The rising amount of people looking for instant online money transfers to their home country Nigeria continues. When you arrive at the International airport LAG in Lagos for the first time or returning home it is all about buying mobile credits together with a ticket for onward flights to Abuja or Benin City within a few hours of landing, so it seems bizarre that electronic funds can’t be transmitted the same. With this in mind why do people transfer money to Nigeria?

What are the main reasons people use foreign exchange transfer services in Nigeria?

1. Sending money to family. Sending money back home as always happened. If you’ve moved away in England for work or studies, then you might want to send money directly to family members in Nigeria for things like medical bills. Sending money via international wire transfer is the easiest way to help out your loved ones. Helping family living means a lot for the person who has had the opportunity to use their spending power of sterling pounds. Many people with family living overseas regularly send funds, either as maintenance, a regular gift or paying for fees. A currency specialist like Wise can provide access to a secure online account which allows you to make international payments 24/7 and even via a mobile app, which can be particularly useful if a loved one requires additional funds in an emergency. Send money English pounds to Nigeria for the Nigerian naira with confidence by comparing exchange rates.

2. Nigerian Fraud ~ by mistake We have all heard of the African prince or princess and love or overseas investments scam. This is a way that money is transferred to West Africa. If your doing well enough in life but are wanting more it can be easy to fall into this type of scam. The scams are sophisticated and can catch you at anytime as the scammers try to establish trust, it’s imperative that you find out as much as possible before you ever send money abroad to them.

3. Selling land or a property in Nigeria. You send money to complete a sale. This could the best option if you can not manage an asset from a far. Selling property inherited by the family means initially sending money to a broker agent and lawyer. As an absent landlord to protect your wealth it is better to cash in and sell than hold onto a property you can not manage as not being able to keep a constant eye on your asset is danger. You maybe thwarted by many individuals in obtaining the right legal address if your land has been forcefully taken from you. Appointed beneficiary should act with considered haste. There are risks in acting slowing and of course to fast. Do the research as quickly as possible and get the best rate for your money.

4. Building or buying a property in Nigeria. Building a house or buying a holiday home is popular for obvious reasons. If you and your family enjoyed going back home when you got the chance, having a home away from home is a way to turn a potentially good trip into a winner every time as you do not have to rely on others. If you have a house or an apartment of your own in your favourite city spot, you can decorate it to your standards and turn it into a real home away from home. Buying or selling a property in Nigeria is not easy. Mortgage payments for a home in Nigeria. If you’re lucky enough to have bought a home back home in Nigeria, keeping up with mortgage payments shouldn’t come with extra money being skimmed off the top, which is why it’s so important to find the right way to send your money to Nigeria. Thousands of people buy and sell properties abroad every year, however lots of care must be consider in West Africa if you are either going to use it as a holiday home or to let out then later when you can move or retire in Nigeria. This is dream for many descendants of Nigerians they particularly love a hot climate and consider it a place with a better quality of life. Lagos or the coastal areas are of course the popular destinations.

5. Paying for work to be done in Nigeria. You could be working with a managing agent, accountant or solicitor in Nigeria. You could be paying the wages of staff in a local importing firm. Either way, their wages shouldn’t cost you more than you’ve budgeted for.

6. Paying overseas tuition fees. Nigerians value an education as the most important way to advance in life. If a young relative is heading to one of the top universities in the UK or America, it can be tough for them to afford the fees themselves even if they’ve been working since they were young. Finding a cheap way to send money to them can take the weight off their shoulders if they’re concerned about how they can afford the steep fees at their chosen university.

7. Paying for local Nigerian accommodation and adventure. If you’re planning an African city break in Lagos Nigeria or a week of chilling and partying in Kano, you’ll need somewhere to sleep when you finally hit the hay. The most popular destinations for travellers across Nigeria, West Africa continue to be on the holiday coasts and so it makes sense that you’ll need to pay for your holiday apartment in the local currency if you just turn up. However today money can be transfer online in stages if you wish to pay for all your accommodation plus excursions to say and Port Harcourt.

