Sending money to Nigeria doesn’t have to be overwhelming.
Billions are sent to Nigeria each year, and everyday tens of thousands of individual transactions are made. Yet despite how common sending to Nigeria is, most people still go about it the wrong way. By comparison to what’s possible, they overpay in fees, accept bad exchange rates, and use unnecessarily slow services.
I’m here to show you how to send money to Nigeria easily, quickly, and cheaply.
In this post:
- Why Nigeria Receives More Remittances than Any Other African Country
- Information to Have on Hand Before You Send
- Step-by-Step: Instructions for Sending Money to Nigeria
- Comparison of the Most Common Transfer Methods
- Tips to Reduce Costs on Every Transfer
Why Nigeria Receives More Remittances than Any Other African Country
Remittances to Nigeria are the largest in Africa by a wide margin.
According to the Central Bank of Nigeria’s own figures, total inward remittances hit N1.95 trillion in 2024, which translates to $20.93 billion. This is year-on-year growth of 8.9%. As entire economies are built on remittance flows sent home each year, that’s a massive amount of money.
Nigeria has long been the top spot for money transfers within Africa. Experts expect remittance inflows to reach $26 billion in 2025. That means billions more dollars entering Nigeria’s economy via family members working abroad.
Competition between services is fierce as more people try to send money to Nigeria each year. Cheaper exchange rates and lower fees are here as a result.
Information to Have on Hand Before You Send
Simple things like having the right information ready ahead of time can streamline the process and get your funds to Nigeria faster.
To send money to Nigeria, the recipient will need a Nigerian bank account. While they can technically receive a transfer in cash from numerous providers, bank accounts are generally easiest. Most banks in Nigeria are linked into the international SWIFT system for receiving cross-border payments. The most popular Nigerian banks for receiving money are:
- Guaranty Trust Bank (GTBank)
- Zenith Bank
- Access Bank
- First Bank of Nigeria
- United Bank for Africa (UBA)
For all transfer service providers you’ll need to know the recipient’s name (as it appears on the bank account), their account number, and the bank’s SWIFT/BIC code. Failure to provide accurate details is the number one reason transfers fail.
Tip: Exchange rates and fees will differ greatly depending on which company you choose to use. Some providers advertise free transfers but mark-up the exchange rate to make up the difference. Make sure to compare how much Nigerian Naira (₦) the receiver will get – not just how much you will be charged.
Step-by-Step: Instructions for Sending Money to Nigeria
Follow these steps every time you need to send money to Nigeria.
Step 1. Choose Where To Send From
This will determine exchange rate, transfer fees, and payout speed. Ideally use a service that specializes in Nigeria to receive funds. Big brand names like Wise (formerly TransferWise), WorldRemit and PayPal tend to have the best reputations here.
Step 2. Create Your Account
Registration is fast and requires little more than an email address and valid ID. You’ll be able to verify your account instantly with most services, but bear in mind some banks can take up to 3 working days.
Step 3. Enter Amount and Details
Enter how much you want to send. The provider will automatically let you know:
- The exchange rate applied to your transfer
- Fees being charged
- How much Nigerian Naira (₦) the recipient will get
Compare providers using the final payout amount before selecting who to send with. Timing also plays a role too. Exchange rates fluctuate constantly so there will be better and worse times to send.
Step 4. Enter Recipient Information
Similar to step 3. This is where you fill out the recipient’s details. Full name, bank name, account number, and SWIFT code. If sending cash pickup then a phone number and nearest pickup location is required.
Step 5. How To Pay
Depends on the service. Most services allow debit cards, credit cards and bank account payments. Quick tip – using a credit card usually attracts an additional fee. Paying with a debit card or directly from your bank account will almost always be cheaper.
Step 6. Confirm and Send Funds
Double check you’ve filled out everything correctly. Almost all services will send you an email confirmation with a tracking reference once complete.
Step 7. Tracking
Enter the reference number into the provider’s website to track in real time. Most services provide live updates until the funds have been confirmed as received by the recipient.
And that’s it! Your money is on its way to Nigeria.
Comparison of the Most Common Transfer Methods
Different services work best in different situations.
Money transfer platforms. Without doubt the best option for most people. Recent research found specialist money transfer services charge an average of 5.4% total fees when compared to over 13.64% for a high street bank. Small differences in fees and exchange rates add up over the lifetime of making multiple transfers.
Bank wire transfers. By far the most outdated way to send money abroad. Convenient if you already have an account with your bank and they provide direct Nigeria rails, but fees are always high.
Cash Pickup Services (e.g. Western Union). Great if the recipient doesn’t have a bank account in Nigeria. Be wary of higher fees and where the exchange rate markup comes from. You’re likely to see less ₦ deducted from your transfer for these reasons.
Tips to Reduce Costs on Every Transfer
The better you understand how money transfers work, the more you can save by sending.
- Do your research upfront. Knowing which service offers the best combination of low fees and strong exchange rate helps ensure every transfer is sent the same way.
- Don’t always send immediately. Prices change constantly throughout the day. If possible hold off on sending if the rate isn’t favorable.
- Make one transfer rather than several. Transfer services usually charge a flat fee per transaction. Sending one large amount will save you money overall.
- Don’t feel pressured. Many services offer free, live exchange rate quotes when filling out your details. You are under no obligation to send after doing this.
Tying the Guide Together
Sending money to Nigeria is simple when using a step-by-step guide like this one.
Family across the globe who want to send money home to Nigeria now have more options than ever before. Low fees, improved exchange rates, and better transfer speeds are only a few of the benefits. Follow this guide every time you send and know your money is going as far as possible.
To send confidently, remember:
- Get recipient’s bank information first.
- Compare platforms by final payout value.
- Send via a digital money transfer service.
- Track your transfer until confirmed.
