Ever wondered how to send money from the USA to Nigeria without the usual hassle?
In a globalized world, the need to transfer funds across borders has never been more essential.
From supporting family back home to facilitating international trade, understanding how to send money from the USA to Nigeria is vital.
Even though the recent changes in regulations have left many puzzled, worry no more! This guide will take you through the most reliable, fast, and cost-effective ways to send money from the USA to Nigeria, providing you with everything you need to make an informed choice.
Understanding Money Transfers from the USA to Nigeria
Sending money from the USA to Nigeria can seem complex, but understanding the available methods, factors to consider, and legal implications can simplify the process.
Here’s what you need to know:
Different Methods Available
- Banks: Traditional but often more expensive.
- Online Platforms: Often cheaper and more convenient.
- Cash Pickups: Ideal for those (recipients) without bank accounts.
Factors to Consider
- Exchange Rates: Ensure you’re getting a fair rate.
- Fees: Understand the total cost, including hidden charges.
- Transfer Times: How quickly does the money need to arrive?
Legal Considerations
Since November 2020, the central bank’s decision has restricted ways to send money from USA to Nigeria.
Therefore, only authorized operators like Western Union, Remitly, and WorldRemit among others can handle transfers.
Best Ways to Send Money: A Detailed Comparison
Searching for the best way to send money to Nigeria from the USA? Here, we’ve compared popular methods to help you choose.
Apps to Send Money from the United States of America to Nigeria
1. WorldRemit
A globally recognized name, WorldRemit offers various methods for sending money from USA to Nigeria, including bank transfers, cash pickups, and mobile credits.
Features
- Speed: Transfers within minutes.
- Fees: Low, transparent fees.
- Security: Robust security measures.
Pros
Fast, affordable, and versatile.
Cons
Limited in some rural areas.
2. RIA Money Transfer
RIA specializes in international remittances, making it easy to understand how to send money from USA to Nigeria bank accounts or pick up locations.
Features
- Speed: Same-day delivery options.
- Fees: Competitive, especially for bank transfers.
- Security: Proven track record.
Pros
Convenient locations for cash pickups.
Cons
Online interface can be complex.
3. TransferGo
Known for its cutting-edge technology, TransferGo offers innovative ways to send money to Nigeria from USA.
Features
- Speed: 1-2 working days
- Fees: Low and transparent.
- Security: Modern security protocols.
Pros
User-friendly app, excellent customer service.
Cons
Not suitable for urgent transfers.
4. Instarem
Focused on cost savings, Instarem provides one of the cheapest ways to send money from USA to Nigeria.
Features
- Speed: Often within hours..
- Fees: Low and often discounted.
- Security: Regulated by financial authorities.
Pros
Great exchange rates.
Cons
Limited cash pickup options.
5. Afriex
A newcomer, Afriex is revolutionizing how to receive money from USA to Nigeria, focusing on seamless crypto-powered transactions.
Features
- Speed: Near-instant.
- Fees: Minimal to zero fees.
- Security: Blockchain technology.
Pros
Innovative and low-cost.
Cons
Limited to tech-savvy users.
6. Remitly
Remitly stands as one of the best apps to send money from USA to Nigeria, offering a balanced mix of speed, cost, and reliability.
Features
- Speed: 2-3 working days.
- Fees: Competitive with occasional promotions.
- Security: Strong anti-fraud measures.
Pros
Trustworthy with excellent customer support.
Cons
Higher fees for faster transfers.
7. Transferwise (Wise)
Transferwise, now known as Wise, is a modern solution for those searching for the best apps to send money from the USA to Nigeria. It’s designed with simplicity and low costs in mind.
Features
- Transparent Fees: A fixed percentage based on the amount.
- Real Exchange Rate: No markup on currency conversion.
- Mobile App: One of the best apps to send money from the USA to Nigeria, designed for ease of use.
Pros
- Low Costs: Often cheaper than traditional methods.
- Transparency: Clear about fees and exchange rates.
- Quick Transfers: Especially when sending money from the USA to Nigeria bank account.
Cons
- Less Physical Presence: Not ideal for those preferring in-person transactions.
- May Require Additional Verification: Depending on the transaction.
See Also: How to Open a Dollar Account in Nigeria
Money Transfer Services to Send Money to Nigeria from USA
When it comes to sending money from the USA to Nigeria, some methods stand out for their efficiency, affordability, and convenience. Let’s explore the top two services:
Western Union
Western Union is one of the most well-known names for sending money from the USA to Nigeria.
With a strong presence worldwide, it offers various ways to send and receive money.
Features
- Transfer Methods: Bank transfers, credit/debit cards, or cash.
- Receiving Options: Bank deposit, mobile wallet, or cash pickup.
- Fees & Exchange Rates: Vary depending on the method, usually between 1% and 5%.
Pros
- Widespread Availability: Nearly everywhere in the world, including Nigeria.
- Multiple Receiving Options: One of the best ways to receive money from the USA to Nigeria.
- User-Friendly App: Makes sending money from the USA to Nigeria even more convenient.
