The Most Reliable Ways to Transfer Money to Nigeria

People who live in different parts of the world and send money to their friends and family in Nigeria, have several options to choose from. The option that you choose to send money to Nigeria comes down to your payment method. When it comes to choosing the right payment method, you must consider several factors, such as the fees and length of time. 

Things to Consider When Choosing Money Transfer Methods

To transfer money to nigeria, you can choose from several fintech companies and banks and wire transfer services, such as Western Union. To complete a money transfer, consider the following things: 

Service Fees

Service fees refer to the fees that your chosen payment method will charge you to send money overseas, including Nigeria. The fees refer to a specific percentage of the full amount that you want to send. Depending on your chosen service, you might encounter a markup fee on the current exchange rate. 

Ideally, you should choose a money transfer service that doesn’t have any hidden fees. Usually, banks have higher fees and hidden markups. Compared to banks, specific money transfer service providers have transparent fees and a real-time exchange rate that is according to the market. 

Amount Limitations

Depending on your chosen money transfer service, you might have to deal with limits on amounts. There will be a minimum and maximum limit for the amount that you want to send to Nigeria. Any overseas payment must comply with different international banking regulations, which is why you can expect the limits to apply to each financial transaction. 

Time Zone

If you want to send money to Nigeria, you must be mindful of the difference in the time zones. On that note, while some banks in the USA might work on Sundays, you cannot expect the same for Nigeria. Simultaneously, if you send money over the weekends, you can expect a delay in the delivery.

If you want to make instant money deliveries, we recommend against banks but opt for one of the best money service providers that enable same-day delivery. Also, in case of urgent money transfers, you can expect a higher fee. 

Choose Money Destinations

Again, you will need to do your research to decide on the best money service provider for your money destinations. Some money transfer service providers will transfer the amount into the recipient’s bank account, but there is also a chance that the money service provider requires the recipient to have an account with their service. 

Some service providers, such as Western Union, enable recipients to pick up cash from their physical stores. 

Countries

When it comes to choosing the best method to send money to Nigeria, you must consider whether your chosen money transfer service provider offers their services in Nigeria. The best thing you can do is to do your research and compare the different service providers before choosing one that suits your needs. Make sure to choose a money transfer service provider that has a transparent fee structure and a lower exchange rate.