The fastest and cheapest way depends on the amount and how quickly the recipient needs it
Sending money to Nigeria from the USA works through international wire transfer services, not your regular bank account. Your US bank can send money directly to a Nigerian bank account, but it is usually slower and more expensive than using a money transfer company like Wise, OFX, or MoneyGram. The recipient will need their bank name, account number, and a nine-digit SWIFT code (also called a BIC code) — not a routing number, which is US-only.
The main trade-off is speed versus cost. A wire through your US bank takes three to seven business days and costs $25 to $50. A money transfer company takes one to three business days and often costs less, though the exchange rate they offer matters more than the fee itself. If you are sending less than $500, MoneyGram or a similar service may be your only practical option because bank wires have high minimums.
Before you send anything, confirm the recipient's bank details are correct — a typo in the account number or SWIFT code can delay the money or send it to the wrong account. Ask the recipient to provide their details in writing, or ask their bank directly if you are unsure.
Key Takeaways
- Your US bank can wire money directly to a Nigerian bank, but money transfer companies like Wise and OFX are usually faster and cheaper for amounts under $5,000.
- You will need the recipient's bank name, account number, and SWIFT code — not a routing number.
- Bank wires take three to seven business days; money transfer services take one to three business days.
- Exchange rates vary widely between providers, so comparing the total cost (fee plus rate) matters more than the advertised fee alone.
- Confirm the recipient's account details in writing before sending to avoid delays or misdirected funds.
Sending through your US bank
If you have a checking or savings account at a US bank, you can initiate an international wire transfer at a branch, online, or by phone. Tell the bank you want to send money to Nigeria and provide the recipient's full name, bank name, account number, and SWIFT code. Your bank will also ask for the reason for the transfer (personal, business, family support, etc.) — this is standard compliance, not a barrier.
The cost is typically $25 to $50 per transfer, depending on your bank. Wells Fargo, Chase, Bank of America, and most regional banks all offer this service. The money usually arrives in three to seven business days, though it can take longer if the Nigerian bank is slow to process incoming transfers or if there is a holiday in either country.
One drawback: your bank sets the exchange rate, and it is usually worse than the rate a money transfer company offers. If you are sending $1,000, the difference in exchange rate can cost you $20 to $50 more than using Wise or OFX. Ask your bank what rate they are offering before you commit.
Using a money transfer company
Services like Wise, OFX, MoneyGram, and Remitly let you send money online or through an app without going to a bank branch. You create an account, enter the recipient's bank details, and the money is transferred within one to three business days. These companies often have better exchange rates than US banks, which is where they save you money.
Wise is popular for larger amounts ($500 and up) because it uses the real mid-market exchange rate and charges a transparent fee based on the amount. OFX works similarly and is good for amounts over $1,000. MoneyGram and Remitly are better for smaller amounts and have more flexible payout options — some let the recipient pick up cash at a location instead of waiting for a bank deposit.
To use any of these services, you will need to verify your identity (usually a photo ID and proof of address) and provide the recipient's bank details. The recipient does not need to sign up or do anything — the money goes directly to their bank account. Fees range from $2 to $15 depending on the amount and the service; the real cost is in the exchange rate markup, which varies by company and by day.
What information you need from the recipient
Before you send money, ask the recipient for the following in writing or a screenshot:
- Full legal name (exactly as it appears on their bank account)
- Bank name (for example, Guaranty Trust Bank, Access Bank, First Bank)
- Account number (usually 10 digits for Nigerian banks)
- SWIFT code (a nine-character code like GTBLNGLA for GTBank Lagos)
- Account type (savings or checking)
If the recipient is unsure of their SWIFT code, they can ask their bank or look it up on the bank's website. A wrong SWIFT code will cause the transfer to fail or be delayed. A wrong account number might send the money to someone else's account, which is harder to recover.
How long it takes and what happens if something goes wrong
Bank wires typically take three to seven business days. Money transfer companies take one to three business days. The time depends on whether it is a business day, whether there are holidays, and how quickly the receiving Nigerian bank processes incoming transfers. Some Nigerian banks are faster than others; GTBank and Access Bank tend to be quicker than smaller regional banks.
