Regardless of whether you’re sending funds to relatives, helping out an Aussie tourist travelling through Nigeria or any other reason, you have a number of options to consider when it comes to transferring funds.
The number of choices available can be a little bit confusing, so read on to find out how to transfer your funds in a safe, secure and affordable way.
Send money to Nigeria with WorldRemit
WorldRemit International Money Transfers Offer
Send money online within minutes
Large range of destinations
Able to send to cash pickup locations
Send money to Nigeria with WorldRemit
Send money to 110+ countries for bank deposit, instant e-wallet, mobile top-up or cash pickup at 30,000+ agent locations worldwide.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Always make sure you're sending money to someone you know. Despite being the butt of many jokes, the "Nigerian prince" scam is one that still happens often. This scam involves being contacted by someone requesting help in recovering a lot of money. This person may want you to give them your bank account information or money to pay the fees, with the promise that you'll be rewarded later.
Never provide your financial information or send money to anybody you don't know.
Find out whether you should use a bank or transfer service
Although you may want to transfer funds via your bank, many Australian banks will not allow you to send money to Nigeria.
The Nigerian Naira (NGN) is far from a commonly traded currency around the world, but some banks such as Commonwealth Bank do allow transfers to this African nation.
However, using your bank for an international money transfer is typically not the most cost-effective option. Instead, you will be much better off financially if you use the services of a specialist money transfer provider. These companies offer far better exchange rates than banks, along with much lower fees and faster processing times. This can result in a saving of time, money and stress for you.
Ben wants to transfer $1,000 to his friend Hope. Hope lives in Nigeria and Ben is looking to repay an old debt. His bank offers international money transfers to Nigeria, but Ben rightly believes that he can save some money if he uses the services of a money transfer company. He decides to compare the cost of using his bank with the expense involved in using a money transfer provider.
Money Transfer Company
1 AUD = 145.14 NGN
1 AUD = 149.72 NGN
Within 2 days
Online, cash pickup
Amount received for $1,000 (in NGN)
As the table shows, Ben pays a smaller fee when using a money transfer company and is also able to send an extra 4,580 NGN.
Compare transfer companies more effectively with these tips
Ben’s example above demonstrates the importance of weighing up the pros and cons of different money transfer options, so compare the following features when making your decision.
Exchange rates. You’ll obviously want to find the best available exchange rate for your transfer, but keep in mind that some companies with lower rates may also offer lower fees.
Transfer fee. You can usually expect to pay a fee for your transfer, which could be a flat amount or a figure calculated as a percentage of the amount you are sending. However, some companies will waive fees for transfers in excess of a certain amount.
Transfer methods. Check to see whether there are multiple transfer methods available, such as online, over the phone or by visiting a branch.
Transfer options. Can you schedule regular payments well into the future? Are forward contracts and limit orders offered to allow you to cash in on market fluctuations?
Transfer time. If you’re sending an emergency transfer, the ability to have your cash picked up by your recipient within minutes is a big advantage.
Pickup methods. Can the cash be picked up in person from an agent location or branch, or is everything handled online?
Minimum transfer amounts. Be warned that some companies will require you to meet a certain minimum transfer amount in order to process your transaction.
Customer service. Is there a call centre, an online help centre and online live chat? It’s important to have assistance on hand whenever you need it.
Send money to Nigeria from Australia in the way which suits you
When you’re looking to send money to Nigeria, consider the following options.
Bank to bank transfers. While most banks don’t allow you to transfer Australian dollars into Nigerian Naira, your bank may allow you to send Australian Dollars which can then be converted into the local currency by the receiving bank.
Money transfer providers. WorldRemit, Western Union and MoneyGram allow you to send funds to Nigeria quickly and easily, with the money able to be picked up at multiple locations across the country within minutes.
Online money transfer companies. Specialist providers like WorldRemit and TransferMate offer attractive exchange rates and minimal fees on international money transfers.
International money orders. Another option is to get an international guaranteed cheque from your bank.
While sometimes you can afford to wait a few days for your international money transfer to be processed, there are occasions when you need your funds to arrive as quickly as possible. When this occurs, you need to remember to take caution and double check all the details of your transfer. Make sure you are aware of the exchange rate you will be receiving, any fees that apply to your transfer and how long it will take for your cash to arrive.
Get your hands on emergency cash in Nigeria at these locations
Both Western Union and MoneyGram allow you to transfer funds which can then be picked up from many agent locations all across Nigeria. If you’re picking up a big sum of cash, you may need to check with an agent in advance to make sure they will have sufficient cash on the premises to give to you. You’ll also need to supply proof of ID, for example your driver’s licence, and some details of your transaction.
29/32 Abibu Oki Street Off Broad Street Lagos, Lagos 23401 Phone: +234-01-7616622 Open 8am to 6pm Monday to Saturday
Access Bank PLC
Block B Nnpc Towers Herbert Abuja, Lagos Phone: +234-012710012 Open seven days 8am to 5pm
Access Bank PLC
Katin Kwari Ibrahim Taiwo Road Kano Phone: +234-012710012 Open seven days 8am to 5pm
Afribank Nigeria PLC Misau
Misau, Kano Phone: +234-1-2712300 Open 8am to 5pm Monday to Friday
Enterprise Bank Limited
House 1 Motor Olupese Rd Oshodi Lagos, 0 Phone: 234012629269 Open 8am to 5:30pm Monday to Friday, 10am to 3pm Saturday
United Bank for Africa
Ikota VGC Shopping Complex Lagos, 0 Phone: 23488223445 Open 8am to 5pm Monday to Friday
Ecobank - Kano City
Abdullahi Wase Road By Shahuchi Pry Sch. KANO, Phone: 17613794 Open 8am to 5pm Monday to Saturday
FBN - Kano Main
Lagos Street 10 Kano, 0 Phone: 23419052667 Open 8am to 5pm Monday to Friday
According to the Department of Foreign Affairs and Trade, Nigeria is a very dangerous part of the world and Australians should reconsider their need to travel to the region. With this in mind, if you do find yourself picking up cash in Nigeria you need to take extreme care. Take another person with you for security and extra protection, making sure not to publicly advertise the fact that you are picking up a large sum of cash. Avoid any areas where trouble is known to occur and deposit the funds into your bank account as soon as is humanly possible.
For more tips on travelling safely to Nigeria, browse online forums and blogs to discover a wealth of information.
From bank transfers to specialist international money transfer companies, you have a whole host of options to choose from when you need to send money to Nigeria. While the transfer process will differ depending on which service you use, you will often need to open an account with your chosen provider before you can transfer the funds. This means you will need to supply details such as your name, date of birth, contact information and your driver’s licence.
When you lodge a transfer you will be given a receipt or tracking number, allowing you to monitor your transaction to completion.
It’s quick and easy to transfer funds to Nigeria, but it’s important that you compare all the available options before deciding on the right company for you. Doing so will ensure that you can send money overseas in the most cost-effective manner.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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