Sending money to Nigeria is easy and cheap, if you choose the right method. Fortunately, there are a handful of well-rounded services available, and it can be incredibly fast and moderately cheap to send money online.
The current exchange rate for American Dollars (USD) to Nigerian Naira (NGN) is 1 USD for approximately 362.4098 NGN. The high for the last 90 days was 362.4100 NGN per USD, while the low was 306.4104 NGN for every USD with the average of 356.0870 NGN per USD in the last 3 months.
The volatility was 0.23%, so exchange rates should remain relatively constant, barring unforeseen circumstances.
The fastest way to transfer money to Nigeria is through MoneyGram. Now, you can expect similarly fast speeds from Ria Money Transfer or Western Union’s fast service. However, if you choose Western Union’s fast service, you will have to pay among the highest possible fees, and Ria Money Transfer is quite pricey as well.
If you use either of the three services mentioned in the above paragraph, you can expect minimal wait times. It should be a matter of minutes before your money is in a Nigerian bank account.
The cheapest method to send funds to Nigeria is through Ria Money Transfers. Ria Money Transfers is an online money transfer service that provides remittances to many different countries, including Nigeria.
The process of sending funds to Nigeria through Ria Money Transfers is a simple one that is like most transfers to a bank account in Nigeria. Once you add up all the fees, you are paying less with Ria Money Transfers. You may notice that many other services offer lower initial fees. However, when you consider BOTH the fees AND the hidden conversion costs, Ria Money Transfers comes out the cheapest. The only catch is that you need to use their slow service to gain access to their low conversion fees.
If you are ok spending a bit more money, but still not much, MoneyGram is a much faster alternative, and it is still among the cheapest options available to you, even though it’s considerably more than Ria Money Transfers.
Expect changes in exchange rates to cause fluctuations in the cost of sending money online to Nigeria.
The easiest way to send funds to Nigeria is through an online transfer service. Most online transfer services use the same simple 3-step process for transferring money.
TransferWise and TransFast both provide simple services that make it easy to transfer money online to NGA.
When all of the factors are considered, MoneyGram would appear to be the best method to transfer money to NGA (Nigeria). MoneyGram’s costs aren’t the lowest, but their hidden conversion costs are very low, whether you are in the US, UK, or elsewhere. You can always see the fees they charge, which are reasonable considering how fast they always are.
Likewise, MoneyGram is also one of the fastest services available to you. Your money can get from you to the final destination in Nigeria in a matter of minutes. The mix of low cost, predictability, and speed make MoneyGram well worth considering.
If you are also looking to transfer money elsewhere, we offer guides on ;