3 Cheaper Ways to Send Money to Nigeria
Are you sending money to Nigeria?
If you’re living in Australia or New Zealand and need to send money to Nigeria, it’s essential to choose the right method based on your recipient’s situation. Some people have bank accounts in big cities, while others might live in rural areas where access to banks or ATMs is limited. In fact, the World Bank highlights that around 1.7 billion adults globally don’t have a bank account, with many of them located in Africa.
This reality makes sending money a bit more complicated. The method you choose should really fit the needs of your family or friends back home. In this blog, we’ll explore the three main ways to send money to Nigeria: bank transfers, mobile wallets, and cash pick-up services. We’ll break down each option, helping you make the best decision for your situation.
How Bank transfers work in Nigeria
Bank transfers are one of the most popular ways to send money to Nigeria, especially if your recipient has a bank account. So, how does it all work? Here’s a simple breakdown:
1. Choose a service: First, pick a remittance service in Australia or New Zealand.
2. Enter details: Next, you’ll need to provide your recipient’s Nigerian bank information.
3. Make the payment: Pay the amount you want to send, along with any associated fees.
4.Funds transfer: The money is typically deposited into their Nigerian bank account within 1 to 3 business days.
You can certainly go through your local bank, but there’s a more efficient option available.
Many people are now turning to money transfer companies like Worldremit, Remitly or Rocket Remit, which offer direct bank deposit services. These platforms allow you to send money online or via an app, and they deposit the funds straight into your recipient’s bank account in Nigeria.
Mobile & Digital Wallet in Nigeria
Looking to send money to Nigeria quickly without hefty fees? Mobile and digital wallets might just be the perfect solution for you.
These services allow you to transfer money directly to someone’s phone. Your recipient doesn’t even need a bank account—just a mobile phone and a digital wallet app. Once they receive the funds, they can use the money right away, transfer it to someone else, or cash it out at a nearby agent.
Companies like Rocket Remit make this process incredibly simple. You can send money from your phone in Australia or New Zealand straight to SmartCash mobile wallets in Nigeria—anytime, anywhere.
Here’s how it works:
1. Create an Account: Sign up with a mobile money service like Rocket Remit.
2. Choose Nigeria: Select Nigeria as your destination.
3. Enter Details: Input your recipient’s mobile wallet number.
4. Make the Payment: Pay online using your debit card or bank account.
5. Instant Transfer: The money arrives in just minutes.
Mobile money is truly transforming the landscape for remittances in Africa. It’s fast, flexible, and accessible for everyone, whether they have a bank account or not.
Send Money to Nigeria
Cash Pick-Up services: Flexible but often costly
Need to send money to Nigeria quickly, but your recipient doesn’t have a bank account or mobile wallet? Cash pick-up services might be the perfect solution.
This method allows your recipient to collect cash from a local payout location, such as a money transfer office or retail store. It’s flexible because they don’t need a phone, a bank account, or even internet access—just a valid ID.
Here’s how it works:
1. Visit a service: Go to a money transfer service online or in person.
2. Enter details: Provide your recipient’s name and location in Nigeria.
3. Make the payment: Pay the amount you want to send, plus any applicable fees.
4. Collect the Cash: Your recipient can then go to a nearby pick-up point to collect the cash.
Popular international services like Western Union and MoneyGram offer this option. Cash pick-up services can be a lifesaver in emergencies, but for regular transfers, they’re often not the most cost-effective choice.
What’s the best for you?
Trying to figure out the smartest way to send money to Nigeria?
The best method really depends on your needs and your recipient’s situation. Let’s break it down:
🏦 Bank Transfers: Choose this option if your recipient has a bank account. It’s secure, but keep in mind that it’s usually slower, as it depends on the Nigerian banks’ processing times for international money transfers.
📱 Mobile & Digital Wallets: Go for these if your recipient doesn’t use a bank. They’re fast, affordable, and there’s no need for a trip to the bank.
💵 Cash Pick-Up: This should be your choice only when digital options aren’t available. It’s flexible, but you’ll often face higher fees and get less value due to poor exchange rates.
Did you know Africa is leading the world in mobile money transfer?
Did you know that mobile money was invented in Africa? Safaricom M-PESA in Kenya was the first successful mobile money service in the world and now processes more transactions than the banking system in Kenya! That’s pretty impressive!! People in Kenya are using M-PESA every day for their everyday payments from taxis to food to bills to the food market.
About Rocket Remit
Rocket Remit is the world’s fastest international money transfer service. Send money instantly to over 60 overseas countries at very competitive rates.
Use the country selector to choose the country and check the rate.
Click here for more information on how to send money using Rocket Remit.
Download the Rocket Remit app from Google Play or the Apple Store