There are many very good possibilities for internet currency exchange, based on the way the person you’re sending cash to wants to find access for their own nairas. We can provide you exchange rate of dollar to naira.
Nairas to a Bank Account
If you would like to send cash to a bank account in Nigeria, we advocate employing a specialist currency provider. If you are moving under $300 or equal, your best choices comprise WorldRemit, TransferWise, Xoom or MoneyGram.
More Than $300 in Nairas to a Bank
If you are sending over $300, we advocate WorldRemit, TransferWise, Xoom or MoneyGram.
Banks that You Can Transfer Nairas
You can normally arrange to ship nairas to some of these banks: accessibility bank, Diamond Bank, Ecobank, Keystone Bank, Union Bank and a Lot More.
Cash Pick-Up Locations in Nigeria
Some of those banks are also popular places for picking up nairas which you’ve transferred. Xoom has countless local Bank, money agent and partner places where you could conserve money in Nigeria.
How much will it cost?
Exchange rates – The greater the foreign exchange rate, the greater Nigerian naira (NGN) you receive from the bank accounts in Nigeria. Money transfer services offering better exchange rates will often charge you a distinct transfer fee.
Transfer fees – $0 to $5. Some online transport businesses offer you fee-free transfers for sending considerable quantities of money. These firms usually charge a marginally worse margin in their market rate, but are better than bank charges.
Hidden fees – The person you’re sending cash also will frequently get billed a lender getting banks or fee intermediary fee of about $25 each.
How long does it take?
Services can take 0 – 3 business days, when utilizing a cash transfer service such as TransferWise, they have a tendency to estimate transfer time in hours not days.Unlike banks, they keep you updated about the motion of your own funds. Including the estimated arrival time of your capital to the account you are sending money to.
Remittance Companies can take 0 – 5 business days
An instantaneous transfer can be obtained with remittance companies should you pay a greater transport fee and the individual can collect in money. Instead you can send money using cash on your bank account to a different bank account and it might take up to five business days. In an article published by the RemitFinder, Nigeria is one of the countries with the highest volumes of remittance inflows.
Bank Transfer up to 5 business days
Also called wire or ”telegraphic transfer’. These transfers are slow, since the money may undergo a network of correspondent banks prior to landing into the accounts in Nigeria. The time it takes will even change based upon the lender getting the cash. Additionally, it is your choice to assess whether the person who you sent cash has obtained it.