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How to send money to Nigeria with transferwise from the UK
If you are in the UK, US or other European countries, you might want to know how to send money to your friends, family or maybe business partner in Nigeria.
Sending money to Nigeria in the past used to be complicated, you usually send money through western union or money gram.
The receiver would then need to go to the bank with some documents before they can receive the money. Some people even employed the aid of a third party i.e a person who is travelling to Nigeria.
This is usually very stressful and it has put off many people from sending money regularly to their friends or family.
Transferwise lets you send money directly to a recipient’s bank account, and it usually doesn’t take more than 24 hours, and in some cases minutes.
With transferwise, sending money from the UK to Nigeria has never easier or cheaper. In this post, am going to show you how to send money from the UK to Nigeria with transferwise.
Transferwise is an online money service that was launched in 2011 in the UK. Transferwise lets you send money direct to a recipient’s bank account in Nigeria.
Transferwise is used by over 7 million people worldwide and is an authorized electronic money institution independently regulated by the financial conduct authority (FCA) in the UK.
Reasons why you should use transferwise
The following are some of the reason why you should use transferwise to send money from the UK to Nigeria.
- Transferwise is available worldwide
- Transferwise is cheaper than sending money through a normal bank
- They use real time exchange rate, i.e what you see on google is what they use.
- Transferwise will deliver the money directly to the bank account of the person you are sending the money to.
- Transferwise have no hidden charges.
- It is very fast, money sent through transferwise gets to the recipient’s bank account in not less than 24 hours, some even take only a few minutes. It all depends on the kind of transaction.
How to send money to Nigeria with transferwise.
To send money with transferwise to Nigeria is fairly straightforward and there is no complex process involved. Just follow the below instruction:
- Create an account:
You need to create an account on transferwise, the account you create might either be an individual account or a business account. It all depends on you.
Verification of your account may also be required, but this process is usually not complex and once you are done, you can move on to the next step.
The recipient doesn’t even have to create an account to receive money.
- Enter the details of the friend, family member or business partner that you are sending money to.
- Finally you need to pay for your transfer
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with TransferWise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
Paying for your transfer with a debit card is easy and fast. It’s also usually cheaper than credit card, as credit cards are more expensive to process.
Paying for your transfer with a credit card is easy and fast. TransferWise accepts Visa, Mastercard and some Maestro cards.
PISP (Payment Initiation Service Provider) payments are instructions you give TransferWise to make a bank transfer directly from your bank account — without having to leave our app and log in to your online banking. This option is as cheap as a manual bank transfer, but it isn’t supported by all banks yet.
Using SWIFT to fund your transfer usually means that your transfer will take longer and be more expensive, as your bank will charge a fee. You should also bear in mind that other correspondent banks in between may also deduct their handling fees. Your bank should be able to advise on those fees.
- Sit and wait for the account balance of the recipient to be credited. This should not take more than 24 hours, and in some cases it will only takes minutes.
With transferwise, there are no hidden charges. To send money in GBP to Nigeria, you pay a small, flat fee of 0.46 GBP + 0.53% of the amount that’s converted.
Frequently asked questions (FAQs)
Who can I send NGN to?
You can send NGN to individual and business bank accounts in Nigeria.
What information do I need about my recipient?
You’ll need to know their full name (English characters only), and their 10-digit account number or NUBAN.
How much can I send?
You can send up to 4 million NGN per transfer.
How long does it usually take for the money to arrive?
Once TransferWise receives and converts your money, it usually arrives in your recipient’s bank account on the same working day. Conversion can take up to 2 working days.
Can I trust transferwise?
Yes, you can. Transferwise is used by over 7 million people worldwide and is an authorized electronic money institution independently regulated by the financial conduct authority (FCA) in the UK.
I hope I have helped you with this post. Now you know how to send money from the UK to Nigeria easily.
If you have an uncle, friend or family member that lives in the UK, who finds it stressful to send you money in Nigeria, you can introduce him/her to transferwise and he will be glad you did.
If you have questions, you can comment them below and I will do my best to answer the ones I can.
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If you have used transferwise before, tell us your experience in the comment section.
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Have you used transferwise before, what was your experience. Comment below and let us discuss.
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