Can Money Be Sent from Canada to Nigeria?
Looking to send money from Canada to Nigeria? If you are planning to send money from Canada to Nigeria, nowadays it is super easy and fast.
If you are planning to send money from Canada to Nigeria, nowadays it is super easy and fast.
It is wise, of course, to do your research, since there are a lot of money transfer services that offer different conditions for the transfer, including fees and the time it will take for the money to reach its recipient.
Can money be sent from Canada to Nigeria?
The simple answer to this question is YES, you can send money to Nigeria from Canada.
Many Nigerians living in Canada send money to Nigeria to help their family members who still reside there or for business purposes.
Let’s take a closer look at this subject and some popular money transfer providers.
Table of Contents
Can a Nigeria Bank Receive Money from Abroad?
That’s the first question you might ask, and the answer is again – YES.
Nigerian banks have legal agreements with many banks in various countries around the world to allow money transfers and Canada is among them.
It’s usually done via money transfers to the recipient in Nigeria with a valid bank account.
Some fees will be applied depending on the amount of the transfer and the type of money transfer.
Keep in mind, that each money transfer requires proof of identity from both sides, the sender and the recipient.
What Is the Maximum Dollar Transfer Limit in Nigeria?
The maximum US Dollar (USD) transfer limit in Nigeria is $50,000 USD per transaction.
This means that any transfers of US Dollars to and from Nigeria cannot exceed this amount.
However, there are additional regulations for large transfers of more than $10,000 USD which require further documentation in order to be processed.
Furthermore, any transfers over $25,000 USD will need to be reported to the Central Bank of Nigeria (CBN).
The transfer limit applies to both electronic payments and physical cash deposits.
How to Transfer Money from Canada to Nigeria
You have many options on how to send the money from Canada to Nigeria, some of which will take you only several minutes to complete the transaction and even allow for the recipient to get the money almost instantly. Many methods are suitable for immigrants from Nigeria to Canada.
Here are the most popular money transfer providers for your consideration:
Remitly
Remitly is a US-based online remittance service that operates in 135 countries, including both Canada and Nigeria.
This means that you will be able to send the money from Canada and your recipient in Nigeria will be able to receive it.
It is also among the safest providers to send money abroad, which uses strict security measures and fraud prevention technology.
You can use the tool on the website of Remitly to see what the money transfer fee you will pay, according to the amount and the type of transfer you would like to perform: Remitly Pricing
Remitly offers two delivery speed types: Express and Economy.
If you want to send money fast, then Express delivery method would be your best option, since it will take only several minutes for the recipient to get the money, if your money transfer is done via debit card.
Economy method will take 3-5 days to reach the recipient in Nigeria.
You might find that there is one potential drawback with using Remitly, since the recipient can only receive the payment in USD currency.
If that is not an issue for you, then Remitly should still be a good option for you.
You will need to provide the recipient with a reference number of the transaction, which will be issued by Remitly, and the recipient will also need to present his or her ID for a proof of identity,
When transferring the money, you can do it via your bank account in Canada, credit card or debit card.
Western Union
Western Union is an American financial services company that operates in every country around the world, except for North Korea and Iran.
Sending money from Canada to Nigeria with Western Union is relatively easy.
First, you will need to decide how you would like to fund the transfer.
You can use cash, debit card, credit card or an Interac E-Transfer transaction.
Once the funding is set up, you will be able to fill out the required information in order to complete the transaction.
This will include providing details on who you are sending the money to as well as their location and contact information.
Additionally, you may have to provide your own personal identification if requested.
It is also important to keep track of any reference number provided for future inquiries about your transfer’s status or if a problem arises.
Finally, once all of the necessary fields are filled out and the payment is submitted, your money should arrive within minutes depending on where it’s being sent.
The fees for money transfer are higher than Remitly’s, however, Western Union offers Naira as the recipient’s currency, unlike Remitly, where the recipient can only receive the money in USD.
You can create an online account on the website of Western Union, through which you will be able to make the money transfer either using your bank account, credit or debit cards.
As for the recipient, you can choose during the transaction the method for receiving the money – either cash pickup or bank account.
