Compare ways to send money from Mali to Nigeria

The exchange rate is the price you will pay when buying Naira in Mali. A better exchange rate means you send more Nairas to Nigeria.

Currently, the mid-market rate between the CFA Franc BCEAO and Naira is 2.4635. The company offering the best price on buying Naira is Airwallex.

Exchange rates between XOF-NGN change almost constantly.

Waiting a day or two can help you get more NGN for the same amount of CFA Franc BCEAOs, but you may also end up paying more if you do wait.

A better option is to use a forward contract. This allows you to lock in an agreed exchange rate for transfers between Mali and Nigeria for a set amount of time, this can be up to two years in some cases.

Sending through a money transfer company via a Bank transfer will most often be the way to get the best price when sending money from Mali to Nigeria.

For a transfer by Bank transfer, Moneycorp is 0% cheaper than the next option.

Nigeria and Mali have different regulators for financial transactions and ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators has regulation details for money transfers between Mali and Nigeria.

Money transfer companies offering services between Mali and Nigeria have minimum or maximum thresholds on how much you can send or receive. These can be daily, weekly or monthly.

In particular, rates and fees for sending different amounts of CFA Franc BCEAO could change. We always recommend comparing XOF-NGN rates for your specific transfer amount. Then, with transfers to Nigeria, shopping around each time can make a huge difference - as some providers offer introductory rates.

If you’re worried about transfer limits, for sending large amounts of XOF to Nigeria, we’d recommend Airwallex.

There are different options for receiving Naira in Nigeria. The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account. Not all providers offering transfers from Mali to Nigeria will offer every method for incoming Naira, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from Mali into Nigeria. For most part, this is because it means the recipient has to do very little. Airwallex is the best company for bank transfers between Mali and Nigeria.

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

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 Moneycorp.

You will need to verify your ID at the sign up stage when sending from Mali to Nigeria through a money transfer company.

Documents needed will vary and in some cases you might need a couple of different forms of ID.

ID can be verified in Mali through a government issued ID such as a passport or driver's license. If the recipient needs ID to collect money in Nigeria, both of these will also likely be accepted. Depending on the company you are using and where the money is going in Nigeria, it’s always best to check ahead just in case.

Larger transactions between Mali and Nigeria are likely to be subject to additional checks such as proof of funds for anti-money laundering purposes. This could slow down the process of sending money if you’re not prepared for them.

One of the reasons Airwallex scored so highly for large and regular transfers to Nigeria, was their easy sign up process in Mali.

When sending money between Mali and Nigeria there will be tax declarations to consider.

Some transfers into Naira may need to be reported to tax authorities in Nigeria. This is of particular note where inheritance or property purchases are involved.

Personal allowances and tax limits will change in Nigeria based on age, income and personal circumstance. When in doubt, please contact a tax professional in Mali or Nigeria to discuss your individual needs. This will ensure you are not missing any specific tax obligations associated with your transfer.