8. Holiday celebrations. This is for the festivals such as Christmas and Eid the religious holiday that is celebrated by Muslims across west Africa. It marks the end of the month-long dawn-to-sunset fasting of Ramadan. Eid al-Fitr, is celebrated within Islam. Buying presents of gifts from Nigerian websites. Buying items online can be a tricky journey sometimes—whether a present or your favourite new beauty product which is exclusive to Nigeria. With leading e-commerce sites, though, you can get around these restrictions. Buying in the UK and delivering in Nigeria should be straight forward. Other celebrations like birthdays. They come round once a year so it is best to plan for when it is the best time to exchange your pounds sterling cash to Nigerian Naira. Food and gift need to be bought in the local markets to transfer to Nigerian family or friends for the best exchange. Paying for Nigerian travel. If you’re embarking on a long holiday such as over Christmas with the family back home, you might find the money you’ve taken with you runs out sooner than you expected. However, with Wise money exchange transfer, local friends and family can help you out without subjecting yourself to ATM fees in Nigeria.

9. Funeral service arrangements. These expensive services are taken at difficult times for anybody who has had a death in the family in either England or west Africa. On top of gathering family and friend in memorial it may be that a beloved family relative may have wished to be buried at home. This is a final coming home. In Nigeria there are many traditions that must be adhere to because the wider family and friends demand it. This means that money will be spend on the burial, religious service and wake. Many cultures across west Africa also honour 40 days and then the year after. The ancestor must be celebrated and recognised for their contributions they have made throughout their lives. All this means a budget should be set up, money put aside and saving made in money transfer.

10. Paying for a big fat Nigerian wedding. Back home weddings are back on the agenda and booking a wedding in Nigeria could be the perfect way to say “I do” and all of Lagos is invited to see who is getting hitched. Whether it’s your own or you’re contributing to the cost for the happy couple, you’re helping to pay for things like musicians, caterers and venues it best to get value for money. Planning a wedding in Nigeria for bride and groom can be best served by using a detailed spreadsheet and adding in all costs. If you’re planning on getting married Nigeria, a wedding there may be cheaper than a UK ceremony. However, you will still have currency costs for paying for your big Nigerian wedding; if the ceremony wedding is several months away, you may be able to arrange a ‘market order’ whereby you tell your money transfer service the rate you want, and if this rate is reached, the deal will be booked on your behalf. This helps you make the most of your Nigerian wedding budget; in addition, saving money on transaction fees can help you pay for the added extras and personal touches for your big day.

Exchange rate as of Thursday 7 December 2023, 10:29 GMT

So these are some of the most popular reasons why people send money abroad to Nigeria. Whatever the reason for your international payments, you can save money with a currency specialist such as Wise.

Whenever you make a payment overseas, your provider will ask you to provide the reason for sending money in order to comply with money transfer laws that are there to prevent money laundering. As a result of our partnership with currency specialists West Africa Money to provide our readers with international transfer services, we have an insight into the many reasons why people send money overseas.

Best ways to make international money transfers

Specialist foreign currency transfer companies often provide a convenient, great value way to move money overseas. That’s one of the reasons West Africa Money has teamed up with currency specialist to bring you West Africa Money Transfers with Wise. With great rates, you’ll also have access to specialist currency tools to help you make the most of your money. You can manage your account over the phone or online via a secure online platform or mobile app. Whatever the reason you’re sending money overseas, you can enjoy better exchange rates, no transfer fees and a secure online platform with West Africa Money Transfer service with Wise.

Note: Wise is the new name for TransferWise

Resources

https://www.ifad.org/en/web/latest/-/story/sending-money-home-nine-reasons-why-remittances-matter

https://www.themoneycloud.com/news/2016/10/top-10-reasons-why-people-transfer-money-overseas

Nigeria - Wikipedia https://en.wikipedia.org/wiki/Nigeria