Cons
- Fees Can Be High: Depending on the transfer method and location.
- Exchange Rates: Sometimes not as favorable as other services.
MoneyGram
MoneyGram is another giant in the industry, providing robust options for those looking to send money from the USA to Nigeria.
Features
- Flexible Sending Options: Online, in-person, or via the app.
- Speed: Transfers can be completed within minutes.
- Fees & Rates: Costs vary, but are generally competitive.
Pros
- Accessibility: Available in many locations for easy sending and receiving.
- Security: Strong measures to ensure the safe transfer of money.
- Trackable: Monitor the status of the transfer easily.
Cons
- Fees May Vary: Costs can be higher for quicker transfer times.
- Limited Delivery Options: Fewer ways to receive money from the USA to Nigeria compared to Western Union.
Step-by-Step Guide to Sending Money
Understanding how to send money from the USA to Nigeria can be easy when you follow these steps for different methods:
How to Send Money from the USA to Nigeria via Bank Transfers
Find a Bank with International Services
Research banks that offer the best rates and lowest fees for sending money to Nigeria from the USA.
Provide the Necessary Information
This includes your recipient’s full name, account number, bank name, and SWIFT code.
Choose the Amount and Currency
Determine the amount you’re sending and ensure you know the current exchange rate.
Complete the Transaction
Confirm all the details and initiate the transfer.
Related: Best Dollar Account Apps in Nigeria
How to Send Money from the USA to Nigeria Through Online Platforms
Choose a Platform
Research the best apps to send money from the USA to Nigeria, like PayPal or TransferWise.
Create an Account
You’ll need to register and verify your identity.
Enter Recipient’s Details
This may include their email, phone number or account number.
Select Amount
Choose the amount to send and review the exchange rate.
Send the Money
Confirm the details and send the money.
Receiving Money in Nigeria
For those wondering how to receive money from the USA to Nigeria, this section explores various ways, including:
Bank Deposits
Many prefer receiving money directly into their bank accounts.
Pick-Up Locations
Services like Western Union offer convenient pick-up locations.
Mobile Wallets
Some fintech apps like Grey Finance, make receiving money from the USA to Nigeria as easy as a few taps on your phone.
What to Know When Sending Money from the US to Nigeria
Now that you know how to send money from the USA to a Nigerian bank account, it’s essential to understand the factors that can affect your transfer. These include:
Exchange Rates
The value of money can fluctuate daily. Knowing the current exchange rate when sending money from the USA to Nigeria will ensure you’re getting the best value.
Transaction Fees
Different methods may have various fees. Comparing these can save you money, especially when regularly sending money from the USA to Nigeria.
Speed of Transfer
Need to know how to send money from the USA to Nigeria quickly? The transfer speed may vary depending on the service you choose.
Security and Reliability
Ensuring a secure and reliable way to send money from the USA to Nigeria is vital for your peace of mind.
Recipient’s Convenience
Consider the most convenient ways for your recipient to receive money from the USA to Nigeria. Some methods may be more accessible to them.
Tips for Sending Money Safely
Safety should always be a priority when sending money from the USA to Nigeria. Here are some practical tips:
- Use Reliable Services: Choose reputable banks or platforms known for their security. You can compare on Monito to find the best option.
- Verify Recipient Information: Double-check all details to avoid mistakes.
- Be Aware of Scams: If something seems off, it probably is. Be cautious with unfamiliar recipients.
Sending Money from the US to Nigeria – FAQs
Can I send money for cash pickup in Nigeria?
Yes, you can send money for cash pickup in Nigeria through apps like WorldRemit and RIA Money Transfer.
What’s the cheapest way to send money from the USA to Nigeria?
Instarem often offers the cheapest way to send money from the USA to Nigeria with low and discounted fees.
How long does it take to send money from the USA to Nigeria?
It takes minutes to 2-3 working days to send money from the USA to Nigeria, depending on the service used.
Can I receive money from USA to my Nigeria account?
Yes, you can receive money from USA to your Nigeria account through international money transfer services.
Which bank in Nigeria can receive money from USA?
Most major Nigerian banks, such as GTBank and Zenith, can receive money from the USA.
Which app is good to send money from USA to Nigeria?
Remitly and WorldRemit are good apps to send money from USA to Nigeria, offering a balance of speed and cost.
Can I use cash app to send money from USA to Nigeria?
Cash App currently doesn’t support sending money from the USA to Nigeria directly.
Can an American send money to a Nigerian bank account?
Yes, an American can send money to a Nigerian bank account using services like TransferGo and RIA Money Transfer.
How long does wire transfer take from USA to Nigeria?
A wire transfer from the USA to Nigeria typically takes between 1-5 business days, depending on the bank.
Conclusion
Understanding how to send money from the USA to Nigeria doesn’t have to be complicated.
Whether it’s through bank transfers, popular money transfer services, or the best apps to send money from the USA to Nigeria, options are plentiful.
By keeping the factors like exchange rates, fees, and safety in mind, you can choose the best method that suits your needs.
