AUD to NGN: How to Transfer Money to Nigeria

The most common way to transfer money to Nigeria is by transferring Australian Dollars (AUD) to Nigerian Naira (NGN). There are a number of ways to complete AUD to NGN transfers, and in this article we take you through some of the facts you need to know.

Choose a Reliable Money Transfer Service

Transferring from AUD to NGN? There are many different kinds of international money transfer services that allow you to send money to Nigeria from Australia. Some of the most popular services include:

Remittance companies: These generally offer very competitive exchange rates and low fees for transfers from AUD to NGN. Most of them provide real-time exchange rates that fluctuate very often. Almost all remittance companies offer better rates than traditional banks. You can learn more about this in our Transfer Money to Nigeria article.

PayPal/Xoom: Xoom, a PayPal service, also allows fast money transfers from AUD to Nigeria. The recipient can receive the money in Naira, which can be deposited directly into their bank account.

Bank Transfers: Some banks offer direct international wire transfers to Nigerian accounts, but they may charge higher fees and offer less favourable exchange rates.

Compare Exchange Rates and Fees on AUD to NGN

When you transfer money to Nigeria from Australia, the exchange rate between the Australian Dollar and the Nigerian Naira will directly affect how much money your recipient will receive. Rates can fluctuate depending on many different factors. These fluctuations happen multiple times per day for most services. For example, an AUD to NGN exchange rate will most likely significantly differ with your remittance company, when compared with your bank. Also keep in mind that these rates are affected greatly by the state of a currency at any given time. For example, NGN is at a particularly low point at the moment of publication.

Always remember to pay attention to the transfer fees, as these can vary significantly. Some services offer low fees but have higher exchange rates. Other services may have higher fees with more favourable exchange rates. 

Provide Transfer Details

To transfer money from AUD to NGN, you will need to provide the recipient’s details. These typically include their full name, bank account details (for bank transfers), and amount you want to send (in AUD).

For transfers involving bank deposits, ensure that the recipient’s Nigerian bank account is compatible with the service you’re using.

Why Sending Money to Nigeria in Naira is Important

Transferring money to Nigeria to be received in NGN is vital for recipients in Nigeria. It ensures that the funds are available in the local currency. It also eliminates the need for recipients to convert the funds themselves. Additionally, local businesses and family members will benefit from having the money in Naira, which they can use directly for everyday transactions.

When transferring money to Nigeria, the conversion from AUD to NGN will also influence how much the recipient gets.

How Much Will My Recipient Receive on an AUD to NGN transfer?

To better understand how much your recipient will get in Naira, you need to look at the AUD to NGN exchange rate at the time of the transfer. Some companies will clarify exactly how much NGN will be received. You can do this with e-Pocket’s exchange rate calculator.

For example, if the current exchange rate for AUD to NGN is 1 AUD = 1030.810 NGN, and you transfer 1,000 AUD, the recipient will receive 1,030,810 Naira. But of course, keep in mind that these rates fluctuate. It is therefore important to know the rate at the moment you make the transfer.

Finding the Best Transfer Method

Transferring money to Nigeria can actually be a very simple process. You just need to know where to look. To transfer money from AUD to NGN effectively, consider the exchange rates, transfer fees, and delivery options. Regardless of the size or reason for your transfer, choosing the right service can help ensure that your recipient gets the best value for their money.

By understanding the Nigerian currency, the AUD to NGN exchange rate, and the various transfer methods, you can navigate the process quite easily.