For many Africans in the diaspora, sending money back home to loved ones in Nigeria is a vital lifeline. Whether it’s helping family members pay bills, sending funds for school fees, or just supporting day-to-day living expenses, remittances play a huge role in the economy. According to the World Bank, Nigerians in the diaspora sent home about $23 billion in 2021. That’s a substantial amount, but it’s also a testament to how important money transfers are for millions of people.
However, the process of sending money internationally isn’t always as straightforward as it seems. Hidden fees, long processing times, and poor exchange rates often leave you feeling frustrated. The goal of this article is to walk you through the top 10 fastest and cheapest ways to send money to Nigeria from abroad.
We’re going to explore the most reliable and cost-effective options, helping you save time, money, and avoid the typical headaches. But first, let’s look at the current state of international money transfers.
The cost of sending money
The cost of sending money to Nigeria can vary significantly depending on the service you choose. The average cost of sending remittances globally is around 6-7%, but this is not the reality for everyone. For example, sending money through traditional banks or money transfer agents can see fees climbing as high as 10% or more. That’s hard-earned money that could be put to better use. For Nigerians in the diaspora, this is an unnecessary burden, especially when there are better options out there.
Why speed & cost matter
As an African living abroad, the pressure to ensure that your money reaches its destination as quickly and affordably as possible is real. You don’t just want your money to get there; you want it to be efficient. Your family members may be waiting to pay important bills, buy groceries, or address other urgent needs, so delays in transfer can be incredibly stressful.
At the same time, you want your money to go as far as possible. High transfer fees mean that less of your money actually reaches the recipient. This is especially problematic for Nigerians who are already dealing with inflation and an unstable economy. Lowering those fees, while maintaining speed, should be a top priority. Now let’s explore the 10 best ways to send money to Nigeria without breaking the bank or losing valuable time.
1. Bloome: Fast, Transparent, and Affordable Transfers
As a new leader in the cross-border payments space, Bloome is redefining how Nigerians in the diaspora send money back home. Bloome focuses on addressing the two biggest pain points of money transfers – speed and affordability – making the process seamless, transparent, and fee-free, while ensuring that you’re not only sending money fast but also retaining more of it. Bloome offers instant transfers, guaranteed transparency, and zero hidden fees. This makes it a standout choice for anyone looking to send money to Nigeria without worrying about inflated exchange rates or excessive fees.
Example: When Funmi, a healthcare worker in Canada, needed to send money to her mother in Nigeria urgently for medical expenses, Bloome delivered the funds instantly. With its transparent process and no hidden costs, Funmi was relieved knowing her mother got exactly what she sent, on time.
Why It Works: With Bloome, you get one of the fastest services on the market, with transfers completed in minutes. Bloome is able to cut costs and pass those savings onto users, offering transfers that are significantly cheaper than traditional banks or other money transfer services.
2. Digital Wallets (e.g., PayPal, WorldRemit)
Digital wallets have revolutionized the way people transfer money globally. PayPal, WorldRemit, and others provide seamless and instant transfers that can be completed in minutes. Many people in the diaspora already have PayPal accounts, which makes these platforms convenient for international transfers.
Example: Mariam, a nurse working in the UK, uses PayPal to send money to her parents in Lagos. Her transfer is completed within minutes, and the funds are available instantly to her family without any hidden fees. It’s an affordable and speedy option.
Why It Works: With digital wallets like WorldRemit, transfers can often be completed in less than an hour, and fees are significantly lower compared to traditional bank transfers. PayPal charges a standard 3-4% international fee depending on the amount and destination.
3. Wise (Formerly TransferWise)
Wise is one of the most popular and trusted money transfer services for sending funds to Nigeria. It’s known for its transparent fees and great exchange rates. The platform charges a flat fee, meaning no hidden costs or surprise charges.
Example: Oluwaseun, based in the US, regularly sends money home to his grandmother in Nigeria through Wise. He knows exactly how much he’s paying for the transfer upfront, and his grandmother gets the funds within hours.
Why It Works: Wise uses the real exchange rate (the one you see on Google) instead of inflated rates used by other services. This makes it one of the cheapest ways to send money to Nigeria. Transfers are also quick—usually within 1-2 days.
4. Remitly
Remitly is a fast and affordable option for Nigerians. This service has earned a great reputation for low fees and fast transfers. Depending on whether you select the standard or express option, your transfer could arrive within minutes or a few business days.
Example: Chuka, who lives in New York, uses Remitly to send money to his younger brother, who is studying in Nigeria. Chuka loves the express transfer option because it allows his brother to receive money instantly for any emergencies.
Why It Works: Remitly’s express service gets your money to Nigeria almost instantly, and fees are generally lower than traditional banks or money agents. It’s especially useful for those who need to send money urgently.
