Send Money To Nigeria

Ways to Send Money to Nigeria

If you want to send money to your family, relatives and friends in Nigeria, there are several options available. You can use bank transfers, online money transfers or checks and money orders. 

Online Money Transfer 

Online money transfer is the fastest, simplest, and cheapest option to use when transferring money to Nigeria. 

Senders have the option of transferring money from the website, mobile apps, or deposit cash from physical stores. Some of the providers allow their clients to use Facebook messenger or Sendbot.

To send money through online money transfer services, you’ll have to first sign up for an account. Funding the account is simple and can be done using debit cards, credit cards, bank transfers or cash deposits.

Once you’ve funded your account; you can use any of the options below to move your money across to the recipient. The choice of method depends on your personal preferences and those of the beneficiary. Below are the different modes you can use:

• Transfer to bank accounts – Bank transfers require the recipient to have an account you can transfer.
• Cash pickup – If the provider has an agent location accessible to the beneficiary, you can opt for this service. For instance, Western Union has 5,000 locations across Nigeria.
• Transfer to Mobile Wallet –Providers like Xendpay and TalkRemit offer transfer services to the mobile wallets of your beneficiaries in Nigeria. 

There are several money transfer service providers you can use to send money to Nigeria. Some of the popular ones include Western Union, MoneyGram, Xoom, TransferWise, WorldRemit, and Azimo.

Banks, Checks and Money Orders

This mode of money transfer is the oldest and expectedly the slowest. It involves one or more intermediary banks that facilitate the movement of funds between the sending bank and the receiving bank. It is relatively expensive, and the exchange rate given can be punitive.

Though not commonly used, money orders and cheques are still are a valid way to send money to Nigeria. Western Union, MoneyGram, UBA, GTBank, and First Bank are some of the providers that support money orders and checks.

What’s Needed to Send Money to Nigeria?

Money transfer service providers are fully aware of the financial risks involved in sending and receiving money. Therefore, they require senders to provide identification documentation. When transferring money to Nigeria, you’ll have to provide the following information:

• Sender’s government-issued Identification Document (ID)
• The beneficiary’s name in the order it appears on their government-issued ID 
• The beneficiary’s address
• Sender’s mobile number
• Recipient’s mobile number 
• The beneficiary’s bank account number and routing information
• Sender’s credit or debit card information if using this to fund your transfers 

The information required may differ depending on the service provider and method of money transfer you choose. However, you should have all the above information ready whenever you send money to Nigeria.

What are the Ways of Receiving Money in Nigeria?

Much like the senders’ options, beneficiaries in Nigeria can receive money in many different ways. They can pick it up from agents, receive it into their mobile wallets, and bank accounts.

The following are the options open to receiving money in Nigeria:

Through the bank- This applies to bank transfers. The beneficiary must have a bank account where the sender will transfer the money. There are 24 commercial banks in Nigeria capable of facilitating transfers.

Through Mobile Phone -If you are registered and activated for a mobile wallet, you can receive money directly through your mobile phone.

Cash Pickup – You can receive money through Western Union, MoneyGram, Ria or other providers who offer in-person collection services. In addition to having thousands of locations in Nigeria, most providers have partnered with commercial banks from where you can collect your money.

When picking up the cash, choose an agent at a secure location near you. You can also tag a friend along, pick up the money during daylight hours or deposit it as soon as you collect it.

What is Required to Receive Money in Nigeria?

If you receive a notification asking you to go pick up your money, there is some information you should carry along with you. The information required will vary depending on the provider and the mode of money transfer you choose. Notwithstanding the variations, you should have the following information at hand.

• A valid government-issued ID with the name on it matching that provided by the sender
• The PIN or reference number sent to you by the sender. Providers such as Ria, Western Union and MoneyGram use the reference number to complete the transaction. Without it, you cannot receive the money.

You don’t need to provide any identification documents if the sender deposited the money into your mobile wallet or bank account.