How to send money to Nigeria from South Africa with the best ZAR-NGN rate

Always compare ways to send money from South Africa to Nigeria to get the best options for fees, speed, and reliability.

Our analysis included 7 providers that operate between South Africa and Nigeria.

Through this, you get a comprehensive view of all the options you have in South Africa when you need to send money to Nigeria.

The exchange rate determines how many ZAR the recipient will get in Nigeria when you send Rand.

Today, the average exchange rate between Rand and Naira is 82.9808.

Overall, the company offering the best exchange rate is Pesa. It is 0% cheaper than the next best option.

In many cases, the rate won't change based on the deposit method; however, sometimes it can:

The ZAR-NGN rate fluctuates constantly, so waiting a day or two can help you get more NGN for the same amount of ZAR.

A bank transfer is the most cost-effective option for sending money from South Africa to Nigeria. The company offering the best bank transfer price is Pesa.

This is 1.01% cheaper than the second-best option in the market.

Avoid using debit card deposits, as it is the most expensive deposit option.

Always choose providers that are regulated by financial authorities to ensure funds are safe when transferring from South Africa to Nigeria.

If you don’t know what the key regulatory bodies for money transfers are between South Africa and Nigeria, please refer to our directory of financial regulators worldwide.

Some services have limits on how much you can transfer from South Africa to Nigeria. This applies when receiving money in Nigeria as well.

Different companies will offer different rates or lower fees for different transfer amounts.

For example, we recommend using WorldRemit if you need to send large amounts of ZAR to Nigeria.

This being said, always check with the recipient and understand any declarations needed on large amounts of money leaving South Africa, or entering Nigeria.

There are different ways to receive money in Nigeria. You can do a direct bank deposit, cash pickup, use a mobile wallet or receive money into a multi-currency account.

If you (or the recipient) want a direct transfer to your bank account, WorldRemit is the best money transfer company for bank transfers between South Africa and Nigeria.

And if you need cash right away, check if cash pickup is an option for transfers between South Africa and Nigeria.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Pesa.

When you're sending or receiving money between South Africa and Nigeria, you have to be ready to show some ID.

The exact documents you need might vary. Usually in South Africa this will be a government ID like a passport or driver's license. This will be similar if you need to open an account or collect cash in Nigeria.

If you're making a big transaction between South Africa and Nigeria, a provider may ask you for proof of address or may want to know where your money comes from.

WorldRemit is a great option for sending from South Africa as the sign up process is pretty straightforward, even for larger transactions.

When sending large amounts of money between South Africa to Nigeria there will be tax implications to consider.

Some ZAR-NGN transfers may need to be reported to tax authorities, particularly where inheritance or property sales are involved.

Tax limits and personal allowances differ in Nigeria based on age, income and a few other elements. When in doubt, please contact a tax professional in South Africa or Nigeria to discuss your personal circumstances.