How Can I Send Money From Canada to Nigeria?The inflow of remittances from abroad into Nigeria contributes significantly to the economy. With technology advancements resulting in advancements in the ways of transferring money across the globe, one may easily make use of the numerous channels available to rapidly and securely transmit money across continents.
This article will discuss several of these channels and the procedures involved in sending money from Canada to Nigeria.
What Is the Best Way to Send Money From Canada to Nigeria?
Several methods exist for sending money from Canada to Nigeria:
Remitly is a digital money transfer service that enables Canadians to send money to Nigeria. Remitly offers a variety of delivery options for transferring money internationally, including bank deposits, cash pickups, home delivery, and mobile money. To send money from Canada to a recipient in Nigeria, you must first create a free Remitly account, which may be done via the Remitly mobile app or the Remitly website. After logging into the Remitly account successfully, the sender must enter the amount of money to be sent. The next step is to choose between Express and Economy delivery. The Express option accepts credit cards and provides rapid transfer; however, additional costs apply. The Economy option, which has reduced fees, is paid with a bank account and takes three to five days to get the funds. Following that, the sender selects the preferred payment option and enters the required information. The money is received from a few minutes to five business days, depending on the payment option used. Guarantee Trust Bank, Polaris Bank, Fidelity Bank, Access Bank, First Bank, First City Monument Bank, Union Bank (formerly Titan Trust), and United Bank for Africa are all eligible to receive funds from Remitly in Nigeria. To receive cash from any of the financial institutions listed above, the recipient must present a valid picture identity and reference number.
Western Union is another option for sending money from Canada to Nigeria, and the transaction can be completed online using a smartphone or computer. To begin, create a Western Union account and verify the profile using a driver’s license, passport, or other government-issued identity. Following that, the sender must specify the amount to be sent and the method by which the recipient will receive the funds, which can be a bank account, an agent location, or a mobile wallet. The next step is to enter the recipient’s information. For the Western Union bank deposit option, the recipient’s bank account and name are required, whereas for the cash pickup option, the recipient’s name and address are necessary. The sender then selects the preferred payment method from the available options of Bank Account, Credit Card, or Debit Card. Confirm and send are the final steps in the procedure. Following transmission, a unique MTCN number can be used to track the transfer. It is necessary to note that the processing charge varies depending to the amount delivered, the payment method used, and the delivery option chosen.
WorldRemit is another option for Canadians to send money to Nigeria. As a digital remittance service, WorldRemit enables consumers to send money to loved ones anywhere in the world using a range of methods, including bank account deposits, cash pickup, airtime top-up, and mobile wallets. The processes required to send money from Canada to Nigeria with WorldRemit will be briefly discussed. The first step is to create an account on the WorldRemit portal. To accomplish this, the sender must provide particular information about themselves as well as a government-issued document while creating an account on WorldRemit. After completing the signup process successfully, the WorldRemit account becomes able to conduct transactions. As mentioned previously, there are several ways to send money to Nigeria via WorldRemit, each of which requires its own set of distinctive procedures.
Cash pickup, which refers to a payment that may be collected in real cash by a recipient from any supported location within WorldRemit’s local partner network, is a simple process. To begin, log in to the WorldRemit portal and initiate a new transfer. Then, Nigeria is chosen as the country to whom the funds are to be transferred. Following that, USD Cash Pickup is selected as the payment method, and the recipient’s information is provided. The sender provides the recipient’s full name, address, mobile phone number, and reason for sending prior to finalizing the payment, which can be made with a bank account, credit card, or debit card. The recipient in Nigeria can collect the funds within minutes by visiting any of the following banking institutions: Access Bank, FCMB, Fidelity Bank, First Bank, Polaris Bank, GTCO, Union Bank, or UBA. The beneficiary is expected to bring identification in the form of an international passport, a Bank Verification Number (BVN), a driver’s license, or a Permanent Voters Card (PVC).
Directly depositing funds into a recipient’s bank account in Nigeria takes a unique procedure. After entering into the WorldRemit interface and verifying that the sender’s account has cleared payments, The next step is to enter the recipient’s Nigerian bank account information. It is critical to note that only Nigerian bank accounts denominated in USD are able to receive funds from Canada using WorldRemit. The recipient’s complete name, address, account information, mobile number, and Bank Verification Number must be provided (BVN). Additionally, the sender must specify a purpose for giving the money. The final step displays the Canadian Dollar (CAD) to Nigerian Naira (NGN) conversion rate, at which point the transfer can be completed. Payment notification is received by the recipient in Nigeria within minutes.
In general, WorldRemit’s fees are pretty reasonable, and there are no hidden fees.
Apart from the aforementioned, more options for sending money from Canada to Nigeria abound, including Sendwave, Ria, Paypal, MoneyGram, and Wise.