Digital banking and some other money transfer online applications have made it very easy to transfer funds from foreign countries into Nigeria. This can also be done without having to leave your home. However, if care is not taken, you might end up paying more than you should for the convenience of a fast money transfer. Although fees charged for international transfers can be high, it is at the same time important that you investigate various providers to make sure you get the best deal.
Some of the best ways you can transfer funds from foreign countries to Nigeria are:
1. Remitly: With this mode of transfer, you can make payment on the Remitly official website or mobile application. It accepts credit and debit cards, and with its Express option, funds can be sent in a short time. Remitly has no minimum limit, so it can be handy when sending small amounts to family or friends. The duration, however, depends on the service you choose. It is faster with “Express”, but you have to pay by card and the fees are higher, and it is slower but cheaper with “Economy” when you pay by bank transfer. The fee for the economy is $2.49, but the fee for express ranges between $3.99 and $19.99. This mode of transfer is safe, reliable, fully licensed, and authorized. Interestingly, on this application, a person can receive their money transfer by bank deposit, cash pick-up, mobile money, or home delivery.
2. Wise: This application is very easy to set up and they also have one of the best exchange rates and do not use a margin. To carry out a transfer, the charge fee is 1.33 USD + 0.61% of the amount you are sending, and the recipient will get the money in Nigerian Naira from Wise’s local account on the same day. To transfer funds, all you need to do is Create an online account and log in, tap in how much and where to by entering your recipients’ details, then make a local US payment to Wise, using a bank transfer, Swift, or your debit or credit card.
3. WorldRemit: This is better suited for remittances and smaller transfers from the United States to Nigeria of up to USD5,000.They offer more flexible delivery options and their rates are usually better than some local banks. The transfer fee ranges from USD1.99 to USD6.99, while the cash pick-up fee ranges from USD1.99 to USD27.99. In this mode of transferring funds, transfers are completed within an hour and cash transfers are usually ready for collection within minutes.
4. Western Union: This is one of the oldest and largest money transfer companies in the world and has lots of different ways you can send money to Nigeria. However, the charge paid and exchange rate depends on the amount you are sending, how you are making the transfer, how you pay Western Union, and if the recipient in Nigeria is receiving into a bank account or in cash.
5. Xoom: This is powered by Paypal and is convenient for money transfers, but expensive compared to other money transfer specialists. The transfer charge rate varies depending on the amount and how you pay it. Receiving funds via this mode of transfer takes about 1-2 working days, and you can transfer funds by signing up to an account and logging in, tapping in how much and where to, entering your recipient’s details and the amount, then the recipient receives money in their bank account or cash available for pick up at an agent location.
6. CurrencyFair: This is a fast and secure means of transferring funds to Nigeria and enables you to choose your exchange rate with the CurrencyFair Marketplace. To begin a transfer, sign up and log in to the currencyfair app, enter the amount and currency to be transferred, enter the recipient bank details, choose a deposit method, and transfer funds.
7. Payoneer: this is a third-party payment vendor that allows you to deposit your Upwork earnings directly into your Payoneer Debit MasterCard. This is done by signing in to Payoneer, selecting Make a Payment, entering the recipient’s details, and then entering the amount you wish to pay in. However, these amounts will not be the same, as fees and exchange rates are deducted.
8. Domiciliary account: To use this, you are required to have a domiciliary account in Nigeria. Most Nigerian banks provide domiciliary accounts in US dollars (USD), Euros (EUR), and British pounds (GBP). However, a successful transfer would take up to 72 hours.
9. MoneyGram: The MoneyGram money transfer app is an easier way to send funds. To initiate a transfer, all that is required is to sign up and log into your account, input the receiver details and amount, and then choose your payment method.
10. Skrill: This application allows you to send money from your account to anyone and anywhere in the world, including Nigeria. To send money, log in to your account, navigate to Send Money Now, then click on it, and input the amount and mode of payment. Funds can be sent to the recipient’s bank account directly or to their Skrill account.
It is important to consider certain factors before selecting which way of transfer you would like to go for, which include the exchange rate, transfer fees, speeds and limits, payment and delivery options, and customer support availability.