Transferring Large Sums of Money Internationally From Nigeria in 2026

My picks for a large payment abroad

Africhange suits naira-funded online payments, while Regency FX is worth contacting for a managed NGN transfer if you live outside Nigeria.

Naira-funded online payments

8.3

Africhange

Fees

Exchange Rate Markup

Transfer Speed

Visit

"Africhange helps its customers send money to and from Africa, with licenses in Canada and the UK."

Managed NGN transfers if you live abroad

8.5

Regency FX

Fees

None

Exchange Rate Markup

0.2% - 1.5%

Transfer Speed

Minutes - 24 hours

Visit

"Regency's UK-based account management team has vast experience. Get support on all kinds of transfers, from overseas property transactions to business payments & more."

Sending existing dollars, pounds or euros online

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GTBank

Fees

Exchange Rate Markup

Transfer Speed

Visit

Eligible education or medical FX applications

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Access Bank

Fees

Exchange Rate Markup

Transfer Speed

Visit

Transfers from a full foreign-currency account

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UBA

Fees

Exchange Rate Markup

Transfer Speed

Visit

USD, GBP, EUR or CFA domiciliary accounts

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FirstBank

Fees

Exchange Rate Markup

Transfer Speed

Visit

Tuition at a participating institution

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Flywire

Fees

Exchange Rate Markup

Transfer Speed

Visit

Africhange

An app-based naira payment

Africhange is my first pick here if you want to fund your international payment in naira through an app.

You transfer naira into your NGN wallet, enter the amount and recipient details, then review the exchange rate and recipient amount before confirming.

The Beamer funding option uses an account in your name at Gabsyn Microfinance Bank, with BVN verification and funding from your own bank account.

That funding method costs 0.5% per deposit, capped at ₦250, so include it when comparing the total cost of the payment.

Nigerian Tier 1 accounts have a ₦60 million monthly allowance, rising to ₦100 million at Tier 2.

Those are monthly allowances, so confirm your single-payment limit and remaining allowance before using Africhange for a substantial amount.

The main features below explain the funding process and where account limits can affect your payment.

For a larger payment, the table below shows Africhange’s exchange rates and recipient amounts across the currencies available in our results.

The comparison below uses ₦5 million sent from Nigeria to the UK or Canada, showing Africhange’s price for a smaller payment.

It does not establish the price or availability of a single ₦100 million transfer, which needs a separate full-amount quote.

Last updated at 16/10/2026

NGN GBP

Mid Market Rate ₦1 = £0.0006

Transfer Amount ₦5,000,000

1

Africhange

They get (after fees)

Transfer fees

FX Rate

Markup

Delivery time

£2,631.58

₦0.00

0.0005

12.15%

Minutes

Visit

Include the wallet funding charge and match the receiving method when comparing this result with a quote from your bank.

Regency FX

Managed NGN transfers if you live outside Nigeria

If you live outside Nigeria, Regency FX may handle your NGN payment, but you need to confirm that it supports your country and funding account.

I'd say ask its account manager for a full-amount quote when you want someone to discuss a large naira payment with.

You get an agreed exchange rate and an online account for checking the payment, with an account manager available by phone or email.

Regency charges no transfer fee, while the exchange rate and any third-party bank charges still affect the amount your recipient receives.

Before sending funds, agree the collection account, recipient currency and expected arrival date with the team.

The account manager needs the details below to confirm whether Regency can handle your payment.

The rates below show NGN pricing, while your country of residence and funding account determine whether you can use the service.

GTBank

Send existing foreign currency through internet banking

GTBank is my starting point if you already hold dollars, pounds or euros and want to arrange the outward payment through internet banking.

You can send foreign currency from your domiciliary account overseas, monitor your accounts and download statements from the same banking service.

That saves you moving a large balance into another service simply to get access to an online transfer screen.

Internet banking access does not mean your entire balance is automatically available for an outward transfer, especially when you funded the account with cash.