WorldRemit
WorldRemit is a leading provider of global remittance services, offering customers a convenient and secure way to transfer money overseas in more than 130 countries and over 70 currencies.
The company’s online platform enables individuals and businesses alike to quickly, easily, and safely send funds abroad.
WorldRemit offers fast, easy-to-use services such as bank deposits, cash pickups, mobile money transfers, and home delivery of money directly to the recipient’s door.
It also provides customers with additional value-added services, including foreign exchange services and price notifications so they can track their costs in real time.
Furthermore, its cutting-edge technology helps keep costs low while providing its customers with the highest levels of security for their transactions.
You can send money transfers from Canada to Nigeria using WorldRemit in Canadian Dollars (CAD), however, the recipient will only be able to pick it up in USD.
It’s easy to open an account on the official website of WorldRemit and instantly perform money transfers to Nigeria.
Paypal
Paypal is a multinational financial technology company founded in the United States, works in the majority of countries, and allows you to make online payments and bank transfers to most countries, including Nigeria.
The fees are a bit high for the currency exchange, therefore, you might want to use other money transfer options.
Moneygram
Moneygram is a money transfer company with the main offices in the United States.
It’s trusted, affordable and a safe method to send money from Canada to Nigeria directly to the bank account of the recipient or to cash pickup locations.
It has an app that you can download for Android and iOS.
Moneygram charges a 2% fee for sending the money to the recipient and the payment will be made in USD to the recipient at the money pickup point or funded to their bank account.
There are additional money transfer providers in Canada that will allow you to make the transfer of funds to your loved ones in Nigeria or for business, such as:
- TransferWise
- Xoom
- Africhange
Conclusion
Your decision on which money transfer provider to use should be based on the money transfer fees (the currency exchange rate, the fee for the transfer itself – which is usually calculated from the entire sum you are about to transfer); the currency in which you want the recipient to get the money in; the speed of the money transfer; safety of the money transfer provider; availability of the customer service support; online reviews; or other factors.
Discover Frequently Asked Questions from Our Support
What is the best way to receive money from Canada?
The best way to receive money from Canada is through a wire transfer. Wire transfers are secure, fast, and convenient. With a wire transfer, the sender can send funds electronically between two financial institutions, such as banks or credit unions. The funds are guaranteed to arrive in the recipient’s account within one to three business days of the transfer being initiated.
Can someone send money from Canada to Nigeria?
Yes, you can send money from Canada to Nigeria. There are a variety of banks and financial services companies that offer international money transfer services between the two countries. For example, Western Union and MoneyGram both provide reliable and secure ways to send funds internationally.
How to send money from Canada to a Nigerian bank?
Almost all money transfer providers offer an option to transfer the money to the bank account or to a funds pickup spot. In addition, Nigerian banks have legal contracts with the banks in Canada, which allows such transactions to be made.
Which Nigerian bank is in Canada?
Currently, there is no Nigerian bank located in Canada. However, certain Nigerian banks have established representative offices in Toronto that offer banking services to Nigerians living in Canada. For example, Sterling Bank of Nigeria operates its representative office in Toronto and provides Nigerians with a range of services including foreign exchange remittance and account opening among others. Zenith Bank has also opened its representative office in Canada offering money transfer services for Nigerians living abroad. In addition to the above-mentioned banks, First City Monument Bank (FCMB) also maintains a presence in Toronto through a partnership with Royal Bank of Canada (RBC). This allows FCMB customers to access Royal Bank's international services and products across Canada.
How to transfer money from Canada to Nigeria?
Transferring money from Canada to Nigeria is possible through various channels, such as remittance services, bank transfers, and international money orders. When transferring money to Nigeria, it is important to be aware of the foreign exchange rate and any applicable fees. Most methods of transferring money will include currency exchange rates and a fee for the service.
Can Canadian Dollars be sent to a Nigerian bank account?
Yes, it is possible to send Canadian dollars to a Nigerian bank account. Money transfers can be done through banks, money transfer services, or online payment platforms. Depending on the method of the transfer chosen, it can take anywhere from a few hours to several days for the funds to reach the recipient’s account.
