As an English-speaking country with favourable weather, economic stability and world-class universities, Australia is becoming a top destination for Nigerian students and migrant workers. This means there’s now a growing demand for remittance services to send money to loved ones at home. Discover the cheapest way to send money from Australia to Nigeria and what you should know before you do.
Sending remittances from Australia to Nigeria
The Nigerian population in Australia has been steadily growing in the last two decades. As a result, the number of money transfers from Australia to Nigeria has risen too. When you send Australian dollars (A$/AUD) to Nigeria, your money is usually delivered in Nigerian naira or Naira (₦/NGN). Although Naira is the local currency, Pound sterling (GBP) and US dollars (USD) are widely accepted forms of payment for certain goods and services.
The same is true with money transfer providers, with many having additional delivery options in currencies such as the Pound sterling, US dollars and euros.
|Did you know? The name Naira is a contraction of “Nigeria”, while its subdivision, the kobo, is derived from the English word “copper.”|
Pay the lowest fees when transferring money from Australia to Nigeria
When you transfer money to Nigeria, look for a provider that offers a single, transparent and fair transfer fee. That way, your loved ones will likely get more Naira when you transfer Australian dollars to Nigeria.
Many money transfer outlets and agents love to advertise great rates while failing to mention their hidden fees. If an exchange rate seems too good to be true, that’s because it usually is.
Azimo charges one transparent fee on transfers from Australia to Nigeria that’s usually among the lowest on the market.
Get the best exchange rates when sending money from Australia to Nigeria
Make sure you’re being offered a fair exchange rate by checking the mid-market exchange rates between currencies. A good exchange rate will match or be as close to the mid-market (or interbank) rate as possible. Knowing the exchange rate will also help you estimate how much your loved ones should expect to receive at the other end.
Even in stable economies, exchange rates go up and down on an hourly basis. The difference might appear small at first, but it soon adds up when you’re sending hundreds or thousands of Australian dollars to Nigeria.
Sign up for rate alerts
If you’re planning to send AUD to Nigeria, get a head start by setting up a rate alert. By signing up to services like Monito, you’ll receive notifications when there’s a great exchange rate between Australian dollars and Nigeria naira.
Rate alerts are especially helpful when you’re looking to send large sums and can afford to wait a little longer for a favourable exchange rate.
Avoid using your bank when sending money from Australia to Nigeria
There are a lot of reputable banking institutions in Australia, such as the National Australia Bank (NAB) and Westpac. While sending money with your bank might seem like a good idea, you should think again if you want to avoid costly transfers.
Banks are well-versed in hiding charges and fees for sending money abroad. In fact, we’ve written a guide on why you should avoid using a bank to send money overseas.
|Top tip: Whereas all Australian bank accounts have BSB numbers, Nigerian bank accounts use NUBAN numbers. If you’re sending money to a bank account in Nigeria, you’ll need to know your recipient’s NUBAN.|
Use a dedicated online money transfer provider
There’s a lot of choice in Australia when it comes to transferring money to Nigeria. In addition to money transfer outlets, parallel market operators and banks, there are now several fintech companies like TransferWise, Skrill and WorldRemit.
Thanks to innovative technology, these providers usually offer a faster, cheaper and safer way to send money to places like Lagos, Abuja, Port Harcourt and beyond.
You can save a lot of money on your money transfers by using digital remittance services like MoneyGram and Remitly. As an additional feature, both companies offer cash pick-up options and can offer competitive prices as they have little-to-no fees and fair exchange rates. Usually, though, you’ll find the best overall deal with Azimo.
Transfer money to Nigeria from Australia online with Azimo
Along with just one fair and transparent fee, Azimo often has the best exchange rates on the market. And with our instant delivery times to many locations, it’s no wonder why we’ve received more than 40,000 five-star reviews on Trustpilot.
Enjoy multiple delivery options when you send money from Australia to Nigeria with Azimo. You can also top-up a loved one’s mobile phone with a selection of amounts in Naira. We work with popular and extensive mobile networks in Nigeria to cover most parts of the country.
Azimo only works with the most trusted financial institutions in Nigeria such as Access Bank and Citibank, which means you can have peace of mind that your transfer is secure every step of the way. Finally, check the Azimo pricing page to see how you can save up to 90% versus other money transfer providers like Western Union and Ria when you send AUD to Nigeria.
Discover a faster, cheaper way to send money from Australia to family in Nigeria. Download the app on iOS or Android and start transferring funds. Register today and get your first two transfers fee-free and at exceptional exchange rates.