Queen OjukwuGuide on How to Send Money from UK to Nigeria Bank Account and different apps you can use.
Transacting money abroad can frequently seem like an overwhelming task, fraught with complications and unknowns.
It doesn’t have to be a difficult procedure, though, to transfer money from the UK to a bank account in Nigeria.
Being able to handle the complexities of cross-border money transfers is crucial, whether you’re helping relatives back home or doing business.
In this article, we will look at a step-by-step guide on how to send money from the UK to a Nigeria bank account. This guide will give you insightful knowledge and helpful hints to make sure the transaction is safe and easy every time.
Table of Contents
How to Send Money from UK to Nigeria Bank Account
This guide will help you to send money to a Nigeria bank account from the UK:
1. Choose a Remittance Provider:
To send money to Nigeria, do your homework and research remittance companies to see which one has reasonable costs, competitive currency rates, and easy transfer methods. Banks, money transfer operators (MTOs), and internet platforms are common remittance providers.
2. Establish an Account:
You might have to register for an account on an online remittance platform by entering personal data such as your name, address, and phone number. To comply with regulatory standards, certain providers can additionally need identification verification documents.
3. Select Nigeria as the Destination:
Choose Nigeria as the destination country for your money transfer after logging into the platform of your remittance provider.
4. Enter the recipient’s information:
Input the recipient’s complete name, bank name, account number, and any other necessary data along with the bank account details. Make sure the data is correct to prevent transfer problems or delays.
5. Indicate the Transfer Amount:
To send money to the recipient’s Nigerian bank account, enter the desired amount. Using the current exchange rate, the platform should show a comparable amount in Nigerian Naira (NGN).
6. Review and Confirm:
Make sure everything is accurate by going over the transfer details, which include the recipient’s identity, fees, exchange rate, and transfer amount. Once you’re happy, start the transaction by confirming the transfer.
7. Pay for the Transfer:
You might have to finance the transfer using a debit or credit card, bank transfer, or other payment methods that the site accepts, depending on the remittance provider and transfer type you select.
8. Monitor the Transfer:
You might get a confirmation email or notification with a transaction reference number when the transfer has been confirmed. Until the payment reaches the recipient’s bank account in Nigeria, several remittance companies provide tracking tools or status updates.
9. Notify the Recipient:
Inform the receiver of the successful transfer as soon as the transaction is finished and the money is credited to their Nigerian bank account. After that, they can use their bank account to access the money.
Read ALSO: 15 Best Investment Banks In Nigeria
Apps to Send Money from UK to Nigeria
There are various apps you can use to send or receive money from the UK to a Nigerian bank. Some of these apps include:
1. XOOM
One of the apps to send money from the UK to Nigeria is Xoom. Xoom is one of PayPal’s products that is a trustworthy and safe money transfer service.
With Xoom, users can transfer funds to bank accounts in Nigeria or pick up cash at affiliated locations. The app also provides transparent costs and affordable exchange rates. Recipients have immediate access to funds and can choose to pick up their cash or deposit it in a bank.
2. WorldRemit
Among the apps to send money from the UK to Nigeria is WorldRemit. With WorldRemit, you can send and receive money through airtime top-ups, bank deposits, cash pickups, and mobile money transfers.
Another interesting thing about this app is that it provides transparent fees and competitive currency rates are provided by WorldRemit.
The destination nation, the method of receipt, and the mode of payment all affect how much and how quickly money is transferred. At the moment, WorldRemit allows for a maximum of four distinct receiving methods.
In Nigeria, beneficiaries have the option of receiving money immediately into their bank accounts or as cash collections at prearranged places. For easy transfers, the service offers a smartphone app that is easy to use.
Why Use WorldRemit
- Wide reach: Send money to bank accounts, mobile wallets (like M-Pesa), or cash pickup at partnered agents across Nigeria.
- Cost-effective: Competitive exchange rates and often the cheapest option for smaller transfers, keeping your fees low.
- Speed: Offers options for same-day bank transfers or mobile money delivery, catering to urgent needs.
Read Also: 11 Best Microfinance Banks In Nigeria
3. Wise (formerly TransferWise)
Popular worldwide money transfer provider Wise provides reasonable costs and competitive exchange rates. You can send money straight to mobile wallets or bank accounts in Nigeria.
With quick transfer times, the recipient receives money in local currency, the Nigerian Naira. Wise offers real-time exchange rate quotes and fair pricing. accessible via mobile and web platforms.
Why Use Wise
- Transparency: Known for its clear and upfront fees, it makes it easy to understand the total cost involved.
- Fair rates: Uses mid-market exchange rates, ensuring you get a fair deal on currency conversion.
- Accessibility: Send money to Nigerian bank accounts and mobile wallets through their user-friendly app or online platform.
4. Azimo:
Through the digital money transfer website Azimo, you can send money to over 200 countries, including Nigeria.
As a user, you have the option to send money for mobile wallet transfers, bank deposits, or cash pickups. Moreover, Azimo provides fair pricing, cheap fees, and competitive exchange rates.
In Nigeria, recipients have the option of receiving money straight into their bank accounts or as cash pickups at affiliated sites. For convenient transfers while on the road, the platform offers a smartphone app that is straightforward to use.
Why Use Azimo
- Competitive pricing: Offers competitive exchange rates and low fees, especially for transfers to Nigeria.
- Flexibility: Send money to Nigerian bank accounts or mobile wallets, providing options based on your recipient’s needs.
- User-friendliness: A simple app makes the process easy, even for first-time users.
