How to Send Money to Nigeria | Compare Transfer Methods & Fees

Sending money to Nigeria is a lifeline for millions of families and a key driver of investment in the country. Nigerians in the diaspora remit billions of dollars every year, but the method you choose can make a big difference in how much actually gets to your loved ones.

Some transfer options charge high fees and offer poor exchange rates, costing you 4–6% of your money. On a $1,000 transfer, that’s $30–$60 lost to hidden costs. The good news is that there are cheaper, faster, and more transparent ways to send money.

Popular Methods to Send Money to Nigeria

There are four main ways to transfer money home, each with its pros and cons.

1. Online Money Transfer Services

• Examples: Wise, Remitly, WorldRemit

• Pros: Competitive exchange rates, transparent fees, fast delivery

• Typical Cost: 0.5–2% of the transfer amount

• Best for: Regular transfers with the best balance of cost and speed

2. Mobile Money Apps

• Examples: Sendwave, BOSS Money

• Pros: Instant transfers, easy-to-use apps, zero fees for first-time users

• Best for: Quick, small transfers directly from your smartphone

3. Cash Pickup Services

• Pros: Ideal for recipients without bank accounts

• Where to Collect: FCMB, Fidelity Bank, Access Bank, and other nationwide partners

• Best for: Unbanked family members who need immediate cash

4. Bank Account Deposits

• Banks Supported: GTBank, Access Bank, Zenith Bank, First Bank, UBA

• Pros: Safe, direct, and widely accessible

• Best for: Large transfers or when recipients prefer funds deposited directly into accounts

Hidden Costs to Watch Out For

When sending money, two main charges affect what your recipient receives:

1. Transfer Fees: The upfront cost of processing your payment

2. Exchange Rate Markup: The difference between the mid-market rate and what you’re offered

⚠️ Tip: Some providers advertise “zero fees” but charge heavily through poor exchange rates. Banks often mark up rates by 3–6%, which quickly adds up.

How to Find the Best Money Transfer Service

When choosing a provider, compare:

• Total Cost: Both fees and exchange rates

• Transfer Speed: Ranges from instant to 3–5 business days

• Delivery Options: Bank deposit, cash pickup, or mobile wallet

• Service Availability: Ensure the provider operates in your country

   

  Save More with nairaCompare

  Instead of checking multiple providers one by one, use nairaCompare’s Send Money comparison tool to:

  • View real-time exchange rates from top providers

  • See the true total cost (including hidden charges)

  • Know exactly how much Naira your recipient will get

  • Get unbiased recommendations based on your location and transfer size

  💡 By using nairaCompare before every transfer, you could save 50–75% compared to banks, while ensuring faster and more reliable service.

Money-Saving Transfer Tips 

To maximize your transfers to Nigeria: 

• Compare rates before every transfer, as they change constantly 

• Avoid weekends when rates may be less competitive 

• Consider sending larger amounts less frequently to minimize fixed fees 

• Use bank transfers instead of credit cards for lower costs 
  
  
• Take advantage of promotional codes and first-time user benefits 
  
  

Finding the Right Balance

Different situations call for different solutions:

Start Saving on Your Transfers

Every dollar counts when supporting your family or investing back home. By choosing the right transfer method, you ensure more of your hard-earned money reaches Nigeria—not lost to fees or poor rates.

Compare Money Transfer Options Now on nairaCompare