Before you can send money to Nigeria through an international money transfer service, you need to get a quote. When this happens, a transfer company takes three things into account:
The amount you want to send
The exchange rate for the currency you are transferring into
Any transfer fees to send your money
Most transfer companies do not charge you to send money abroad, but some charge a fee up to £15 per transfer.
You do not usually pay commission as a standalone cost, but it is still used by transfer companies when calculating the exchange rate they offer you.
How to find the best rate
Most transfer companies do not let you see the exchange rate available until you complete their online form. Then they send you a personalised quote based on your transfer needs.
Get a quote from as many transfer companies as possible and compare them to find the cheapest deal when sending money to a Nigerian account.
You can usually get a better exchange rate if you send a larger amount of money, for example £5,000 or more.
How long does it take?
It takes most money transfers between three and five working days to arrive.
However, if you want your money to arrive in Nigeria faster, some companies offer a next day service for an extra fee.
Which method should you choose?
You can send an international money transfer to Nigeria in the following ways:
Over the phone
In a branch, through an agent
Most companies do not offer all three methods, so if you have a preference you can use this comparison to find the one you want.
Money transfer to Nigeria FAQs
How long does an international money transfer to Nigeria take?
Most take three to five working days, although they can take up to two weeks. Check with the transfer company before you send your money.
Can I transfer money to Nigeria through my bank?
Yes, most banks offer a transfer service, but it is usually more expensive than using the companies in this comparison. Find out more here.
Can I agree an exchange rate now and send my money later?
Some transfer companies let you do this, also known as a forward contract transfer. Find out more here.
Why do transfer companies offer different exchange rates?
They deduct their costs from the interbank rate (the rate banks use to exchange currencies with one another) to give you a personalised rate.
Can I transfer to an account in another name?
Some transfer companies only let you send money to an account in your own name. Check this before sending your money to avoid any delays.
Are money transfers FCA regulated?
Yes, your money is kept separate to a transfer company's operational money, meaning you have a better chance of getting your money back if they go bust.