How to Send Money from Canada to a Nigerian Bank Account: A Comprehensive Guide (2025)

Sending money from Canada to Nigeria is a common need for many individuals, whether for family support, business transactions, or personal investments. With the increasing globalization of financial services, there are now multiple ways to transfer funds securely and efficiently.

However, choosing the right method can be overwhelming due to factors like transfer fees, exchange rates, and delivery speed. This blog post provides a detailed guide on how to send money from Canada to a Nigerian bank account in 2025, including the best platforms, step-by-step instructions, and tips to save on costs.

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Why Send Money from Canada to Nigeria?

There are several reasons why you might need to send money to Nigeria from Canada:

1. Family Support: Many Nigerians in Canada send money to support their families back home.
2. Business Transactions: Entrepreneurs and business owners may need to transfer funds for investments or payments.
3. Education and Healthcare: Sending money for school fees, medical bills, or other essential services.
4. Personal Savings or Investments: Transferring funds to Nigerian bank accounts for savings or real estate investments.

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Factors to Consider When Sending Money to Nigeria

Before choosing a money transfer method, consider the following factors:

1. Transfer Fees: Compare fees charged by different platforms.
2. Exchange Rates: Look for competitive rates to get more naira for your Canadian dollars.
3. Transfer Speed: Choose a method that meets your urgency (e.g., instant transfers vs. 1–3 business days).
4. Security: Ensure the platform is reputable and regulated by financial authorities.
5. Convenience: Opt for a method that is easy to use and accessible.

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Best Ways to Send Money from Canada to Nigeria in 2025

Here are the top methods for sending money from Canada to Nigeria:

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**1. Bank Transfers

• How It Works: You can send money directly from your Canadian bank account to a Nigerian bank account using international wire transfers.
• Pros:
  • Secure and reliable.
  • Direct deposit into the recipient’s bank account.
• Cons:
  • High fees (typically $20–$50 per transfer).
  • Unfavorable exchange rates.
  • Slow processing time (3–5 business days).
• Steps to Send Money:
  1. Visit your bank’s website or branch.
  2. Provide the recipient’s bank details (account number, bank name, and SWIFT code).
  3. Confirm the transfer amount and fees.
  4. Complete the transaction.

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**2. Online Money Transfer Platforms

• How It Works: Use online platforms like WorldRemit, Wise (formerly TransferWise), Remitly, or PayPal to send money to Nigeria.
• Pros:
  • Competitive exchange rates.
  • Lower fees compared to banks.
  • Fast transfers (instant to 1–3 business days).
  • Easy to use.
• Cons:
  • Some platforms may have transfer limits.
• Steps to Send Money:
  1. Create an account on the chosen platform.
  2. Enter the recipient’s details (bank account or mobile wallet).
  3. Choose the transfer amount and payment method (bank account, debit/credit card).
  4. Confirm the transaction and track the transfer.

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**3. Mobile Money Services

• How It Works: Send money directly to a Nigerian mobile wallet (e.g., Paga, Opay, or MTN Mobile Money).
• Pros:
  • Instant transfers.
  • Convenient for recipients without bank accounts.
• Cons:
  • Limited to mobile wallet users.
• Steps to Send Money:
  1. Use a platform like WorldRemit or Sendwave.
  2. Select “Mobile Money” as the delivery option.
  3. Enter the recipient’s mobile number and wallet details.
  4. Complete the transfer.

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**4. Cryptocurrency Transfers

• How It Works: Use cryptocurrencies like Bitcoin or Ethereum to send money to Nigeria. The recipient can convert the crypto to naira through local exchanges like Binance or Luno.
• Pros:
  • Low fees.
  • Fast transactions.
  • Bypasses traditional banking systems.
• Cons:
  • Requires knowledge of cryptocurrency.
  • Volatility in crypto prices.
• Steps to Send Money:
  1. Buy cryptocurrency on a platform like Coinbase or Binance.
  2. Transfer the crypto to the recipient’s wallet.
  3. The recipient converts the crypto to naira on a local exchange.

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**5. Money Transfer Operators (MTOs)

• How It Works: Use services like Western Union or MoneyGram to send money for cash pickup or bank deposit.
• Pros:
  • Wide network of pickup locations in Nigeria.
  • Fast transfers.
• Cons:
  • Higher fees compared to online platforms.
• Steps to Send Money:
  1. Visit a Western Union or MoneyGram agent location.
  2. Provide the recipient’s details and choose the delivery method.
  3. Pay the transfer amount and fees.
  4. Share the transaction details with the recipient for pickup.

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Step-by-Step Guide to Sending Money via WorldRemit (Example)

1. Create an Account:
   • Visit www.worldremit.com and sign up using your email address.
2. Choose Transfer Details:
   • Select “Send to Bank Account” or “Send to Mobile Money.”
   • Enter the transfer amount in CAD and choose Nigeria as the destination.
3. Enter Recipient Details:
   • Provide the recipient’s bank account or mobile wallet details.
4. Choose Payment Method:
   • Pay using your bank account, debit card, or credit card.
5. Confirm and Send:
   • Review the exchange rate, fees, and total cost.
   • Confirm the transaction and track the transfer.

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Tips to Save Money on Transfers

1. Compare Exchange Rates: Use platforms like Monito or CompareRemit to find the best rates.
2. Look for Promotions: Some platforms offer fee discounts or bonus offers for first-time users.
3. Avoid Weekend Transfers: Exchange rates may be less favorable on weekends.
4. Use Online Platforms: They often offer lower fees and better rates than banks or MTOs.
5. Send Larger Amounts: Some platforms charge flat fees, so sending larger amounts can reduce the cost per transfer.

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Conclusion

Sending money from Canada to Nigeria in 2025 is easier than ever, thanks to the variety of secure and efficient platforms available. Whether you choose online transfer services, bank transfers, or cryptocurrency, it’s important to compare fees, exchange rates, and transfer speeds to find the best option for your needs. By following the steps and tips outlined in this guide, you can ensure that your money reaches its destination quickly and cost-effectively.

For more information, visit the websites of popular money transfer platforms like WorldRemit, Wise, or Western Union. Happy transferring!