Cheapest Way to Send Money to Nigeria from US, UK, Canada, Western Europe and Australia

Time Doctor - Cheapest Way to Send Money to Nigeria

Every money transfer company has upfront fees or exchange rate costs that you have to pay to send money abroad. If you send money to Nigeria from the US, UK, Canada, Western Europe or Australia, you know that there may be high commission percentages and some hidden costs.

Did you know that if you send 1,000 dollars from the US to Nigeria via Transfast (fast service; Table 1) you will pay 97 dollars in hidden conversion costs? The good news is that you can limit the losses from money transfers by using Time Doctor’s money sending tables.

What transfer methods do we use at Time Doctor?

We have a remote team with people in 19 different countries around the world. The two transfer methods we use the most are:

  • Payoneer – very convenient for sending and receiving. They are also one of the few methods that works to receive money in almost every country and the receiver can get their money on a debit card and withdraw from an ATM. They also have an option for direct transfer to the receiver’s bank account. They also have a $50 bonus if you receive more than $100 through this method.
  • Transferwise – very low cost and also a convenient method for transfers to most countries.

The following tables feature information about the charges and hidden fees of the most popular money transfer services. If you’re planning to send money to countries like Brazil, Australia, Kenya, Mexico, Macedonia, Poland, Philippines, Egypt, Romania, Indonesia, India, Bangladesh, Ukraine, Bolivia, Serbia, Pakistan and Colombia, check out our transfer charge estimates.

Table 1: Sending $1000 from the US to Nigeria

Transfer method Fees to send $1k USD Hidden conversion cost Total fees Time for the transfer to arrive
Ria Money Transfer (slow) $10 $2 $12 3-5 days
MoneyGram (fast) $16 $6 $22 In Minutes
Easy Exchange $6 $18 $24 5 days
WorldRemit $6 $22 $28 1-3 days
Ria Money Transfer (fast) $28 $2 $30 In Minutes
Western Union (slow) $12 $21 $33 4 days
Wire transfer $25-40 $10-20 $35-60 3-5 days
Xpress Money $30 $37 $67 3-5 days
Western Union (fast) $48 $21 $69 In Minutes
Transfast (slow) $0 $74 $74 3-5 days
Transfast (fast) $5 $97 $102 1 day

Note:

Xpress Money and Transfast (slow & fast) are giving very much high exchange rate, so we have taken black market rate to determine their hidden currency conversion cost. Moreover Paylid is also offering a very much high exchange rate compare to inter-bank rate but to know exact exchange rate and other fees they require to sign-up first.

Table 2: Sending £1000 from the UK to Nigeria

Transfer method Fees to send £1k GBP Hidden conversion cost Total fees Time for the transfer to arrive
WorldRemit £3 £6 £9 1-2 days
Western Union £3 £9 £12 In Minutes
Double Crown £1 £12 £13 3-5 days
Easy Naira £4 £10 £14 5 days
TF Remit £3 £22 £25 1-2 days
Mozely Money £5 £20 £25 1-2 days
MoneyGram £26 £1 £27 In Minutes
Exchange4free £0 £34 £34 1-2 days
Azimo £10 £27 £37 1-3 days
TransferBee £5 £39 £44 3-5 days
Voxstone £30 £20 £50 3-5 days
Wire transfer £15-25 £10-30 £25-55 3-5 days
Small World FS £35 £20 £55 1-3 days
MoneyLineUK £40 £20 £60 3-5 days

Note:

Azimo, Small World FS, Exchange4free, MoneyLineUK, Double Crown, Mozely Money and Voxtone are giving very much high exchange rate, so we have taken black market rate to determine their hidden currency conversion cost.

Table 3: Sending $1000 from the Canada to Nigeria

Transfer method Fees to send $1k CAD Hidden conversion cost Total fees Time for the transfer to arrive
Transfast (slow) $5 $29 $34 1-2 days
Transfast (fast) $6 $29 $35 In Minutes
Exchange4free $0 $36 $36 3-5 days
WorldRemit $17 $32 $49 1-2 days
Xpress Money $18 $33 $51 3-5 days
MoneyGram $50 $23 $73 In Minutes
Wire transfer $25-40 $20-30 $45-75 3-5 days
Western Union $40 $36 $76 In Minutes

Note:

WorldRemit can only send 995 CAD from Canada to Nigeria. Xpress Money and Exchange4free are giving very much high exchange rate, so we have taken black market rate to determine their hidden currency conversion cost.

Table 4: Sending €1000 from the Western Europe (Euro currency countries such as Germany, France, Italy) to Nigeria

Transfer method Fees to send 1k EUR Hidden conversion cost Total fees Time for the transfer to arrive
Exchange4free €0 €12 €12 3-5 days
Small World FS €0 €16 €16 3-5 days
Azimo €3 €20 €23 1-3 days
Easy Naira €6 €19 €25 5 days
MoneyGram €34 €9 €43 In Minutes
WorldRemit €22 €23 €45 1-2 days
Xpress Money €25 €20 €45 3-5 days
Western Union €25 €37 €62 In Minutes
Wire transfer €20-35 €20-40 €40-75 3-5 days

Note:

Xpress Money, Azimo, Small World FS and Exchange4free are giving very much high exchange rate, so we have taken black market rate to determine their hidden currency conversion cost.

Table 5: Sending $1000 from the Australia to Nigeria

Transfer method Fees to send $1k AUD Hidden currency conversion cost Total fees Time for the transfer to arrive
Exchange4free $0 $44 $44 3-5 days
WorldRemit $16 $29 $45 1-2 days
Western Union $10 $40 $50 3-5 days
Xpress Money $58 $30 $88 3-5 days
Wire transfer $25-35 $30-60 $55-95 3-5 days
MoneyGram $60 $42 $102 In Minutes
Mhits $110 $15 $125 In Minutes

Note:

  • Exchange4free is giving very much high exchange rate, so we have taken black market rate to determine their hidden currency conversion cost.
  • Mhits can only send 500 AUD at once, so the cost which we calculate above is for sending 500 AUD two times using Mhits.

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