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There are several ways to send money from Australia to Nigeria, including cash pickup, bank deposit, and mobile wallet. Popular services include Ria Money Transfer, Remitly, TransferGo, Taptap Send, and Western Union. Each service offers different features and benefits, such as competitive exchange rates, fast transfers, and secure transactions. It's important to consider factors like payment methods, payout options, fees, and customer support when choosing the best option for your needs.
| Characteristics | Values |
|---|---|
| Companies | Ria Money Transfer, Remitly, TransferGo, Taptap Send, Western Union |
| Payment methods | Bank account, debit card, credit card |
| Payout methods | Cash pickup, bank deposit, mobile wallet |
| Fees | Vary by company, payment method, and payout method; some companies offer no fees |
| Exchange rates | Vary by company, payment method, and payout method |
| Transfer speed | Instant to a few days, depending on the company and method |
| Security | Encryption, multi-level security, end-to-end encryption |
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What You'll Learn
Bank transfers
TransferGo
TransferGo offers a free, fast and secure service for sending money to Nigeria. The company is FCA-approved and regulated by EU and UK laws. It offers competitive exchange rates to the Naira and USD, with zero fees on bank transfers. You can use the TransferGo app to initiate the transfer and then use your own banking app to send TransferGo the money. You will need to provide the recipient's full name and bank details.
Remitly
Remitly is another specialist money transfer company that offers a fast and secure service. You can create an account using your email address and select the amount and delivery speed. You will need to provide the recipient's name and bank details. Remitly offers refunds on transfers that are not delivered on time.
Wise
Wise is a popular option for sending money from Australia to Nigeria. It offers a secure service with HTTPS encryption and 2-step verification. You can send money to any bank account in Nigeria by entering the recipient's bank details. Wise also allows you to look up the recipient on its network if they also have a Wise account. You can pay for the transfer by bank transfer, card, PayID, or using money already in your Wise account.
Xe
Xe offers a simple, fast and secure service for sending money to Nigeria, with over 30 years of experience. You can use the Xe Currency app to initiate the transfer and pay by bank transfer, direct debit, or card. You will need to enter the recipient's bank information and provide your payment information. Some transfers come with a small fee, depending on the amount and payment method.
Banks
You can also send money directly from your bank account to a bank account in Nigeria. However, this method can be slower than using a specialist money transfer company, typically taking 3-5 working days. Banks usually process international money transfers through the SWIFT network. Additionally, banks may add a hidden markup to the exchange rate, which can increase the cost of the transfer.
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Cash pickup
There are several options for transferring money from Australia to Nigeria for cash pickup. Here is a step-by-step guide for each of the major providers:
Western Union
Western Union is a popular provider with a large agent location network. You can transfer money to Nigeria from Australia in minutes when sending for cash pickup. Here's how to do it:
- Sign in or create a free profile with Western Union.
- Verify your account using your passport or Australian driver's license.
- Click 'Send Now', select Nigeria as the destination, and enter the amount you want to transfer.
- Choose your preferred payment method: online, via the Western Union app, or in-person at a Western Union agent location.
- Provide your receiver's details, including their full name, destination country (Nigeria), and the amount you want to send.
- Select the receiving method as cash pickup.
- Your recipient can then visit any of the 4,500+ Western Union agent locations in Nigeria to pick up the cash. They will need to provide their full name and show valid government-issued ID.
Ria Money Transfer
Ria Money Transfer offers a convenient way to send money to Nigeria for cash pickup. Here's how to do it:
- Set up a Nigeria money transfer from the Ria app or website.
- Sign in to your existing account or create a new one if you don't have one.
- Verify your phone number and set up your online profile.
- Add the recipient's details, including their name, current location, and phone number.
- Provide the amount you want to send and your payment information.
- Select the cash pickup option for the payout method.
- Your recipient can then visit any of Ria's 4,000+ partner locations across Nigeria to pick up the cash. They will need to show a government-issued photo ID and the transfer PIN.
Remitly
Remitly is another option for sending money to Nigeria for cash pickup. Here are the general steps:
- Create an account using your email address through the Remitly website or mobile app.
- Select Nigeria as the recipient's country and choose the cash pickup delivery option.
- Enter the amount you want to send and select the delivery speed.
- Provide the recipient's information, including their name and any other required details.
