How to Send Money from Canada to Nigeria via Bank Transfer (SWIFT Guide 2026)

Introduction

For most routine remittances from Canada to Nigeria, specialist digital platforms offer better rates, lower fees, and faster delivery than a Canadian bank SWIFT wire. But there are specific situations where a bank transfer is the right choice — or the only option.

This guide explains what bank wire transfers cost, when to use them, what your recipient needs to receive the funds, and how to initiate one from Canada's five major banks.

Table of Contents

• What is a SWIFT Bank Transfer?
• When a Bank Transfer Makes Sense
• What You Will Need
• Step-by-Step: How to Send from a Canadian Bank
• Canadian Bank Fees — What Each Bank Charges
• The Hidden Cost: Exchange Rate Markup
• Receiving a SWIFT Transfer in Nigeria
• Common Mistakes to Avoid
• nairaCompare Insight
• FAQs
• Related Resources
• Conclusion

What is a SWIFT Bank Transfer?

A SWIFT transfer is an international payment initiated through your Canadian bank using the Society for Worldwide Interbank Financial Telecommunication network. When you send money internationally through RBC, TD, Scotiabank, CIBC, or BMO, the payment travels through a chain of correspondent banks until it reaches the recipient's Nigerian bank account. The process typically takes two to five business days.

SWIFT transfers are regulated by both Canadian banking authorities (OSFI) and subject to FINTRAC anti-money laundering requirements. This gives them the highest level of regulatory oversight available for international transfers — which is both their primary advantage and a source of their higher cost.

When a Bank Transfer Makes Sense

Property and legal transactions: SWIFT transfer confirmations from Canadian banks carry institutional weight that IMTO digital receipts do not in all legal contexts. Nigerian property lawyers, courts, and some financial institutions require a bank-generated SWIFT confirmation for property purchases, estate transactions, and certain business contracts.

Domiciliary account funding: If your recipient holds a USD domiciliary account at a Nigerian bank and wants to receive the funds in dollars without naira conversion, a SWIFT transfer is the practical route. IMTOs deliver in naira only.

Very large transfers requiring institutional oversight: For transfers above $50,000 CAD where the sender wants the compliance and paper trail of a chartered Canadian bank, SWIFT is appropriate.

For everything else: An IMTO will typically deliver more naira at lower cost. See our comparison guide for the full breakdown.

What You Will Need

Before initiating an international wire transfer from a Canadian bank, gather the following:

• Your recipient's full legal name (exactly as it appears on their bank account)
• The Nigerian bank's full name and address
• The recipient's account number (10 digits for most Nigerian banks)
• The Nigerian bank's SWIFT/BIC code (for example: GTBank = GTBINGLA; Access Bank = ABNGNGLA; Zenith Bank = ZENBNL21Zenith Bank = ZEIBNGLA; UBA = UNAFNGLA; First Bank = FBNINGLA)
• The purpose of the transfer (required for CBN reporting on the Nigeria receiving side)
• Your own Canadian government-issued ID for large transfers

For USD domiciliary account transfers, your recipient will need to provide their domiciliary account number and confirm the bank's USD SWIFT details, as these sometimes differ from the naira account SWIFT routing.

Step-by-Step: How to Send from a Canadian Bank

1. Log into your Canadian bank's online banking or visit a branch. Most major banks allow international wire transfers online for amounts under their daily limits.
2. Navigate to Transfers, then International or Wire Transfer.
3. Enter all recipient details exactly as provided. SWIFT codes are not case-sensitive but must be character-perfect. Account numbers must match exactly — leading zeros matter.
4. Select the currency. Decide whether to send a fixed CAD amount (recipient receives whatever the bank's rate produces in naira) or a fixed foreign currency amount (bank debits the CAD equivalent). If your recipient needs a specific naira amount, send fixed CAD and instruct on your share.
5. Review the exchange rate and total fee. Before authorising, compare the rate against the mid-market rate (xe.com or nairaCompare). If the spread exceeds 2%, consider whether a specialist platform would save enough to justify the switch — unless documentation is the priority.
6. Add a payment reference. State the purpose clearly: 'family support', 'property purchase', or 'educational fees'. This assists with CBN reporting on the Nigeria side.
7. Authorise and retain the confirmation. Save the SWIFT reference number and transfer confirmation. For legal and property transactions, request a formal written confirmation from your bank.

Canadian Bank Fees — What Each Bank Charges

Note: Fee schedules change regularly. Verify current fees on each bank's official website before initiating. Source data based on published schedules as of early 2026.

The Hidden Cost: Exchange Rate Markup

The flat fee is only part of the real cost of a Canadian bank wire transfer. The exchange rate markup — the difference between the mid-market CAD/NGN rate and the rate your bank offers — is where most of the expense lives. At a mid-market rate of approximately ₦1,000 per CAD, a 2.5% markup means your recipient receives ₦975 per dollar instead of ₦1,000.

