USD to NGN | Compare the best rate to send US Dollar to Nigeria
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All you need to know about US Dollar to Nigerian Naira money transfers
Easily compare money transfer providers in one place to send US Dollar to Nigeria. Send money overseas to your loved ones by comparing US Dollar (USD) to Nigerian Naira (NGN) remittance exchange rates. Transfer online or send cash based on services offered by these providers.
Monierate compared 7 money transfer operators to get you the best FX rates to send US Dollar to Nigeria.
The best rate to send US Dollar for your loved ones in Nigeria is currently offered by Western Union.
Step by step guide to send US Dollar to Nigeria
Follow the below easy steps to send US Dollar to Nigeria.
- If you are sending money for the first time with a provider, register an account with them. You will likely get a validation email, and optionally a validation text on your mobile as well. This ensures that it is indeed you who is creating your account.
- You will also need to provide your national ID with a photo, and proof of address. Providing this information ensures the security of your account and helps in fraud prevention.
- Add your payment method - this is how you pay for your transfer. Generally, you would want to use your international bank account to fund your transaction.
- Add your recipient - provide details about who will receive the funds (can also be your own account in Nigeria).
- Specify delivery method - specify how the recipient will get the proceeds. Choosing a bank account is usually the best, if one is available.
- Add the transfer amount and start the transaction.
The provider will then work on your USD to NGN remittance, and you should not have any additional action to take. Keep an eye on your email inbox as you should get notified about the progress of your transaction.
Whilst it's fairly straightforward to make an actual foreign exchange transaction online, the harder part may be choosing the right company for your overseas bank transfer. This is where you can rely on Monierate to find the best rate to send US Dollar to Nigeria.
Frequently asked question?
There are many good choices when it comes to sending US Dollar to Nigeria. The Monierate remittance comparison engine compares many different remittance service providers to give you several options. You can easily compare these providers to get the best remit rates on your US Dollar (USD) to Nigerian Naira (NGN) money transfers.
When sending money overseas, there are a lot of options at your disposal these days. All of them come with various caveats that may include exchange rates, fees, transaction processing time, security and privacy, and so on. Monierate helps you to decide which foreign exchange operator to pick for your USD to NGN money transfer.
The speed of your US Dollar to Nigerian Naira funds transfer will depend on various factors like which provider you use, how you pay for your transaction, how you choose for your recipient to get the funds, etc. You will, therefore, want to compare various options to see which one suits your needs best.
One possible approach that will help you send money fast to Nigeria is to rely on cash as payment as well as delivery method. This would mean paying for your transfer with cash, most likely by walking into your provider's office or agent location. Similarly, your recipient could also pick up cash in Nigeria if they have a pickup location nearby. Dealing with cash on both sides will eliminate bank transfers in the middle which generally take longer as money has to move between banks.
One drawback of cash transfers is the need to go to physical drop off and pickup locations, and the inherent risk involved in carrying cash, especially for larger amounts. Another one is that cash transfers generally involve lower exchange rates as compared to online transfers. If you do not want to handle cash for the aforementioned reasons, the next fastest transfers would be to payout Nigerian Naira into a mobile wallet, or even do a mobile airtime popup. These methods would be faster than international bank to Nigeria bank transfer.
Since the US Dollar to Nigerian Naira money transfer ecosystem has so many players in it, selecting the right company might not be that simple. You have so many to choose from - established organizations like Western Union and MoneyGram to multi currency bank accounts to up and coming Fintech companies. Then, there is always your local bank that may also be able to send money to Nigeria. With all these possibilities staring at you, it can be difficult to pick the company to give your business to.
The Monierate remittance engine will certainly help you to chart a path forward. Once you have selected your source and destination countries, we compare numerous companies to present you with an easy to digest comparison table. Here, you can easily see which companies meet your unique needs.
$1 = ₦1518 $1 = ₦1518 (market avg.)