3 Cheaper Ways to Send Money to Nigeria from Australia
Are you sending money to Nigeria?
Here is some helpful information you might need to know.
When sending money overseas, there are lots of options. Which option is right for you will depend on a few factors including whether the recipient has a bank account or whether they live in a city or in a rural area.
When sending money to Nigeria or somewhere else in Africa, there are many options. This is because in many parts of Africa in particular rural areas, there are very fewer bank branches or ATMs. Because a high number of people in Africa live in rural and remote areas, and because of a lack of banks and bank branches in these rural areas, many people in Africa do not have a bank account. Infact the World Bank estimates that globally 1.7 billion adults still do not have a bank account.
What are my sending options?
If the recipient has a bank account you may be able to use your existing bank to send the money.
However, depending on the country to which your are sending, the available options may be limited. This is because in some countries, the beneficiary or person receiving the money from you, may not have a bank account or it may be difficult for them to visit a bank branch to withdraw money.
In many countries throughout Africa including Nigeria, many everyday payments are made in cash. Cash is still more trusted that electronic money but also because many people do not have a bank account. Cash is king as they say!
Sending using your bank is definitely the most expensive option
Sending using your bank will definitely be the most expensive way to send money to Nigeria. It is also likely to be the slowest. I recommend searching for lower cost, faster alternative methods which also offer a better exchange rate.
What do you do then?
The solution is to use a Money Transfer Service to send money. These are not banks but independent and regulated services that specialise in sending money to people overseas. Some of the popular international services are Western Union Nigeria and Ria Money Transfer in Nigeria. These services allow the beneficiary to collect the funds in cash at an authorised cash-out agent. There are many thousands of agent locations in Nigeria. Just visit the above service websites for more details. I also recommend you check the the Ria money transfer rate to Nigeria.
Some of these services also allow you to send money to Nigeria to a bank account and they usually offer a better exchange rate than a bank. This means they are usually cheaper than sending using your bank. They can do this be because they specialise in efficient international transfers – somethings thank banks are not usually good at. Your money is still safe with these services – infact they are usually safer because they tell you exactly where your money is at in the sending process.
How to send money to Nigeria?
So you need to send money to Nigeria? Like I said, you have some options. If you are sending to a bank account in Nigeria then you can use your bank or you can also use a money transfer service like Western Union, Moneygram or Ria Money Transfer in Nigeria. These services provide reliable money transfer and can often also send to a bank account.
If you cannot send to a bank account in Nigeria then you can still use one of the above providers but you will need to select a cash-out or agent pickup option. Just visit the above service websites for more details.
If you are travelling to Nigeria, using a Money Exchange in Nigeria is one way of changing your money. Visit a local Money Exchange provider in Nigeria and exchange your currency for local Nigerian naira (NGN). I suggest doing this method rather than exchanging money in your home country as you will probably receive a much better exchange rate.
Send sending very large amounts? Then use a bank 🙁
If you are needing to send a large amount of money – say more than $10,000, then you may have no option but to send using a bank. This is because most money transfer services place limits on the amount that you can send at any one time. Most money transfer services are focused on sending smaller amounts for personal remittance say around $250 to $1000. They are not focused on sending large amounts of money – like paying for a house or other property. Even though they are more expensive, these transactions are best done using the banking system.
But there’s a new kid on the block…
If you need fast money transfer then you might want to consider one of the newer digital money transfer options like mobile money transfer. These work just like a bank account but are much simpler, cheaper and faster! In most cases money can be transferred instantly!
Instead of sending to a bank account number with lots of long codes and complex addresses, mobile money requires only the mobile number of the beneficiary to send the money. They usually do also require you include the name and address of the beneficiary for cross checking purposes.
Sound too good to be true?
It’s for real! Mobile money transfer is the new way people can send money to Nigeria. These services are still pretty new so not many people know about them yet. Just like people are moving away from cash to using cards, using only your mobile phone to make payments is the way of the future.
I know what you’re thinking…
I get it. Nigeria…sending money has to be a scam right? There is no denying that there are plenty of scams out there wanting to steal your money.
Most people regularly send money to friends and family they know personally. If you are new to sending money or sending money for the first time, there are some simple tips you can follow to stay safe online. Don’t ever send money to someone you don’t know personally. Don’t ever send money for someone else. Be careful sending money to someone you met online no matter how desperate or friendly they may appear! Never share your bank details, credit card details or any login details with anyone. You might be surprised to know that if you do this, you usually breaking the terms and conditions of your bank and they may block your account.
For tips on how to stay safe online please visit Online Safety.
Having said that….
Nigeria IS Africa’s largest economy and has over 190 million people! That’s BIG! It is a thriving and diverse country with a lot going on. That means there are a lot of people sending money to Nigeria for all sorts of good and important reasons. So just because you hear about sending money to Nigeria, don’t be alarmed! It quite normal for people to send money to Nigeria. Nigeria is one of the worlds biggest recipients of money transfer or remittance. Many people send money home to friends and family to help with everyday expenses such as medical bills, food, rent and school fees.
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.
Need instant money transfer to Nigeria?
Mobile money or digital remittance is the fastest way to send money to Nigeria. They also offer the cheapest rate to Nigeria to transfer money. If you are sending money from Australia to Nigeria, some popular mobile money transfer services to Nigeria are Rocket Remit and World Remit. Visit their website for more details.
Send money online to Nigeria
Most money transfer services to Nigeria now offer online sending. This includes sending online to a bank account, sending for cash pickup and sending to mobile money. Some services also have a mobile app that you can download to make it easier.
So to wrap up…
There are many ways you can send money to Nigeria online. You can use a bank or a non-bank Money Transfer Service like Western Union, Moneygram, Ria Money Transfer, World Remit or Rocket Remit. Each of these services have good points and bad points. Which one to use will depend on your circumstances including which sending method you prefer. Banks will always be the slowest and most expensive method. Look around and do some research.
Rocket Remit – the fastest money transfer to Nigeria
The Rocket Remit money transfer service is the fastest way to send money from Australia to Nigeria. The service uses mobile money and so money is available instantly to the beneficiary in Nigeria. Rocket Remit has among the best FX rates to Nigeria and very low fees. Only the mobile number of the beneficiary is needed to send the transfer.
Join the many people using the multi-award winning Rocket Remit service who are already sending money to their friends and relatives in Nigeria.
Click here for more information on instant money transfer to Nigeria using Rocket Remit.