How to Send Money Out of Nigeria: What are your options?

In practice, Nigerians most commonly send money abroad through international bank wire transfers (SWIFT), CBN-approved payment processes for services such as education and medical bills, and, in some cases, card-based or platform-enabled foreign payments.

Each method differs significantly in cost, speed, documentation, and reliability, and choosing the wrong channel often leads to delays, rejections, or unexpected fees.

For expats, sending money internationally from Nigeria is possible through regulated bank transfers, official foreign exchange frameworks, and limited digital payment options, but the process is shaped by Central Bank of Nigeria (CBN) rules, foreign exchange availability, and strict compliance requirements.

This article covers:

• Sending Money Out of Nigeria
• Cheapest Ways to Transfer Money Internationally from Nigeria
• Bank Transfers to and from Nigeria
• How Safe is Transferring Money from Nigeria
• Tracking Your Money Transfer from Nigeria
  

Key takeaways:

• International transfers from Nigeria are regulated and purpose-specific
• Bank wire transfers and official FX processes are the most reliable options
• Costs depend more on FX rates and intermediary fees than advertised charges
• Proper documentation is critical to avoid delays or failed transfers

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The information in this article is for general guidance only. It does not constitute financial, legal, or tax advice, and is not a recommendation or solicitation to invest. Some facts may have changed since the time of writing.

Send Money Out of Nigeria Internationally

International transfers from Nigeria work best when you pick the method that matches the purpose of payment, the amount, and the level of documentation you can provide. Below are the main methods Nigerians actually use, laid out as practical, step-by-step guides.

Transferring money from Nigerian banks (SWIFT international transfers)

Major Nigerian banks such as GTBank, Zenith Bank, Access Bank, First Bank, and UBA remain the most reliable way to send money abroad.

• Initiate an international transfer via branch or online banking
• Provide full beneficiary bank details (SWIFT/BIC, account number or IBAN, bank address)
• Declare the purpose of payment clearly
• Submit supporting documents if requested
• Pay transfer fees and FX conversion charges
• Receive an MT103 or SWIFT reference for confirmation

This route is universally accepted and works for most destinations, but FX rates are often unfavorable and processing can be slow due to compliance checks.

Transferring money using CBN-approved payments (Form A–type transactions)

Some international payments must go through Nigeria’s official FX process rather than a normal wire.

• Confirm that your payment qualifies as a service payment (e.g., education, medical treatment, training)
• Register and apply through your bank’s approved FX or trade portal
• Upload required documents such as invoices, admission letters, or hospital bills
• Wait for bank and regulatory approval
• Once approved, the bank remits funds directly to the foreign beneficiary
• Receive confirmation from your bank once payment is completed

Transferring money using Western Union

Western Union operates in Nigeria primarily for inbound remittances, but limited outbound services exist through selected bank branches and agents.

• Visit a participating bank or Western Union agent
• Provide recipient details and identification
• Pay in Naira at the prevailing rate
• Recipient receives funds as cash pickup or bank credit abroad

Transferring money using MoneyGram

Like Western Union, MoneyGram’s Nigerian operations are heavily skewed toward receiving money, not sending.

• Use approved agents or bank partners
• Provide recipient and ID details
• Pay fees and FX charges upfront
• Recipient collects cash or receives bank credit

Transferring money from Nigeria using international payments

Some Nigerian debit or prepaid cards support international transactions for online or POS payments.

• Confirm with your bank that your card is enabled for international use
• Ensure your card has sufficient foreign transaction limits
• Use the card to pay directly on international websites or terminals
• Monitor charges, including FX conversion and foreign transaction fees

What are the Cheapest Ways to Send Money Internationally from Nigeria?

The cheapest ways to send money internationally from Nigeria are CBN-approved service payments (such as Form A transactions) for eligible expenses, bank wire transfers from domiciliary accounts, and carefully selected fintech transfers for small amounts.

These options typically offer better foreign exchange rates and lower effective costs than ad-hoc bank conversions or informal channels. In contrast, methods that appear cheap upfront often become expensive once FX spreads, intermediary fees, and delays are factored in.

Cost in Nigeria is driven less by headline transfer fees and more by FX pricing, access to official FX windows, and the number of intermediary banks involved.

