In the last couple of years, Nigeria has been going through a significant economic transformation. In the process, the Nigerian Naira has lost value against the pound, dollar, and other currencies. On top of that, due to a directive by the Central Bank of Nigeria, funds can only be received in USD, not Naira. Hence, on the one hand, it means you’ll get more Naira, while on the other hand, the Nigerian government’s interventions in the market have created instability.
Therefore, there is a need to review the fees and exchange rates of various online money transfer services to ensure customers obtain the most competitive Pound to Nigerian Naira rates possible. In this article, we shall review the top five money transfer providers to Nigeria.
Perhaps the most significant advantage of Remitly is that it supports a wide range of countries around the globe, making it a great choice to transfer money to Nigeria. But, of course, it’s more suitable for people who want to send money home from the UK (it doesn’t support transfers from Nigeria). When it comes to rates and margins, Remitly’s transparency is less than ideal because more than 30% of its fees are buried in the margin. In terms of transfer speed, the money usually arrives in three days.
Many users worldwide like to use Remitly because it’s easy to use and is transparent on transfer limits. However, it’ll take you longer than necessary to sign up and place your order due to its outdated website structure.
In the last seven years, Azimo has managed its way to the top by offering reliable and secure transfer services to many countries worldwide. It supports more than 300,000 pickup locations and offers various payment and pickup methods. When you add the user-friendly interface, you can see why Azimo is consistently among the top ten choices for international transfers.
However, Azimo doesn’t provide broad coverage for destination countries, a big downside for an international money transfer service. Moreover, customer service is not ideal (no 24/7 support service).
WorldRemit is a cost-effective and dependable solution for transferring money to Nigeria. It supports various payment/pickup methods and is compatible with IOS and Android platforms. Plus, it doesn’t hide any charges in the exchange rate margins and mostly delivers the money within three days. But, of course, the exact delivery time frame depends on your transfer type.
However, like many other services, you can’t use WorldRemit to send money from Nigeria. It’s a bit hard to get a quote since you have to sign up first. Not only that, there’s a certain cap on how much money you can send to Nigeria. Like Azimo, there’s no 24/7 customer support service.
TransferGo is one of the most popular services for international transfers. Unlike some services, TransferGo’s registration process is very quick. In addition, it is available in 9 different languages. While you can send money to more than 50 countries worldwide, your options on origin countries are limited to only 8.
TransferGo’s 30-minutes delivery time is quite advantageous. However, you may be disappointed it isn’t available for many currency pairs, transfer methods, and outside certain transfer limits. Furthermore, when the transfer amount is above a specific figure, TransferGo’s Pound to Nigerian Naira rate drops significantly, making it unsuitable for large transfers.
Lycaremit is one of those names that constantly pops up among the top choices for international transfers. Unlike many other services, Lycaremit doesn’t hide any charges within the exchange rate margin. In addition to providing sensible rates, you’ll get a £5 credit bonus for every transaction above £300.
It’s also one of the rare companies that support less-popular destinations like Nigeria, Benin, and the Philippines, making it a fantastic choice for international transfers. Once you transfer money to Nigeria using Lycaremit, the money arrives there in 48 hours maximum. On top of that, there’s 24/7 customer support service, even during holidays.
Due to recent upheavals in the country, not many companies can guarantee quality services when it comes to Nigeria. Some options like TransferGo offer faster deliveries but come up short in terms of coverage and customer support. On the contrary, some like WorldRemit claim to charge zero fees but make up for it in higher margins.
Consequently, it’s advisable to choose an all-around option like Lycaremit that charges minimum fees, has a solid base in exotic locations, and offers highly competitive Pound to Nigerian Naira rates. If you’re looking to transfer money to Nigeria, just visit the Lycaremit website and obtain a free quote.