Nigeria to Kenya money transfers compared

The exchange rate determines the price you’ll pay for Kenyan Shilling when sending Naira to Kenya.

The rate between the Naira and Kenyan Shilling is currently 0.0816. Wise offers the best exchange from NGN-KES.

The NGN-KES exchange rate is always moving.

Sometimes, waiting a day or two can help you get more KES for the same amount of Naira. Using a forward contract that also allows you to lock in an agreed exchange rate between Nigeria and Kenya.

Sending money via a Bank transfer is the recommended option for sending money from Nigeria to Kenya.

The company offering the best bank transfer price is Wise.

This Bank transfer to Kenya is 0% cheaper than the second-best option in the market.

Nigeria and Kenya have different regulations and you should ensure any provider you use to send or receive between the countries is regulated.

Our directory of financial regulators worldwide of key regulatory bodies highlights who can aid in keeping your money safe for money transfers between Nigeria and Kenya.

Some services between Nigeria and Kenya have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Kenya as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Kenya, use Wise. The combination of rates and fees when sending from Nigeria to Kenya is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Nigeria, or entering Kenya. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Kenyan Shilling in Kenya. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Nigeria to Kenya will offer every method for incoming Kenyan Shilling, so it’s best to check ahead of time.

One of the more common ways to transfer from Nigeria into Kenyan Shilling is directly into a bank account. Wise is the best company for bank transfers between Nigeria and Kenya.

And if you need cash right away, check if cash pickup is an option for transfers between Nigeria and Kenya.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Wise.

When signing up to and sending Naira to Kenya, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in Nigeria this will be a government issued ID such as a passport or driver's license. In Kenya it will be similar, although this should only be needed if you are opening a new account in Kenya, or collecting in cash. Sending to an existing bank account in Kenya shouldn’t require any additional ID checks.

Large transactions between Nigeria and Kenya, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons Wise has scored so highly for transfers to Kenya is their easy sign up process in Nigeria.

When sending large amounts of money between Nigeria and Kenya there will potentially be a tax declaration to consider.

Some transfers into Kenyan Shilling may need to be reported to tax authorities in Kenya, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Kenya based on age, income and a few other elements. When in doubt, please contact a tax professional in Nigeria or Kenya to discuss your personal circumstances.