You can send money to Nigeria from the UK in a matter of moments, but it is worth exploring the best exchange rates, lowest fees and most secure services.
How To Send Money to Nigeria from the UK
Some of the world’s largest Nigerian populations can be found in the United Kingdom. Latest figures show that there are around 205,000 Nigerians living in the UK with the majority (97,000) living in London. With so many Nigerians living between Nigeria and the UK, there are many financial services to support this. Thus, there are many options when sending money to Nigeria from the UK.
Methods to Send Money to Nigeria from the UK
Sending Money to Nigeria via Online Money Transfer
Sending money from the UK to Nigeria via online money transfers tends to be the cheapest way. TransferWise, WorldRemit and Skrill are three trusted online money transfer services when sending money to Nigeria. MoneyGram is one of the most widely recognised online services to send money to Nigeria. You need to first identify the recipient, and then specify how much you are sending and how it will be received. You can pay with credit or debit card directly from your bank account. This is subject to a transaction fee which you can calculate before sending anything. After confirming basic identification information, you can send the money instantaneously.
Sending Money to Nigeria via Western Union
Western Union is one of the most trusted solutions to send money to Nigeria from the UK. They are recognised for their flexible solutions offering you the chance to send money online, from a mobile app or in person. The recipient can, in turn, receive the money directly into their bank account or can collect the cash (more than 4,500 locations). Most of Nigeria’s major banks support this service including Zenith and FirstBank. However, you tend to pay more fees using Western Union than by going through an online money transfer service. They also cap how much you are able to send per transfer. For the first and second transactions, you can send up to 500 GBP. After an identification process, you can send up to as much as 2,500 GBP per transaction.
Sending Money to Nigeria via PayPal
Paypal was previously banned in Nigeria but now is largely available. However, money can only be sent to business accounts. To receive any money comes with the assumption that you have goods or services to sell to the public. Subsequently, one of the prerequisites to receive money through PayPal in Nigeria is to have a website. Personal accounts do not support the receipt of payment via PayPal.
Sending Money to Nigeria via Bank Transfer
Sending money to Nigeria directly through a wire transfer from a UK bank account is not generally advisable. It is not recognised as one of the most cost-effective ways as the exchange rate is often far worse than other services.
Can I Send Money to Nigeria via Cryptocurrency?
Cryptocurrencies are not only legal but a very useful tool when sending money to Nigeria. They are associated with low transfer fees and fast transactions. Thus, they have become a widely-used, cost-effective alternative to bank transfers and traditional money transfer platforms. They can be sent on a peer-to-peer basis.
You can send money to Nigeria cheaply from the UK using TransferWise which is cheaper than a bank transfer
Can You Send Money to Nigeria For Free?
Money transfer services are never 100% free as they always involve some form of transaction fee or exchange rate. However, many of these are extremely low. Sending money via TransferWise is often recognised as one of the cheapest methods. Per transaction, there is a flat fee of 46p + 0.51% of the amount that is converted. Thus, the more money sent, the higher the transfer fee. For a transfer of 1,000 GBP, the fee will be around 5 GBP. Other services such as Barclays bank offers a zero transaction fee but at the cost of a worse exchange rate.
How Long Does It Take to Send Money to Nigeria?
Depending on the service provider that you choose to transfer money to Nigeria, funds can arrive into the specified account instantaneously. TransferWise and MoneyGram can have funds to the recipient in under an hour. Bank transfers typically take longer.
What Do You Need to Send Money to Nigeria?
Most services mentioned requite the set up of a free account and a payment made via debit or credit card or bank transfer. You will also need the details of where the money is being sent. Some services also require basic identification.
Is it Safe to Send Money to Nigeria from the UK?
Due to the depreciation of Nigeria’s local currency, the Naira, the exchange rate is better than normal for those receiving money from the UK. It is worth noting that there is the official market and the parallel market (or black market). The official market is the only one governed by the Central Bank of Nigeria. The bank only offers a limited number of money transfer providers. Between the two markets, there is a lot of variation between exchange rates.
Like any money transfer, you should adopt an air of caution. Look out for FCA approval as this means that the accounts are safeguarded. With any legitimate company, you can ask for a record of their FCA enrolment number or review the FCA details on their website. Like any transfer of money, it is advisable to be cautious about any personal security and sharing any confidential information such as passwords. This is especially true for phone and email correspondence.