How To Send Money To Nigeria From The United States
Are you a Nigerian living in the US and searching for how to send money to Nigeria? Look no further, as this post has all you need to know.
Following the Central Bank of Nigeria’s decision in 2020 to place limit on dollar-to-naira transactions, with the aim of earning more dollars and curtailing the rising naira-dollar rate. This economic decision has taken a downturn in sending money to Nigeria from the United States. Lots of operators have stopped sending money to Nigeria, thus, limiting some channels through which money can be sent to Nigeria.
We will be discussing the available ways to send money to Nigeria from the United States.
How do I send money to Nigeria from the United States?
There are still a number of ways to send money to Nigeria from the United States. Some of these include bank-to-bank transfers and online money transfer providers. You can also send in the form of cryptocurrency and ask your recipient to exchange for money with any of the legit exchanges out there.
You can send money from your United States bank account to Nigeria, if your recipient has a dollar domiciliary account linked to a US bank. Many banks in Nigeria have now partnered with many US banks to offer domiciliary accounts and even dollar debit and credit cards. The recipient can receive dollars with the account and then exchange them for naira in the bank or exchange platforms.
You can also take USD to your local bank and ask your bank if they offer money wire service to Nigeria. If they do, then that’s okay, though it often comes with high exchange rates and charges. It is reliable and efficient, plus you have the opportunity to file a complaint in person if need be.
Using a money transfer provider
This is one of the fastest ways to send money to Nigeria, or any country at all. In just a few minutes, your money can travel to Nigeria by using these online transfer providers. Due to the CBN limitation on the sale of naira for dollars, many of the transfer channels have stopped offering US-Nigeria transactions.
However, there are still a number of them offering this service. Some of the apps offering global money transfer from USA to Nigeria are Worldremit, Remitly, Western Union, Paysend, and Wise, chippercash, payday, they allow you to send money to Nigeria using their apps, and the money arrives in Nigeria without delay.
To choose a preferred transfer provider, you can compare the rates and check customer reviews on websites like Monito and Remitfinder to see if one meets your expectations; hence, make your pick.
Here is how to send money to Nigeria with a money transfer provider.
- Download an app for your preferred transfer platform on the Play Store or App Store.
- Sign up with the needed details( name, email, phone number, government ID, etc.).
- Initiate a money transfer on the app.
- Select country(nigeria)
- Select your recipient’s bank code.
- Input the amount you want to send.
- Make payment using a bank transfer, credit or debit card, or any other available means.
- Wait while your money travels to Nigeria.
- You can track the progress in the app.
What is the best way to send money to Nigeria?
Sending money via online money transfer platforms is considered the best way to send money to Nigeria. With them, your money can reach Nigeria in no time, and the good thing is, you can do it all in a few minutes. Plus, the rate you are charged and the exchange rate are extremely low when compared to other means.
What is the fastest way to send money from the US to Nigeria?
Using an online payment method is the fastest way to send money to Nigeria. Your money will arrive in Nigeria in a few minutes, hours, or days, depending on the platform. Another possible fastest means is by sending it as crypto, which your recipient then exchanges for cash. Crypto transactions are the fastest, though, only advisable if you are knowledgeable about cryptocurrencies.
What is the exchange rate to send money to Nigeria from the United States?
There are current exchange rates you can get by doing some Google research. However, the exchange rate across platforms or whichever means you are sending with differs a little, often being higher than the official rate. What to consider too is the service charge; if you are using an online payment provider, charges apply, and exchange rates are not always the same on every one.
For charges, they often charge between 0.1 and 0.8% of the funds you are sending. Banks, on the other hand, set their exchange rate differently since your recipient will be receiving dollars and then reselling them to the bank for naira. Just visit monito website and compare exchanges on online payment platforms.
Sending money to Nigeria from the US shouldn’t be stressful; the processes are straight and easy, thanks to the introduction of several money transfer apps. You can send money to your loved ones in Nigeria in minutes.