The Short Answer
Fee-free specialists lead this corridor. Sendwave charges $0 per transfer, making it the simplest choice. Remitly often waives fees and offers a strong rate on your first transfer, and WorldRemit gives free first transfers (then about $1–$3). Wise is the pick if you want the guaranteed mid-market rate.
The option to avoid is a bank wire: $25–$50 in fees plus a 2%–4% exchange-rate markup on top of an already volatile naira rate makes it many times more expensive than a specialist remittance app.
Watch the rate, not just the fee
The naira moves fast. A "no fee" service with a marked-up rate can deliver fewer naira than a service with a small fee and the real mid-market rate. Compare the naira actually landing in the account, not the fee headline.
The Cheapest Services Compared
| Service | Typical cost | Delivery | Best for |
|---|---|---|---|
| Sendwave | $0 fee, small rate markup | Bank & mobile | Cheapest, simple app |
| Remitly | Often $0; first-transfer promo | Bank, mobile | Speed & promos |
| WorldRemit | First 3 free, then ~$1–$3 | Bank, mobile | Wide bank support |
| Wise | ~0.5%–0.7% fee, mid-market rate | Bank | Best exchange rate |
| Bank wire | $25–$50 + 2%–4% | Bank | Avoid for everyday transfers |
Check the exact fee on your amount:
Bank & Mobile Delivery
Most transfers to Nigeria land in a bank account or a mobile wallet. The major Nigerian banks are widely supported:
- Bank deposit: Access Bank, GTBank, UBA, Zenith Bank, First Bank, and Fidelity are all accepted by the main services. Bank deposit is usually cheaper than cash pickup — on a $200 transfer you can save a few dollars by choosing bank deposit over cash.
- Mobile wallet: OPay and Palmpay are the most widely used mobile money options in Nigeria, and several services now support direct wallet top-ups — useful when the recipient doesn't have a traditional bank account.
- Cash pickup: available through WorldRemit and MoneyGram at agent locations, but it typically costs more and carries the 2026 cash tax risk if funded in cash at the US end.
Delivery is often same day for app-based transfers, and typically within 2–3 business days for bank deposits depending on the service and funding method.
The USD/NGN Exchange Rate (watch this closely)
The naira has been volatile since Nigeria's 2023–2024 devaluations and has recently been roughly 1,370–1,400 naira per dollar (around 1,370–1,390 in early June 2026). It can move meaningfully in a single week.
Because the rate swings, the exchange rate matters more than the fee on this corridor. A 2% rate markup on a $300 transfer is roughly ₦8,200 naira lost. Favor mid-market-rate services like Wise, and always check how many naira actually land before sending.
The 2026 US Remittance Tax
New for 2026: as of January 1, 2026, a 1% US federal excise tax applies to remittance transfers funded with cash or a money order. Anything you fund from a bank account or a US debit or credit card sits outside it.
App-based transfers through Sendwave, Remitly, WorldRemit, or Wise — funded from your bank or card — generally avoid the tax, while paying cash at a storefront agent may add 1% on top of an already steep fee. (Tax rules change; confirm before sending large amounts.)
How to Pay the Least
- Compare the naira delivered, not just the fee. On a volatile corridor like USD/NGN, a 1% rate difference can easily outweigh a $3 fee difference.
- Fund from a bank account. Cheapest funding method, and it keeps you exempt from the new 1% cash tax.
- Choose bank deposit over cash pickup when the recipient has an account — you can save a few dollars on every transfer.
- Use first-transfer promos. Remitly and WorldRemit routinely offer strong rates and waived fees for new customers — take advantage once, then compare regularly.
- Send when the rate looks favorable. The naira swings — if you have flexibility, a few days' patience can mean noticeably more naira delivered.
Frequently Asked Questions
What is the cheapest way to send money to Nigeria?
Fee-free specialists lead — Sendwave charges $0 per transfer, and Remitly and WorldRemit often waive fees (WorldRemit on your first three). Wise gives the best exchange rate (real mid-market). Because the naira swings, compare the naira actually delivered, not just the fee.
Can I send money directly to a Nigerian bank account?
Yes — Remitly, WorldRemit, Sendwave and Wise all support deposits to major Nigerian banks including Access Bank, GTBank, UBA, Zenith and First Bank, plus mobile options.
How long does it take to send money to Nigeria?
Often same day for app-based transfers; bank deposits typically arrive within 2–3 business days depending on the service and your funding method.
Is there a tax on sending money to Nigeria in 2026?
The 1% US federal excise tax introduced on January 1, 2026 applies only to remittances paid with cash or a money order. Because Sendwave, Remitly, WorldRemit and Wise pull from your bank or card, those transfers are exempt.
What is the USD to NGN exchange rate?
The naira has been volatile since its 2023–2024 devaluations and has recently been around 1,370–1,400 per dollar. It can move quickly, so check the live USD/NGN rate and compare the naira delivered before sending.
Key Takeaways
- Sendwave charges $0; Wise gives the mid-market rate — both beat bank wires by a wide margin.
- The naira is volatile — the exchange rate matters more than the fee on this corridor. Always compare naira delivered.
- Fund from a bank/card to dodge the 2026 1% cash tax; choose bank deposit over cash pickup to save more.
- Check the live USD/NGN rate before sending and use first-transfer promos from Remitly and WorldRemit.
Send Smarter to Nigeria
A fee-free or mid-market-rate service, bank deposit delivery, and bank funding will get the most naira home for your dollars. Run your amount through the calculators, check the live USD/NGN rate, and send with confidence.