If you’re seeking the best way to transfer money from Nigeria to the United States of America (USA), there are several options for you to choose from. Money transfer businesses and the best foreign currency rates can take time to study and compare. Using our guide, you can find out which money transfer service has clear prices, mobile apps, and a wide range of delivery options.
Money transfer services that make it easy to send money to Nigeria from the United States include the following:
- Remitly is a great option for sending money to loved ones.
- Wise is the currency exchanger with the best rates (formerly known as TransferWise).
- Remittances in Person: WorldRemit
- Western Union is a method of payment that can be used in person.
- Xoom, powered by PayPal, is the best big band.
5 Ways of Sending Money Abroad (USA and the World)
1) Remitly
When using Remitly, you may send money in only a few minutes thanks to their Express option, which works with both credit and debit cards. Remitly does not have a minimum payment requirement, making it an excellent choice for sending little amounts to friends and family members who live in other countries. Remitly is cheaper than Xoom, PayPal, or Western Union, which is why we like them. Remitly’s website and mobile app also make it simple to make payments.
Transferring money to Nigeria is expensive. “Economy” charges $2.49, while “Express” charges between $3.99 and $19.99 for speedier transfers.
You’ll get a different rate depending on the quantity of money being sent as well as where it’s going.
How long does this process take?
It all depends on the service you select. It’s quicker with “Express,” but the fees are higher and you must pay with a credit card. When paying by bank transfer, the “Economy” option is more time-consuming but less expensive.
Is Remitly a secure method for money transfer?
Yes, they are. They have all the proper licenses and certifications.
Highlights include:
The recipient can choose to receive their money transfer via bank deposit, cash pick-up, mobile money, or delivery to their home.
Your money will be returned if it does not arrive on time.
It is possible to seek a cancellation on the very same day.
Signing up is simple, and transferring money across mobile devices or PCs is lightning-fast.
What’s involved in the process?
To use Remitly, go to their website and sign in.
When you’re ready to make a purchase, just enter your name, credit card number, expiration date, and security code.
SWIFT and bank transfers are alternative options for sending money from the United States.
Provider information: Remitly’s phone number is US-1-888-736-4859 for assistance.
2) Wise (formerly known as TransferWise)
Transferring money via the internet is an excellent option if you like to transfer money. It’s easy to sign up for an account or transfer money through their app. As a result, they have the greatest exchange rates, as they don’t add any hidden markups to the market rate you see on XE or Google.
What is the Cost of This?
1.33 USD plus 0.61% of the amount you wish to send or receive.
Wise provides you with the greatest available exchange rate (the Google rate).
In terms of additional fees, bank debit (ACH) is the least expensive, followed by bank wire transfer and, finally, debit and credit card transactions.
Length of Time it Takes
Wise will send the money to your recipient’s bank account in Nigerian Naira as soon as the money is transferred to their account.
Highlights include:
- Set up in a flash through the internet
- Open costs and the best rates available on the internet are guaranteed.
- In a matter of seconds, money can be transferred to your bank account.
- An easy-to-use mobile app
In three simple steps, you can transfer money using Wise.
- Sign up on their website or Login to your account online.
- Enter the amount and the location of the input. Enter the information about your recipient.
- Your debit or credit card can be used to make a payment to Wise in the United States.
3) WorldRemit
Remittances and other modest payments are WorldRemit’s specialty. Personal remittances to Nigeria from the United States of up to USD5,000 can easily be made using these services. They offer more flexible delivery alternatives than PayPal, Western Union, and MoneyGram, and their prices are often better than those of your local bank.
What is the cost of this?
Fees for bank transfers range from USD1.99 for modest amounts to USD6.99 for large ones.
There is a flat price of $1.99 for modest amounts, which rises to $27.99 for large ones.
There is a limit on the amount that can be transferred: USD5,000.
Length of time it takes
The vast majority of transactions are handled in less than an hour. In most cases, you’ll be able to pick up your funds within minutes of placing your transfer across.
Highlights include:
- In some countries, the service provides cash pick-up, bank deposits, Mobile Money, and airtime top-up.
