Last reviewed 19 September 2026 · Sources checked on the publication date
Before comparing exchange rates for a transfer to Nigeria, ask the recipient a more basic question: How can they receive the money comfortably? Bank deposit, cash pickup, and mobile wallet are different services. Their availability, requirements, prices, and delivery estimates may differ even within the same provider.
Remitly lists all three delivery categories for transfers from Germany to Nigeria. That does not mean every category is available for every recipient or location. Check the provider’s live quote and payout network for the exact transfer you intend to make.
Bank deposit
With bank deposit, the provider sends the payout to an eligible account in Nigeria. This may be convenient for a recipient who already uses that account: they do not need to travel to collect cash. It also creates a clear account record for the recipient to check.
The main preparation is getting the bank details right. Ask the recipient to confirm the account holder’s name, bank, and account number. Requirements vary by provider. As one example, Wise’s NGN guide lists a full name, bank code, and 10-digit account number for its bank payouts. A typo can delay a transfer or cause it to be returned; Wise explains what happens when recipient bank details are wrong.
Bank deposit is a sensible first option when the recipient has a usable account and does not need physical cash immediately. Check the provider’s supported banks and current estimated arrival time before paying.
Cash pickup
Cash pickup allows a recipient to collect money at a participating location. It can be useful when they prefer cash or cannot conveniently receive a bank deposit. The practical details matter: the pickup location must be reachable, open when the recipient can visit, and able to pay out through the provider’s network.
The recipient generally needs valid identification and transfer information. Remitly’s explanation of cash pickup says a recipient typically presents photo ID and a tracking number, with the name on the ID matching the transfer details. Requirements can vary by partner and location, so confirm them in the sending flow and share the collection instructions with the recipient securely.
Ask about travel time and any inconvenience before choosing a quote that looks better by a small amount. A higher payout on paper may be less useful if collecting it is difficult.
Mobile wallet
A mobile wallet payout goes to a supported wallet rather than directly to a conventional bank account or a cash counter. In Nigeria, the wallets people commonly use are fintech accounts such as OPay, PalmPay, Moniepoint and Kuda rather than telecom-run mobile money. Which of them a transfer service can pay out to varies by provider and can change, so this option only exists when the service supports that exact wallet for the chosen route and the recipient has the details required to receive the funds.
Do not assume that “mobile money available in Nigeria” means every wallet, phone number, or recipient is eligible. Confirm the exact wallet in the provider’s checkout flow. Ask the recipient whether they can use or withdraw the funds in the way they need; that practical step can matter as much as the quoted payout.
Compare like with like
Pick the method that works for the recipient, then compare providers within that method — same total EUR paid, same funding method — and record the final NGN payout and the delivery estimate. Transfer fee vs exchange rate explains how to read those numbers, and first-transfer offers why a welcome rate should be judged separately.
If one method is unavailable, run the comparison again for the alternative. The answer can change when you switch from bank deposit to cash pickup or from a bank-funded payment to a card-funded one. The best delivery method is the one the recipient can actually use, at a cost and speed both of you understand.