So you need to send money to Nigeria. Be it for your family, friends, or for a yet-to-be-finished house, you need that transfer to be cheap, fast, and secure. International money transfer services are normally provided by banks. However, nowadays, the options have broadened, offering us methods offline, online, and mobile apps to send money to Nigeria. To actually make the payment, we would usually have to make a bank transfer or a card payment.
International money transfers cost money because you are no longer sending money from one account to another, but your transfer will be sent out from your account to your bank, from them through a cross-border transfer to a regional bank at the receiving country, from them to a local bank at the receiving country, and from there to your recipients’ bank account. Depending on the country you are sending money from and the country you are sending money to, there might be less or more of these steps. This causes the transfer to be costly because every individual movement of money costs money. In addition, this causes the transfer to take a lot of time.
Most popular ways to send money abroad include:
Banks – very popular due to their familiarity and presumed security levels. However, due to their large market share, often very expensive and slow.
Money transfer services – Western Union and PayPal being the popular options. PayPal often has hidden transfer and service fees and receiving money in Nigeria will end up costing even more due to the person now having to transfer that money from their PayPal account to their bank account (read: more service fees and time lost). Western Union usually does not have hidden fees, however, they make their large margins from their bad exchange rates. In addition, the transfer will take a lot of personal effort and time, as both parties need to physically identify themselves in order for the transfer to take place.
TransferWise – the new way to move your money around the world, as easily as possible, for as little as possible. You can read our review of TransferWise to see how they manage to keep their fees so low and their service so fast and reliable (they have an “excellent” rating on Trustpilot).
From the table below, you can check the exact amount that will get to Nigeria if you use TransferWise, compared to other service providers. Remember, the receiver does NOT have to have a TransferWise account, only a local bank account. You can also have an American, European, Brittish, and Australian bank account for yourself and your company to receive payments from friends or clients all around the world cheaply or even free with TransferWise. Make sure to read our article on How To Open a European or American Bank Account while in Nigeria.
What we truly love about TransferWise is their transparency: all the fees you pay are shown to you upfront. They even show you the rates of competitors that are cheaper than them, if that should happen at times. This makes them very trustworthy, as currently, their customers amount to 5 million. Let’s see why TransferWise has gotten so popular so fast:
Price – the price you pay depends usually on from where and to where you send money. Also, you have the option to choose how you credit the transaction and how fast you want the transaction to be, which all affect the price. Regardless, they tend to be one of the, if not the cheapest option to send money abroad. If you want to know more about the technicality of how they manage to provide such cheap fees, check out our review on TransferWise.
Speed – when making the transfer, you will always be shown the most likely time it will take for the transfer to be completed. Due to the way TransferWise is set up (they have a lot of bank accounts all over the world), they can provide very fast international transfers.
Convenience – their website is very easy to use and even better, their mobile app is even more so. It looks sleek and more importantly, works smoothly. The service is available 24/7 and makes the money transfer possible at any time, from anywhere.
Security – TransferWise is an authorised Electronic Money Institution independently regulated by the Financial Conduct Authority (FCA) in the United Kingdom. This means they are required by law to keep your money safe by storing it in a low-risk financial institution – in Europe this is in their UK account with Barclays, in the US this is in their US account with Wells Fargo.