How to send money to Nigeria without high fees

Information verified correct on April 24th, 2017

SendmoneytoNigeriaCompare your options to get the best possible deal when sending money from the US to Nigeria.

When you need to get money to a loved one in Nigeria, the last thing you want to have to deal with is navigating a potentially complicated and expensive proceses.
Sending money from the US to Nigeria doesn’t have to be expensive. Compare your international money transfer options to find one that’s best for you.

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.

Rates last updated April 24th, 2017

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Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
Wyre International Money Transfers
No transfer fees for finder... No transfer fees for finder.com readers. Make transfers with Bitcoin.
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
World First Foreign Exchange
Exclusive offer: $0 transfer fee ... Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.
USD 1,000 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
WorldRemit International Money Transfers
Use promo code FREE to ... Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.
USD 1 Within an hour
OnlineCash Transfer
Rates are always
changing, click to check
your price today
Go to site More
TransferWise International Money Transfers
Enjoy high maximum transfers into ... Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
OFX International Money Transfers
Send safe... Send safe, no-limit transfers with no fees and competitive exchange rates.
USD 150 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
HiFX International Money Transfers
Transfer money into 20 currencies ... Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.
USD 100 2 days
Online
Rates are always
changing, click to check
your price today
Go to site More
TorFX International Money Transfers
No hidden fees and a ... No hidden fees and a best rate guarantee for 60 global currencies.
USD 150 1 day
OnlinePhoneAgent
Rates are always
changing, click to check
your price today
Go to site More
Wells Fargo Bank
While more expensive than other ... While more expensive than other options, securely send money to 13 Latin American and Asian countries.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
More

Have we missed anything in the comparison table? Tell us

  • If the provider quotes a different rate to the one above please let us know
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How to send money to Nigeria

in 3 easy steps
    1. Locating a service icon

      Find a service

      Select a money transfer specialist that works for you from our comparison table.

    1. Send money icon

      Initiate the transfer

      Complete the required information with the service and provide the funds.

    1. Money arrives icon

      Receive the money

      Your recipient receives their money as a bank deposit or picks it up as cash.

Sending money to Nigeria

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.

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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 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.

Best USD > NGN exchange rates

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. Most countries’ exchange rates are flexible, which means they can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.

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.

Find a money transfer location near you

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.

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2 Responses to How to send money to Nigeria without high fees

  1. Default Gravatar
    taylor | April 6, 2017

    bank money transfer from india to Nigeria please tell me the process. And how long does it takes from india to receive it in Nigeria?

    • Staff
      Adrienne | April 6, 2017

      Hi Taylor,

      For bank transfers, you can generally expect a transfer period of 2 to 5 days, sometimes even more depending on the provider. You could also look into an independent online transfer service, like the ones in the comparison table above, who may be able to get your money there faster.

      Once you find a company that fits your needs, you can click “go to site” and initiate a transfer directly with them. You can confirm on the provider’s website that they can send from India to Nigeria.

      Best regards,

      Adrienne

US International Money Transfers Offers

Learn about our information service
HiFX International Money Transfers

Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

WorldRemit International Money Transfers

Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First Foreign Exchange

Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.

TransferWise International Money Transfers

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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