If you want to send money to or from Nigeria cheaper than with your local bank, you came to the right place. We reviewed multiple Foreign Exchange companies specialized in sending money overseas so you won’t 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 Way to Send Money to Nigeria
- Best Company to Transfer Money from Nigeria
- Today’s Nigerian Naira Rates
- Reasons to Move Funds into Nigeria
- Regulation and Limitations
Best Company To Transfer Money To Nigeria
* 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 a 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 the platform, low fees and multiple withdrawing options. Read our in-depth review or go directly to their website and sign up for an account.
Best Company to Transfer Money from Nigeria
|Min. Transfer: £ / € 1,000.|
Transfer: Online or by Phone.
Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.
Supported Regions & Currencies
Since 2002, the Central Bank of Nigeria has 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 than US$5000 out of the country in a single transfer.
Currencies: With WorldFirst you can rest assured 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
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 the highest growth in the world between 2010 – 2015. There are plans towards economic diversification, development of stronger public-private partnerships for roads, agriculture, and power but also improvement of fiscal management.
Nigeria is clearly a middle power in international affairs. The US is Nigeria’s largest foreign investor and largest oil trading partner and also a large export/import partner for the goods market.
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 the US, followed by the 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.
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 the 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. These 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
- 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:
- Send Money to Nigeria: Companies that provide international money transfers to Nigeria.
- Send Money from Nigeria: Companies that take on Nigerian Customers.
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.
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
- Zenith Bank
- 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 these companies have expressed the interest in developing their infrastructure in order to provide their service everywhere to everyone.