The variety of options available to you if you’re looking for a way to send money to Nigeria from the UK might be overwhelming. There are many factors to consider when choosing a money transfer service, such as the exchange rate, the fees, the speed, the convenience, and the security.
In this blog post, we will compare some of the most popular and reliable ways to send money to Nigeria from the UK and help you find the best one for your needs.
1. Bank Transfer
One of the most common ways to send money to Nigeria from the UK is through a bank transfer. This is when you use your bank account to transfer money directly to the recipient’s bank account in Nigeria.
The advantages of this method are that it is usually safe and easy to do online or in person. However, there are also some drawbacks, such as:
- The exchange rate may not be very favorable, as banks often charge a margin on top of the market rate.
- The fees may be high, especially if you use an intermediary bank or a correspondent bank in Nigeria.
- The speed may be slow, as it can take several days for the money to arrive.
- The convenience may be low, as you may need to provide a lot of information and documents, such as the recipient’s full name, address, bank name, account number, and SWIFT code.
2. Money Transfer Service
Another popular way to send money to Nigeria from the UK is through a money transfer service. This is when you use a company that specializes in international money transfers, such as Western Union, MoneyGram, WorldRemit, or TransferWise.
The advantages of this method are that it is usually fast and convenient, as you can send money online through an app, or at a physical location.
You can also choose how the recipient will receive the money, such as in cash, on a mobile wallet, or in their bank account. However, there are also some drawbacks, such as:
- The exchange rate may vary depending on the service provider and the payment method.
- The fees may also vary depending on the service provider and the payment method. Some services may charge a flat fee, while others may charge a percentage of the amount sent.
- Security may not be guaranteed, as some services may not be regulated or licensed in both countries.
- The customer service may not be very responsive or helpful in case of any issues or delays.
To help you compare the different options, we have created a table that shows the estimated costs and time for sending 100 GBP to Nigeria from the UK using some of the most popular methods.
Please note that these figures are based on the rates and fees available in 2023 and are subject to change.
|Method||Exchange Rate||Fee||Total Cost||Time|
|Bank Transfer||1 GBP = 950 NGN||15 GBP||20 GBP||3-5 days|
|Western Union||1 GBP = 950 NGN||2.90 GBP||4.90 GBP||Within minutes|
|MoneyGram||1 GBP = 986 NGN||3.99 GBP||5.99 GBP||Within minutes|
|WorldRemit||1 GBP = 1050 NGN||0.99 GBP||1.99 GBP||Within minutes|
|TransferWise||1 GBP = 1000 NGN||0.63 GBP||0.63 GBP||Within hours|
As you can see, there is no one-size-fits-all solution for sending money to Nigeria from the UK. The best option depends on your personal preferences and circumstances, such as how much you want to send, how fast you want it to arrive, and how convenient you want it to be.
However, based on our comparison, we can recommend TransferWise as one of the most cost-effective and reliable ways to send money to Nigeria from the UK.
TransferWise uses the real mid-market exchange rate with no hidden markups and charges a low and transparent fee. It also has a high level of security and customer service and supports transfers to over 50 countries.
We hope this blog post has been helpful and informative for you. If you have any questions or feedback, please feel free to leave a comment below or contact us directly.