Best ways to send money to Nigeria from the US (2025): fees, speed, and exchange rates compared
If you send money home, you’re not just moving dollars—you’re keeping someone’s life running. Let’s make sure more of your money arrives, faster, with fewer surprises.
In this post, I will explain in details all categories for “Best ways to send money to Nigeria from the US, UK and Canada in this (2025) — fees, speed & exchange-rate comparison (long-form, step-by-step + calculator” which includes:
1. Best for most people: Wise — clear pricing, mid-market rate, very fast for many transfers
2. Best for very fast cash pickup or coverage: Remitly (Express), Western Union, MoneyGram
3. Best for lowest FX markup (if you’re OK with complexity & risk):
4. Best for large, infrequent transfers: bank wire (or specialist FX brokers)
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At-a-glance comparison: top US→Nigeria providers in 2025
– Wise – Low, transparent percentage fee; uses the mid‑market rate with no markup; delivers in minutes to 1 day; best for lowest total cost and full transparency.
– Remitly – Tiered pricing (Express is faster, Economy is cheaper); markup often 0.5%–3%; Express delivers in minutes, Economy in 3–5 days; best for fast delivery and promotional offers.
– WorldRemit – Low fixed fees on many routes; small markup; delivers in minutes to 2 days; best for flexible payout options like bank deposit or cash pickup.
– Sendwave – Often zero fees; competitive rates with variable markup; delivers in minutes to 1 day; best for cheap, mobile‑first transfers.
– MoneyGram – Fees from $0 depending on method; applies markup; delivers in minutes to 2 days; best for those needing a large cash pickup network.
– Western Union – Fees vary (higher for card payments); higher markup than fintechs; delivers in minutes to days; best for widest global cash pickup network.
– Instarem – Fees from 0% during promos; low markup; delivers in hours to 24 hours; best for low fees with rewards.
– TransferGo – Low fees and low markup; delivers same day to 3 days; best for senders in Europe.
– LemFi / Taptap / NALA – App‑first with low or no fees; competitive rates; often instant delivery; best for diaspora‑focused transfers and frequent promos.
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What really determines your “true” cost
– Fees vs. exchange rate markup: A “$0 fee” can still cost more if the provider’s USD→NGN rate is worse.
Wise uses the mid‑market rate with an upfront fee; many others add a hidden margin to the rate you see. Always compare the final NGN your recipient gets.
– Speed trade-offs: Many providers deliver within minutes (card-funded, cash pickup), while bank-funded transfers can be cheaper but slower (hours–1 day).
Remitly’s Express vs. Economy tiers are a good example of this speed/cost trade‑off.
– Funding and payout methods: Card payments are faster but can cost more; bank transfers are cheaper but slower. Cash pickup is instant and convenient, especially with MoneyGram/Western Union’s agent networks.
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2025 Winners by Use Case
Cheapest overall (most corridors)
– Wise: Uses the mid‑market rate with a transparent fee; consistently strong overall value across routes. Especially good for bank-to-bank transfers when you care about net NGN received.
– Remitly (Economy) and Instarem: Competitive when you’re willing to wait a bit longer, with frequent promos for first-time users.
Fastest delivery
– Remitly (Express), MoneyGram, WorldRemit: Minutes to delivery in many cases, especially for card-funded or cash pickup options. Speed can cost more but is reliable for emergencies.
Best for cash pickup
– MoneyGram, Western Union, WorldRemit: Extensive partner/agent networks and multiple payout options. Western Union’s physical reach is still unmatched for in-person withdrawals.
Most transparent pricing
– Wise: No rate markup, shows fees upfront—easy to verify the final amount. This is the “gold standard” for transparency.
Mobile-first and fee-light options
– Sendwave, LemFi, Taptap, NALA: Often zero-fee promos and instant delivery to Nigerian bank accounts; useful for frequent small transfers. Always compare the rate to ensure net NGN is competitive.
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Live-Rate Reality Check (what to look for)
Independent comparison engines regularly show who’s cheapest and fastest (and it changes).
For example, recent snapshots for USD→NGN show mid‑market rates around the 1,500 NGN per USD range, with providers publishing total NGN received, fees, and estimated speed for common amounts. Use these live tables before you send.
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Mini calculator: know your net NGN before you pay
– Step 1 — Get the real (mid-market) rate: Check a neutral source, then check the provider’s offered rate.
– Step 2 — Add fees: Include both fixed and percentage fees, plus any card funding costs.
– Step 3 — Compute the net:
– Send amount: \(S\) USD
– Fixed fee: \(f\) USD
– Percentage fee: \(p\)
– Provider’s rate: \(R\) NGN/USD
– Net NGN received:
– Tip: Many providers show “Recipient gets” upfront. Trust that number more than slogans like “$0 fee.” Wise shows the mid‑market rate and fees transparently; others may use a lower rate but advertise low/no fees.
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Provider deep dive (US→Nigeria)
Wise
– Why it’s great: Mid‑market rates, transparent fees, strong app experience, and quick delivery for many USD→NGN transfers. Often the best net NGN received for bank-to-bank.
– Watch-outs: Card funding can cost more than bank ACH; no cash pickup.
Remitly
– Why it’s great: Express transfers in minutes; Economy for lower fees; frequent first-transfer promos; wide payout options.
– Watch-outs: Long-term, total costs can be higher than mid-market providers due to exchange rate markup; compare “Recipient gets.”
