When you need to send money to Nigeria from the United States, make sure you compare a range of transfer options to get the best possible deal
According to a 2012 community survey, close to 300,000 Americans claim to have Nigerian heritage. That’s why an increasing number of Americans are looking for a quick and convenient way to send money to Nigeria.
Sending money from the United States to Nigeria is easy and it doesn’t have to be expensive. There are plenty of international money transfer options to choose from, so compare your choices to find the one that’s best for you.
Banks versus money transfer companies/services
The Nigerian Naira is a rare currency in global terms, which means you’ll be hard-pressed finding a bank that will allow you to send this currency overseas. In any case, banks typically charge high fees and attach poor exchange rates to the international money transfers they handle.
With this in mind, you could be better off if you consider the services offered by a money transfer company. These providers are experts at moving money internationally and typically charge lower fees and offer better exchange rates than banks. Some services even make your funds available for collection in Nigeria minutes after you send your transfer.
How to compare transfer companies when transferring money to Nigeria
- Exchange rates. See how each provider’s exchange rates stack up against the competition, but remember that better exchange rates may also come with higher fees attached.
- Transfer fees. Compare the fees that will be charged for each transfer, including if you select different payment methods or faster transfer times.
- Transfer methods. Check to see whether transfers can be lodged online, in a branch and/or over the phone.
- Transfer options. Determine whether each provider allows you to place market orders, forward contracts, and schedule regular payments.
- Transfer time. How long will it take for your funds to arrive to your recipient? Bank account deposits usually take a few days while cash pickups are typically quicker.
- Pickup methods. Can the money be picked up in person or will it be deposited into a bank account?
- Minimum transfer amounts. Remember that some money transfer companies impose minimum limits on each transaction, which can be restricting if you do not wish to send a large amount of cash.
- Customer service options. Check to see whether each company offers phone, email and live chat support and during which specific hours that support is available.
How to send money to Nigeria from America
- Bank transfer. Contact your bank about how to transfer money from your account to a Nigerian bank account.
- Money transfer services. Companies like WorldRemit allow you to send quick and easy money transfers online.
- Money transfer services with cash pickup option. Consider companies like Western Union and MoneyGram when sending funds to Nigeria.
- Checks. Sending an international guaranteed check is another way to ensure that your money arrives to its intended recipient.
Emergency cash transfers in Nigeria
If you need to send an emergency cash transfer to Nigeria – maybe your relatives are in urgent need of money – you should be aware that you may have to pay to ensure your money arrives as quickly as possible.
Some money transfer providers will charge high fees and lower exchange rates when sending emergency transfers, so you should carefully check the rate and fees that apply to any transaction before transmitting your funds in this situation.
Cash pickup locations in Nigeria: Western Union / MoneyGram branches in Nigeria
Western Union and MoneyGram are the two largest international money transfer services in the world, each having hundreds of thousands of agent locations across the globe. If you send money via one of these services for cash pickup, pass your transaction reference number on to your cash recipient and make sure they take photo ID along when they pick up the funds.
Some popular Western Union, MoneyGram and Ria locations in Nigeria are listed below.
Western Union
Lagos
Abibu Oki
29/32 Abibu Oki Street
Off Broad Street
Lagos, Lagos 23401
+234-01-7616622
Open 8am to 6pm Monday to Saturday
Access Bank PLC
Block B Nnpc Towers Herbert
Abuja, Lagos
+234-012710012
Open 8am to 5pm seven days a week
Kano
Access Bank PLC
Katin Kwari Ibrahim Taiwo Road Kano
Kano, Kano
+234-012710012
Open 8am to 5pm seven days a week
Afribank Nigeria PLC Misau
Kukadi Main Street Misau
Misau
Misau, Kano
+234-1-2712300
Open 8am to 5pm Monday to Friday
MoneyGram
Lagos
United Bank for Africa
Joseph Street Igbosere 14
Lagos, 0
23466710409
Open 8am to 5pm Monday to Friday
United Bank for Africa
Broad St Uba House 135
Lagos, 0
23412642236
Open 8am to 4pm Monday to Friday
Kano
United Bank for Africa
Ta Abum Line Kanti Kwari Market 52
Kano, 0
234637595
Open 8am to 5pm Monday to Friday
Sterling Bank PLC
9 Ali Akilu Road
Kano, 23401
8075292042
Open 8am to 5:30pm Monday to Friday, open 10am to 2pm Saturday
Tips for picking up cash in Nigeria
When you pick up cash from an agent location in Nigeria or anywhere else around the world, it’s important that you take a few simple safety precautions to ensure your security. These can include:
- Taking a friend along for extra security
- Avoiding any areas where muggings and other crimes are common
- Not overtly displaying your wealth in front of strangers
- Heading straight to a bank to deposit the funds
How to send money to Nigeria
Although the exact transfer process will differ between providers, you will usually have to sign up for an account before you can send any funds. This means you will need to supply your name, address, contact information, proof of ID and sometimes your payment details.
Once you’ve lodged a transfer, remember to keep track of the receipt or reference number you are given – this will come in handy when you need to check on the progress of your transfer.
Sending money to Nigeria online is fast, easy and convenient. Just make sure to compare all your transfer options before deciding on the right funds transfer provider for yo
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