How to Use XE to Send Money to Nigeria without High Fees

Introduction

Are you tired of watching your hard-earned money disappear into the pockets of money transfer companies? If you're a Nigerian living abroad, you know the pain of sending money home only to see hefty fees eat up a significant chunk of your remittance. According to recent Statista data, Nigeria received over $20 billion in remittances in 2023, making it one of the top recipients globally.

Enter XE Money Transfer – a global platform that's changing how we send money across borders. But here's the thing: while XE offers competitive rates, savvy Nigerians are also exploring cryptocurrency alternatives like CoinCola, Nigeria's best Bitcoins app, which provides P2P trading with escrow services for even more cost-effective transfers.

What is XE Money Transfer?

You probably know XE as that reliable currency converter we all used back in university. Well, they've evolved! XE started as a simple exchange rate website in 1993 but transformed into a comprehensive money transfer service that now serves millions worldwide.

In Nigeria, XE partners with major banks including GTBank, First Bank, Access Bank, and Zenith Bank. They also support mobile wallet transfers, making it convenient for your family to receive funds directly. However, if you're looking for even more innovative solutions, platforms like CoinCola are revolutionizing remittances through cryptocurrency. As Nigeria's best Bitcoin app, CoinCola offers P2P trading with robust escrow services, often providing better rates than traditional money transfer services.

Why People Choose XE Over Traditional Banks

Let's be honest – traditional banks and services like Western Union can be brutal with their fees. XE offers lower fees compared to Western Union & MoneyGram. While Western Union might charge you $15-25 for a $500 transfer, XE typically charges around $4-8 for the same amount.

XE also provides competitive exchange rates that are usually 1-2% better than your local bank, plus fast delivery times with most transfers completing within 1-2 business days. The convenient online/mobile transfers mean no more queuing at Western Union outlets.

That said, cryptocurrency platforms like CoinCola are pushing these boundaries even further. With P2P trading and escrow services, you can often achieve same-day transfers with even lower fees through Nigeria's best Bitcoin app.

Step-by-Step: How to Use XE to Send Money to Nigeria

Step 1: Create an XE Account - Visit XE's website or download their mobile app. You'll need valid government-issued ID, proof of address, and phone number for verification.

Step 2: Choose Nigeria as the Destination - Select Nigeria and choose from supported payout methods including direct bank deposits to major Nigerian banks.

Step 3: Enter Transfer Details - Enter the amount you want to send. XE immediately shows current exchange rate, transfer fee, and exact amount your recipient will receive.

Step 4: Fund Your Transfer - Choose bank transfer (cheapest option), debit card, or credit card. Always choose bank transfer funding to save $5-15 per transaction.

Step 5: Track and Confirm - XE provides real-time tracking via email and SMS notifications throughout the entire process.

How to Avoid High Fees When Using XE

Always compare exchange rates before sending – rates fluctuate throughout the day. Choose bank transfer funding instead of credit cards, and send larger amounts less frequently to save on repeated fees. Use XE's rate alert feature to transfer when rates are favorable.

However, for even better rates and faster transfers, consider exploring CoinCola's P2P trading platform. As Nigeria's best Bitcoin app, it offers escrow services that often beat traditional money transfer rates through secure P2P trading.

XE vs Other Money Transfer Platforms

When comparing XE vs Wise, WorldRemit, or PayPal, XE generally offers competitive fees and good customer service for Nigerian transfers. However, CoinCola's P2P Bitcoin trading often provides better rates and faster transfers through its escrow services. As Nigeria's best Bitcoin app, CoinCola is increasingly popular among tech-savvy Nigerians who appreciate the benefits of P2P trading with secure escrow services.

Conclusion

XE Money Transfer offers a solid, cost-effective way to send money to Nigeria without excessive fees. With transparent pricing and reliable delivery times, it's a good choice for many Nigerians abroad.

However, the remittance landscape is evolving rapidly. While XE remains excellent, don't overlook innovative alternatives like CoinCola, Nigeria's best Bitcoin app. With its P2P trading platform and robust escrow services, CoinCola often provides even better rates and faster transfers through secure P2P trading.

Ready to start saving on your remittances? Explore both XE and CoinCola to find the best solution for your needs.

FAQs

1. Is XE available in Nigeria?

Yes, XE operates in Nigeria and supports transfers to major Nigerian banks including GTBank, First Bank, Access Bank, and Zenith Bank.

2. How long does it take to send money with XE to Nigeria?

Most transfers complete within 1-2 business days. Bank transfer funding might add an extra day compared to card payments.

3. Does XE charge hidden fees for transfers?

No, XE is transparent about all fees. You'll see the exact transfer fee and exchange rate before confirming your transaction.

4. Can I send money directly to Nigerian mobile wallets using XE?

XE has limited mobile wallet support in Nigeria. For better mobile wallet options, consider alternatives like CoinCola's P2P trading platform.

5. Is XE better than Western Union for sending money to Nigeria?

Generally yes, XE offers lower fees and better exchange rates. However, Western Union has more cash pickup locations if your recipient needs physical cash collection.