Send Money To Nigeria

Nigeria flagIf you want to send money to or from Nigeria cheaper than with your local bank, you came to right place. We reviewed multiple Foreign Exchange companies specialized in sending money overseas so you wont loose valuable time on it. Moreover, you can make zero fee transfer, do it online and get the best exchange rate for your currency.

Take a look at our Nigeria Money Transfer Guide below to see which is the best company to work with.

The Guide’s Topics:


Best Company To Transfer Money To Nigeria

Payment Facility

Summary

Recommendation

currencyfair logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Wire Fees: € 3

Expected Rates*:
- GBP: 389.6136 NGN
- USD: 304.4807 NGN
- EUR: 325.9274 NGN
Currencyfair
CurrencyFair Review
Azimo logoMin. Transfer: No Limit.
Transfer: Online Only.
Wire Fees: £ / € 1 - 12 (Depends on Speed).

Expected Rates*:
- GBP: 387.0722 NGN
- EUR: 323.8014 NGN
- USD: 302.4947 NGN
MoneyCorp
Azimo review
worldremit logoMin. Transfer: No Limit.
Transfer: Online Only.
Wire Fees: £/$ 4.
Send Currency Only: GBP, AUD and NZD.

Expected Rates*:
- GBP: 387.8541 NGN
- AUD: 228.3644 NGN
- NZD: 212.4413 NGN
OrbitRemit
OrbitRemit Review
Nigeria BankBig International Transfer Fee + Currency Exchange Fee. Double The Cost Of Commercial FX.

Exchange rate would be approximately *:
- GBP: 383.1624 NGN to 387.0722 NGN
- EUR: 320.5307 NGN to 323.8014 NGN
- USD: 299.4392 NGN to 302.4947 NGN
paypal logo2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick but expensive.

Exchange rate would be approximately *:
- GBP: 381.2075 NGN or worse
- EUR: 320.5307 NGN or worse
- USD: 299.4392 NGN or worse
Paypal

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

WorldFirst will help you send money to Nigeria from literally any country on the face of the Earth. This company has one of the biggest reach from all the FX companies and can deliver payments in over 100 different currencies. Check out their website for more information or to get a free quote.

TransferWise is a newer company that came with a bang and disrupted the money transfer business by providing very cheap transfers that can be completed in just a few minutes online or on your phone, with the help of mobile app. If you want to take a closer look, be sure to visit their website here.

Get Paid With Payoneer

As an additional option for receiving money from abroad, we want you to take a look at Payoneer because they provide a really good service from an easy to use platform, low fees and multiple withdrawing options. Read our in-depth review or go directly to their website and sign up for an account.

payoneer logoread review payoneergo to site payoneer

Best Company to Transfer Money from Nigeria

Service Provider

Summary

Recommendation

worldfirst-logoMin. Transfer: £ / € 1,000.
Transfer: Online or by Phone.
Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.
WorldFirst
WorldFirst Review

Supported Regions & Currencies

Since 2002, the Central Bank of Nigeria have liberalised its forex policies, which means that all the money transfer operators and bureaux de change are licensed in Nigeria and can provide their service to any region of the country. The only restriction is that you can’t send more then US$5000 out of the country in a single transfer.

Currencies: With WorldFirst you can rest assure that you can send money from Nigeria to any other country in the world because the company works with over 100 international currencies. And if you think about the fact the Euro is used in 19 European countries like Spain, France, Italy, Germany and Greece, you start to paint a picture at the infrastructure they have at their disposal.


Today’s Foreign Exchange Rates for NGN

GBP to NGN – Pounds to Nigerian Naira; 10,000 GBP is 3,909,820.0000 NGN

NGN to GBP – Nigerian Naira to Pounds; 10,000 NGN is 25.5766 GBP

NGN to CAD – Nigerian Naira to Canadian Dollars; 10,000 NGN is 44.0736 CAD

CAD to NGN – Canadian Dollars to Nigerian Naira; 10,000 CAD is 2,268,929.8979 NGN

AUD to NGN – Australian Dollar to Nigerian Naira; 10,000 AUD is 2,302,060.7631 NGN

NGN to AUD – Nigerian Naira to Australian Dollar; 10,000 NGN is 43.4393 AUD

NGN to USD – Nigerian Naira to US Dollars; 10,000 NGN is 32.7278 USD

USD to NGN – US Dollars to Nigerian Naira; 10,000 USD is 3,055,501.7193 NGN

NGN to CHF – Nigerian Naira to Swiss Franc; 10,000 NGN is 32.7176 CHF

CHF to NGN – Swiss Francs to Nigerian Naira; 10,000 CHF is 3,056,457.1607 NGN

NGN to EUR – Nigerian Naira to Euro; 10,000 NGN is 30.5743 EUR

EUR to NGN – Euro to Nigerian Naira; 10,000 EUR is 3,270,721.0975 NGN


Why Send Money To A Nigerian Bank Account

Nigeria is a country with a mixed economy and an emerging market. Over the last decade Nigeria had experienced a robust growth driven not only by its abounded natural resources as oil but also by the fact that it became more services- oriented , with some well-developed sectors nowadays like financial, stock exchange, communications and transport ones.

It is called “Giant of Africa” not only because of its large population but also because Nigeria is the largest economy in Africa as of 2014 and it is predicted it will have highest growth in the world between 2010 – 2015. There are plans towards economy diversification, development of stronger public-private partnerships for roads, agriculture, and power but also improvement of fiscal management.

