How To Transfer Money From Usa To Nigeria: Best Methods, Fees, And Tips

Receiving money from the USA to Nigeria is a common need for family support, business purposes, or personal finances. With the growth of digital financial services, several secure and fast ways exist to receive money directly to your bank account, mobile wallet, or even cash. In this guide, we’ll walk you through the best methods, their fees, transfer times, and everything you need to know to choose the best option.

Also Read: Top 10 Profitable Business Ideas in Nigeria

Common Methods to Receive Money from the USA to Nigeria

There are several ways to receive funds from the USA, including:

• Bank transfers

• Online money transfer services

• Mobile wallets and fintech solutions

• Cryptocurrency

 

Let’s dive into each of these methods in detail.

1. Bank Transfers

Direct bank transfers are one of the most secure ways to receive money from the USA. Many banks in Nigeria accept international wire transfers, and you can have the money deposited directly into your local account.

Steps to Receive Bank Transfers:

1.  Provide the sender with your bank details, including your International Bank Account Number (IBAN) and SWIFT code.

2. The sender initiates the transfer from their bank in the USA.

3. Once the transaction is processed, the funds appear in your Nigerian bank account.

Popular Banks in Nigeria That Accept International Transfers:

• GTBank

• First Bank

• Access Bank

• Zenith Bank

 

Pros:

• Secure and reliable.

• Direct deposit to your bank account.

Cons:

• High fees, depending on the bank.

• It can take 2-5 business days to process.

 

2. Online Money Transfer Services

 

Several online platforms make it easy to send and receive money internationally. These services are often faster and cheaper than traditional banks.

Western Union

Western Union is one of the most widely used money transfer services. You can receive funds as cash at a local agent or deposit them into your bank account.

 

How to Receive Money via Western Union:

1. The sender initiates a transfer to your name.

2. You receive a tracking number (MTCN).

3. To receive the money, visit a Western Union agent with your ID and MTCN, or opt for a bank deposit.

 

Pros:

• Available nationwide at many agent locations.

• The cash pickup option is fas

Cons:

• Fees can be high depending on the amount sent.

• Exchange rates might not be favourable.

MoneyGram

MoneyGram offers services similar to Western Union, allowing you to receive money at agent locations or directly in your bank account.

 

How to Use MoneyGram:

1. The sender transfers the money using your details.

2. You provide the reference number to a MoneyGram agent or receive the money in your account.

Pros:

• Quick cash pickups are available.

• Widely available across Nigeria

Cons:

• Fees may vary.

• Sometimes slower than Western Union.

WorldRemit

WorldRemit allows Nigerians to receive money via bank transfer, mobile money, or cash pickup. It’s known for low fees and convenience.

 

How to Use WorldRemit:

1. The sender chooses WorldRemit and inputs your details.

2. You receive the money in your bank account, or mobile wallet, or pick it up as cash.

 

Pros:

• Multiple delivery options (bank, mobile wallet, or cash).

• Lower fees than traditional services.

 

Cons:

• Requires access to the internet to use the service.

 

3. Mobile Wallets and Fintech Solutions

Mobile wallets have become increasingly popular in Nigeria, offering a simple way to receive international transfers.

PayPal

Receiving money via PayPal in Nigeria is limited, as PayPal doesn’t currently allow Nigerian accounts to receive funds directly. However, alternatives like Chipper Cash and Barter by Flutterwave offer great options.

 

Chipper Cash

Chipper Cash allows users to receive money directly into their mobile wallet. It's fast and comes with low fees.

 

How to Use Chipper Cash:

1. The sender uses Chipper Cash to send funds.

2. You receive the money in your Chipper Cash wallet and can transfer it to your bank account.

Pros:

• Instant transfers.

• No hidden fees.

Cons:

• -Requires a Chipper Cash account.

 

Barter by Flutterwave

Barter by Flutterwave is another popular fintech solution for receiving international transfers.

 

How Barter Works:

1. The sender sends money via Barter.

2. You receive the money in your Barter wallet and can withdraw it to your local bank.

 

Pros:

• Fast and convenient.

• Low fees.

Cons:

• Requires a Barter account.

 

Geepay

Geepay offers a unique solution for receiving money internationally by providing users with a virtual US bank account. This allows for easy transfers from the USA directly into your Geepay account, which you can then convert to Naira and withdraw.

 

How to Use Geepay:

1. Sign up for a Geepay account and get a US bank account number.

2. The sender in the USA transfers money directly to your Geepay US account.

3. You can convert the USD to Naira and withdraw it to your local bank account.

 

Pros:

• US Bank Account: Receive direct transfers from the USA with a US bank account.

• Fast Transfers: Quickly convert funds to Naira and withdraw.

• Low Fees: Competitive fees for receiving and withdrawing funds.

 Cons:

• Requires setting up a Geepay account.

Remitly

Remitly is a popular service for sending money internationally, known for its low fees and fast transfer speeds. With Remitly, you can receive money directly into your bank account or pick it up as cash.

 

How to Use Remitly:

1. The sender in the USA initiates the transfer via the Remitly app or website.

2. Choose the delivery option—bank deposit or cash pickup.

3. Receive the funds directly in your bank account or from a local agent.

Pros:

• Fast Transfers: Money can be transferred in minutes or within hours.

• Low Fees: Remitly offers competitive fees, with options for even cheaper delivery when time isn't urgent.

• Multiple Delivery Options: Choose between bank deposit or cash pickup.

 

Cons:

• Slightly higher fees for instant transfers compared to other methods.

4. Cryptocurrency as an Alternative

For those comfortable with digital currencies, cryptocurrency is an increasingly popular option for receiving funds from abroad.

 

How It Works:

1. The sender transfers cryptocurrency (e.g., Bitcoin, USDT) to your wallet.

2. You convert the crypto into Naira using platforms like Binance or Luno.

 

Pros:

• Low fees and fast transactions.

• Can receive any time of the day.

Cons:

• Value fluctuations in cryptocurrencies can affect the final amount received.

 

Important Considerations When Receiving Money

 

Exchange Rates

The exchange rate can significantly impact how much you receive in Naira. Be sure to check the rate offered by each service before making a decision.

 

Fees

Look out for hidden fees. While some services claim to have low fees, they might have higher exchange rates, reducing the actual amount you receive.

 

Transfer Speed

Some services can transfer funds in minutes, while others might take a few days. Choose the method that best suits your urgency.

 

Security

Always ensure you’re using a trusted and secure service to avoid fraud. Avoid sharing sensitive information unless you’re certain the platform is legitimate.

Comparison of Money Transfer Services from the USA to Nigeria

Note: Fees, exchange rates, and transfer speeds can vary depending on the amount being sent, the chosen delivery method, and other factors. It's always recommended to compare rates and fees from different providers before making a decision.

 

FAQ

What is the fastest way to receive money from the USA to Nigeria?

Services like Western Union, Chipper Cash, and cryptocurrency offer instant or same-day transfers.

 

How long does it take to receive money from the USA via Western Union?

Western Union transfers can take as little as a few minutes for cash pickups or a day for bank deposits.

 

Can I receive money through PayPal in Nigeria?

PayPal does not support receiving funds in Nigeria, but alternatives like Chipper Cash and Barter by Flutterwave can be used.

 

Are there limits on how much money I can receive?

Yes, each service has its limits, so it’s important to check with the service you plan to use.

 

Summary

Receiving money from the USA to Nigeria is easier than ever with multiple secure and affordable options. Whether you prefer using banks, online services, mobile wallets, or even cryptocurrency, there’s a method that fits your needs. Make sure to compare fees, exchange rates, and transfer speed to choose the best service for you.