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Want to send money to Nigeria? Regardless of whether you’re sending funds to relatives, helping out your tourist mate travelling through the country or any other reason, you have a number of options to consider when it comes to transferring funds.
The number of choices available can be a little bit daunting, so read on to find out how to transfer your funds in a safe, secure and affordable way.
The table below allows you to compare multiple international money transfer providers.
Sign up and send money to Nigeria with a digital money transfer specialist in four steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees to send money 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 let you 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 weaker exchange rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or XE when possible.
Nigerian naira are almost certainly carried by your bank. Although your local bank can convert your pound sterling 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 2 May 2020.
|Digital money transfer||Cash transfer||Bank transfer|
|Fee||£0||£1.90||£20 + additional correspondent bank fees|
|Exchange rate||1 GBP = 484.38 NGN||1 GBP = 470.72 NGN||1 GBP = 458.2 NGN|
|Transfer speed||1-2 day||Minutes||2-5 days|
|Amount received||NGN 484,386||NGN 470,720||NGN 458,210|
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 26,176 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 for just a slightly higher fee.
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.
If you don’t have a bank account, you can still use cash transfer services to get the money to its destination. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account.
These cash transfer services are widely available around the world and although they’ll typically not be the cheapest available service they can be fast, convenient and can be used without bank accounts.
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 pound sterling, 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 pound sterling in our historical rate chart.
To send money to Nigeria from the UK, 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 the UK 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 someone may be contacting you through one of these scams, contact Action Fraud UK to alert them of this fraud attempt.
It shouldn’t cost a fortune to send money to Nigeria. Compare transfer companies that specialise in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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