1.5–3% — MoneyGram's typical USD/NGN exchange rate markup
| Transfer Amount | Transfer Fee (est.) | FX Markup (est.) | Total Cost | % of Transfer |
|---|---|---|---|---|
| $100 | $4–6 | $1.50–3 | $5.50–9 | 5.5–9% |
| $200 | $4–6 | $3–6 | $7–12 | 3.5–6% |
| $500 | $5–8 | $7.50–15 | $12.50–23 | 2.5–4.6% |
| $1,000 | $8–12 | $15–30 | $23–42 | 2.3–4.2% |
| $2,000 | $10–15 | $30–60 | $40–75 | 2–3.75% |
| Provider | Transfer Fee | FX Markup | Total Cost | Speed | Delivery |
|---|---|---|---|---|---|
| MoneyGram (bank acct) | $5–8 | 1.5–3% | $12–23 | 1–3 days | Bank or cash |
| MoneyGram (debit card) | $8–15 | 1.5–3% | $16–30 | Minutes–1 day | Cash pickup |
| Wise | $4–7 | 0% | $4–7 | 1–2 days | Bank deposit |
| USDC on Stellar (Quidax) | $1–3 | ~0.2% | $2–4 | < 1 hour | Bank deposit |
| Western Union | $5–12 | 1–2.5% | $10–24 | Minutes–2 days | Bank or cash |
| Bank Wire (SWIFT) | $35–50 | 2–4% | $55–70 | 2–5 days | Bank deposit |
$20.1B — Annual remittance inflows to Nigeria (2024)
For a $500 transfer paid by bank account, MoneyGram typically charges $5–8 in transfer fees plus a 1.5–3% exchange rate markup (approximately $7.50–15). Total cost is roughly $12–23, or 2.5–4.6% of the transfer amount. Paying by debit card adds $3–8 more. Always verify the exact fee and NGN amount at checkout before confirming.
Wise is almost always cheaper for bank-to-bank transfers to Nigeria. Wise charges $4–7 with zero exchange rate markup, while MoneyGram charges $12–23 total (fee plus FX spread) on the same $500. On a $1,000 transfer, the difference can exceed $30. Wise requires both sender and recipient to have bank accounts; MoneyGram also offers cash pickup, which Wise does not.
Yes. MoneyGram has a wide agent network across Nigeria including locations in Lagos, Abuja, Port Harcourt, Kano, and many smaller cities. Cash pickup transfers can complete in minutes to a few hours after the sender confirms. The recipient needs a government-issued ID and the MoneyGram reference number. Cash pickup fees may differ from bank deposit fees — check both options at checkout.
MoneyGram sets its own retail exchange rate, which is typically 1.5–3% below the interbank mid-market rate. This rate is not disclosed upfront — it is shown at the checkout screen before you confirm. To check the markup, compare MoneyGram's quoted NGN amount to the mid-market rate on Google Finance or XE.com for the same USD amount.
For recipients with a Nigerian bank account, Wise is the cheapest mainstream option ($4–7 total on $500) and USDC on Stellar via Quidax is the cheapest overall ($2–4 total). For unbanked recipients who need cash, MoneyGram and Western Union are among the only widely available cash pickup options — in that case, compare their cash pickup rates head-to-head for your specific amount.
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