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The short answer
Send it in US dollars. Bank of America's own wire page says wires to Nigeria should be sent in USD, and lists a $45 fee for an outgoing international USD wire. The receiver should give you a domiciliary (dollar) account; they can then keep the dollars or convert at their bank's rate, rather than you converting at BofA's rate, which includes a markup.
What Bank of America's page says
Bank of America's page on wire transfers in Online Banking and the app, read in October 2026, sets out the choice:
- International wire in US dollars: $45.
- International wire in foreign currency: no wire fee, but exchange-rate markups apply, and BofA sets its rates at its sole discretion.
- Nigeria: its FAQ lists Nigeria among countries where wires "should be sent in USD".
- Timing: international wires typically arrive in 1 to 5 business days; the cut-off is 5 p.m. Eastern.
So for Nigeria the foreign-currency route is not the practical option, whatever its fee. Even where a bank lets you pick a currency, the 'no fee' choice is not free: the cost sits in the rate.
Why dollars, and what the receiver needs
A US dollar wire is credited to a dollar account. The receiver should give you the 10-digit number of their domiciliary account, not their naira account, along with the bank's SWIFT code and any US correspondent it names. Fidelity's 2025 SWIFT sheet, for example, routes US dollars through Citibank N.A. New York (CITIUS33).
On the Nigerian side, the CBN's 2026 FX Manual, as TheCable reported in June 2026, requires no disclosure of source of funds to open or fund a domiciliary account. The receiver can hold the dollars, use them, or sell them to their bank for naira when they choose. For a Nigeria-side explainer on these accounts, see saving in dollars in Nigeria.
What if the receiver has only a naira account?
Ask their bank first how it treats a dollar wire to a naira account. Banks differ: some convert on arrival at their own rate, others return the wire. A return costs you the fee and any charges on the way. If the money is meant to be spent in naira anyway, a remittance app that pays naira directly, or a dollar balance you convert yourself, may suit better; see sending dollars or naira.
Comparing the two routes
| USD wire | Foreign-currency wire | |
|---|---|---|
| BofA wire fee | $45 | No wire fee |
| Exchange rate | None at BofA; the receiver converts later if they want | BofA's rate, including a markup |
| Fit for Nigeria | BofA says Nigeria wires should be in USD | Not recommended by BofA for Nigeria |
| Receiver account | Domiciliary (dollar) account | Not applicable |
| Deductions on the way | Correspondent fees possible | Correspondent fees possible |
Worked example
Example only. Kemi wires $3,000 in US dollars to her sister's dollar account. BofA charges $45, so $3,045 leaves her account. If a correspondent takes $20, $2,980 arrives. Her sister later sells $1,000 to her bank at the rate it quotes that day and keeps $1,980 in dollars. Kemi's cost was $65, or about 2.2%.
Questions the receiver should ask their bank
Before the first dollar wire, the receiver in Nigeria should ask their branch or app support:
- Is my domiciliary account active, and is it linked to my BVN and NIN?
- What are your current instructions for receiving US dollars, including any US correspondent and your account number with it?
- Do you charge anything to receive an incoming dollar wire?
- What will you charge if I later transfer the dollars to another bank or withdraw them?
- What rate do you give if I sell dollars for naira, and where can I see it on the day?
Having those answers in writing means the first wire goes through once, and the receiver knows what they will keep. For how the official naira rate is set, see how Nigeria's official exchange rate is set.
Sending it
- In the app or Online Banking, go to Pay and Transfer and add the recipient: name, address, SWIFT code and account number. BofA accounts have no IBAN, and Nigerian accounts have none either.
- Choose US dollars.
- Add the purpose and any intermediary details from the Nigerian bank.
- Approve with the security step BofA asks for. BofA says amounts above your limits may need its Secured Transfer service or a USB Security Key.
- Send before 5 p.m. Eastern to start the clock that business day.
BofA says a consumer international remittance can be cancelled within 30 minutes for a full refund, via Pay and Transfer, then Activity, or by phone at 877-337-8357. For a full walk-through, see Bank of America wire to Nigeria: fees and details.
Where Pryme fits
If you would rather choose the moment of conversion yourself, a Pryme account holds US dollars and naira, and Swap converts only when you choose, with the rate shown first and the fee on its own line.
Questions people ask
Should I send a Bank of America wire to Nigeria in USD or naira?
In USD. Bank of America's wire page says wires to Nigeria should be sent in USD.
How much is a Bank of America international wire?
BofA's page lists $45 for an outgoing international wire in US dollars, and no wire fee for foreign currency, where the exchange rate includes a markup.
Can I wire dollars to a naira account?
Ask the receiver's bank first. Some convert on arrival at their own rate; others return the wire.
Can I cancel a BofA international wire?
BofA says a consumer international remittance can be cancelled within 30 minutes for a full refund, through Pay and Transfer, then Activity, or by phone.
Sources
- Bank of America: Wire transfers in Online Banking and the Mobile app · accessed Oct 2026
- Fidelity Bank Plc: Details for SWIFT transfers 2025 · accessed Oct 2026
- TheCable: CBN Foreign Exchange Manual 2026, rules on cash, PTA and domiciliary accounts (3 Jun 2026) · accessed Oct 2026
- CFPB: What is a remittance transfer and what are my rights? (reviewed 3 Oct 2024) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.