There are many very good options for changing money online based on the way the person you are sending cash to wants to access their own nairas. We can offer you the dollar to naira exchange rate.
Nairas in a bank account
If you want to transfer cash to a bank account in Nigeria, we recommend hiring a specialized currency provider. If you’re moving under $ 300 or less, WorldRemit, TransferWise, Xoom, or MoneyGram are your best options.
More than $ 300 in nairas to a bank
If you’re sending over $ 300, we recommend WorldRemit, TransferWise, Xoom, or MoneyGram.
Banks that you can transfer nairas to
Usually you can arrange shipping from Nairas to some of these banks: Accessibility Bank, Diamond Bank, Ecobank, Keystone Bank, Union Bank and many more.
Pick up locations in Nigeria
Some of these banks are also popular places to pick up nairas you have transferred. There are tons of local banks, money agents and partners in Xoom that you can use to save money in Nigeria.
How much will it cost?
Exchange rates – The higher the exchange rate, the larger the Nigerian Naira (NGN) you will receive from bank accounts in Nigeria. Money transfer services with better exchange rates often charge a specific transfer fee.
Transfer fees – $ 0 to $ 5. Some online transport companies offer free money transfers for sending significant amounts of money. These companies usually charge slightly worse market margin but are better than bank fees.
Hidden Fees – Often times, the person you send cash is billed to a lender who receives banks or an agency fee of around $ 25 each.
How long does it take?
Services can take 0 to 3 business days. When using a money transfer service like TransferWise, you tend to estimate transfer time in hours, not days. Unlike banks, they keep you informed of the movement of your own money. Including the estimated time of arrival of your funds in the account to which you are sending money.
Wire transfer companies can take 0-5 working days
With wire transfer companies, an immediate transfer can be made if you pay a higher transport fee and the person can collect money. Instead, you can send money to another bank account with cash in your bank account. This can take up to five working days.
Transfer up to 5 working days
Also known as wire or telegraphic transfer. These transfers are slow as the money may pass through a network of correspondent banks before reaching the accounts in Nigeria. The time it takes to do this even changes depending on whether the lender receives the money. In addition, you can judge for yourself whether the person you sent cash received it.