Writer: TOLULOPE OLANIYI
More than US$20 billion dollars was remitted into Nigeria last year by the nearly 1.5 million Nigerian migrants around the world, making the nation the 8th largest remittance receiving country globally.
Remittances account for more than 4% of Nigeria’s total economy, making the swift, effective delivery of funds vital at an individual level, but also as a driver of economic stability for the nation, according to data obtained from WorldRemit.
Sending money to Nigeria has traditionally been expensive and slow, with traditional bank wires often causing frustration, according to Monito, an online platform designed to help individuals and businesses find the best options for international money transfers and currency exchange.
Furthermore, navigating the complexities of remittances to Nigeria has become even more challenging due to the Central Bank of Nigeria’s (CBN) decision, as of July 2023, to permit international money transfers in both US dollars ($) and naira (NGN).
However, there is good news for those looking for efficient and cost-effective ways to send money to Nigerian bank accounts. Several international money transfer services, known for their convenience and reliability, now operate exclusively online and allow transfers in either US dollars or naira. Over the past 12 months, Instarem, TransferGo, Remitly, and WorldRemit have consistently emerged as top choices on Monito’s comparison engine for sending money to Nigeria.
1. Instarem: Ideal for Sending from the US and Canada
Instarem stands out as one of the most cost-effective options for sending money to Nigeria. Whether you’re sending from the United States ($) or Canada, Instarem offers excellent exchange rates, affordable fees, and fast transfer speeds, ensuring your funds reach their destination within a day. According to Monito’s data over the past year, Instarem consistently ranked as the top choice for sending US dollars to Nigeria, making it a reliable option for many.
2. TransferGo: A Strong Choice for Transfers from the UK and EU
TransferGo has gained recognition for providing competitive exchange rates on international money transfers, particularly for those sending money to and from European countries. This platform offers a wide range of payment and payout options, simplifying the process. Over the past 12 months, TransferGo consistently ranked as the second-best app for sending money to Nigeria. It is especially ideal for transfers originating from the UK (£) or the EU (€).
3. Remitly: Reliable and Cost-Efficient
Remitly is a trusted industry leader known for offering some of the lowest exchange rates for international money transfers worldwide. With an exceptional Monito score, Remitly stands out as a secure, fast, and satisfying choice for sending money to Nigeria. Over the past year, Remitly consistently ranked as the third-best app for sending money to Nigerian banks, offering affordability to a substantial number of users.
4. WorldRemit: Extensive Coverage and Convenience
WorldRemit’s international money transfer service boasts an extensive network of cash pickup locations, enhancing convenience for recipients in Nigeria. With various options for sending and receiving money, including bank transfers, cash pickups, mobile money, and airtime top-ups, WorldRemit provides flexibility and ease of use. Over the past 12 months, WorldRemit consistently ranked as the fourth-best app for sending money to Nigeria and is particularly competitive for transfers originating from South Africa.
5. Small World: Suitable for Cash Pickups
Small World has built a comprehensive network of cash pickup locations, making it an attractive option for users who prefer sending cash to Nigeria. While Small World ranked as the fifth-best app for sending money to Nigeria over the past year, it was the cheapest option for a smaller portion of users. Therefore, it is advisable to utilize Monito’s comparison engine to assess their services before making a decision.
6. MoneyGram: Trusted for Cash Pick-Up Services
MoneyGram is a dependable choice for cash pick-up services, although its pricing may not always be the most competitive for bank transfers. Over the past 12 months, MoneyGram consistently ranked as the seventh-best app for sending money to Nigeria. While it was the cheapest option for only a limited percentage of users, it remains a viable choice for transfers from specific countries, such as the US, the UK, Canada, and Australia.
When sending money to Nigerian bank accounts, consider these top-ranked money transfer apps, which charge low fixed fees and offer competitive exchange rate margins. These providers have been rigorously reviewed for transparency, service quality, fees, and customer satisfaction, ensuring that your money transfer experience is seamless and trustworthy.
Best App to send money to Nigeria by Country (2023)
Based on the country or currency from which you are sending money, here are the best apps to use in 2023 when sending funds to Nigeria:
- From the United States: Instarem
- From the United Kingdom: TransferGo
- From the Eurozone: TransferGo
- From South Africa: WorldRemit
- From Canada: Instarem
- From Australia: Instarem
- From Ireland: TransferGo
- From Sweden: TransferGo
- From Poland: TransferGo
These recommendations have been compiled based on data collected from April 2022 to April 2023 on Monito.