Send money from United Kingdom to Nigeria

Specialized money transfer providers are the best option when moving funds from the UK. These companies offer a simple way of sending money online, and you can deposit funds via a bank transfer or by using a debit or credit card. They tend to offer lower fees than other available alternatives, and they are usually a pretty fast option to transfer funds abroad.

Preparation is the key to ensuring the transaction goes smoothly, and here's what the UK sender needs for international transfers:

• A document that proves your identity: A form of ID to confirm your identity, usually either a passport or driving license. You either upload it to the provider’s website during the signup process or let the agent see it if you use a cash deposit option nearby

• Required recipient information: Ensure you have the recipient’s correct name and address, and their bank details if sending money to their bank account (Nigerian banks use the NUBAN, a ten-digit number to identify Nigerian banks. The personal details should match the info mentioned in their official documents because the receiver must also confirm their identity when collecting the funds

• Payment method: You’ll also need a way of paying for your transfer, and most providers accept bank transfers, credit and debit cards

It's important to distinguish between personal and business-related transactions. Business transfers and hiring workers from abroad might be subject to taxes, so it's best to consult an expert. As for personal transactions, sending money abroad as a gift to family or friends or for family support isn't taxable by the UK government.

The only time when personal international transfers are taxable is if you are acquiring a property or another asset in a foreign country. Working with a tax expert is the recommended move, although the odds are you'll pay taxes in the destination country. You can read our guide on sending money to the UK to learn more about taxes when transferring funds to this country.

Let's see the available options for receiving money in Nigeria:

• Mobile phone delivery: Mobile network providers in Nigeria offer this service, but you need to register and activate it. After it's active, find a platform that supports delivering money directly to mobile phones, such as WorldRemit

• Cash collection: The most common method is cash pickup, especially since not many adults have bank accounts in Nigeria. Western Union, Ria, and other providers are available in many locations throughout the country

• Bank account delivery: This is safer than cash collection as you won’t need carry the money back home, but it requires you to have a valid bank account

You can check out the guide on receiving inheritance money from overseas for more information.

You might get a notification on your cell phone or email, or the sender will inform you it's time to collect the money. Here's the list of details you'll need to have:

• Valid ID: You’ll need a valid photo ID to verify your identity as the recipient - in Nigeria you can normally use a passport, driving license identity card, or a national identification card

• Transaction details: A transfer reference number or a PIN that helps identify the transaction is something you should get from the sender, plus you may also need to confirm other details like the sender’s name and the exact amount of money

• Signature: There's usually a form to complete and sign to confirm the provider gave you the money

Nigeria has a personal income tax that applies to worldwide revenue. A total of six brackets exist, with the lowest requiring you to pay 7% for earnings up to NGN300,000. If you go above this sum, you pay a higher tax rate for that amount. For the next NGN 300,000, you'll pay 11%.

The last bracket includes a 24% tax rate for everyone who earns over NGN 3,200,000. Nigeria has a tax treaty with the United Kingdom, so if there was some tax to pay in the UK, you might be able to avoid double taxation. It's best to consult a legal expert to guarantee you follow the relevant regulations.

If you want to send money abroad using a credit card, you can use a money transfer provider like WorldRemit to pay for your transfer to Nigeria.

Credit cards are convenient, secure, and a fast way of paying for your money transfer from the UK to Nigeria, and some credit card providers even offer cashback or reward points for using them. However it’s important to be aware of the drawbacks too.

Using a credit card as your payment method can work out relatively expensive, as it involves a range of extra charges for taking out a cash advance and converting currency. You might also risk paying interest on what you owe, and the transaction could even affect your credit score.

With WorldRemit you can send money online to Nigeria using your debit card. But before making a payment, make sure you understand all the processing fees in place.

Debit cards are widely accepted by money transfer platforms, and they are every bit as easy to use as credit cards. The funds are transferred immediately after you enter your card details and confirm the transaction, making this method a faster option than using a bank transfer.

There are no cash advance fees, but you should consider other charges, such as transaction costs and currency exchange fees. Depositing with a debit card when sending money from the UK to Nigeria is more affordable than using credit cards but more expensive than using a bank transfer provider.

Bank transfers are the most common ways of sending money Nigeria as they are secure, reliable, and convenient. You can use WorldRemit to send money using a bank transfer at a great rate as long as you're happy for your transfer to take 1-2 days.

The best way to send money from the UK to Nigeria with a bank transfer is to use international money transfer providers. The important advantage is that these providers offer better conversion fees and lower charges than when using direct bank transactions.

Bank deposits to a money transfer provider are cheaper than card payments, but they are slower too - they could take hours or even 1-2 days to process. It will be necessary to submit your bank account details and other relevant information, but the process is fairly simple if done online.

Web wallets are another perk of modern technology, and speed is their huge advantage. The money you send from the UK to Nigeria is often available immediately. However, digital wallets tend to be expensive and offer unfavorable currency conversion rates.