How to Send Money From USA to Nigeria

Sending money from the United States to Nigeria is a common financial activity, driven by family support, business transactions, and investment. This guide simplifies the process, offering practical insights to help you make informed decisions for secure and efficient money transfers.

Choosing Your Money Transfer Method

Selecting the appropriate money transfer method involves considering factors like cost, transfer speed, and how the recipient will access funds. Several types of services cater to different needs when sending money from the USA to Nigeria.

Online money transfer services, such as Wise (formerly TransferWise), Remitly, WorldRemit, and Sendwave, are popular for their convenience and often competitive rates. These platforms typically allow transfers directly to bank accounts, with some also offering mobile wallet deposits or cash pickup options. Wise, for example, notes that transfers can arrive in seconds and WorldRemit states that 90% of its transfers to Nigeria are completed within minutes. These services generally charge fees that can be a fixed amount or a percentage of the transferred sum, and they make money from currency exchange, so comparing exchange rates is important.

Traditional money transfer operators, like Western Union and MoneyGram, maintain extensive agent networks, making them suitable for cash pickups. While they offer widespread accessibility, their fees can sometimes be higher compared to online-only services. Western Union allows sending up to $50,000 directly to Nigerian bank accounts.

Bank transfers, also known as wire transfers, are another option, particularly for larger sums. This method typically involves instructing your bank to send money directly to the recipient’s bank account in Nigeria. Wire transfers are generally considered secure, but they can be slower, often taking several business days, and may incur higher fees than online services.

Mobile money and digital wallet services are also becoming more prevalent, allowing funds to be sent directly to a recipient’s mobile money account. These services often provide instant credit, and the recipient can typically access the funds via their mobile phone.

Preparing for Your Transfer

Before initiating any money transfer, gathering all necessary information and documentation is a crucial preparatory step. This ensures a smooth transaction and helps comply with financial regulations designed to prevent fraud and money laundering.

Sender Information

You will need to provide personal details such as your full legal name, physical address, phone number, and email. Government-issued photo identification, such as a driver’s license or passport, is required for identity verification. Some services may also ask for the source of funds to comply with anti-money laundering regulations.

Recipient Information

Recipient information must be accurate and complete to avoid delays. This includes the recipient’s full legal name (exactly as it appears on their identification), physical address, and a contact phone number in Nigeria.

For direct bank deposits, you will need the recipient’s bank name, bank account number, and potentially a SWIFT/BIC code. If the transfer is for cash pickup, you may need to specify the preferred pickup location or agent network. For mobile money transfers, the recipient’s mobile money account number or phone number linked to the service is essential. Many services also require the sender to state their relationship to the recipient and the purpose of the transfer for compliance purposes.

Payment Method

You will need to select how you will fund the transfer. Common options include linking your bank account or using a debit or credit card. Using a credit card might incur additional fees, such as cash advance fees from your card issuer, so a debit card or bank transfer is often recommended to avoid these extra charges. Ensure sufficient funds are available in your chosen payment method before starting the transfer.

Executing Your Money Transfer

Once you have prepared all the necessary information, the process of sending money can begin. The steps generally follow a similar pattern across most online platforms and applications, differing slightly for in-person transfers.

Online Transfers

Sign up or log into your chosen provider’s website or mobile application. Select “Send Money” and specify Nigeria as the destination. Input the amount you wish to send; the system will display applicable fees and the current exchange rate, showing the exact amount your recipient will receive.

Enter your personal details, confirming your identity. Then, input the recipient’s details, such as their full name, bank account information, or mobile money number, depending on the chosen delivery method. Select your preferred payment method to fund the transfer, whether it is a bank transfer, debit card, or credit card. After reviewing all the transaction details for accuracy, confirm and finalize the payment.

In-Person Transfers

Locate a physical agent location. At the agent’s counter, complete a send form, providing all sender and recipient information. Present your government-issued identification and provide the funds, either in cash or via a debit card. Upon successful completion, you will receive a receipt that includes a unique transaction tracking number.

After Sending: Receiving and Tracking

Once your money transfer is initiated, understanding how to track its progress and how the recipient accesses the funds is important. Most money transfer services provide a tracking mechanism, offering transparency.

A transaction reference number or tracking code is provided upon completing the transfer. Use this number on the service provider’s website or mobile app to monitor the status of your transfer in real-time. Many services also offer automated notifications via SMS or email, keeping both the sender and recipient informed of the transfer’s status.

Recipient Accessing Funds

The method of accessing funds depends on the delivery option chosen during the transfer.
Bank Account: Funds are credited automatically.
Cash Pickup: The recipient visits an authorized agent location. They must present valid government-issued identification (e.g., national ID card, passport, or driver’s license) and provide the transaction tracking number.
Mobile Money: Funds are credited directly to their mobile wallet, accessible via their phone.

Should any issues arise, or if the transfer is delayed, contact the customer support of your chosen money transfer service. They can provide assistance using the transaction reference number.