Find the best ways to transfer money to Nigeria

The exchange rate determines how much NGN the recipient will get when you transfer money to Nigeria.

For example, today, the average exchange rate between US Dollar and Naira is 1,553.57.

The rate constantly fluctuates depending on the destination currency and the market conditions, so timing your transfer can help you save a lot of money.

Sometimes, waiting a day or two can help you get more NGN.

If you do need to send NGN now, we suggest using Revolut. Their rate for transfers to Nigeria was the best over the past 6 months.

The cheapest way to pay for your transfer to Nigeria is via Bank transfer with Paysend. It is 0% cheaper than the next best option.

The way you pay affects the cost, speed, and the amount of NGN you receive.

Here are your cheapest options:

*Based on a $2,000 transfer to Nigeria using our 6-month comparison data. Transfer time is based on averages from multiple companies.

Avoid using a Bank transfer option for transfers to Nigeria, as it’s the most expensive.

Credit card transfers to Nigeria come with cash advance fees and higher interest rates on NGN.

Instarem, for example, charges $1.39 when paying with a credit card vs $0 via bank transfer by Remitly.

When possible, avoid sending NGN over the SWIFT network. Despite its name, SWIFT transfers to Nigeria are slower with steeper fees.

There are no legal limits on how much money you can send to Nigeria.

Some money transfer services will put limits in place on how much you can send to Nigeria (both, minimum and maximum).

In some cases, you might get a better or worse rate depending on the amount of NGN

For example, we recommend using WorldRemit if you need to send large amounts of NGN abroad.

In general, the quicker you need NGN delivered, the more it will cost you in fees.

Transfer speed to Nigeria depends on the NGN amount, the time you initiate the transfer, and your payment method.

Take, for instance, an urgent need to transfer $2,000 from the US to Nigeria.

Overall, of 14 companies serving Nigeria, Ria Money Transfer is the fastest regardless of the deposit method, appearing 33.3% of the time in our searches.

For bank or debit card deposits, services like Ria Money Transfer excel in this regard, offering near-instantaneous and cheapest NGN transfers with $4 or $0 fees respectively and 2.8% markup.

Credit card transfers via Instarem to NGN can take up to a day with a $0 fee and 3.37% markup (keep cash advance fees in mind). This is based on 6-month data from comparisons on MoneyTransfers.com.

For most urgent transfers to Nigeria, cash pickup will be the fastest, via Western Union or Ria Money.

Avoid SWIFT for NGN transfers as it's slower due to intermediary banks in Nigeria.

There are a few ways to send money to Nigeria:

Online

You can send money to Nigeria with a money transfer provider. You can either choose to use a managed service like an FX broker, or an online-only company.

We found that Revolut is the overall best online money transfer provider according to our 6-month analysis. They’ve appeared 37.8% of the time for NGN transfers in our search system.

App

Most money transfer services supporting Nigeria transfers have an app, often, offering a better NGN rate. You can use our guide to the best money transfer apps to find the one that fits your needs.

In-person

Cash transfers to Nigeria in person via Ria Money Transfers or Western Union are almost always instant, but require the recipient to visit the nearest agent to collect NGN.

Money orders

Another option is to send a money order using the postal service in your country. It is a less accepted method but often can be sent to harder-to-reach locations.

There are different ways to receive money in Nigeria. You can make a direct bank deposit, send cash for pickup or home delivery, or use a mobile wallet.

If you want a direct transfer to your bank account, Revolut offers the best service for bank transfers to Nigeria.

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

Mobile wallet services and payment apps like PayPal, Revolut, and Xoom are popular too, but they come with more limitations and higher costs compared to money transfer providers like Paysend.

Please also note that CashApp is not available in Nigeria.

To receive money in Nigeria, you will need:

• Valid forms of ID: this could be a National ID, passport, or driving license.

• Sender's information: the full name and address of the sender.

• Transfer details: the amount of NGN to be received.

• Transfer reference number: will be needed for cash pickup or home delivery.

When you're sending or receiving money in Nigeria, you have to be ready to share some documents.

The exact documents you need might vary by the company you use. Usually, you will have to:

• Show a government ID like a passport or driver's license.

• Give your contact details such as phone number and email address.

You will also need the recipients' details in Nigeria. Sometimes this may include an IBAN or a SWIFT code depending on your payment method.

If you're making a large transaction to Nigeria, a provider may ask you for proof of address (e.g. a phone or utility bill) and your source of funds (e.g. a bank statement).

That’s why we suggest WorldRemit in this case. They know how to handle large NGN transfers and will help you get things done fast.

Generally, money received as income that you've already paid tax on in another country is usually not taxed again in Nigeria. But it's a good idea to consult a financial adviser if you need more details.