Sending money to Nigeria from the US?  Zero fees with Small World

 According to Xpress Money, in 2018 remittances to Nigeria increased by 14% from the previous year and amounted to 83% of the Federal Government’s budget that year. In the past six years, over 17m Nigerian expats have made international money transfers to Nigeria amounting to around $96.5bn.

Money transfer from the US accounts for around 30% of all remittances to Nigeria.

So if you’re looking to send money to Nigeria for the first time, or if you’re looking into different options, what do you and your loved ones need to know?

Zero fee promotion

Small World is excited to share that we currently have a zero-fee promotion for any of our customers in the US who are sending money online to Nigeria.

Not only are we able to offer the most competitive rate (382 Naira to 1 USD) but we are also reducing the transfer fee to zero.

So how can you take advantage of this offer?

How can I send money to Nigeria from the US? 

Small World offers three ways to send money to Nigeria:

1. Bank deposit: Send money direct to a bank account
2. Cash pick-up: Send money for cash pick-up at one of over 820 locations across Nigeria
3. Anywhere pickup: Send money for cash pick-up at any of our locations Getting set up to make your money transfer

In order to use our digital services you must first set up an account. Setting up your account is very easy to do and step by step instructions can be found in this guide.

You will be asked for the following personal information:

• Date of birth (DOB)
• First name, middle name, last name
• Cell number
• Occupation
• Home address

And, to set up your account, you will need proof of your identify in the form of a Passport, a Resident Card, or a Full Driver’s License (not provisional).

The good news for existing customers — those who already send money to Nigeria via a Small World branch, an agent, or through our call center — is that you can activate an online account that is linked to your existing activity.

This means you can access your transaction history, as well as information about your beneficiaries to make it even easier next time you send money.

You can also set up an account through the Small World app, which is available from the App Store and Google Play, allowing you to send money from your smartphone.

How can the Small World app help me send money? 

This year, we have seen a huge increase in customers using our app as it is a safe and efficient way to send money home.

First you will need to download the Small World app from the App Store or Google Play, and, as above, you will then need to create an account if it is your first time sending money digitally with Small World.

Once you have chosen a password, you will receive an SMS code that you will need to enter in order to confirm setup.

You will then be able to select your beneficiary, enter the amount you wish to send as well as accessing the latest exchange rates and, under normal circumstances, the Small World transfer fee (in this case, it will be zero).

For more information see our user guide to the Small World app

Why is using a money transfer site better than sending money to Nigeria with the banks? 

Many people wrongly assume that sending money home via a bank is the safest, quickest and cheapest way to do so. In fact, money transfer sites like Small World — sites that operate solely to accommodate international money transfer — are generally the better option.

According to The World Bank, in 2019, banks were the most expensive channels for international money transfer, charging an average remittance fee of 11% compared to the global average of 7% by other means.

Many banks claim to be ‘commission free’, which definitely makes them sound appealing, but they often make money back by offering poor exchange rates. Furthermore, it can be difficult to find and compare the exact rate they charge throughout the day, as they change constantly and many providers do not update them. Banks also often hide the real transfer costs by adding a number of small charges to the transaction rather than one set fee.

Additionally, at Small World we handle more than 1 million transactions a month and are trusted by over 15m customers worldwide. To support our customers, we offer real-time payment tracking and provide local support when you or your recipient need it.

For more information see our guides on how to get a better deal than the banks and choosing the transfer service that’s best for you.

The most popular ways to send money to Nigeria:  

1. Cash pick up
2. Bank deposit  
3. Anywhere pick up

   Our main partners in Nigeria are Polaris Bank, Fidelity, First Bank, GT Bank, access, UBA. Send money to Nigeria