Sending money internationally is a vital lifeline for many families and individuals, facilitating financial support, business transactions, and investments across borders. In the case of Nigeria, remittances from the United States play a significant role in supporting households and driving economic activity.

While there are different ways to send money from the USA to Nigeria, not all are easily accessible. This is as a result of several reasons, from delayed delivery times, high transaction fees and difficult to navigate processes. 

In this guide, we are going to deal in detail with all the available methods for sending money from the United States to Nigeria. This will include bank transfer, online money transfer platforms, remittance companies and others.

Understanding the Options

When it comes to sending money from the USA to Nigeria, individuals have several options to choose from, each with its own set of advantages and disadvantages. So understanding these options is crucial for making informed decisions that meet your specific needs and preferences. Without the proper understanding, there’s a risk of selecting a payment method that is inefficient. Therefore, it’s important to pay attention as we go through all the available methods you have to send money from the USA to Nigeria.

Bank Transfers

Bank transfers remain the most traditional and straightforward method for sending money internationally. To initiate a bank transfer from the United States to Nigeria, you'll typically need a lot of information. This includes: the recipient's bank account details, including the bank name, account number, and routing number (for US banks) or SWIFT/BIC code (for international banks).

The process of sending the money itself is not an easy one. First of all you have to log into your bank's online portal or visit a branch. Then you select the option for international transfers, entering the recipient's information, specifying the amount to be sent, and confirming the transaction. 

Banks usually charge fees for international transfers, which can vary depending on the institution and the transfer amount. These fees can go as high as  6% - 8% of the amount being sent. Additionally, exchange rates may apply, along with potential currency conversion fees.

While bank transfers are generally secure and reliable, they may not always be the most cost-effective option, especially for smaller transfer amounts. Imagine trying to send $100 from the USA to Nigeria and you are charged $15 as a transaction fee. While the receiver in Nigeria, only receives $85 once all fees have been applied.

It's also important to note that processing times for bank transfers can vary, with international transactions typically taking anywhere from 3 business days to a week before it will reach the recipient's account.

Online Money Transfer Services

Online money transfer services offer a convenient and efficient way to send money from the USA to Nigeria. Platforms such as PayPal, Wise (formerly TransferWise), Payoneer and others allow users to transfer funds quickly and securely from their computer or mobile device.

For you to send money using an online transfer service, you'll need to create an account on the platform and provide some basic information. Once your account is set up, you can initiate a transfer by entering the recipient's details and specifying the amount to be sent. Online transfer services often offer competitive exchange rates and reduced transaction fees compared to traditional banks, making them an attractive option for many individuals.

One of the major advantages of using online payment platforms is the transparency they provide regarding fees and exchange rates. Before confirming the transaction, you'll typically see a breakdown of the total cost, including any fees and the exchange rate used for the transfer. Of course, while this may not always be favourable to you (depending on platform), you get the chance to see what you're paying in total. 

Another great benefit of using online payment platforms is the speed of transactions they offer. In many cases, funds can be transferred and received within a matter of minutes or hours, depending on the service provider and the selected delivery option. This rapid turnaround time make online transfers ideal for urgent financial needs or time-sensitive transactions.

Let's take a look at some of the best online payment platforms Nigerians can use to receive money from the USA.

Super

Super is an innovative online payment platform that comes loaded with so many benefits which has made it the best platform for receiving international payments. Its all-round payment solution includes receiving money from the USA to Nigeria in a matter of minutes with extremely negligible transaction fees.

One thing that makes Super great is it allows you to decide how you want to receive your money in Nigeria. You can choose to receive USD, or withdraw into your local bank account.

To receive money from the USA to Nigeria, all you need to do is send them your virtual USD account which will be given to you when you register with Super.

As stated earlier, you're in complete control of your funds –  you get to decide if you want to get this payment in your local bank account or leave it in your Super USD account. Whatever option you choose, you'll get your money immediately & safely.

Unlike most online payment platforms Super offers:

• Faster verification approval

• Swift transaction processing times 

• Little to non-existent transaction fees

• The ability to automate your invoice 

• Control of where you want your funds

• No hidden charges

To get started with Super, you need to register and create an account on the platform. After this, you'll be subjected to a quick ID verification. If you can submit an acceptable valid ID card, your verification will be completed quickly. Once done, you'll be able to set your payment details as well as access your virtual USD account which you can send to your loved ones.

Payoneer

Payoneer is yet another popular platform that gives you the opportunity to send money from the USA to Nigeria. Much like its counterpart, Super, it gives Nigerians access to a virtual USD account which they can send to their loved ones in the USA in a bid to receive money from them.