If the money does not arrive within the expected timeframe, contact the service or bank you used and ask for a trace. They will contact the receiving bank and find out where the money is. If the account number was wrong, the money may be stuck in a suspense account at the Nigerian bank, and the recipient will need to contact their bank to claim it. This can take weeks.
If you sent the money through a money transfer company and the recipient never received it, the company is responsible for investigating and either delivering the money or refunding you. Keep your receipt and transaction number. If you sent it through your US bank, your bank is responsible for the wire, but recovery can be slower — banks typically take 10 to 15 business days to investigate.
Comparing costs: bank wire versus money transfer company
| Service | Fee | Speed | Best for |
|---|---|---|---|
| US Bank Wire | $25–$50 | 3–7 days | Amounts over $5,000; no rush |
| Wise | $2–$8 | 1–3 days | Amounts $500+; best exchange rate |
| OFX | $5–$15 | 1–3 days | Amounts $1,000+; business transfers |
| MoneyGram | $3–$12 | 1–2 days | Amounts under $1,000; cash pickup option |
| Remitly | $2–$10 | 1–3 days | Frequent senders; app-based |
The fee is only part of the cost. The exchange rate markup is where most money transfer companies make their profit. If Wise offers 1,500 naira per dollar and your bank offers 1,480 naira per dollar, Wise is cheaper even if the fee is higher. Always ask what rate you will receive before you send.
Avoiding fraud and scams
Do not send money to Nigeria through unusual channels like gift cards, cryptocurrency, or wire services that do not ask for ID. Scammers often pose as family members or business contacts and ask for urgent wire transfers. If someone you know asks for money to be sent to Nigeria, call them back on a number you know is theirs — not a number they provided in the message.
Legitimate money transfer services will always ask you to verify your identity before you send. If a service does not ask for ID, it is not legitimate. Your US bank will also ask why you are sending the money and may ask follow-up questions if the amount is large or the pattern is unusual — this is normal and is meant to protect you.
Once money is sent to a bank account, it is very difficult to recover if the recipient is dishonest or if you sent it by mistake. Do not send money to someone you do not know or trust, and do not send money based on a message or email alone.
Frequently Asked Questions
Can I send money to a Nigerian mobile money account instead of a bank account?
Some money transfer companies like Remitly and MoneyGram let you send to mobile money services like MTN Mobile Money or Airtel Money, which is faster than a bank transfer. The recipient can then withdraw cash or transfer it to their bank account. This is useful if the recipient does not have a bank account or needs cash quickly, but the fees are similar to bank transfers.
What is the exchange rate, and why does it change?
The exchange rate is how many Nigerian naira you get per US dollar. It changes daily based on currency markets. Money transfer companies use rates that are close to the real market rate (called the mid-market rate), but they add a small markup — usually 1 to 3 percent. Your US bank's markup is usually larger, 3 to 5 percent. You cannot control the rate, but you can compare what different services are offering on the day you send.
Do I need to report sending money to Nigeria to the IRS or FinCEN?
If you are sending your own money (not business income or client funds), you do not need to report it to the IRS. If you are sending more than $10,000 in a single transfer or multiple transfers in a short period, your bank or money transfer service is required to file a report with FinCEN (Financial Crimes Enforcement Network) — this is automatic and does not affect you. If you are sending money as a business or on behalf of someone else, consult a tax professional or accountant.
What if the recipient's bank rejects the transfer?
Nigerian banks sometimes reject incoming transfers if the account number does not match the name on the account, if the account is closed, or if the bank's system is down. If this happens, the money is returned to you, usually within 5 to 10 business days. Ask the recipient to double-check their account number and name with their bank before you try again.
Can I send money to Nigeria on a weekend or holiday?
You can initiate a transfer on a weekend or holiday, but it will not be processed until the next business day. Both US and Nigerian banks observe holidays (US banks close on federal holidays; Nigerian banks close on Nigerian public holidays), so transfers initiated on or around a holiday may take longer. Check the calendar before you send if you need the money to arrive by a specific date.