How Can I Move Money From Us To Nigeria For Startups

Ship Money To Nigeria

Looking to find out how to send money to Nigeria? Whether you're an expat sending coin dorsum domicile to support your family unit, or you're looking to send coin to Nigeria for some other reason altogether, there are a number of options available to you. The cost of sending money to Nigeria can vary significantly depending on the service you use, so in this guide, we've provided an in-depth expect into the best, cheapest, and fastest way to transport your coin internationally, plus anything else you might need to know about getting your money to Nigeria.

Updated: 07/02/2022

Read time: sixteen minutes

How To Send Money To Nigeria

How to transport money to Nigeria is a fairly straightforward process whatever provider you use. Follow these steps to go started:

Step ane: Compare providers to find the best service for y'all

The cost of your international transfer to Nigeria tin can vary profoundly depending on which provider you use, so comparison all the options available to you should be your first step. Our comparison form provides an unbiased, transparent look into the best money transfer providers for you lot, comparing rates, fees, transfer times and more.

Stride 2: Register with your chosen provider

Most providers will be completely free to sign up to, simply requiring your proper noun, accost and contact information. Y'all may also need to upload a picture of a valid photograph ID to verify your identity. It'due south important to make sure that the provider y'all are using does actually back up transfers to Nigeria from the country you are located in.

Stride 3: Beginning your transfer

Fix your transfer past providing your recipient's information (name, contact details, and depository financial institution account information if you are selecting this payout method), the sum you are sending, the currency y'all are converting to, and your payment details. You should be given an judge of how long your transfer volition take to reach your recipient.

Means To Send And Receive Money In Nigeria

There are multiple ways to hands transport and receive money in Nigeria but these volition largely depend on the provider y'all determine to use. Below you lot will find everything you need to know about the all-time way to send coin to Nigeria.

Ways to Send Money to Nigeria

If you desire to send money to your family, relatives and friends in Nigeria, at that place are several options available. You can employ bank transfers, online money transfers, checks, and money orders.

Online Money Transfer

An online coin transfer is often the fastest, simplest, and cheapest selection to utilize when transferring coin to Nigeria compared to using a banking concern or money guild.

Senders have the option of transferring money from the website, mobile apps, or deposit cash from physical stores, with some providers even utilising platforms such as Facebook messenger for an fifty-fifty more than seamless user feel.

To ship money to Nigeria through online money transfer services, yous'll have to starting time sign up for a free account. Through your account, you tin can cull to transport coin via a bank transfer, or past paying via credit/debit carte du jour or cash.

In one case your account is set up, you lot can use whatsoever of the options below to move your money across to the recipient (although non all provider will offering all of these options):

• Transfer to bank accounts – Bank transfers require the recipient to have a bank account you can transfer to, and you lot'll need to have details such equally their bank business relationship number or sort code to hand.
• Cash pickup – If the provider has an agent location accessible to your recipient, you can opt for this service. For case, Western Union has five,000 locations across Nigeria. This can be an fantabulous way of easily getting your money to your recipient if they practise not accept admission to a bank account.
• Transfer to a mobile wallet –Providers like Xendpay and TalkRemit offer transfer services to the mobile wallets of your beneficiaries in Nigeria. Mobile coin is particularly popular in Nigeria because of the expense and difficulty accessing bank accounts, and so is definitely an option to consider as the fastest way to send money to Nigeria.

In that location are several coin transfer service providers you can use to send money to Nigeria. Nosotros've put together a list of summit ten money transfer companies, however, some of the popular ones include Western Spousal relationship, MoneyGram, Xoom, TransferWise, WorldRemit, and Azimo.

Banks

An estimated 39% of Nigeria's adult population is unbanked, so bank transfer may not ever be the all-time method of sending coin in Nigeria. With and then many people without admission to a banking company account, it can be difficult to go vital funds back home to support family unit and friends via a bank transfer.

This is where MTOs really stand up out, offering alternatives such as mobile money and cash pickups.

Checks and Money Orders

This manner of money transfer is the oldest and, as yous might wait, the slowest style of transferring money internationally. It involves i or more intermediary banks that facilitate the movement of funds between the sending bank and the receiving banking concern. It is relatively expensive, and the exchange rate given can be punitive. That being said, coin orders are a secure style of sending money and possibly a preferred option for anyone who would prefer to organise a transfer in-person.

Western Union, MoneyGram, UBA, GTBank, and Get-go Banking concern are some of the providers that support coin orders and checks.

What's Needed to Ship Coin to Nigeria?

When transferring money to Nigeria, yous'll accept to provide the following information:

• Sender's government-issued Identification Certificate (ID)
• The beneficiary's name in the lodge it appears on their authorities-issued ID
• The beneficiary's address
• Sender's mobile number
• Recipient's mobile number
• The beneficiary's banking concern account number and routing information
• Sender's credit or debit card information if using this to fund your transfers

The information required may differ depending on the service provider and method of coin transfer you choose. Yet, you should have all the higher up data set up whenever you transport coin to Nigeria.