- Choose your payment method and confirm the transfer.
- Your recipient can then visit a Remitly partner location in Nigeria to pick up the cash.
TransferGo
TransferGo is another fast and secure option for sending money to Nigeria. Here's a general overview of the process:
- Download the TransferGo app or use their website.
- Set up your transfer by providing your recipient's bank account details or card information.
- Choose the cash pickup option for the payout method.
- Your recipient can then visit a partner outlet in Nigeria to collect the cash.
Please note that specific requirements and processes may vary between providers, and it is recommended to review the most up-to-date information on their official websites before initiating a transfer.
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Mobile wallet
To use a mobile wallet service, you typically need to set up an account with a provider that offers this service. For example, Remitly offers mobile wallet transfers as one of their delivery options. After creating an account, you can select the mobile wallet option and enter the recipient's mobile phone number to initiate the transfer.
It's important to note that not all money transfer services offer mobile wallet transfers to Nigeria. TransferGo, for instance, currently does not support this functionality. However, they do mention that using Google Pay to send money to a mobile wallet in certain countries is possible if the recipient has set up mobile wallet on their Android device.
When using a mobile wallet service, always ensure that you have the correct and up-to-date information for the recipient to avoid any delays or issues with the transfer. Additionally, be mindful of exchange rates and any associated fees that may be incurred with the transfer, as these can vary between providers.
By utilising a mobile wallet service, you can conveniently and securely send money from Australia to Nigeria, providing a fast and efficient way to transfer funds to your loved ones.
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Exchange rates
Remitly, another money transfer service, emphasizes the importance of being aware of exchange rates, as they can affect the amount received by the recipient. They allow you to select the currency and the amount you wish to send, with the option to choose from various delivery methods, including cash pickup, bank deposit, and mobile wallet.
MoneyGram, a similar service, offers zero fees and superior foreign exchange rates on your first transfer when sending money from Australia to over 200 countries and territories. They also have a rewards program that allows you to earn discounts with every money transfer.
When choosing a money transfer service, it is important to carefully compare both the transfer fees and the exchange rates offered by different providers. These rates can vary based on brands, channels, and locations, and they may be subject to change without notice. Additionally, certain transaction conditions, such as the amount sent, the destination country, and currency availability, can also impact the exchange rates and fees.
It is always advisable to check for updated information on exchange rates and any associated fees to ensure you are getting the best value for your transfer from Australia to Nigeria.
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Transfer fees
The cost of transferring money from Australia to Nigeria depends on the amount being sent, the payment method, and the transfer service.
Some services, such as Wise, claim to offer transfers with no fees, but it is important to check the exchange rate they offer, as this may be less favourable, resulting in a higher overall cost. According to Monito, a website that compares international money transfer services, the average user pays a total of 0.59% in fees and exchange rates when using a transfer service from their website.
Exchange Rates
The exchange rate offered by the transfer service can significantly impact the amount received by the recipient. It is important to check the Australian Dollar/Nigerian Naira interbank rate and compare it to the exchange rate offered by the provider. Some providers may claim to have low or no fees, but they may compensate for this with unfavourable exchange rates.
Other Costs
In addition to transfer fees and exchange rates, there may be other costs associated with sending money from Australia to Nigeria. For example, if using a credit card, there may be a card-issuer cash advance fee and associated interest charges.
Minimising Costs
To minimise costs, it is important to compare multiple transfer services and payment methods. Consider the total cost, including fees and exchange rates, and choose a reputable provider that is properly registered and regulated in both Australia and Nigeria. Additionally, using a debit card or alternative payment methods may result in reduced fees.
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Frequently asked questions
There are several ways to send money from Australia to Nigeria, including bank transfers, cash pickup, mobile wallet, and money transfer apps.
Some money transfer apps that you can use include Remitly, Ria Money Transfer, TransferGo, Taptap Send, and Western Union.
Money transfer apps allow you to send money from your credit or debit card or bank account to another person's bank account or mobile wallet. These apps often offer competitive exchange rates and low fees, and some provide features like real-time tracking of transfers.
When choosing a money transfer service, consider the payment method, payout method, exchange rates, transfer fees, security, and speed of transfer. Additionally, look out for hidden fees, as some services may charge extra for credit card payments or international transfers.
