Nigeria is one of the economic powerhouses in Africa. This means that it is one of the central places on the continent where many get together for business meetings and to discuss strategies necessary for the development in Africa.
This has led to many companies who have a considerable number of offices in this country. Since the mother company is often in Europe, Asia or the Americas; a massive opportunity for transferring money online exists. There will usually be the need to move multiple transactions over some time.
Many workers in this country offer their services remotely online to employers located in other countries around the world. When we analyze this, it makes sense that employers need to remunerate their employees. The obvious way would be looking at online money transfers into Nigeria.
One of the problems with foreign exchange into some African countries is that many of the global operators are not active. This means that it is not always comfortable moving foreign exchange to third parties. There are usually a limited number of money transfer providers which do business in Africa.
Comparison: Transfer Money to Nigeria
First Transfer Free!
- Wise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.
Send money very fast!
- Save up to 90% compared to banks. No hidden costs. Large selection of countries.
Five Transfers Free!
- A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.
How can I send money to Nigeria?
Nigeria is a business hub which brings many traders together. When business people get together and develop new businesses, there is always a need to transfer money online to Nigeria legally. There are a few routes that may be followed.
- Interbank wire transfers seem to be one of the most common methods of transferring funds to a third party.
- There are a few online money services which allow a person to send money online to someone in Nigeria.
- There are a few providers such as MoneyGram and Western Union which are quite expensive. They allow cash pickups at their agencies.
- The other option which may also be used internationally verified checks.
Bank (it’s expensive)
The most popular method of transferring money online to Nigeria seems to be by wire transfer. It is the most convenient and probably the safest. Unfortunately, it comes at a cost. In most cases, the banks offer the lowest exchange rates compared with other money transfer providers.
Money transfer provider
There are a few money transfer providers who are legally allowed to be active in Nigeria. We will be looking at some of the role players who transfer money online from the US to Nigeria.
How much does it cost to transfer money to Nigeria?
Of the two money transfer providers used in this guide, Wise is the most expensive at $7 per transaction. The cheaper of the two is WorldRemit which charges $3.99 for a transaction.
Duration of a money transfer to Nigeria
Conclusion on the money transfer to Nigeria
It is essential to know what you need to look out for when choosing the way to go when sending money to Nigeria. The way you go will always be a play-off between speed and cost. It is, therefore, to look at the information provided above together with the following list of factors that must be taken into consideration.
- Exchange rates play a huge role when sending money online to a country such as Nigeria. It is always a great idea to go with the option that offers the best exchange rate.
- Protecting the money against any changes in the foreign exchange rate will the money is in transit is an absolute must.
- Make sure that you are aware of any limits on the amount that can be transferred.
- Be sure that you choose the correct choice regarding a once-off transaction or multiple transactions over an extended period.
- Make sure that you are aware of the speed of the transaction, especially if there is a time limit for getting the money to the receiver in Nigeria.
- Be aware of the delivery options which are allowed by the provider you choose. This could be extremely important in that many people are only able to pick up the money as cash.