Staff

        Hi Lekan,

        Thank you for your inquiry.

        You may want to reach out to the money transfer service used for the transaction so they can check on its status as we’re unable to do so. You can look up their website online and reach out to them through their contact page. Please make sure to have the complete transaction details ready.

        Here are some tips on Money Transfer Tracking. Also, this page on International Money Transfer Duration discusses the different factors that affect transfer times. Please note that there may be information on these pages that are inapplicable to people living outside the US.

        I hope this helps.

        Best,
        Maria

    5. Default Gravatar
      SolomonOctober 31, 2017

      Please where is the location and company to send money to Nigeria from Philippines. Thanks I will be waiting your response.

      • Staff
        JudithOctober 31, 2017Staff

        Hi Solomon,

        Thanks for contacting finder, a comparison website and general information service. I hope you are doing well today.

        On the page you’re viewing, please click the “Go to site” green button to learn more information about each money transfer provider.

        I hope it helps.

        Best regards,
        Judith

    6. Default Gravatar
      daveOctober 26, 2017

      How can I receive money from Mexico through MoneyGram?

      • Staff
        LiezlOctober 27, 2017Staff

        Hi Dave,

        You can choose to receive the funds from Mexico either directly on your bank account or cash pick-up. If you opt for account deposit, after you’ve given your account details to the sender, the money will be automatically sent to your bank account. You have to note though that funds availability varies depending on the bank’s operating hours, local laws/regulations and compliance requirements.

        With cash pickup on the other hand, the money is typically available for pickup in minutes at any MoneyGram agent location. You’ll need a government-issued ID and the reference number in order to receive your money transfer. You can visit MoneyGram’s website to find agent location near you.

        I hope this has helped. Please feel free to reach out again if you have any questions.

        Best regards,
        Liezl

    7. Default Gravatar
      AntOctober 19, 2017

      Must the sender have a bank account before sending money to me in Nigeria?

      • Default Gravatar
        JonathanOctober 20, 2017

        Hi Ant,

        Thank you for your inquiry.

        Luckily, it is not required to have a bank account before a transfer can be made to you. Depending on the availability of services as per location and provider, some may be able to transfer through online, agent, Bank Account to Bank Account, Cash Transfer or International Money Order.

        You can check the website of your chosen transfer company to confirm those options.

        Hope this helps.

        Cheers,
        Jonathan

    8. Default Gravatar
      mikeSeptember 13, 2017

      pls someone went to send money for me in indian and i’m in nigeria how can he send the money to nigeria?

      • Staff
        MariaSeptember 13, 2017Staff

        Hey Mike,

        Thank you for reaching out to us.

        The services featured on the page you’re on can have money transferred to Nigeria.
        If you scroll down to the table, you can enter the amount and currency that you want to transfer and it should calculate how much the receiver would get.
        Once you’ve chosen which one to use, you may click on “Go to site” to be directed to the service’s main website where you can start the transaction.

        When you scroll further down, you can also find cash pickup locations on this page for Lagos, Kano and Abuja.

        I hope this helps.

        Best,
        Maria

    9. Default Gravatar
      PhillipJuly 8, 2017

      how do I send money from norway to nigeria without providing IBAN number

      • Staff
        AnndyJuly 8, 2017Staff

        Hi Phillip,

        Thanks for your question.

        You may check this page to compare money transfer companies that will allow you to send money from Norway to Nigeria.

        Kindly note that the IBAN number is required when sending to a bank account. If you are sending where the recipient will pick up the money at an agent location, online or by phone, there is generally no need for you to provide the IBAN number.

        Cheers,
        Anndy

    10. Default Gravatar
      LorraineMay 3, 2017

      I am trying to send money to Nigeria but they return my money. All money gram say they have the right. I did two large amount of money the same day. Only because have a dead to met what can I do?

      • Staff
        HaroldJuly 4, 2017Staff

        Hi Lorraine,

        Thank you for your inquiry.

        When sending money overseas, you’ll typically need to create a free account with a money transfer provider. The process varies by company but generally requires you to provide your name, contact information and proof of identity. If you’re not paying for your transaction with cash, you’ll also provide your banking info in order to have the funds withdrawn from your account.

        Once you’ve selected a payment option and entered the full details of your transfer, you make your transaction and wait for the funds to arrive. You’ll most likely receive a reference number or receipt that you can use to track the progress of your transfer.

        I hope this information has helped.

        Cheers,
        Harold

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