With the value of the naira reaching an all-time low on the African currency rankings, and inflation heralding a dark horizon, the earning capacity of Nigerians has hit rock bottom. When it comes to receiving money from overseas, more individuals than ever before are anxious to do so, and this article focuses on how to do this.
Although reputable commercial banks and domiciliary accounts have been the most popular options for a considerable amount of time, technological advancements have brought about a revolution in the banking industry.
More than ever before, it is now possible to transfer money to Nigeria by using a specialised application.
It's important to keep in mind that, compared to a domiciliary account, third-party platforms don't offer an exchange rate that is particularly advantageous.
Additionally, in accordance with the most recent directives issued by the Central Bank of Nigeria (CBN), international transfers processed by international money transfer operators (IMTOs) must be paid in naira
Cash payments in naira can only be made for foreign transfers that are less than $200, with a bank account needed for any amount exceeding this threshold.
Clacified's financial specialists have combed the internet in search of the most effective option, and based on their experience with customers, have determined that the following applications are the most effective alternatives for sending money to bank accounts in Nigeria:
Note: Although Western Union and MoneyGram do have mobile applications (which are not accessible in Nigeria) for the purpose of managing transactions and identifying agent locations, this article does not cover these mediums since the main means of using their services is normally via their websites or physical locations.
The process of transferring money to Nigeria has never been simpler or more convenient than it is with Instarem. They simplify the process by allowing users to transfer money to Nigeria and more than 60 other countries from one location.
Since 2014, more than one million people have placed their faith in Instarem, which is a subsidiary of the financial technology unicorn Nium.
With the firm offering affordable pricing and favourable exchange rates, transferring money to Nigeria using Instarem offers great value for money.
Among the many benefits offered by the platform are, for instance, favourable conversion rates for foreign currencies, instant transfers, and secured activities monitored and approved in 11 different countries.
Instarem provides their clients with free rate updates as well as a currency calculator to assist them in making informed decisions. Those who use Instarem have the opportunity to accumulate loyalty points, also known as InstaPoints. These points can be obtained by opening an account, transferring money, and recommending friends to the platform.
Instarem has been recognised with a number of honours, including the Blockchain Innovator Award and the Best Value International Money Transfer Provider Award, in recognition of the outstanding job done in the industry.
Creating an account and validating data with Instarem is a straightforward procedure that only requires three steps and is accessible to everybody.
Due to Instarem's user-friendly design and round-the-clock customer care, money transfers to Nigeria and other countries are guaranteed to be simple and stress-free.
Despite the market for money transfers to Nigeria being quite competitive, Xe emerges as a tool that is both effective and simple to use. The platform collaborates with over 200 nations, including Nigeria, to simplify the process of international transfers.
Since the costs it offers are typically lower than those of traditional banks and other transfer service providers, users can save money. The transfer is quick, taking no more than a few minutes in most cases.
Xe is a more expedient alternative to more conventional bank payments, which take longer to complete, and its user interface is straightforward, which simplifies the process for its users, who appreciate the ease of account opening, instant quotes, and anytime check on the status of their payments, all of which are important with regards to transferring money to Nigeria.
Beneficiaries in Nigeria have access to a wide range of convenient and open methods of payment, including cash collection, bank transfers, and mobile applications, among others.
When it comes to international financial transactions, Xe prioritises security by ensuring risk-free transactions and establishing confidence with its consumers.
Despite Xe offering a great deal of features, there remains a few cautions. Before transferring money, users are strongly encouraged to check that the payment methods they have selected are eligible for acceptance. This is due to the fact that the number of return possibilities may be restricted in Nigeria.
On top of that, users have to be aware that some bargains can come with additional expenses, such as fees for converting currencies or transaction prices.
To prevent unexpected charges, it is essential to examine the price structure with great care and ensure that everything is understandable.
Since 2011, millions of individuals all around the globe have used Remitly to fulfil all of their requirements for money transfers, including transferring money to Nigeria. Offering competitive rates, innovative offerings, and straightforward pricing structures, this service is an excellent choice for anybody who wishes to transfer money to relatives or friends who live in Nigeria.
Customers are able to initiate payments using their bank accounts, credit cards, or debit cards in a fast, simple manner with the assistance of the user-friendly mobile application that Remitly provides.
When it comes to the ease and convenience of using Remitly, many customers have expressed satisfaction with its safety and security, as they protect the personal information and financial transactions of users in a variety of different ways. Additionally, to offer comprehensive customer care, the Help Centre at Remitly is available around the clock, seven days a week, guaranteeing users will be able to get assistance anytime they want it.
Remitly clients can see detailed information on the timing and destination of their money transfers, providing them with a sense of clarity throughout the procedure.
One of the finest features of Remitly is that, aside from Nigeria, it allows money transfers to more than 170 different countries. Customers can send money to mobile money firms or reputable banking networks, such as GT Bank and Polaris Bank in Nigeria, via the very secure wire transfer medium.