WorldRemit
– Why it’s great: Flexible payout (bank, cash, mobile), fast delivery in many cases, competitive fees.
– Watch-outs: Not always the absolute cheapest; rate markup varies by corridor.
MoneyGram
– Why it’s great: From $0 fees in some cases, huge cash pickup footprint, near-instant cash availability.
– Watch-outs: Exchange rate markup can add up vs. fintechs; card funding can cost more.
Western Union
– Why it’s great: Unmatched global agent network for cash pickup; reliable when recipients prefer cash.
– Watch-outs: Typically higher exchange rate markups and variable fees; online vs. agent pricing can differ.
Sendwave
– Why it’s great: Often zero fees, mobile-first, quick to Nigerian bank accounts and cash pickup partners; strong for small, frequent transfers.
– Watch-outs: Rate markup can vary; always compare final NGN received.
Instarem
– Why it’s great: Low fees (sometimes 0% promos) and rewards; solid speed (hours to 24h).
– Watch-outs: Rates and promos are corridor-dependent—compare before sending.
TransferGo (if sending from UK/EU)
– Why it’s great: Low fees and markups, fast delivery from Europe; a frequent low-cost pick in EU corridors.
– Watch-outs: Not the primary US sender option; best for UK/EU origins.
LemFi, Taptap Send, NALA
– Why they’re great: Diaspora-focused, instant or near-instant transfers, frequent fee-free offers, solid USD→NGN experiences for app-native senders.
– Watch-outs: Rate markups vary; promos change—verify “Recipient gets” each time.
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Step-By-Step: How to Send at the Best Total Cost
1. Define what matters most.
– Speed (minutes vs. 1–2 days), payout (bank vs. cash), or lowest total cost. Comparison tables help you choose per transfer.
2. Compare total “Recipient gets” for your exact amount.
– Use a live comparison table, then tap through to the provider for the final quote. Re-check right before you pay—rates move.
3. Pick funding and payout to match your priority.
– Card-funded for speed; bank ACH for cost. Bank deposit for simplicity; cash pickup for instant access without an account.
4. Watch first-transfer promos—but plan your second transfer too.
– Remitly, Instarem, and others run promos. After the promo, total cost can shift—keep comparing.
5. Confirm recipient details and delivery method.
– For bank deposits: correct BVN/name/account to avoid delays. For cash pickup: choose a convenient, reputable location and ensure valid ID is available.
6. Track the transfer and save the receipt.
– Most apps provide real-time updates and notifications to you and your recipient.
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Nigeria payout realities and regulations to know
– Currency and payout options have evolved. Nigeria’s rules on USD versus NGN payouts for diaspora remittances have shifted in recent years.
Banks resumed allowing USD cash payouts in late 2020, with IMTOs required to work directly with licensed Nigerian financial institutions—improving transparency and compliance.
Always check the current payout options shown in your provider flow.
– 2024–2025 policy direction emphasizes formal channels. Revised IMTO guidelines and FX circulars sought more transparent, onshore NGN settlement and better liquidity management.
In practice, providers will show you available currencies and payout options per transfer—follow what’s shown at checkout.
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Real-life examples: when to choose which
– Emergency hospital bill today: Use Remitly Express, MoneyGram, or WorldRemit with card funding for minutes-level speed; choose cash pickup if the recipient needs cash on hand.
Then, for future support, set up Wise or Instarem for better long-term costs.
– Monthly family support: Use Wise or Instarem bank-funded transfers for predictable, low total cost.
Set calendar reminders to compare before each send in case rates/promos shift.
– Recipient prefers cash pickup: Western Union or MoneyGram for coverage; compare with WorldRemit for fees/speed and pick the best “Recipient gets.”
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Frequently asked questions
– Is my US bank the best way to send?
Usually not. US banks often add 3%–6%+ to the exchange rate and charge transfer fees on top. Specialist providers almost always beat banks on total cost.
– How fast can money arrive in Nigeria?
Minutes with card-funded transfers and cash pickup; hours to 1–2 days for bank ACH-funded transfers. Actual times depend on amount, method, and compliance checks.
– Which is “safest”?
Use providers regulated in the US (e.g., registered with the CFPB) and licensed in Nigeria via bank/IMTO partnerships. Stick to recognized brands listed above.
– Will my recipient get USD or NGN?
It depends on current rules and provider/bank options shown at checkout. Providers clearly display available payout currencies and methods before you confirm.
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Quick Pick Recommendations
– Overall best value (most transfers): Wise
– Fastest in minutes (card-funded): Remitly Express, MoneyGram, WorldRemit
– Best for cash pickup: Western Union, MoneyGram, WorldRemit
– Promo hunters: Remitly, Instarem, Sendwave, LemFi, Taptap
– From UK/EU senders: TransferGo
Sources for the comparison table and sections above:
Wise: send money to nigeria https://wise.com/us/send-money/send-money-to-nigeria#:~:text=a%20bank%20transfer.-,Bank%20Transfer,transfers%20as%20a%20payment%20option.
Nairacompare.ng: money transfer to nigeria the best and cheapest ways https://nairacompare.ng/blogs/money-transfer-to-nigeria-the-best-and-cheapest-ways#:~:text=Discover%20the%20best%20way%20to%20transfer%20money,and%20best%20FX%20rates%20from%20trusted%20providers.
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