It's easier than ever to move money electronically from one account to another, even when you're crossing national borders. Whether you want to send money from Nigeria to India or from India to Nigeria, there are a variety of options, which means you can find the one with the lowest fees. To send money to Nigeria, you can use a service like Paytm, register accounts with a service like Western Union or check with your own bank to see if wire transfer services are offered to Nigeria.
India to Nigeria Funds Transfers
Sending money to Nigeria from India is fairly easy, thanks to the variety of online options now available. You can use Paytm's Nigeria transfer option or choose one of the many other electronic funds transfer services available. Your own bank is a great resource since often funds transfers are provided for a reduced rate to members.
Before you go to Paytm to register an account, though, it's important to pay close attention to safety warnings about sending money. Nigeria has particularly appeared in security warnings due to the many Nigerian email scams circulating. Before you send money to anyone, anywhere, make sure you know that the party on the other end is legitimate. A credit card purchase often comes with protections that you don't get with wire transfers.
International Transactions Through a Bank
If you live in India, the first place to start is with your own bank. The same goes if you want to send money from Nigeria to India and you live in Nigeria. The State Bank of India is the biggest bank in the country, offering funds transfers to a wide variety of countries, but you'll only have the option of transferring the money to South Africa with that service.
The primary benefit of transferring the money through a bank is that you can save on fees. If your bank doesn't offer funds transfers to Nigeria, a separate bank likely won't be the best alternative. These days, you can go to a site like Paytm and register an account to send money from the comfort of your home.
Funds Transfers Through Western Union
In many parts of the world, Western Union is a go-to source for wire transfers. Whether you want to send money from Nigeria to India or from India to Nigeria, it's worth checking in with Western Union. You can send up to the current equivalent of $10,000 USD for educational purposes or up to the INR equivalent of $5,000 USD for other uses.
The good news is, you no longer have to go to a Western Union to send money from India to other countries. You can register for an online Western Union account online and send money electronically. You'll have to wait for your account to be verified and provide your banking information and you'll pay a fee. Since Western Union isn't the only online option, it might be worth comparing Western Union's fees to services like Paytm Nigeria and TransferWise.
Send From Nigeria to India
There are a variety of online options available to Indians, but Paytm is one of the most popular. As India's largest mobile payments platform, Paytm is a great tool to have on your smartphone. You can use Paytm for Nigeria funds transfers from India, but you'll need to join Paytm and register account first.
Once you've logged into Paytm, register an account and add money to your wallet. When your account has been verified, you can receive and send money to anyone in the countries included in Paytm's services. To send money, tap Passbook, then Send Money to Bank. You'll then just need to enter the amount, the accountholder's name, the account number and the IFSC code.