The fastest and cheapest routes depend on how much you're sending and how quickly it needs to arrive

Money from a US bank account to Nigeria moves through one of three channels: a wire transfer through your bank, a money transfer service (sometimes called a remittance provider), or a digital wallet app. Wire transfers are direct but expensive. Money transfer services are slower but cheaper for amounts under $1,000. Digital wallets are fastest for small amounts but have daily limits. Which one makes sense depends on the amount, the speed you need, and how much you can afford to pay in fees.

Nigerian banks receive transfers in Nigerian naira (NGN), US dollars (USD), or British pounds (GBP). If you send USD, the recipient's bank converts it to naira at their own rate, which is usually worse than the mid-market rate. If you send naira directly, you pay the conversion cost upfront but the recipient gets exactly what you intended. Most money transfer services handle the conversion for you and show you the exact naira amount before you send.

Key Takeaways

  • Wire transfers from your US bank arrive in one to three business days but cost $25 to $50 per transfer, plus a conversion fee.
  • Money transfer services like WorldRemit, Wise, and MoneyGram charge 2 to 5 percent in fees and are cheaper for amounts under $1,000, though they take one to three business days.
  • You will need the recipient's full name, bank name, account number, and bank routing code (SWIFT code or NIBSS code) to send any transfer.
  • The recipient's bank may charge a receiving fee of 500 to 2,000 naira, which comes out of the money they receive.
  • Transfers sent on weekends or after 5 p.m. on weekdays may not process until the next business day.

Wire transfer from your US bank

A wire transfer is the most direct route: you go to your bank, provide the recipient's Nigerian bank details, and the money moves through the SWIFT network. Most US banks charge $25 to $50 per outgoing wire, plus a conversion fee of 1 to 3 percent. The transfer usually arrives within one to three business days, but can take longer if the receiving bank is slow to process.

To send a wire, you need the recipient's full legal name (exactly as it appears on their account), their bank account number, their bank's name and SWIFT code, and sometimes their bank's address. Nigerian banks use SWIFT codes that start with the bank's initials—for example, GTBINGLA for Guaranty Trust Bank. You can find the correct SWIFT code on your recipient's bank statement or by asking them directly. If you provide the wrong code, the money may go to a different bank or bounce back, and your bank may charge you a fee to retrieve it.

Call your bank before you go in, because some branches require advance notice for international wires, and some have daily or monthly limits on how much you can send. Ask whether they charge a flat fee or a percentage, and whether the conversion rate they use is the mid-market rate or a marked-up rate.

Money transfer services: WorldRemit, Wise, MoneyGram, and others

Money transfer services are often cheaper than wire transfers for amounts under $1,000. They charge a flat fee plus a percentage (usually 2 to 5 percent total), and they show you the exact naira amount before you confirm. The transfer takes one to three business days, sometimes longer depending on the receiving bank.

WorldRemit, Wise, and MoneyGram all send money to Nigerian bank accounts. WorldRemit charges a flat fee plus a percentage that varies by amount—typically $3 to $8 plus 1 to 2 percent. Wise charges a small percentage (around 0.5 to 1 percent) plus a fixed fee of around $1 to $3, and shows you the real mid-market exchange rate. MoneyGram charges a flat fee of $5 to $15 depending on the amount. All three require you to create an account, verify your identity with a photo ID, and provide the recipient's bank details.

To use any of these services, you link a US bank account or debit card, enter the amount in USD, and the service shows you how much naira the recipient will get. You confirm the transfer, and the money leaves your account immediately or within one business day. The recipient's bank receives the transfer one to three business days later. Some services also let you send cash to a pickup location in Nigeria, but bank transfer is faster and safer.

Digital wallet apps: Remitly, Paga, and others

Apps like Remitly, Paga, and Chipper Cash let you send money directly to a Nigerian bank account from your phone. These are fastest for small amounts—usually $100 to $500—and can arrive within hours instead of days. Fees are similar to money transfer services (2 to 4 percent), but the speed comes at a cost: daily limits are lower, and some apps charge extra if you want the money to arrive the same day.

Remitly lets you send up to $2,999 per transaction and charges a fee based on the amount and speed you choose. Paga is a Nigerian app that works with US bank accounts and charges a flat percentage. Both require identity verification and a linked US bank account or debit card. The money goes directly to the recipient's Nigerian bank account, and they can withdraw it immediately.

Digital wallets work best if you are sending small amounts regularly—say, $200 to $500 a few times a month. If you are sending a large amount once, a wire transfer or Wise may be cheaper because the percentage fee is lower on bigger sums.

