If you are planning to send money to Nigeria from the UK or other locations, this article contains everything you need to know. In this article, I will be explaining the top 5 providers to send money to Nigeria, the pros and cons of each and how much it will cost you to use their services.
As an African in the diaspora or more importantly, as a Nigerian in diaspora, sending money home is one of the activities that you may engage in at different times of the year. Whether to pay for school fees over here, pay for properties or send money for parents upkeeps.
Continue reading to see some of the top providers to send money to Nigeria and how the services operate.
WorldRemit offers a secure and simple way to send money from the United Kingdom to family and friends in Nigeria. WorldRemit provides three major money transfer options which are dollar cash pickup, direct bank transfer or airtime top-up. Dollar cash pick up options to the recipients in Nigeria can be picked from GTBank, Union Bank, Zenith Bank, Access Bank, Fidelity Bank, First Bank, UBA and FCMB. The sender only requires the name, email and phone number of the recipients in Nigeria. WorldRemit also allows senders to pay with their cards, bank account transfer, Apple Pay and other mobile money services.
Remitly is equally another service that allows anyone to send money from the United States to Nigeria. Remitly offers direct transfer to the recipient’s bank account but currently only works for dollar cash pickup. The delivery partner banks in Nigeria are GTBank, Polaris Bank and Fidelity Bank. They currently give a one time offer of an extra $5 for sending $100 to recipients in Nigeria.
3. Wise (TransferWise)
Formerly known as TransferWise is a London based company and one of the world’s leading international money transfer solutions. Users can select from different transfer types from the low-cost transfer, fast and easy transfer, advanced transfer to balanced transfer which attracts different fees. Wise allows users to pay for transfer with cards or via transfer from online banking services and the naira equivalent gets delivered directly to recipients bank accounts.
Sendwave offers USD cash pickup and direct dollar transfer to domiciliary accounts. Some of the partner banks for pickup in Nigeria are GTBank, Fidelity, Access Bank and Zenith Bank. Domiciliary direct transfers are only available for Access and GTBank in Nigeria. Only the recipient’s full name as indicated on their government-issued identification and phone number is required to send money to Nigeria with Sendwave and the user can pay with a card.
5. Western Union
With over 4,500 cash pickup agents across Nigeria. Western Union is one of the leading money transfer companies across the world and currently offers cash pickup and direct bank transfers to Nigeria. Users are required to create an account with a Nigerian issued debit card to begin sending money to Nigeria. Senders can easily track the progress of their money transfer via the Western Union website and confirm when the recipients received the funds.
The providers charge different transfer fees based on the volume of the transaction and whether it is for domiciliary or cash pickup. Recipients are expected to visit the bank partners with the confirmation code from any of the above-listed providers, as well as a valid means of identification (International Passport, Drivers License, BVN) to pick up the cash.