There are several known ways to send money to family and loved ones back in Nigeria. Many of them are fast, convenient, but they make sure to eat deep deep into what you are trying to send in the name of fees.
You have Pounds Sterling or US Dollars, but you want to send money to Iya Bosun (your mom – who needs Naira) in Nigeria. If this is your situation, yes this thread is for you.
This article gives you practical options to complete a transaction from Pounds/Dollars to Naira – to her account. Simple and easy. It’s important to compare the fees, exchange rates, and overall cost of different options before choosing a method for sending money to Nigeria.
Practical Options to Complete a Transaction From The USA/UK to Nigeria (Pounds/Dollars to Naira)
Money transfer services
Companies like Lemonade, Remitly, Afriex, Western Union, MoneyGram, and Ria allow you to send money internationally, including to Nigeria. These services typically have physical locations where you can initiate the transfer in person, or you can do it online or through a mobile app from the comfort of your house.
Here’s how they work: they create you a wallet which you can fund with your UK/US bank card. Then, then assist to change the money from Pounds/Dollars to Naira for a fee and at their own exchange rates. Then, help you complete the transfer to the naira account.
If you find a pick-up option, great.
That means that your beneficiary can go to your chosen bank in Nigeria to pick the money up themselves. Typically, they will receive a code and some other details that will authenticate their identity once they get to the bank for the pick-up.
Cryptocurrency exchanges platforms such as Binance and Coinbase are not just for crypto transactions. You can use it as a means to your own end. Here’s how:
- Step 1: Open a Binance or Coinbase account
- Step 2: Tap Trade
- Step 3: Go to P2P (this is like a market where you will find users who want to sell/buy crypto)
- Step 4: Tap Buy
- Step 5: Buy a stable coin e.g USDT with your GBP/USD (via card/bank account)
- Step 6: Stay on P2P.
- Step 7: Switch the currency from GBP to NGN
- Step 8: Tap Sell
- Step 9: Follow the due sell procedures by providing your Naira account to the buyer
Simple and easy, you now have your full Naira value in your Naira account in Nigeria. Then, you can transfer your preferred value to your beneficiary through your bank app. This is the easiest method to send money to Nigeria, plus you don’t have to pay anything to anybody. Another thing that’s great about this option is that the exchange rate is pegged against the ‘black’ market.
One thing you must watch, though, is that when trading on a crypto platform, you must be wary of scams – don’t buy from scammers, don’t release your crypto unless you have seen the money in your Naira account as well. Do your general due diligence when transacting.
Digital payment platforms
Platforms like PayPal, Venmo, and Wise allow you to send money internationally, including to Nigeria. These platforms typically have lower fees than traditional money transfer services, but may not be available in all countries.
The problem with this option is that most of these services have heavy restrictions in Nigeria. Your beneficiary might be unable to directly withdraw the money or even transfer to an account where they’d have access.
You can walk into your bank in the UK/US and ask them to help you facilitate a transfer to Nigeria (offshore). This method is safe, slow (typically), and extremely expensive.
To wrap this up…
These are the verified options that have been tried and confirmed okay to use when transferring money to Nigeria from the Uk or US. Option 3, especially, is the cheapest if you know your way around those complex crypto apps and you make sure everything is done right.
Information contained in this article is just that – a piece of information. This is no endorsement of any product/app. You should not use this to make financial decisions and we highly recommend you seek professional advice from an authorized expert.