Compare ways to send money from Russia to Nigeria

The exchange rate determines the price you’ll pay for Naira when sending Russian Ruble to Nigeria.

The rate between the Russian Ruble and Naira is currently 15.0463. Instarem offers the best exchange from RUB-NGN.

The RUB-NGN exchange rate is always moving.

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

Sending money via a Debit card is the recommended option for sending money from Russia to Nigeria.

The company offering the best bank transfer price is Instarem.

This Debit card to Nigeria is 0% cheaper than the second-best option in the market.

Russia and Nigeria 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 Russia and Nigeria.

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

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Nigeria, use Revolut. The combination of rates and fees when sending from Russia to Nigeria 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 Russia, or entering Nigeria. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Naira in Nigeria. 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 Russia to Nigeria will offer every method for incoming Naira, so it’s best to check ahead of time.

One of the more common ways to transfer from Russia into Naira is directly into a bank account. Revolut is the best company for bank transfers between Russia and Nigeria.

And if you need cash right away, check if cash pickup is an option for transfers between Russia 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 Instarem.

When signing up to and sending Russian Ruble to Nigeria, 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 Russia this will be a government issued ID such as a passport or driver's license. In Nigeria it will be similar, although this should only be needed if you are opening a new account in Nigeria, or collecting in cash. Sending to an existing bank account in Nigeria shouldn’t require any additional ID checks.

Large transactions between Russia and Nigeria, 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 Revolut has scored so highly for transfers to Nigeria is their easy sign up process in Russia.

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

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

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