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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 110+ countries for bank deposit, instant e-wallet, mobile top-up or cash pickup at 30,000+ agent locations worldwide.
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.
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.
Back to topBen 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.
| Bank | Money Transfer Company | |
|---|---|---|
| Exchange rate | 1 AUD = 145.14 NGN | 1 AUD = 149.72 NGN |
| Transfer fee | $25 | $14 |
| Transfer time | 2-5 days | Within 2 days |
| Transfer options | Online, cash pickup | Online |
| Amount received for $1,000 (in NGN) | 145,140 | 149,720 |
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.
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.
When you’re looking to send money to Nigeria, consider the following options.
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.
Back to topBoth 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.
Abibu Oki
29/32 Abibu Oki Street
Off Broad Street
Lagos, Lagos 23401
Phone: +234-01-7616622
Open 8am to 6pm Monday to Saturday
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
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
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
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.
Back to topFrom 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.
Back to top
Hi, how do I send money from Nigeria to Australia
Hi Kim,
Thank you for leaving a question.
On the comparison table shown on this page, the companies indicated can also send money from Nigeria to Australian and vice versa. All you need is to contact an agent location available in Nigeria for you to start the process of transferring funds to Australia. Hope this helps!
Cheers,
Reggie
Can I send money to Nigeria from Australia to an unrelated person and does the money have to go into a bank account. Do I need to provide written proof that the person I am sending money to is related to me.
Hi Julie,
Thanks for your question.
You may send money to Nigeria even to someone not related to you. Most money transfer providers will not require you to show proof of relationship. Your recipient may receive the money through a bank account or agent locations.
I hope this helps.
Cheers,
Anndy
how long does it take to receive bank to bank transfer from nigeria & does the money get held up before it reaches my bank account
Hi Linda,
Thanks for your question.
The processing times usually will depend on the bank of the sender. You’d be best if you could ask your sender to check with their bank as to how long will you have to wait before you receive the funds.
May
Hi, I’m going to Lagos, Ikea, Nigeria. Will I be able to withdraw funds from a Commonwealth key card?
I want to send money to Nigeria but it’s already in pounds and I’m in Chicago. How do I send it without having to change it?
Hi English Pounds,
Thanks for your question.
Unfortunately due to the mechanics of an online international money transfers, the funds are required to be converted from the domestic currency to the foreign currency in the process.
We don’t know of any process where you could send it without having to convert it.
Sorry that we couldn’t be much of an assistance.
Hi George,
Thanks for your enquiry.
Depending on the Commonwealth Bank product that you’re referring to, it may be possible for you to withdraw funds when you’re in Nigeria.
You can read our Commonwealth Bank travel money guide on this page to find out more about using your existing card overseas.
Thanks,
Belinda