There are a few factors to think about before deciding on the best method to send money to Nigeria. These include a thorough service provider comparison to ensure that the one you’re utilizing is affordable, secure, accessible, and nice to customers. Because the cost of your international transfer to Nigeria may differ significantly depending on the provider you choose, you should begin by weighing all of your options. After that, one must register with their pre-selected and preferred supplier before proceeding with their transaction.
What’s needed to send money to Nigeria
- An identification card is provided by the government to the sender (ID).
- The beneficiary’s name, as it appears on their government-issued identification.
- The address of the intended recipient.
- The mobile phone number of the sender.
- The recipient’s mobile phone number.
- Routing details for the beneficiary’s bank account.
- If you’re using a credit or debit card to fund your transfers, the sender’s information is required.
Ways to Send Money to Nigeria
There are numerous methods by which folks living in the US who have friends and family living in Nigeria can transfer money to them. These include;
When sending money to Nigeria, senders can send money using the internet, smartphone apps, or by depositing cash in real locations, with some providers even using platforms like Facebook Messenger for a more seamless user experience. You must first register for a free account before sending money to Nigeria via online money transfer providers. You can transfer funds using bank transfers, credit or debit card transactions, or cash payments from your wallet. After successfully setting up an account, the sender can choose to use a direct transfer to the recipient’s bank account, cash pick-up, or mobile wallet, which is more convenient.
Use of banks: sending money in Nigeria by bank transfer may not always be the best option. With so many people lacking access to a bank account, transferring money back to family and friends via bank transactions may be a little bit challenging for users.
The use of checks and money orders entails the use of one or more intermediary banks to facilitate the transfer of funds from the sender to the receiving bank. It’s comparatively expensive, and the interchange rate offered might be tough. Money orders, on the other hand, are a safe way to send money and may be the preferable method for those who need to make a transaction with an individual. Money orders and checks are accepted through Western Union, MoneyGram, UBA, GTBank, and First Bank, among others.
Best Money Transfer Services to Send Money to Nigeria from Asia
Remitly: Once you need to transfer cash to family and associates, this is your top preference. They take credit and debit cards, and their Express opportunity permits you to transfer money in a concise period. They offer no minimum cash transfer amount, making it appropriate for transferring small amounts of money to distant families or associates. This is my favorite since it is less costly.
Remitly is another option for making payments online or via a mobile app. The “Economy” fee is $2.49, while their “Express” fee goes from $3.99 to $19.99 depending on how quickly you want your money delivered.
Wise (formerly TransferWise): Offers the best exchange rates. Setting up an account or making a transfer with their app is straightforward. The exchange rates are high because they use the same market rate as XE or Google and don’t include any hidden markups. 1.33 USD + 0.61 percent of the amount transferred
When you want to send cash to be picked up, use WorldRemit-Best. It specializes in modest payments and remittances. They are the ultimate cash transfers to Nigeria of up to N5,000 from the United States.
Western Union stands as one of the world’s first and biggest cash transfer firms. They also deal diversity of choices for transferring money to Nigeria. They take payments online, over their application, or in person at one of their establishments throughout the nation. They offer both bank account transfers and cash collection services.
Xoom, powered by PayPal: Cash transfers remain helpful, but they are costly once matched to other money transfer experts.