Payoneer has been around for a while and is trusted by many as a great online payment platform for receiving and making payments. With Payoneer, transactions are completed swiftly as well – within 48 hours. Its transaction fees are considerably higher than the average, which is why many opt for Super. 

To get started with Payoneer, you'll have to register and create an account on the platform. After this, you'll be subjected to a verification process which might take 1-3 business days (another reason many opt for Super). As soon as your verification is completed, you'll be able to use the platform to receive money. All you have to do is send your virtual USD account to the person sending you money from the US.

Remittance Companies

Specialised remittance companies like Western Union, MoneyGram, and Ria have long been trusted channels for sending money internationally. The majority of these companies operate extensive networks of agent locations worldwide, providing convenient options for sending and receiving funds in cash.

For you to send money from the USA to Nigeria using a remittance company, you need to visit one of their agent locations or initiate a transfer online through their website or mobile app. The process typically involves you providing the recipient's details, specifying the amount to be sent, and choosing a delivery option. Remittance companies pride themselves with multiple delivery options, including cash pickup, bank deposit, and mobile wallet transfers, allowing recipients to access funds in the most convenient way for them.

Unfortunately, remittance companies charge higher fees compared to other transfer methods, although they do offer accessibility and convenience, particularly for recipients who prefer to receive funds in cash. Additionally, remittance companies often have faster processing times compared to traditional bank transfers, with funds being available for pickup within minutes of the transaction being initiated.

(Note: their processing time are slower compared to online payment platforms)

Factors to Consider

When choosing a method for sending money from the USA to Nigeria, several factors should be taken into consideration to ensure a seamless and cost-effective transfer experience:

Speed: Consider how quickly you need the funds to reach the recipient. While some methods offer rapid transfers, others may take longer to process.

Cost: Compare the fees and exchange rates charged by different service providers to find the most cost-effective option for your transfer.

Reliability: Choose a reputable and trustworthy service provider with a proven track record of secure and efficient money transfers.

Convenience: Evaluate the convenience of each method, including the availability of online platforms, delivery options and ease of access.

Recipient Preferences: Take into account the recipient's preferences and needs when selecting a transfer method, ensuring that they can easily access and use the funds.

By considering these factors carefully, you can choose the method that best meets your requirements and provides the greatest value for your money.

Safety and Security

Ensuring the safety and security of your personal and financial information is paramount when sending money internationally. Whether you're using a bank transfer, online money transfer service, or remittance company, it is essential to take precautions to protect yourself from fraud and unauthorised access.

When you're using online platforms or mobile apps for money transfers, be sure to use strong, unique passwords and enable additional security features such as two-factor authentication. Make sure you never share sensitive information, such as account numbers or passwords, through unsecured channels, and be wary of phishing scams and fraudulent websites posing as legitimate transfer services.

When sending money through a bank transfer or remittance company, be sure to double-check the recipient's details to ensure accuracy, and always verify the transaction before confirming. Keep records of your transactions, including confirmation numbers and receipts, for future reference and dispute resolution if needed.

Additionally, it's important you familiarise yourself with the fraud prevention measures implemented by your chosen service provider, such as encryption protocols, transaction monitoring, and customer support resources. This way, If you encounter any suspicious activity or unauthorised transactions you can report them to the appropriate authorities and your financial institution immediately.

By taking proactive steps to safeguard your information and transactions, you can enjoy peace of mind knowing that your money is being sent securely and reliably to its intended recipient.

Conclusion

Sending money from the United States to Nigeria a few years back, was not an easy task to perform. Today, it involves navigating a range of options and considerations so as to ensure a seamless and cost-effective transfer experience. 

Whether you opt for a bank transfer, online money transfer service, or remittance company, it's important to understand their pros and cons. This will obviously help you make better informed decisions that meet your financial needs and preferences.

Having discussed several methods, we've gone on to confirm that Super remains one of the best platforms for sending money from the USA to Nigeria due to a lot of reasons.

Of course, by considering factors such as speed, cost, reliability, convenience, and security, you can choose the method that best suits your requirements and provides the greatest value for your money. Whether you're supporting family members, conducting business transactions, or investing in opportunities abroad, having access to reliable and efficient money transfer services is essential for staying connected and achieving your financial goals.

With the right knowledge and precautions in place, you can send money from the USA to Nigeria with confidence. And you'll do this knowing that your money will reach their destination securely and reliably, supporting the recipients and driving positive economic impact in communities across Nigeria.