For a large payment, get the bank to confirm the amount you can send and the documents it needs before adding the recipient.

The features below make GTBank a convenient route for money you already hold, but the full transfer quote still decides its value.

Access Bank

Apply for eligible naira-funded education or medical payments

Access Bank is my pick here for dealing with an FX application, rather than assuming you can convert any naira balance and send it abroad.

Its FX self-service portal lets you start an application, upload supporting documents and track progress for eligible education, medical and travel payments.

For tuition, you need documents such as the admission letter, school bill and the institution’s payment instructions.

The school-fee route has a US$15,000 equivalent per-semester limit, so a larger invoice needs the bank to confirm another permitted funding arrangement.

School-fee Form A payments have no commission charge, but USD payments still carry US$25 offshore and US$15 telex charges, plus the ₦5,000 e-Form A charge.

That makes the purpose of your transfer important to the cost, since a standard foreign-funds transfer has a separate charging structure.

For a general USD foreign-funds transfer, the charges include 0.5% commission, VAT on that commission, US$15 SWIFT and US$25 offshore charges.

Ask for a written total for your exact payment, because those charges exclude the effect of the exchange rate and any further receiving-bank deductions.

UBA Dom Advantage

A full foreign-currency account for outward payments

I think UBA Dom Advantage is worth considering for holding and sending dollars, pounds or euros, including an eligible overseas property payment.

You can choose a foreign-currency current or savings account, which gives you a bank route for funds already held in the payment currency.

The distinction between UBA’s domiciliary products is essential, because Freedom Domiciliary does not allow transfers and needs upgrading above its US$2,000 threshold.

A low-entry account is therefore a poor fit when you need to send a substantial balance overseas.

Dom Advantage needs full account-opening documents, including identification, address evidence and references, so arrange the account before your payment deadline.

I suggest asking the transfer team to price the full payment instead of applying a fee from a different UBA account product.

FirstBank

Domiciliary accounts including CFA alongside dollars, pounds and euros

FirstBank is worth comparing if you need a domiciliary account in CFA as well as the usual dollars, pounds or euros.

Its domiciliary accounts support foreign-currency payments, with branch access and electronic channels for managing the account.

That currency choice can help when your receiving bank needs a payment outside the three currencies most commonly offered in personal domiciliary accounts.

Check the exact currency and destination with FirstBank before opening the account, since holding a currency does not establish every overseas payment route.

You should also distinguish the receiving bank’s account currency from the currency used by banks carrying the transfer.

An unnecessary conversion along the way can make a same-currency payment more expensive than its initial bank fee suggests.

Flywire

University payments with a clear student reference

Flywire is my pick to compare for tuition when your university accepts it, because the payment instructions connect your transfer to the institution and student reference.

You can choose an available naira bank-transfer option or arrange an international foreign-currency payment, including an eligible Form A route through your bank.

The payment request includes an authorisation letter showing that Flywire can collect the money for your institution.

This is useful when your bank needs evidence explaining why you are paying a collection account instead of the university directly.

Naira bank-transfer instructions expire after 48 hours, and you must pay the exact amount into the account supplied for that request.

If the amount exceeds your bank’s online limit, arrange the branch payment within that window rather than letting the instructions expire.

NGN card payments have a US$20,000 equivalent limit, so bank funding is the route to check for a larger invoice.

Flywire’s Best Price Guarantee excludes naira payments, so compare the complete NGN cost with your bank’s eligible foreign-currency payment option.

What a large transfer will cost

If you need foreign currency, compare the full transfer cost, because conversion can cost more than the visible bank transfer charge.

For example, a 1% difference in the conversion cost represents ₦1 million on a ₦100 million payment before separate transfer fees.

That is a cost illustration, so use quotes for the full amount rather than applying a rate shown for a smaller transfer.

If you already have US dollars and the recipient accepts US dollars, ask whether the bank can send them without another conversion.