- An easy-to-use website and mobile app
- Transparency in pricing and a reliable calculator
- 24/7 customer service.
How to use WorldRemit to transfer funds
- Sign up on WorldRemit Website or login to your account online.
- Specify how much money you’d want to transfer, and where you’d like it to go (cash pickup, bank deposit, Mobile Money, or airtime top-up). Enter the information about your recipient.
- Pay WorldRemit using a bank transfer, debit, or credit card from the United States.
4) The Western Union Money Transfer
With almost a century in business, Western Union is one of the world’s oldest and largest money transfer services. You can also send money to Nigeria in a variety of ways. You may use their app to send money, or you can visit one of their sites across the country to do so. It’s possible to transfer money to a bank account and get cash at the same time.
What is the Cost of This?
It’s difficult to figure out the total cost without using their online calculator because there are so many payment methods offered.
What you spend in fees and what you get in exchange will all change depending on the following factors:
- The amount you’re sending
- Fees vary depending on how you transfer money: via an app, online, or in person.
- Depending on which method of payment you choose, costs for Western Union transactions might range from a few cents to a few dollars.
- If the Nigerian recipient is receiving cash or a bank transfer,
5) The PayPal-powered Xoom
Convenient for money transactions, although Xoom costs more than most other money transfer services.
What is the cost of this?
In terms of transfer fees, it depends on how much money you’re sending and receiving. If you pay them using a bank transfer, there is no fee. However, there is a percentage fee if you pay with a credit card.
When converting US dollars (USD) to Nigerian Naira (NGN), a margin is added to the exchange rate (NGN).
Duration it takes
Please allow 1-2 business days for the order to be processed. If a transfer is made before 11 a.m. on a bank business day, it will be delivered by 5 p.m. on the next business day.
Is PayPal (Xoom) Secure?
Yes, they are. PayPal, one of the oldest and most trustworthy online payment systems.
Highlights include:
- A reliable business with all the necessary permits and licenses in place.
- Send money to your friends and family by using an app.
- Via text message or email, you’ll be kept up to date on your progress.
How Does Xoom’s Money Transfer Work?
Sign up on Xoom website.
Log in to your account.
Enter the amount and the location of the input. Enter the information about your recipient. Enter the method of payment you prefer.
The money is deposited into the recipient’s bank account or can be picked up at the agent’s location.
Provider information: To contact Xoom customer service, call (877) 815-1531 (toll-free) or (+1) 415 (395-4225 (from outside the United States).
FAQs
Is there a limit to the amount of money that can be transferred?
It all depends on which online money transfer service you select.
XE and Wise both have no minimum transfer amount restrictions. OFX charges a minimum fee of US $150 for each transaction.
If you’re looking to transfer more than $50,000, Wise has you covered. In unlicensed states, the maximum business account balance is $250,000; in licensed states, the maximum balance is USD 1,000,000.
There is no limit to the amount of money that can be transferred in OFX or XE. You can get up to the US $50,000 in 24 hours if you have the proper paperwork with Xoom.
When I send money from Nigeria, how do I ensure that it is safe and secure while doing so online?
All of the above-mentioned internet businesses understand how critical security is and how seriously they take their legal responsibilities as a result. Protecting your personal information and identifying information is a top priority for them. It’s better to be safe than sorry, but that doesn’t mean you shouldn’t be vigilant. Transferring money can be done in a variety of ways, including:
- Double-check your money transfer service’s privacy policies and tracking procedures.
- Passwords should be at least eight characters long with a mix of uppercase and lowercase characters, digits, and special characters.
- Make sure your money transfer service has two-factor authentication, like SMS or email-based security codes, so you can’t get into your account.
What details do I need to provide when sending money from a Nigerian bank account to the United States?
You’ll need the following information to wire money from the United States to the recipient’s account:
- The account holder’s name and address
- The account to which the funds will be transferred
Is there a mobile app for every money transfer company?
Yes. It is possible to transfer money via any of the websites or mobile applications of the money transfer businesses mentioned above, as long as you have an account. Some, on the other hand, are more user-friendly than others.
