How to send money to Nigeria without high fees

Information verified correct on February 24th, 2017

SendmoneytoNigeriaNeed to send money to Nigeria from the United States? Compare a range of transfer options to get the best possible deal

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

Rates last updated February 24th, 2017

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

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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 500 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
Payoneer International Money Transfers
Ideal for worldwide business payments ... Ideal for worldwide business payments to more than 200 countries and 150 currencies.
USD 20
Online
Rates are always
changing, click to check
your price today
Go to site More
RIA Money Transfer
No fees for bank account ... No fees for bank account transfers and cash pickup at 240,000 locations in 130+ countries.
3 - 5 days
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
Moneycorp Exchange Experts
Full-service specialist offering competitive exchange ... Full-service specialist offering competitive exchange rates on personal international money transfers.
USD 50 1 day
OnlinePhone
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
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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
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changing, click to check
your price today
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How do international money transfers work?

An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, NIgeria. This can be done in person or oftentimes online. You can use cash or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account are made available as cash for them to pick up at a location in their country.

Banks vs. money transfer companies

We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.

You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This means that you save money, and your recipient ends of with more Nigerian nairas in their pocket.

Jonathan sends money to Nigeria

Jonathan wants to send $1,000 from the United States 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.

Transfer company ATransfer company B
Exchange rate1 USD = 193.575 NGN1 USD = 193.787 NGN
Transfer fee$6$81 for money available in minutes, $12 for transfers to a bank account
Transfer methodBank account depositCash pickup, bank account deposit
Processing time2 business days1 hour for money in minutes, 4 days for bank account transfers
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 when fees vary greatly depending on the transfer method you choose.

How to compare transfer companies when sending money to Nigeria

  • Exchange rates. See how each provider’s exchange rate stacks up against the competition, but remember that better exchange rates might come with higher fees.
  • Fees. Compare the fees charged for each transfer, including those for different payment methods or faster transfer times.
  • Transfer methods, options and times. Can you schedule transfers online, in a branch or over the phone? Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? How long will it take for your recipient to receive the funds? (Bank deposits usually take a few days, while cash pickups are typically quicker.)
  • Pickup methods. Can the money be picked up in person, or will it be deposited into a bank account?
  • Minimum amounts. Some money transfer companies impose minimum limits on each transaction, which can be restricting if you don’t want to send a large amount of cash.
  • Customer service. Compare whether each company offers phone, email or live chat support as well as specific hours that support is available.
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 will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it 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. Ask your bank about transferring money from your account to a Nigerian bank account.
  • Money transfer services. Companies like WorldRemit allow you to quickly and easily send money transfers online.
  • Transfer services with cash pickup locations. Consider companies like Western Union and MoneyGram when sending funds to Nigeria.
  • Checks. Sending an international guaranteed check is another way to ensure that your money arrives to its intended recipient.

Emergency cash transfers in Nigeria

If you need to send an emergency cash transfer to Nigeria, be aware that you may have to pay to ensure that your money arrives as quickly as possible.

Some money transfer providers charge high fees and lower exchange rates when sending emergency transfers, so carefully check the rate and fees that apply to any transaction before transmitting your funds.

Cash pickup locations

Western Union and MoneyGram are the two largest international money transfer services in the world, each having thousands of agent locations across the globe. If you send money via one of these services for cash pickup, pass your transaction reference number on to your cash recipient. Make sure they take photo ID along when they pick up the funds.

Find a money transfer location near you

Tips for picking up cash in Nigeria

When you pick up cash from an agent location in Nigeria (or anywhere else around the world), take a few simple precautions to ensure your safety:

  • Take a friend along for extra security.
  • Avoid areas where muggings and other crimes are common.
  • Do not overtly display your money in front of strangers.
  • Head straight to a bank to deposit the funds.

How to send money to Nigeria

Although the exact transfer process differs between providers, you will usually need to sign up for an account before you can send funds, supplying your name, address, contact information, proof of ID and your payment details. If you are not using cash for this transaction, you will need to provide your banking info in order to have funds drafted from your account.

Once you’ve scheduled a transfer, keep track of the receipt and reference number you are given — this will come in handy when you need to check on the progress of your transfer.

Sending money to Nigeria online is fast, easy and convenient. Just make sure to compare your transfer options before deciding on the right transfer provider for you.

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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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