On a $1,000 CAD transfer, a 2.5% markup costs ₦25,000 in naira not received. Added to a $40 flat fee (worth ₦40,000 at mid-market), the total cost above what an IMTO would deliver is approximately ₦65,000 on a single $1,000 transfer. Over 12 monthly transfers, that is ₦780,000 absorbed in bank margins.

Correspondent bank deductions are an additional hidden cost unique to SWIFT. Funds passing through intermediary banks can have small fees deducted by each bank in the chain — typically $10 to $25 USD — meaning your recipient may receive less than the amount your bank confirms sending. IMTOs confirm the recipient amount before you send. What you confirm is what arrives.

Receiving a SWIFT Transfer in Nigeria

On the Nigeria receiving side, several things affect how quickly and completely funds arrive. The recipient's Nigerian bank may charge an incoming wire fee — typically between ₦1,000 and ₦5,000 depending on the bank and account type. Verify with your recipient's bank before sending.

The CBN requires all incoming international transfers to be processed through licensed IMTO or SWIFT channels and converted at official rates. A CBN circular effective May 2026 requires all IMTOs to reference real-time Bloomberg BMatch prices as guidance when pricing naira conversion; for bank SWIFT transfers, the receiving bank applies the prevailing market exchange rate at the time of settlement.

For domiciliary account transfers, the funds should arrive in USD without naira conversion. Your recipient should confirm their domiciliary account is active and the bank's USD SWIFT routing details are correct before you initiate.

Common Mistakes to Avoid

Incorrect SWIFT/BIC code: The most common reason for delays or returned transfers. Verify with your recipient's bank directly, not from a third-party list.

Missing account name match: The recipient's name on your transfer must match their bank account exactly. Even minor differences can trigger a compliance hold.

Not accounting for correspondent bank deductions: If your recipient needs to receive a specific amount, add $20 to $30 to your send amount to cover potential intermediary fees.

Using a branch-initiated transfer when online is available: Branch wire fees are significantly higher than online options at most Canadian banks. Use your bank's online international transfer service unless the amount exceeds the online limit.

Not retaining the SWIFT confirmation: For property transactions and legal purposes, the written SWIFT confirmation is the document your Nigerian counterparty needs. Request it explicitly from your bank.

nairaCompare Insight

For a Nigerian-Canadian professional making a large one-off transfer — a construction deposit, land purchase, or family medical emergency requiring institutional paper trail — a SWIFT transfer through a Canadian bank is sometimes the right tool despite the higher cost. Understanding exactly what you are paying, and why, is the difference between accepting that cost deliberately and overpaying unknowingly. On a $10,000 CAD transfer, the difference between using Wise and using a Canadian bank SWIFT can exceed ₦200,000. If documentation is the reason for the bank transfer, that is a legitimate trade-off. If it is habit, it is worth revisiting.

For monthly family support, school fee payments, and routine transfers under $5,000 CAD, the SWIFT route is rarely optimal. Our comparison tool shows live rates across IMTOs and helps you identify when an IMTO delivers enough savings to make the switch worthwhile. The comparison takes under two minutes. The savings are year-round.

Frequently Asked Questions

How long does a SWIFT transfer from Canada to Nigeria take?

Two to five business days is typical. Transfers flagged for compliance review or routed through multiple correspondent banks can take longer. IMTO transfers deliver in minutes to a few hours.

Can I send to a USD domiciliary account from Canada?

Yes. Provide your recipient's domiciliary account number and their bank's USD SWIFT routing details. The funds will arrive in USD without naira conversion, provided the account is active and properly configured.

Why did my recipient receive less than I sent?

Correspondent bank fees are the most common cause. Banks in the SWIFT chain between Canada and Nigeria may deduct $10 to $25 USD before forwarding the funds. The receiving Nigerian bank may also deduct an incoming wire fee. Add a buffer for large transfers where the recipient needs to receive a specific amount.

Is there a minimum or maximum for a Canadian bank wire transfer to Nigeria?

Minimums are typically low or zero. Maximums vary: TD's online Global Transfer has a $6,500 CAD daily limit; RBC's online IMT allows up to $50,000 daily. For larger amounts, contact your bank directly.

Conclusion

SWIFT bank transfers from Canada to Nigeria are the right tool for a specific set of transactions: property purchases requiring institutional documentation, domiciliary account funding, and very large transfers where the paper trail of a chartered bank matter. For everything else — routine family support, school fees, medical emergencies — a zero-fee IMTO delivers more naira at lower cost.

Use the nairaCompare send money tool to compare your specific amount across IMTOs and bank options before every transfer. Knowing what each channel costs, and choosing deliberately, is how Nigerian-Canadian senders keep more money in the hands of their families.

Exchange rates and fees are indicative. Verify current fees and rates with your bank and with nairaCompare before initiating any transfer. This content is for informational purposes only and does not constitute financial or tax advice.