The main routes: wire transfer, money transfer service, or international ACH

You have three practical ways to move money from a US bank account to Nigeria. A wire transfer through your US bank reaches a Nigerian account in one to three business days but costs $15 to $50 per transaction. A money transfer service like Western Union, MoneyGram, or Wise (formerly TransferWise) is faster for smaller amounts and often cheaper, with rates that depend on how much you send. An international ACH transfer is the slowest option—five to ten business days—but costs less if your US bank offers it.

The choice depends on three things: how much you're sending, how fast you need it to arrive, and what fees you can accept. Sending $500 through a money transfer service might cost $10 to $25. Sending $5,000 by wire might cost $40 but could be worth it for speed. There is no single cheapest option across all amounts.

Key Takeaways

  • Wire transfers reach Nigeria in one to three business days and cost $15 to $50, but you need the recipient's bank name, account number, and SWIFT code.
  • Money transfer services like Wise and Western Union are often cheaper for amounts under $2,000 and can deliver cash or deposit to a bank account depending on the service.
  • You will need the recipient's full name exactly as it appears on their Nigerian bank account, or the transfer will be rejected or delayed.
  • Exchange rates vary by service and change throughout the day, so compare rates on the same day before you commit to a transfer.
  • Some Nigerian banks charge a receiving fee of 100 to 500 naira ($0.25 to $1.25 USD equivalent) when money arrives, which the recipient pays.

Wire transfer: fastest but most expensive

A wire transfer sends money directly from your US bank to a Nigerian bank. Call your bank or log into online banking and ask for an international wire transfer form. You will need to provide the recipient's full name (spelled exactly as it appears on their account), their bank account number, their bank's name, and the bank's SWIFT code.

A SWIFT code is an eight or eleven-character code that identifies a specific bank branch worldwide. Ask the recipient to get this from their bank statement, online banking portal, or by calling their bank directly. Without the correct SWIFT code, the transfer will be rejected or sent to the wrong bank.

Most US banks charge $25 to $50 for an outgoing wire. The money usually arrives in one to three business days. Nigerian banks may charge the recipient a receiving fee of 100 to 500 naira when the money lands. The exchange rate your bank uses is set by your bank, not by you, and is usually less favorable than rates offered by money transfer services.

Money transfer services: cheaper for smaller amounts

Wise (formerly TransferWise) is often the cheapest option for amounts over $500. You create an account online, enter the amount and recipient details, and see the exact fee and exchange rate before you confirm. Wise transfers typically arrive in one to two business days. The fee is a percentage of the amount sent, usually 1 to 2 percent, plus a small fixed charge. For a $1,000 transfer, expect to pay $10 to $25 total.

Western Union and MoneyGram let you send money online or in person at a physical location. The recipient can pick up cash at a branch in Nigeria or have it deposited to their bank account. Fees are higher than Wise—typically $15 to $40 for amounts under $1,000—but the money can arrive within minutes if the recipient picks it up as cash. If you choose bank deposit, it takes one to three business days.

OFX and Remitly are other options. OFX charges a flat fee (usually $10 to $15) plus a percentage, and is competitive for larger transfers. Remitly charges a percentage fee and offers both express (same-day) and standard (one to three days) delivery, with express costing more.

Compare the total cost—fee plus the exchange rate applied—on the day you plan to send. A service with a lower advertised fee might explore a worse exchange rate, making it more expensive overall.

What information you need from the recipient

Before you start any transfer, get these details from the person receiving the money in Nigeria:

  • Full name exactly as it appears on their bank account
  • Bank account number
  • Bank name (for example, GTBank, Access Bank, First Bank)
  • SWIFT code (for wire transfers) or bank code (for some money transfer services)
  • Their phone number and email address

Ask them to double-check the spelling of their name and the accuracy of their account number. A single digit wrong will cause the transfer to fail or be sent to the wrong account. If you are using a money transfer service, ask which one they prefer or have used before—some services work better with certain Nigerian banks.

Exchange rates and hidden fees

The exchange rate between US dollars and Nigerian naira changes throughout the day. The "mid-market rate" is the true rate at any moment, but banks and money transfer services add a markup—usually 1 to 3 percent—on top of it. This markup is how they make money.

Wise publishes its markup openly and is usually transparent about the total cost. Banks often hide the markup in the exchange rate they quote, making it hard to compare. Before you send, ask your bank for the exact exchange rate they will use, or use an online converter to see what the mid-market rate is that day and compare.

Nigerian banks may charge the recipient a receiving fee when the money arrives. This is separate from any fee you pay. The receiving fee is usually 100 to 500 naira (roughly $0.25 to $1.25 USD), but it varies by bank. The recipient should ask their bank what the fee will be before you send.

Timing: how long it actually takes

Wire transfers from a US bank reach Nigeria in one to three business days. Money transfer services vary: Wise takes one to two business days for bank deposit, Western Union and MoneyGram can deliver cash in minutes or bank deposit in one to three days, and Remitly's express option can arrive the same day (for a higher fee).

The clock starts when your US bank processes the transfer, not when you initiate it. If you send a wire on a Friday afternoon, it may not process until Monday, and then take one to three more business days to reach Nigeria. Plan for at least four to five business days total if you use a wire transfer.

Money transfer services process faster because they operate their own networks. Wise and Remitly often process within hours, but the Nigerian bank still needs time to receive and credit the funds—usually one to two business days.

What can go wrong and how to fix it

The most common problem is a mismatch between the name you send and the name on the recipient's account. Banks are strict about this. If the names do not match exactly, the transfer will be rejected and returned to you, which takes another five to ten business days. Ask the recipient to spell their name letter by letter and confirm it matches their bank account.

An incorrect account number or SWIFT code will also cause a rejection or misdirection. If you realize you made a mistake after sending, contact your bank or money transfer service when ready. Some can intercept the transfer before it reaches Nigeria, but this is not may provide. If the money reaches the wrong account, recovery is difficult and may require the recipient to file a complaint with their bank.

If a transfer does not arrive within the promised timeframe, contact the service or bank that sent it. They can trace the transfer using a reference number (given to you when you send) and tell you where it is. Most delays are resolved within a few days, but some take weeks if the money was sent to the wrong account.

Frequently Asked Questions

Can I send money to a Nigerian account if I don't know the SWIFT code?

For a wire transfer, you need the SWIFT code. Ask the recipient to get it from their bank statement, online banking, or by calling their bank. For money transfer services like Wise or Western Union, you usually do not need a SWIFT code—you provide the account number and bank name instead, and the service looks up the routing details.

What's the cheapest way to send $500 to Nigeria?

Wise is usually cheapest for $500, with a total cost of around $8 to $15 depending on the exchange rate that day. Western Union or MoneyGram might cost $15 to $25 for the same amount. A wire transfer from your bank would cost $25 to $50 plus a less favorable exchange rate, making it more expensive overall for this amount.

Will the recipient have to pay a fee when the money arrives?

Most Nigerian banks charge the recipient a receiving fee of 100 to 500 naira (roughly $0.25 to $1.25 USD). This is separate from any fee you pay. The recipient should ask their bank what the fee will be before you send, so they know how much will actually be deposited.

How do I know if the money arrived?

Ask the recipient to check their bank account or call their bank. You can also ask your bank or money transfer service for a tracking number or reference code when you send—use this to check the status online or by calling. Most services send email or SMS updates as the transfer moves through the system.

Can I send money to a Nigerian account that's not in the recipient's name?

No. Banks require the account holder's name to match the name on the transfer. If you are sending to someone else's account, the transfer will be rejected. The recipient must have their own account, or you must send the money to the account holder and have them transfer it to the recipient afterward.