As an expatriate or resident in Malaysia, you might need to send money to friends or family in Nigeria. Fortunately, there are several reliable and secure methods to facilitate this transfer. This article outlines various options for sending money from Malaysia to Nigeria.
Considerations Before Sending Money
Before you initiate a money transfer from Malaysia to Nigeria, consider the following important factors:
- Exchange Rate Margin: Money transfer providers often charge a margin above the mid-market exchange rate. It’s essential to check the current rates and choose providers with minimal margins, such as WorldRemit or VertoFx.
- Hidden Fees: Ensure that the service you choose does not impose hidden fees. Look for transparent pricing to avoid unexpected costs.
- Transfer Amount: The amount you send can impact the overall value received. Higher amounts may qualify for better exchange rates and reduced fees, making it beneficial to send larger sums when possible.
Methods to Send Money from Malaysia to Nigeria
Here are some popular ways to transfer money from Malaysia to Nigeria:
1. Using Western Union
- Overview: Western Union is a convenient way to send money internationally, including to Nigeria.
- How to Use:
- Create a Western Union account and complete the verification process by uploading a government-issued ID and a selfie.
- You can transfer money via the Western Union mobile app or website, or pay in cash at an agent location.
- For online transfers, select Malaysia as the sending country and Nigeria as the receiving country. Enter the amount (up to 50,000 MYR) and choose a payment method (bank transfer or cash).
- If paying in cash, you must visit an agent location with your ID and account number. After completing the transaction, you’ll receive a receipt and reference number.
2. Using Wise
- Overview: Wise (formerly TransferWise) provides a cost-effective way to send money internationally.
- How to Use:
- Sign up for a free account on the Wise mobile app or website. You can create either a Personal or Business account.
- After your account is verified, enter the amount you wish to send and choose Nigeria as the destination.
- Provide your personal information and the recipient’s bank account details.
- Confirm the details of the transaction and complete the payment. Wise charges a flat fee of 26.68 MYR plus a percentage of the converted amount. Payments can only be made via local bank transfer.
3. Using MoneyGram
- Overview: MoneyGram facilitates quick and secure money transfers internationally.
- How to Use:
- Use the MoneyGram Agent Location tool to find the nearest approved agent.
- Bring a valid government-issued ID, the recipient’s details, and the amount you want to send.
- Complete the Send form at the agent location, providing either the recipient’s bank details for a direct deposit or their address and phone number for cash pickup.
- Pay the total amount (transfer amount plus fees) and keep the receipt. For cash pickups, share the 8-digit reference number with your beneficiary.
Conclusion
Sending money from Malaysia to Nigeria can be straightforward with the right information. Whether you opt for Western Union, Wise, or MoneyGram, each method offers a secure means of transferring funds. If you encounter any issues or have questions about the processes outlined above, feel free to leave a comment for assistance. This guide aims to help you navigate the money transfer process with ease.
