How to send money to Nigeria from Saudi Arabia with the best SAR-NGN rate

Comparing the different providers offering services between Saudi Arabia and Nigeria, is the best way to send money with confidence.

Right now, for SAR/NGN

• Western Union Agent is our top choice for SAR to NGN transfers. Transferring 1,000 SAR to NGN will cost you ﷼30 in fees, and your recipient will get 328,853.74 NGN.

• MoneyGram Agent offers the cheapest combination of low fees and competitive exchange rates of the 3 providers we compared. They offer a fee of 40 SAR and exchange rate between SAR-NGN that is 6% different to the mid-market rate.

• Fastest money transfers from Saudi Arabia to Nigeria is with PayPal App (P2P Transfer). Based on our recent data, transfer time for a ﷼1,000 transfer to Nigeria with PayPal App (P2P Transfer) is minutes. This can vary by amount and method, but it is a good point of reference.

The 3 providers we've compared ensures you will get the best options for your transfer to Nigeria from Saudi Arabia. By taking the time to compare you can save yourself in the region of 3% of the total transfer amount.

Whilst we rate Western Union Agent as the best overall, comparing gives you a comprehensive view of all the options for transferring Saudi Riyal to Nigeria.

The exchange rate determines how much Naira you will get for every Saudi Riyal you want to send. A better exchange rate is the best way to save money on transfers from Saudi Arabia to Nigeria.

Fees and exchange rates make up the total cost of sending money from Nigeria to Nigeria. Finding a company that can offer both ensures a good deal on your transfer.

• The Mid-Market and Exchange Rates: The current SAR-NGN mid-market rate is 364.7014 NGN per Saudi Riyal. You will get more Naira for your Saudi Riyals if you find a provider close to this number.

• Fees: Transfer fees are charged as part of the transfer. MoneyGram Agent charges 40 SAR per transfer, which is currently the best deal on transfers to Nigeria. We’d always recommend comparing providers for your exact send amount as fees may change.

• Amount Received: Money transfer companies will show you the amount of Naira eventually received in Nigeria. You can assume that a lower cost of sending from Saudi Arabia will result in more money received in Nigeria.

The current rate between the Saudi Riyal and Naira is 364.7014.

With currencies, the exchange fluctuates constantly, and the SAR-NGN exchange rate is no different. Tracking the rate and understanding the averages can help get a better deal.

Even waiting a day or two can help you get more NGN for the same amount of Saudi Riyal.

Beyond this, a forward contract allows you to lock in an agreed exchange rate between Saudi Arabia and Nigeria.

The most cost effective way to send money from Saudi Arabia to Nigeria is via a bank transfer. MoneyGram Agent is the company offering the best price for a bank transfer.

Here are all the ways to send money from Saudi Arabia to Nigeria:

Bank transfers

Bank transfers are often the fastest option, and normally the cheapest, for sending money from Saudi Arabia to Nigeria.

By opting for a money transfer company such as MoneyGram Agent for transfers from Saudi Arabia to Nigeria, you can send money via a bank transfer while benefiting from lower fees and more favorable exchange rates. 


Debit and prepaid cards

Using a debit card, or prepaid option, for sending money from Saudi Arabia to Nigeria is easy with Western Union Agent.


Western Union Agent is a market leader in debit card payments for transfers from Saudi Arabia to Nigeria, this is among a total of 3 money transfer companies compared.

Credit cards

When it comes to the credit card deposits, when sending money from Saudi Arabia to Nigeria, we recommend comparing your options to get the best deal.

Regulations are important for keeping your money safe, Saudi Arabia and Nigeria have different regulations to consider.

Our directory of worldwide financial regulators contains details on regulation for money transfers between Saudi Arabia and Nigeria.

Some companies offering money transfers between Saudi Arabia and Nigeria will come with minimum or maximum thresholds on how much you can send or receive and this could cause rates or fees to change.

Comparing SAR-NGN rates for your specific transfer amount will factor in these rates and fees changes, so you’ll get the best provider for your specific needs. For regular transfers from Saudi Arabia to Nigeria, it’s best to check any changes in fees and rates every time you send.

For large transfers of money transfers from Saudi Arabia to Nigeria we’d recommend Western Union Agent. They offer a competitive combination of rates and fees when sending from Saudi Arabia to Nigeria, even at larger amounts.

Also, be sure to check with the recipient and understand any declarations needed on large amounts of money entering Nigeria from Saudi Arabia.

Receiving Naira in Nigeria has a few different options. The most popular ways to receive are through a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all companies offering money transfers from Saudi Arabia to Nigeria will cater for every method for incoming Naira, so it’s best to check ahead of time.

One of the more popular ways is sending money from Saudi Arabia directly to a bank account in Nigeria. This is because it means the recipient in Nigeria has to do very little. Western Union Agent is the best company for bank transfers between Saudi Arabia and Nigeria.

Whilst cash pickup is popular, it is not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Xoom, and CashApp operate in Nigeria and are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like MoneyGram Agent.

When using a money transfer provider to send Saudi Riyals to Nigeria, you will need to verify your ID at the sign up stage.

Documents needed will vary and in some cases you might need a couple of options.

Generally speaking, those in Saudi Arabia can verify through a government issued ID such as a driver’s license or passport. If the recipient needs an ID to collect money or open a multi-currency account in Nigeria, both can also be used there as well.

Large transactions between Saudi Arabia and Nigeria will be subject to additional security measures such as proving where the funds originated, these will be for anti-money laundering purposes.

Western Union Agent has scored highly for transfers to Nigeria because of the easy sign up process in Saudi Arabia.

There will be tax declarations to consider when sending larger amounts of money between Saudi Arabia and Nigeria.

Transfers into Naira may need to be reported to tax authorities in Nigeria as well, where regular income, large amounts (such as property or inheritance) and business payments will all be subject to tax checks.

Based on the recipient, tax limits in Nigeria, as well as personal allowances will change. When in doubt, we’d recommend contacting a tax professional in Saudi Arabia or Nigeria to discuss your personal circumstances. This ensure you are not missing any specific tax declarations associated with your circumstances.