What information you need from the recipient

Before you send any transfer, ask the recipient for their full legal name (as it appears on their bank account), their bank account number, their bank name, and their bank's SWIFT code or NIBSS code. The NIBSS code is a nine-digit number used by Nigerian banks for domestic transfers; the SWIFT code is used for international transfers. You need one or the other, depending on which service you use.

If the recipient is not sure of their SWIFT code, they can ask their bank or find it on their bank statement. Do not guess or use a code you find online without confirming it with the recipient, because sending to the wrong code can delay or lose the transfer. Some services let you save the recipient's details after the first transfer, so you do not have to enter them again.

Fees and exchange rates: what actually comes out

The total cost of sending money to Nigeria includes three separate charges: your sending fee, the exchange rate markup, and the receiving fee. Your sending fee is what your bank or money transfer service charges you. The exchange rate markup is the difference between the mid-market rate (the real rate) and the rate the service uses to convert your dollars to naira. The receiving fee is what the recipient's Nigerian bank charges them, which comes out of the money they receive.

For example, if you send $500 through a money transfer service that charges 3 percent, the service takes $15. If the mid-market rate is 1,500 naira per dollar and the service uses 1,470, you lose another $10 to the markup. If the recipient's bank charges 1,000 naira (about $0.67) to receive the transfer, the recipient gets roughly 735,000 naira instead of 750,000. The total cost to you is $25, but the recipient loses more because of the receiving fee.

Wise and some other services publish their exchange rate in real time, so you can see exactly what markup you are paying. Traditional banks and MoneyGram often do not, so you have to ask or compare the rate they quote to the mid-market rate on Google or XE.com.

Timing: when the money actually arrives

Money does not move on weekends or Nigerian public holidays. If you send a transfer on Friday evening, it will not leave your US bank until Monday, and may not arrive at the Nigerian bank until Wednesday or Thursday. Nigerian banks also process incoming transfers in batches, usually once or twice a day, so a transfer that arrives Monday morning might not show in the recipient's account until Tuesday or Wednesday.

Money transfer services and digital wallets are sometimes faster than banks because they use different networks. Wise and Remitly can deliver money within hours on weekdays, but this depends on the receiving bank's speed. Some Nigerian banks process transfers faster than others. If the recipient's bank is slow, even a fast service will not help.

If you need the money to arrive urgently, send it early in the week and early in the day (before 5 p.m. US Eastern time). Ask the recipient to check their account the next morning Nigerian time, because the transfer may arrive overnight. Do not assume it has failed if it does not show up within 24 hours; give it at least two business days before you contact the service or your bank.

What to do if the transfer does not arrive or goes to the wrong account

If the money does not arrive within the time the service promised, contact the service or your bank immediately. They will ask for the transfer reference number (a tracking code you receive when you send the money) and the recipient's bank details. They can check whether the transfer was sent, whether it was received by the Nigerian bank, and whether it is sitting in a holding account.

If the money went to the wrong account because you provided the wrong bank details, recovery is difficult. The receiving bank may not release the money without a court order, and the person who received it may not cooperate. This is why it is critical to confirm the recipient's details before you send, especially the bank code.

If the transfer was sent but the recipient's bank rejected it (for example, because the account number was wrong), the money should bounce back to your account within five to ten business days. Your bank or service will notify you when this happens. If the money does not come back, escalate to the service's customer support team and ask for a trace.

Frequently Asked Questions

Can I send money to a Nigerian account if I do not have a US bank account?

Most services require a US bank account or a US debit card linked to a US address. If you have neither, you may be able to use a prepaid card or a service like Wise that accepts some alternative payment methods, but options are limited. Call the service to ask what payment methods they accept.

What is the difference between sending USD and sending naira?

If you send USD, the recipient's Nigerian bank converts it to naira at their own rate, which is usually worse than the mid-market rate. If you send naira, you pay the conversion cost upfront through the money transfer service, but the recipient gets the exact amount you intended. Money transfer services usually send naira directly, so the recipient knows exactly what they will receive.

Do I have to pay taxes on money I send to Nigeria?

Sending money to family or friends is not taxable income for the recipient, and you do not report it as a deduction. However, if you are sending money as payment for goods or services, both you and the recipient may have tax obligations depending on the amount and the nature of the transaction. Consult a tax professional if you are unsure.

How much money can I send at once?

US banks and money transfer services have daily and monthly limits that vary by service and account type. Most allow $2,000 to $10,000 per transaction for new customers, and higher limits after you have established a history. Digital wallet apps usually have lower daily limits, around $500 to $2,000. Check with your specific service for their limits.

What if the recipient's bank account is frozen or closed?

If the account is closed, the receiving bank will reject the transfer and it will bounce back to you within five to ten business days. If the account is frozen, the bank may hold the transfer in a suspense account. Ask the recipient to contact their bank to find out the status and whether they can unfreeze the account before you send the money.