5. Revolut
Revolut is another great way to send money to Nigeria. While it started as a UK-based financial app, it now offers cross-border payments in over 30 countries. Revolut offers some of the best exchange rates and low fees for international money transfers.
Example: Nneka, who lives in Canada, uses Revolut to transfer money to her relatives in Nigeria. The transfer is fast and the fees are far more reasonable compared to her previous bank transfers.
Why It Works: Revolut’s mobile-first experience and low exchange rates make it an ideal platform for sending money to Nigeria quickly and cheaply. It also offers great features like global spending and budgeting.
6. Western Union
Western Union has been around for decades, and it’s one of the most widely used money transfer services. While it’s known for being expensive compared to newer fintech solutions, it does offer convenience and reliability. With locations across Nigeria, your recipient can easily collect cash.
Example: If Olamide is sending money to her mother in rural Nigeria, where there may not be bank account access, Western Union gives her the peace of mind that her mother can pick up cash in her nearest location.
Why It Works: While Western Union charges higher fees, it offers a reliable, global network and the ability to send cash, which can be convenient for those in rural or remote areas. Transfers can be completed within a few minutes.
7. Bank Transfers (via Online Banking)
For those who are looking for a more traditional approach, bank transfers through online banking services can be a great option. Major banks such as Bank of America, Citi, and Standard Chartered offer international transfers to Nigeria.
Example: Grace, who works in South Africa, uses her local bank’s online service to send money to Nigeria. Though not as fast as digital wallets, it’s simple, and she has access to her full bank account through the app.
Why It Works: Bank transfers are straightforward, but you’ll typically pay higher fees compared to digital platforms like Wise or Remitly. Still, this is a safe, reliable option for larger sums of money.
8. Xoom (A PayPal Service)
Xoom is a PayPal service that makes sending money to Nigeria simple, fast, and affordable. It’s available in over 130 countries and offers both bank deposits and cash pickups.
Example: Segun, who is based in the US, uses Xoom to send money to his sister in Nigeria. The transfer is completed in minutes, and his sister picks up the cash from a local agent.
Why It Works: Xoom offers fast transfers with low fees, especially when you use their bank deposit option. It also benefits from PayPal’s reliability and security.
9. Cash Pickup Services
If you need to send money to Nigeria but the recipient doesn’t have access to a bank account, cash pickup services can be a lifesaver. Companies like MoneyGram and Western Union provide cash pickup locations throughout Nigeria.
Example: Tunde sends money to his uncle who lives in a rural village. With cash pickup, his uncle can access the funds directly without any need for a bank account.
Why It Works: Cash pickup services are a great option for recipients who do not have easy access to banks. While not always the cheapest, they are highly convenient for cash-based communities.
10. Paysend
Paysend is an innovative app that offers low-cost money transfers to Nigeria, and it is available in over 80 countries. Paysend stands out for its competitive exchange rates and its use of a unique “global account” to send money instantly.
Example: Akin, who lives in Dubai, uses Paysend to send money to his family in Lagos. He enjoys the fast transfer speeds and affordable rates, making it his go-to service for regular payments.
Why It Works: Paysend’s low fees and real-time transfers make it one of the most competitive services on the market. The app is user-friendly, and you can send money straight to your recipient’s bank account.
11. Cryptocurrency Transfers
Though still a developing method, cryptocurrency offers a fast, secure, and cheap way to send money to Nigeria. Bitcoin and stablecoins like USDT (Tether) have seen increasing adoption for international transfers, and they avoid high fees and currency conversion costs.
Example: If Adebayo needs to send money to his cousin, he can send stablecoins like USDT, which his cousin can convert easily into Nigerian Naira through local exchanges.
Why It Works: Cryptocurrencies, especially stablecoins, offer almost instant transfer speeds, lower fees than most traditional services, and full control over your transactions. While it requires some technical know-how, it’s a revolutionary way to send money without the traditional banking system.
Sending money to Nigeria from abroad doesn’t have to be a frustrating experience. From Bloome’s instant transfers to cryptocurrency’s decentralized solutions, the options today are better than ever.
Each platform has its strengths, but if you’re looking for a solution that truly understands the unique challenges faced by the African diaspora, Bloome stands out as a clear winner. With its seamless, transparent, and user-focused approach, Bloome redefines what cross-border payments should feel like: simple, fast, and empowering.
So, whether you’re sending money home for a wedding, emergencies, education, or just a gift to your loved ones, Bloome ensures your money gets where it needs to go, when it needs to be there. It’s not just about transferring funds, it’s about connecting lives, supporting dreams, and fostering financial freedom.