CBN-approved service payments (Form A–type transactions)

When a payment qualifies as an approved service such as tuition, medical bills, or professional training, this route is often the most cost-efficient.

FX is sourced through official channels, which usually means a more favorable exchange rate compared to discretionary retail FX.

There are typically no excessive intermediary fees, but the trade-off is paperwork and waiting time. For eligible payments, this method often delivers the lowest total cost.

Bank wire transfers from domiciliary accounts

Sending funds from a USD, GBP, or EUR domiciliary account avoids converting Naira at the point of transfer, which can significantly reduce FX losses.

The main costs here are bank transfer fees and any correspondent bank charges. For larger amounts, this method is often cheaper overall than converting Naira through standard retail FX channels, especially when the sender already holds foreign currency.

Standard bank wire transfers funded in Naira

This is the most accessible option but rarely the cheapest. Nigerian banks typically apply a wide FX margin when converting Naira for international transfers.

Additional costs may include SWIFT fees and deductions by intermediary banks. While reliable, this method usually carries higher total costs unless the amount is small or speed is critical.

Fintech and digital payment platforms

Some platforms offer competitive pricing for small transfers, particularly when promotions or preferred FX rates are available. However, limits, destination coverage, and FX access can change frequently.

For modest amounts, fintech options can be cheaper than traditional bank wires, but they are less predictable for larger or recurring payments.

Transferring Money from Nigeria to a Foreign Bank Account

While the mechanics look similar to international transfers elsewhere, transferring money from Nigeria has additional layers of FX control and compliance that affect how these transfers work in practice.

What are domiciliary accounts in Nigeria?

A domiciliary account allows you to hold and transact in foreign currency (typically USD, GBP, or EUR) within Nigeria.

Using a domiciliary account for international transfers reduces reliance on retail FX conversion at the time of transfer, which often lowers overall costs and speeds up processing.

However, banks still apply transfer fees and may request documentation depending on the transaction purpose.

Opening and funding a domiciliary account in Nigeria

To open a domiciliary account, you typically need valid identification, proof of address, and a minimum opening balance.

Funding can be done through foreign inflows, cash deposits (subject to limits and scrutiny), or transfers from abroad.

Large cash deposits often trigger additional compliance checks, and source-of-funds explanations may be required.

Is It Safe to Send Money Internationally from Nigeria?

Sending money internationally from Nigeria is generally safe when done through licensed banks and regulated financial institutions, but the environment is less forgiving than in countries with freely convertible currencies.

Most risks arise not from the banking system itself, but from attempts to bypass it. Regulated banks and approved platforms operate under strict anti-money laundering (AML) and counter-terrorism financing rules.

This means transactions are monitored, flagged, and sometimes delayed, but these controls significantly reduce the risk of funds being lost. Safety improves when transfers are purpose-driven, properly documented, and routed through official channels.

The main risks to be aware of include fraud and impersonation, especially from unlicensed agents or individuals offering “faster” or “cheaper” transfers.

These often involve fake confirmations, forged receipts, or requests to route money through unrelated third-party accounts. Cryptocurrency transfers also carry heightened risk due to irreversibility, price volatility, and the absence of consumer protection if something goes wrong.

In practical terms, the safest approach is to use your bank directly, avoid informal FX dealers, verify recipient details carefully, and keep records of every transaction.

Delays are frustrating, but they are usually a sign of compliance checks and not an indication that your money is unsafe.

How to Track Your Money Transfer from Nigeria

For bank wire transfers, tracking is done through the SWIFT system. After initiating the transfer, your bank can provide a SWIFT reference or MT103 confirmation.

This document shows the payment path, dates, and beneficiary details, and it can be used by both sending and receiving banks to trace the transaction if delays occur.

For platform-based or app-initiated transfers, tracking is typically available through a transaction reference number visible in the app, via email confirmation, or through SMS notifications.

Status updates usually indicate whether the transfer is pending, completed, or under review.

If a transfer is delayed, the correct escalation path is to contact the sending bank or platform first. The recipient bank cannot act without confirmation from the sender’s institution.

Keeping your transaction reference and confirmation documents is essential for resolving issues efficiently.

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