Additionally, Remitly makes it simple for receivers to get their money by linking them to a network of around 460,000 cash collection stations located all over the globe, including Nigeria.
It is important for users to note that while Remitly provides cheap rates and straightforward transfer alternatives, there is a possibility that their payments may be subject to limits or taXes.
Another recommendable method for sending money to Nigeria is via Wise, previously known as TransferWise, which grants customers access to a wide variety of tools designed to save them both time and money.
The company, which has operations in 170 countries around the world, supports a total of more than 50 different currencies. One distinguishing factor setting Wise apart from its competitors is its straightforward and easy to comprehend pricing strategy.
Before transaction completion, consumers are always informed of costs associated with their transfers. Through this transparency, trust is established, which in turn enables consumers to make informed decisions without being subjected to any surprises or hidden charges.
Users can be assured of a competitive and fair exchange rate when converting currencies since Wise is based on the current middle market rate.
Businesses that are interested in simplifying the process of doing business in other countries may find Wise's business account, which is tailored to match their particular requirements, very beneficial. These businesses can make payments quicker, get better currency rates, and simply connect to well-known platforms such as Amazon, Stripe, and Xero with the assistance of Wise, which enables businesses to operate efficiently on a worldwide scale.
When it comes to security and reliability, users have faith in Wise since the platform adheres to regulatory standards with organisations like Financial Conduct Authority (FCA) in the United Kingdom scrutinising their operations.
Sending money to Nigeria has never been easier than with TransferGo, whose fast and cheap payment methods, great exchange rates, and other services help millions of people all over the world.
The app provides comprehensive coverage of 164 countries and supports a broad number of currencies, including the Nigerian naira.
Quick and easy money transfers are one of the best things about TransferGo. You can send money quickly with this service, which the recipient should receive in a matter of minutes. Transparency is very essential to TransferGo when it comes to its pricing system, as despite providing one of the best exchange rates, the company charges no extra fees.
Safety of customers' funds is another top concern for TransferGo, with several prominent financial regulators, including the UK's Financial Conduct Authority (FCA) and HM Revenue and Customs (HMRC), overseeing it in its role as a registered and approved payment provider.
The platform's high Trustpilot ratings attest to its reliability and client satisfaction, thus enhancing its credibility as a reliable money transfer provider.
Chipper Cash is a multi-functional app that provides assistance with international financial transactions including quick transfers to Nigeria and other African nations.
Chipper Cash facilitates simple and transparent transactions for businesses and individuals all over the world, including the United States of America, the United Kingdom, Ghana, South Africa, Uganda, and Rwanda, helping to improve relationships between Africa and the Diaspora.
Chipper Cash has over four million users globally, and while it is dedicated to providing the most competitive rates for international transfers, free local transfers make it an excellent choice for customers who want to send and receive money without having to pay expensive fees while doing so. This stands out among all of the advantages that Chipper Cash has to offer.
Users are able to send and receive payments instantaneously, without the trouble of dealing with a bank or any other middleman, and without having to pay any fees. By using Chipper Cash's "free transfers between accounts," customers are able to send and receive funds from any participating bank or mobile money provider without incurring any fees.
In addition, by simply encouraging their friends and coworkers to join the network, users have the opportunity to become eligible for cash prizes.
Chipper Cash provides a method that is both efficient and cost-effective for managing payments and other financial activities. It is committed to continuous growth and improvement, and as part of that commitment, the platform is routinely updated and new features are introduced.
Ace Money Transfer is one of the best options for transferring money to Nigeria or any other place on the globe since it is not only quick and safe but also user-friendly.
Since the majority of transactions are completed in less than a second, customers get swift access to their money. The commendable exchange rates that Ace Money Transfer provides are just one of the many enticing qualities of this international money transfer service.
Because of these rates, purchasers can be guaranteed that their money will safely travel the great distance over international borders.
In addition, the daily exchange rates on the platform allow customers to make the most of their transfers while paying the least amount possible.
Ace Money Transfer's primary priority is ensuring the safety of all of the financial transactions conducted on behalf of its customers. For the purpose of protecting sensitive data and ensuring that customers are able to send and receive money without any worries, the company employs
Customers of Ace Money Transfer have access to a variety of deposit and withdrawal methods, such as bank transfers, cash collection, deposits into their mobile accounts, airtime top-ups, and bill payments.
Not only does the platform provide reliable money transfers without hidden costs, but it also offers transparency and an easy-to-use interface throughout the entire transaction process.
Additionally, users of Ace Money Transfer have the option to sign up for exchange rate notifications, which provide them with information about the daily, weekly, and monthly variations of the very volatile Nigerian naira.
In addition to that, Ace Money Transfer provides users with the ability to create their own distinctive image by providing individualised dashboards, skins, and app themes. As a consequence, users are granted more control and usability with an enhanced system.
Ace Money Transfer accepts currency from a broad range of nations, including the British Pound, Euro, Canadian Dollar, Indian Rupee, Nigerian Naira, and a great number of other currencies.