5. Remitly:
A digital remittance business called Remitly provides quick and inexpensive money transfers to Nigeria and other nations.
Remitly provides alternatives for express or economy transfers, fair costs, and reasonable currency rates. In Nigeria, recipients have the option of receiving money straight into their bank accounts or as cash pickups at affiliated sites. For simple transfers and tracking, the service offers an intuitive interface.
Why Use Remitly
- Specializes in remittances: Focuses specifically on sending money internationally, offering a potentially smoother experience compared to general money transfer apps.
- Multiple funding options: Choose from various ways to fund your transfer, like using debit cards or bank transfers, for your convenience.
- Cash pickup or bank deposit: Allows your recipient to collect the money in cash or have it deposited directly into their bank account.
Is Sending Money from UK to Nigeria Easy
The ease and convenience of sending money to Nigeria from the UK can be attributed to the multitude of online money transfer options that are accessible.
The development of technology has made money transfers simpler than before, enabling people to transmit money swiftly and securely with a few clicks.
Senders must, however, carefully weigh their alternatives and compare them to choose which offers the best rates and most affordable prices for their particular situation.
Sending money from the UK to Nigeria might still present certain difficulties, even with the ease of online transactions. Before starting a transfer, take into account potential service costs, shifting currency rates, and processing time delays.
Furthermore, certain beneficiaries can face challenges in obtaining the funds because of constraints or limitations put in place by nearby banking institutions. It is recommended that senders and receivers have excellent communication and select a reliable money transfer service provider to guarantee a seamless transaction.
With today’s technology, sending money to Nigeria from the UK can be simple, but people need to be aware of every step of the process.
Through vigilant monitoring of exchange rates and associated costs, together with clear and open communication with recipients, senders can effectively manage any obstacles that may emerge throughout the transfer procedure and guarantee that funds are transferred to their intended destination.
Read ALSO: 15 Top Best Banks in Nigeria | Updated
FACTORS TO CONSIDER WHEN SENDING MONEY FROM UK TO NIGERIA
When it comes to How to Send Money from UK to Nigeria Bank Account, the process can be easy. But even at that, there are a few things to keep in mind:
Money Transfer Services:
You can send money to Nigeria from the UK using many money transfer services, including WorldRemit, MoneyGram, Western Union, and others. With so many agents spread across both nations, these services make sending and receiving money easy.
Bank Transfers:
Another option is to transfer funds straight to a Nigerian bank account from your UK bank account. However, because banks charge greater fees, this approach may be more expensive and the transfer periods may be longer.
Digital Wallets and Online Services:
You may now send money to Nigeria using services like WorldRemit, TransferWise, or Azimo thanks to the growth of digital payment platforms and online money transfer services.
When compared to more conventional approaches, these services frequently provide competitive exchange rates and cheaper fees.
Documentation & Identification:
You must supply appropriate identification documents, such as a current passport or ID, for both the sender and the recipient, regardless of the method you select. This is a typical prerequisite to follow anti-money laundering laws.
Transfer Fees and Exchange Rates:
Before selecting a money transfer service, it is imperative to evaluate the rates and fees as different providers may have differing fees and exchange rates. While some providers might have greater upfront costs but better exchange rates, others might have lower fees but less favorable exchange rates.
Transfer Methods:
Remittance providers may provide a range of transfer methods, such as cash pickups, bank transfers, transfers via mobile wallets, and doorstep delivery. Depending on where in Nigeria the recipient and remittance provider are located, these methods may not always be available.
Regulations:
International money transfers are subject to laws in both Nigeria and the UK. People may be required to submit identity and additional paperwork to abide by know-your-customer (KYC) and anti-money laundering (AML) regulations.
Customer Service:
To handle any problems or queries that may come up throughout the transfer process, dependable customer service might be extremely important. Remittance companies that have attentive customer service departments can help and address issues quickly.
Transfer Times:
Depending on the service and method chosen, there may be variations in the time it takes for the money to go to the recipient in Nigeria. While money transfer services and digital wallet transfers can happen more quickly—sometimes in a matter of minutes or hours—bank transfers can take several business days.
Read Also: 12 Best Digital Banks in Nigeria Licensed by CBN
FAQs about How to Send Money from UK to Nigeria Bank Account
1. How can I send money from the UK to a Nigerian bank account?
1. Choose a Remittance Provider
2. Establish an Account
3. Select Nigeria as the Destination
4. Enter the recipient’s information
5. Indicate the Transfer Amount
6. Review and Confirm
7. Pay for the Transfer
8. Monitor the Transfer
9. Notify the Recipient
2. What information do I need to provide to send money to a Nigeria bank account?
– You will typically need the recipient’s full name, bank account number, and the bank’s SWIFT/BIC code.
3. Are there any fees associated with sending money from the UK to a Nigeria bank account?
– Yes, there may be fees involved, including currency conversion fees and transaction charges. Be sure to check with your chosen service provider.
4. Is it safe to send money from the UK to a Nigeria bank account?
– Using reputable and secure money transfer services ensures that your funds are transferred safely.
Conclusion
When equipped with the appropriate knowledge and resources, transferring funds from the United Kingdom to a Nigerian bank account can be a simple procedure. You may send money to Nigeria safely and effectively by selecting a reliable money transfer provider, being aware of the associated costs and exchange rates, and making sure you have the right recipient information. It’s critical to keep up with any rules or limitations that might be relevant to foreign transfers and to confirm all information thoroughly before proceeding with any transaction.
References
- Kyshi.co- 4 best ways to send money from the UK to nigeria
- Moneytrans.eu- send money to nigeria
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