The difference between the official CBN exchange rate and the parallel market (black market) rate can be massive. Choosing the wrong app to send money to Nigeria can cost you 10-20% of your funds.
Here is a comparison of the best remittance services for sending money to Nigeria from the UK, US, and Canada.
1. Remitly
Best for: Speed and mobile money delivery (Paga, OPay).
- Exchange Rate: Very competitive, close to black market rates.
- Fees: Often free for the first transfer.
- Delivery: Instant bank transfer or cash pickup.
2. Wise (formerly TransferWise)
Best for: Transparent fees and real exchange rates.
- Exchange Rate: Mid-market rate (the one you see on Google).
- Fees: Low, transparent percentage fee.
- Speed: Usually arrives within minutes.
3. WorldRemit
Best for: Cash pickup in rural areas.
- Network: Massive network of cash pickup locations across Nigeria.
- Fees: Low fixed fees.
4. Sendcash (by BuyCoins)
Best for: Crypto-based remittance.
- How it works: You send BTC/USDT, they deliver Naira.
- Rate: Often better than any traditional app because it uses the crypto rate.
What to Look For?
- Exchange Rate: Always check if they offer the "Parallel Market" rate or "CBN Rate". You want the parallel rate (higher Naira per Dollar).
- Hidden Fees: Some apps claim "Zero Fees" but give you a terrible exchange rate. Always calculate: Total Naira Received / Amount Sent.
Summary
- From USA/UK: Remitly usually offers the best balance of rate and speed.
- From Europe: Wise is excellent for Euro transfers.
- For Crypto Users: Sendcash or Binance P2P.
Disclaimer: Exchange rates fluctuate hourly. Check the live rate in the app before sending.
CL
Written by Calc Labo Research Team