All you need to Know About Sending Money to Nigeria

Globally, Nigeria ranks fifth as a remittance destination behind India, China, Philippines and Mexico. Inflows into the country have been on the rise despite the costly money transfer channels Nigerians in the diaspora have had to contend with.

The choice of money transfer operator (MTO), the mode of transfer whether cash pickup or bank transfer and other variables, will determine the ease and speed with which your money gets sent over to the recipient.

The Best Channels for Sending Money to Nigeria

There are several options available if you want to send money to your family relatives or friends in Nigeria. You can decide to do interbank transfers, use online money service providers, or money orders.

International Bank Transfers

This is a safe method for sending large amounts of money to Nigeria. That said, it is one of the slowest channels because money has to move from the sending bank through a network of intermediary banks before getting to the recipient. 

The low uptake of banking products in Nigeria, less-than-satisfactory financial inclusion index, and the unfavourable exchange rates banks offer, makes international wire transfers unattractive. 

Online Money Transfer 

MTOs such as Ria Money Transfer, make money transfers to Nigeria simple, affordable and fast. All you need is to sign up for a transfer account in under two minutes, pay for the transfer using a debit card, credit card, cash deposit as at a physical store, or from your bank account and send in less than 15 minutes.  

If you pay for your transfer using a debit or credit card, it is processed faster because of the immediate availability of cash to the service provider. Where your recipient is located in Nigeria, will help you determine whether sending directly to a bank account or to a cash pickup location is the best way.

Apart from the physical stores, the recipient in Nigeria can collect cash from bank branches. Money transfer providers have made contractual agreements with banks to act as collection points. For instance, Ria has partnered with  Diamond Bank, First Bank, Polaris Bank, Unity Bank, Guarantee Trust Bank, United Bank of Africa and a host of many others to serve as collection points.

The information you'll need to send money to Nigeria includes the recipient's name, their mobile number and address. If you are sending to a bank account, you'll have to provide the beneficiary's account number, bank, branch and swift code.

The Flexibility of Sending through the Web or Mobile Apps

One of the notable advantages of sending money online not just to Nigeria, but many other countries as well, is the flexibility and convenience of sending from anywhere. You can choose to send directly to the recipient from the provider's website or through a mobile app. 

Ria Money Transfer has an app both for Android and iOS platforms. It is free to download and gives you a host of new features to make your transfer simple, secure and fast:

• The ability to track your transfer from the moment you send it to the time it is completed. You also get alerts in the course of the transfer process

• Uploading your debit or credit cards- Instead of typing the long card numbers, Ria has made it possible to upload a camera image of your card onto their platform for ease of processing. 

• Without you sending details of the transfer you've made, especially the reference number, it becomes difficult for the recipient to claim the cash. Through the Ria app, you can now send the details to the recipient through text, WhatsApp, email and other avenues.

Common Reasons for Sending Money to Nigeria

A study entitled 'Dynamics of Remittance Utilization by Nigerian Households' found a host of reasons why Nigerians in the diaspora send money home. Some of the top reasons which you may also identify with include:

• Education-Paying tuition fees for siblings and children 

• Household expenditure and living expenses support

• Savings and investments

• Loan repayments

• Social contributions -During festivals and national holidays, remittances to Nigeria increase. A good example is the level of remittances during the Christmas and new year festive season.

Next time you are sending money to Nigeria, look for transfer service providers who give you favourable exchange rates, lower transfer fees, safe and reliable transfers, and faster transfer speeds. Ria is a good provider you could start with because of the extensive network of agents and their support for lots of countries and currencies.