Before deciding on the best way to send money to Nigeria, there are several things to consider. These include; A thorough service provider comparison to ensure that the one you are using is cheap, secure, available, and customer-friendly. Because the cost of your international transfer to Nigeria might vary greatly depending on the provider you pick, you should start by comparing your possibilities. Our comparison tool gives you an unbiased, open look at the best money transfer services for you, allowing you to compare rates, fees, transfer timeframes, and more. After that, one has to then register with their already chosen and preferred provider and then start their transaction.
Ways to Send Money to Nigeria
There are several ways in which those living in the United States who have friends and family in Nigeria can send them money. When sending money to Nigeria, it’s generally the quickest, easiest, and cheapest choice compared to using a bank or a money order. 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 send money via bank transfer, credit or debit card payment, or cash payment through your account. After successfully setting up a statement, 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
Because an estimated 39% of Nigeria’s adult population is unbanked, sending money to Nigeria by bank transfer may not always be the best option. With so many people without access to a bank account, sending money back home to help family and friends via bank transfer might be challenging. MTOs stand out in this area, offering services such as mobile money and cash collections. The use of checks and money orders is the oldest and, as one might think, the slowest method of international money transfer. It entails the use of one or more intermediary banks to facilitate the transfer of funds from the sender to the receiving bank. It is relatively costly, and the exchange rate offered can be harsh. On the other hand, money orders are a safe way to send money and maybe the preferable method for those who want to transfer in person. Money orders and checks are accepted through Western Union, MoneyGram, UBA, GTBank, and First Bank, among others.
The best money transfer services to send money to Nigeria from the US
Remitly: When you need to send money to family and friends, this is the best option. They take credit and debit cards, and their Express option allows you to send money in minutes. Remitly offers no minimum transaction amount, making it suitable for sending small funds to distant relatives or acquaintances. Remitly is our favorite because it is less expensive. Xoom, PayPal, or Western Union are more expensive options. 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 known as TransferWise)- Has the best exchange rates. Setting up an account or making a transfer with their app is straightforward. They also have the greatest exchange rates 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
The quickest method to send money
WorldRemit – Best when you want to send cash to be picked up. It specializes in modest payments and remittances. They’re ideal for personal money transfers to Nigeria of up to N5,000 from the United States. Cash Pickup Fees: Starting at USD1.99 for modest amounts, the price rises as you send more, up to USD27.99 for large sums. An exchange rate is added to the exchange rate by WorldRemit.
Western Union – They offer a variety of options for sending money to Nigeria. You can pay them online, through their app, or in person at one of their sites across the country. They provide both bank account transfers and cash collection services.
Xoom, powered by Paypal: Money transfers are convenient, but they are expensive when compared to other money transfer specialists.
Ping Express: This is most applicable if you are sending to a Nigerian bank. It is fast and easy to use, cheap and secure.
