Best Ways to Send Money to Nigeria

How much does it cost to send money to Nigeria?

Sending money to Nigeria can be more affordable than you might think. However, understanding the fees can be confusing. This confusion arises because money transfer providers make money in different ways. They can charge transfer fees, mark up the exchange rate, or do both simultaneously.

Let's imagine you want to send $1,000 from the United States to Nigeria.

After analyzing the 20+ providers in our database, we have found that your best option would be to send money with Instarem via bank transfer.

Best services to send money to Nigeria

When choosing a method to send money to Nigeria, you'll want to consider factors like convenience, cost, and transfer times.

• Instarem focuses on providing a great balance between low fees, the mid-market exchange rate, and fast transfer times to and from Nigeria.

This suggestion is created by combining data from thousands of real-life searches that were conducted on MoneyTransfers.com by individuals who, like you, wanted to send money internationally to Nigeria.

What is the cheapest way to send money to Nigeria?

Money transfer services are the cheapest way to send money to Nigeria.

Whether you need to send money to your loved ones in Nigeria, pay for tuition fees, or send large amounts of money to invest in a property, money transfer services help you avoid bank charges and processes.

The exact cost of sending money to NGN can be influenced by factors like:

• The country of origin

• The amount you need to send

• The payment method you select

• The current exchange rates

Our comparison engine helps you find the best deal for your transfer by comparing the exact costs of all the most reliable money transfer services on the market in 2024.

USD to NGN Live Exchange Rate

Sending money to another country requires an understanding of exchange rates. An exchange rate can be compared to a constantly changing price tag that indicates the value of your currency in relation to another country's currency, in this case Nigeria's NGN.

A favorable exchange rate means that you will receive more foreign currency for each unit of your own currency, making your transfer more effective.

Use the tool on this page to get the latest exchange rate for your currency to NGN. It's pre-set to USD but, if you're dealing with different currencies such as euros or pounds, you can easily adjust the settings and get the values you need. This helps you know exactly how much money will arrive in Nigeria when you send it.

Expert Tip: Watch the Exchange Rate

Did you know you can save money by keeping an eye on exchange rates? If you're not in a hurry to send money to Nigeria, watching how the rates change can be smart. When the USD to Naira rate is good, your money will get you more in Nigeria. This means you can send more money without spending extra!

How long does it take to send money to Nigeria?

Quick and efficient - that's what you need when sending money to Nigeria. Money transfer services offer a great solution to those times when speed is of the essence, as their transfer times tend to be much shorter compared to banks.

Take, for instance, an urgent need to transfer $1,000 from the USA to Nigeria. Services like Instarem excel in this regard, offering transfers in only a couple of business days. This is considerably quicker than most banks.

Bear in mind that speed, like costs, can be influenced by:

• The amount you're transferring. Smaller sums often move through the system quicker, while larger amounts may face delays due to necessary security verifications.

• The time you start the transfer. To maximize speed when you send the money via bank transfer, initiate the operation before your bank's cut-off time. Miss this, and your transfer gets postponed to the next business day.

How to send and receive money in Nigeria

Sending money to Nigeria, is easy, especially when you gather the necessary documentation, and meet all legal requirements. To help you avoid unnecessary complications and delays, we have compiled a simple step-by-step process.

What do you need to complete an international transfer to Nigeria?

When you open an account with a money transfer service, you will be asked to provide your personal information. Before the transfer is executed, you will also need to share the necessary details of your recipient.

Nigeria money transfer guides

Financial regulators in Nigeria

The Polish Financial Supervision Authority is responsible for the accounting standards of banks and other financial institutions.

Analysis and methodology

At MoneyTransfers.com, we're not just another comparison site; we're your ally in beating the high costs and complexities of international money transfers. Our platform is designed to turn the tables on overpriced banks and providers, ensuring you get the best deal every time.

What sets us apart

• Unmatched Transparency: We believe in honesty and clarity. With us, what you see is what you get - no hidden agendas, no preferential treatment for providers.

• Comprehensive Provider Network: We go the extra mile to include an extensive range of providers in our comparisons. From industry giants to innovative newcomers, we partner with a diverse array of trusted providers, ensuring you have access to the best options available.

• Tailored Solutions: We understand that every customer's needs are unique. That's why we offer personalized recommendations based on your specific requirements, ensuring you find the perfect match to send money to Nigeria.

The results displayed on this page are based on data we collected via our comparison engine during the past six months and show you a simple way to get the best fees, fastest transfer times, or most helpful customer support.