Best Means to Ship Coin To Nigeria

The all-time way to ship money to Nigeria will almost always be past using a money transfer operator that supports transfers from your state. Money transfer providers not only have lower rates and more competitive exchange rates than banks, but besides offering a number of different payment and commitment options. If you are looking to send money to charities, check out our guide to Meridian xx Charities in Nigeria.

In a state where in estimated 90 million people are thought to have no access to banking services, the alternative payout options such as cash pickups, mobile money, and mobile airtime tiptop-ups offered by money transfer operators provide a unique opportunity to go your money to your recipient easily, quickly, and more than efficiently than ever.

If this is a priority for you, expect for a coin transfer provider that:

• Offers cash pickups from agent locations beyond Nigeria. Brand sure they have a location that your recipient can reach.
• Offers international transfers to mobile wallets. If your recipient has mobile coin gear up with their phone provider (MTN is the nearly popular), sending money to their mobile should be a seamless and quick process.

Overall, the all-time way to transport coin to Nigeria will vary depending on where you are based, how much you are sending, and how you need your recipient to pick up the funds on the other side. Our transparent money transfer comparison engine provides an in-depth expect into all of these things and more so you tin detect the best service for your needs.

Cheapest Manner To Transport Money to Nigeria

As a rule, coin transfer providers tend to exist the cheapest way to send coin to Nigeria. What can brand a huge dissimilar in the total price of your transfer is:

• The provider yous use
• What payment method to opt for
• How your recipient receives the money
• The sum yous are sending

Every bit an example, if you were sending money from the UK to Nigeria in cash with WorldRemit (with the funds to exist converted to United states of america dollars), you would be looking at fees starting from £0.99. If you were to transport the same amount as an airtime top-upwardly, alternatively, fees would outset from £0. A cash pickup, mobile wallet, or airtime top-up international transfer does tend to exist cheaper than a banking concern transfer, but it's also worth considering what is most convenient for your recipient.

Fastest Way To Ship Money To Nigeria

Money transfer providers are fastest way to send money to Nigeria. Provieders such equally WorldRemit, Azimo, and PaySend are able to process your transfer within the 60 minutes, and peradventure even faster if you are sending a cash pickup or mobile money transfer.

Importantly, you lot'll want to brand sure the money transfer operator you lot are looking at does actually support international transfers from your sending state. Additionally, it's worth considering whether cost or speed is a bigger priority for you. The fastest transfer provider is rarely going to be the cheapest, and vice versa.

Things to Consider When Sending Money to Nigeria

It is possible to send money from any country to Nigeria. Notwithstanding, a few things you may desire to keep in heed when sending money include:

• Double Exchange Rate Regimes  –Oil revenues have taken a striking in Nigeria later weakening the Naira. The Central Bank of Nigeria (CBN) decided to run a pegged currency substitution rate authorities. The USD demand caused a parallel marketplace to emerge with its own exchange rate. When sending money, you demand to choose a provider who will give you a charge per unit that is as close as possible to the parallel market rate.
  
• Nigeria Diaspora Bond Investment Opportunity –With the economy greenbacks-strapped, the Nigeria diaspora presents an opportunity for the government to get cash to plug in its budget deficits. Before sending money home for savings and investments, yous should explore opportunities available. The 2017 diaspora bonds aimed at raising $300 one thousand thousand at rates of 5.625%. The bonds are due in 2022 which means y'all can buy them from the secondary market.
  
• Use of the Amounts Remitted –Not every naira remitted is used exactly as directed. Some of the money could be reallocated and used to fund other less optimal causes. In the Dynamics of Remittance Utilization past Nigerian Households research study, expenditure on housing and building repairs was more than what the remitters have specified.

Other factors to consider include the location of the recipient and the speed of transfer. If the beneficiary is in rural areas with no mainstream cyberbanking services, you lot would be ameliorate off using cash pickup or mobile wallet transfer methods. If you are sending money domicile for emergencies, y'all need a guarantee of faster commitment. Azimo, Xendpay and Ria can give yous under 30 minutes transfers.

During this time of economic shocks and instabilities, you need to be extra cautious when sending money to your loved ones in Nigeria. Bank check out the diverse sending options, ready in accelerate the information you need to provide, analyze the various benefits offered past the unlike providers and lastly consider the factors back at home before sending. This will guarantee y'all value for money and peace of mind.

Your Questions Answered

What's The Easiest Manner To Transport Money To Nigeria?

The easiest way to send money to Nigeria is through an online transfer service. Most online transfer services utilise the same elementary 3-step process for transferring money. TransferWise and TransFast both provide simple services that brand it easy to transfer money online to NGA.

Current Substitution Rates For Nigeria

Common Reasons For Sending Money to Nigeria

Send money to and from Nigeria with these guides

Looking to Send Money Somewhere Else?

Sending coin anywhere else in the world is equally easy equally sending coin to Nigeria. If you lot're looking to send money to some other state, here is the listing of the most popular destinations.

Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market place, having previously worked in the FX trading industry, alongside being an gorging traveller. Using his knowledge he identified a need for transparency and further didactics to assist people save money on their coin transfers, leading to the creation of MoneyTransfers.com

Source: https://moneytransfers.com/send-money/nigeria

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