Then compare the separate transfer charges, including the commission and charges for banks carrying or receiving the money.

These are the figures I think you should ask each service to put in writing before accepting the payment.

A zero commission charge does not mean a free payment when you still pay for conversion, processing or banks handling the transfer.

How long a large payment takes

A quick online application does not tell you when your university or overseas bank will receive the money.

Access Bank’s online FX application can take less than five minutes to complete, but approval, FX supply and the transfer happen afterwards.

Existing wire-funded foreign currency avoids the separate task of buying FX, though the bank still needs to review and release the payment.

For a deadline, ask for the expected recipient-credit date after the bank has checked your documents and confirmed the funding route.

The stages below explain where to allow extra time rather than treating every delay as a problem with the international wire.

For tuition, keep the transfer confirmation and check that the university has allocated the payment before assuming the invoice is settled.

How much money can you send abroad from Nigeria?

There is no single useful limit for every large outward transfer, because the rules depend on your funding source and payment purpose.

Wire-funded foreign currency

Ordinary domiciliary balances funded by electronic transfers can be used for eligible transactions, with your bank checking the purpose and its own payment limits.

Cash-funded foreign currency

Cash deposited into a domiciliary account is subject to a US$10,000 daily transfer limit, so it is a different route from a wire-funded balance.

Tell the bank how you funded the account before agreeing a large payment or moving additional money into it.

Naira converted through Form A

Form A covers eligible payments such as education and medical expenses, with supporting documents and purpose-specific rules for buying foreign currency.

You cannot assume that a large naira balance gives you access to enough FX for an overseas property purchase or investment.

Bank and service limits

Your online limit may be lower than the payment a branch can arrange, but a branch visit does not remove the funding or purpose requirements.

Access Bank’s school-fee route has its own per-semester ceiling, while Flywire’s card limit differs from its bank-transfer options.

Africhange’s monthly tier allowance also differs from a single-payment limit, so check both before funding its wallet for a large transfer.

Receiving-bank requirements

For a large deposit, the overseas bank may need source-of-funds evidence and a clear explanation of your relationship to the recipient.

Confirm those requirements before sending, particularly when the payment is going to your own newly opened account.

Choose the route for what you are paying

Your payment purpose determines the documents and collection route, so establish it before spending time comparing exchange rates.

Prepare your documents and receiving instructions

A large payment is easier to arrange when your source-of-funds evidence and payment documents explain the same transaction.

Have the following ready before asking the bank to release the money:

• Identity, BVN and current address details

• Statements showing the balance and how it reached your account

• Evidence of the source, such as salary records, a sale agreement or inheritance documents

• The school, hospital or other payment invoice

• Form A documents where you are applying for eligible FX

• Recipient name, address, account details and payment reference

• Receiving-bank SWIFT code and any intermediary instructions

• IBAN for destinations using IBAN, or routing details required by the overseas bank

Use the recipient’s exact instructions rather than copying a SWIFT code from an unrelated transfer or relying on account details sent in a changed email.

How to arrange the transfer

I suggest agreeing the funding route before booking any conversion, particularly when the money is still held in naira.

Protect a large balance and payment

I suggest keeping a large sum with the bank already holding it until the outward route is agreed, rather than transferring it to an unfamiliar collection account.

An IMTO licence covers inward remittances to Nigeria and does not by itself establish permission to handle your large outward payment.

A service must have the correct permissions or bank arrangements for the payment it offers, as well as support for your funding source.

For a suspected scam or incorrect payment, contact the sending bank immediately and ask it to stop or recall the transfer.

A recall request cannot guarantee recovery once the funds have reached or been withdrawn by the recipient.

Raise an unresolved complaint with the bank first, keeping your payment instruction, confirmation and correspondence for any escalation to the CBN.

Compare a complete quote for your full payment, then confirm the recipient amount and expected credit date before you authorise it.