Nigeria was the seventh largest recipient of diaspora remittance among low and medium-income countries in 2020 with $21 billion. The amount is bigger than income from oil. The country has the highest population of Africans living abroad. In this article, we will show you the best ways to send money to Nigeria.
Following the Central Bank of Nigeria’s directive on remittances in 2020, money transfer to Nigeria will be paid in cash in US dollars or into a foreign currency account.
Quickest and cheapest options
- There are numerous choices available to send funds to Nigeria. Pick a transfer methods that is less expensive and advantageous to you and the beneficiary, one that is quicker.
- Of the choices available to you, we suggest using WorldRemit, or wire transfer. But you should also ask your loved ones the method they prefer.
The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria after a new regulation that only allows US dollar payout for remittances in Nigeria. The suspension intends to improve visibility of US dollar remittance flows.
WorldRemit Money Transfer to Nigeria
WorldRemit is a money transfer company established in 2010. It is used by millions of people around the world to send money to Nigeria. You can use WordRemit to send money to Nigeria from the US, UK, Australia, etc.
To use WorldRemit, you simply need to create an account for free. To send money to your loved ones in Nigeria, you need the bank account or telephone number of the beneficiary. Your recipient in Nigeria can receive the money via their bank account, a WordRemit agent, or mobile money number.
Send money with WorldRemit using the code 3FREE and pay no fees on your first three money transfers.You will also receive a discount voucher for use in your next transaction when you refer a friend via your referral code. Other codes that you can also use are TRACE, NOLLYWOOD, APLUS, TFC, GMA, ASAP, Jollibee1, Jollibee2, Jollibee3, Jollibee4, WRBEE, EVENTS, CIMB.
Wise, formerly Transferwise, stopped money transfer service to Nigeria in November 2020 because of regulatory changes by the Central Bank of Nigeria.
Xoom Money Transfer to Nigeria
Xoom is a money transfer service that has been around since 2001. The service makes money transfer to Nigeria from all over the world easier. You can use Xoom to send money to Nigeria from the UK, Canada, US, the Netherlands, Italy, etc.
Once your account is created, you can send money to your family, friends, and business associates in Nigeria. Your beneficiary in Nigeria can only receive funds in their bank account or a local agent. Xoom is a bit costly compared to other money transfer services to Nigeria. Xoom makes money from exchange rate.
Transfast Money Transfer to Nigeria
Transfast is perhaps one of the most well known money transfer organizations on the planet. It is one of the popular choices for international money transfer to Nigeria. Moreover, Transfast is in partnership with online jobs companies such as Upwork. When a Nigerian online freelancer wants to withdraws funds from Upwork, Transfast is one of the choices.
Receiving methods for your beneficiary in Nigeria is cash pick up at a local agent or direct transfer to a bank account.
Xpress Money to Nigeria
Xpress Money was established make funds transfer easier and cheaper. Sending money to Nigeria with Xpress Money is easy. You just need to visit any Xpress Money branch, provide details of your recipient and deposit cash. Your recipient can receive the money in cash, a bank account, or a mobile wallet.
Naira 4 Dollar Scheme is a scheme by the Central Bank of Nigeria (CBN) that allows recipients of diaspora remittances through CBN’s money transfer operators to earn a rebate of N5 for every USD 1 received.
Western Union Transfer to Nigeria
Western Union is one of the most experienced money transfer services in the world. It is also one of the most well known money transfer services to Nigeria. Western Union options for sending money to Nigeria are online, bank transfer or a Western Union agent. Your beneficiary can receive the funds through a bank account or cash pick up from a local Western Union agent. Western Union, however, is not one of the cheapest methods for international money transfers to Nigeria.
MoneyGram Transfer to Nigeria
MoneyGram is similar to Western Union.
You can send money to Nigeria using a local bank (MoneyGram agent) or the company’s website. Sending online using their website, you need to withdraw funds from your bank account or debit/credit card. Your loved ones in Nigeria will receive the money in their bank accounts or from MoneyGram local agents.
Wire Transfer to Nigeria
Wire transfer is another option available to you for sending money to Nigeria. Wire transfer means a bank transfer. Your bank sends money to a bank account in Nigeria. To use this method, make sure you have accurate details such as beneficiary’s bank name, SWIFT code, and bank account. The main problem with a wire transfer is that it usually takes a few days to the funds to reflect.
Summary of Sending Money to Nigeria
As you can see, you have many options if you want to send money to Nigeria. There are others like PayPal that we have not mentioned. These days, you can also transfer money to Nigeria using bitcoin. For this, you can use crypto-based money transfer services such as Bitsika, Afriex, and Flux. We suggest that you take time to research the most convenient cost effective method.