Nigeria it is clearly a middle power in international affairs. US is Nigeria’s largest foreign investor and largest oil trading partner and also a large export / import partner for the goods market.

Overseas remittances

In Nigeria remittances are actually the 2nd source of foreign exchange earnings due to all those Nigerians living abroad, with almost 17.5 million resident in foreign countries. One of the biggest sources of official remittances is US, followed by UK, Italy, Canada, Spain and France.

Thinking Of Relocating To Nigeria?

If you consider moving into Nigeria and live there as an expat, you may find the following information helpful.

Advantages Of Moving To Nigeria:

  • Affordable Food: Food will not cost more than 200 GBP per month per person.
  • Affordable Transportation: Taxis can be negotiated but normally will not exceed 9 GBP per ride.
  • Low Cost of Common Bills: Internet, TV, Telephone, Mobile combine will not exceed 55 GBP per month.

Disadvantages Of Moving To Nigeria:

  • Expensive Health Care: Health Insurance is 30% more expensive than the UK in order to find high-level doctors.
  • Government Corruption: High level of government corruption that can cause prices increases by 40% on products such as petroleum.
  • High Cost of Rent: Rent on average is 25,000 GBP per year.

Popular Destinations in Nigeria:

Popular cities for business and real estate transactions in Nigeria are: Lagos, Kano, Ibadan, Kaduna, Port Harcourt, Benin City, Maiduguri, Zaria, Aba and Jos.


How to Send Money to Nigeria Cheaper?

Currency brokers are the best way to send money to Nigeria and the savings are experienced on both ends of the transaction. Translated, it means it costs you less and other person gets more.

Brokers have online capabilities 24 hours a day, 7 days a week.

If you send money online to Nigeria, your family will receive the cash within hours of the time that you pushed the enter button on your computer. The time that it takes to receive the funds depends on meeting several restrictions established by both the U.K. and the Nigerian government to protect everyone as much as possible.

Brokers have a virtual deadbolt on the exchange rates trading GBP to NGN for up to 6 months in advance.

Instead of being tossed about by the volatile seas of the daily exchange, you will know in advance the maximum amount that you will pay for the rate in question, instead of feeling like you were ambushed.

Authorized Brokers in the U.K. are reliable, trustworthy and provide you with secure sites with virus protection for you to make a money transfer to Nigeria online with a credit card transaction but you can always call them on the phone if you fear the internet method. This methods are available for a lot of countries like Kenya, Sri Lanka or India, to name a few.

Calling a real person has the advantage of asking questions especially for your first transaction and being able to know what to expect. And this is why a lot of people are using them for buying properties abroad, because they can ask questions, get details and really understand where and when will their money go.

It is recommended, however, that you have the operator send you a copy of the tracking information to your email just to make it easier to know when your money arrives at the other end.

What you need to send money to Nigeria

  • Bank Name and Address
  • IBAN
  • Swift/BIC Code
  • Account Number
  • Receiver’s Complete Name

After you provide all the details listed above, the process is simple:

  • You create a free account with the company.
  • Receive a quote from one of the dealers – be it online or by the phone.
  • Send the money to your account so you can fund the transfer.
  • Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.

Our Company Recommendation:


Regulations and taxes when transferring money to and from Nigeria

Nigeria is the largest economy in Africa, as of 2013. Nigeria’s currency is the Nigerian Naira (NGN). Individual transfers are strictly regulated, with foreign investment firms subject to looser controls.

The Central Bank of Nigeria

The Central Bank of Nigeria (CBN) oversees and regulates monetary policy, as well as working towards regulating the value of the naira. The CBN also licenses all foreign exchange bureaus.

Nigeria is a part of the Economic Community of West African States (ECoWAS), which is working to bring economic cooperation between the 6 member states.

Transfer regulations

Only US$5,000 may be transferred out of Nigeria in a single individual-to-individual transaction. This may be done through a bureaux de change.

Corporate transactions must be done through a bank or financial institution.

Taxation on foreign income

Nigerian residents are taxed on any foreign income. Non-residents are taxed only on income originating in Nigeria. Double tax treaties are in place to avoid double-taxation.

Biggest banks in Nigeria

  • FirstBank
  • Zenith Bank
  • GTBank
  • Access Bank

Are you still here, reading ? That’s awesome! It means that from now on you will know how to cheaply send money to Nigeria and enjoy the full array of benefits provided by the FX companies listed by us. And even if there are still very few companies that can help you to send money from Kenya to other countries, this will change soon. Many of this companies have expressed the interest in developing their infrastructure in order to provide their service everywhere to everyone.

4 Comments

  1. I have had a difficult time paying my fees abroad. I got an admission offer from a school in Leeds, UK. The banks are slow to process payments and the black market rates are really expensive. I came across your rates and they seem very reasonable.

    Please, do you have a service that can assist me in making payment from Nigeria as fast as possible? My classes begin in January and I do not want to miss this opportunity. My fees are 5650 pounds.

    • Hello Temitope. We are sorry about the trouble you have experienced. Nigeria is problematic in that regard. It is considered high risk and the good companies don’t want to deal with money originating in Nigeria (only inbound into a Nigerian bank account, and even that can be problematic with some). Your options are Western Union, Moneygram, or a bank wire. All of which are expensive. Good luck in school.

  2. Hi.I am currently in the united states.and I am expecting some naira to collect dollars here in the united states.how do I go about it.
    Thanks

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