Looking for the best way to send money from Canada to family, friends or businesses in Nigeria (or even to your own overseas bank account)?
Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better NGN exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more nairas.
Of the companies we've compared, WorldRemit is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? WorldRemit can get money to your recipient in Nigeria within minutes.
Bank transfers are typically the cheapest way to get your money to Nigeria. WorldRemit and Remitly have some of the lowest bank transfer fees of the brands we've compared.
When you're hunting down the cheapest ways to send money to Nigeria, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many nairas your recipient will end up with.
Many online providers can offer transfers to Nigeria within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to Nigeria:
Actual transfer times from Canada to Nigeria can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to Nigeria is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and Nigeria.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Nigeria, consider using a provider such as Remitly to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to Nigeria, you'll need the necessary documentation, your recipient's details and a way to pay.
Muhammad is working in Canada as a financial analyst and he stays in regular contact with his elderly parents back home in Nigeria. His parents need some funds to help pay off a mortgage, so Muhammad plans to send them $2,000 from Canada.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Money transfer company
|1 CAD = 0.98 NGN
|1 CAD = 1.00 NGN
|Bank account deposit
|Bank account deposit
|2 - 5 working days
The money transfer company enables Muhammad to send an extra \u20a633.33, which is transferred straight to his parents' Zenith Bank account.
When choosing a money transfer provider to send money from Canada to Nigeria, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
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