Nigeria is a West African country that has the biggest population in Africa. There are different ways that you can use to send money to Nigeria from the UK. You could use banks, send it as a parcel, and even through a money transfer app. But so far, the cheapest, fastest, and most convenient way to send money to Nigeria from the UK is through a money transfer app. It is important to note that today’s cheapest option for sending funds might not be the same as tomorrow. Technology is advancing at a very rapid rate and you need to keep up with what’s new.
For most immigrants, sending money back home helps to support their loved ones. And this is perhaps the reason why you’ve been sending funds through a money transfer app. The money you send sure has a tremendous role to play back at home. Before your next transaction, it would be important that you compare all of your options. This will ensure that you save on transfer fees.
It is crucial that you get the best exchange rate from a money transfer app. This, of course, is in addition to their speed of delivering the funds and the security. Afriex money transfer app is by far one of the best options that you can use to transfer funds from the UK to Nigeria. It offers low-cost money transfers to Nigeria and is very easy to use. You can even send cryptocurrency like Bitcoin through this platform.
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What You Need to Know When Transferring Funds to Nigeria
There are crucial factors that you need to have at the back of your head whenever you’re transferring funds to Nigeria. They will go a long way in making your money transfer successful.
Quite recently, Nigeria has been through several economical changes that have transformed its local Naira currency. It has been slowly depreciating against the Pound. As much as this is a problem for the economy of Nigeria, it is all smiles for those receiving funds from abroad. They get more Naira for the pounds when converting the money.
With this instability in mind, it becomes even more important to compare the exchange rates before sending funds to Nigeria from the UK. Identify the money transfer app offering the best rates and fees.
Best and Cheapest Ways to Send Money from the UK to Nigeria
We’ve already talked about one of the cheapest money transfer app services that you can use to send funds to Nigeria. Afriex is secure, cheap, and fair in its exchange rates. Furthermore, it was specifically created to address the needs of immigrants looking to send funds back home. In fact, one of the initial countries it started with was Nigeria, but it has expanded to other African countries.
Other money transfer app services that you can use to send money to Nigeria include:
This is a money transfer app powered by PayPal. It is an effective option that you can use even when you have lower amounts that you want to transfer. Their fees and rates are very much competitive. The fees actually differ based on the transfer amount and how you intend to pay. For instance, paying using bank transfers will not cost you anything. Nonetheless, when you make a payment using your card, you’ll be subject to a fee.
When it comes to their exchange rates, they add a small margin. Opening an account with Xoom is a lot simpler than PayPal and so is sending money to Nigeria. The recipient will either receive the funds in their account or at a pick-up location.
Transfers to Nigeria using Xoom typically take about a day or two. But you don’t have to worry about the security of using this platform since it is perfectly secured.
OFX Money Transfer App
OFX is one of the oldest money transfer app services that you can use to send money to Nigeria. They’ve had a good track record of service delivery, with their security also being top-notch.
If you’re the type to enjoy phone customer service in this day and age, then OFX is the right app for you. They add a margin to the exchange rate when you’re changing GBP to Naira. The good thing is that they have a currency exchange calculator that shows the interbank rate. For those wondering what this is, it is the rate prior to them applying their margin. For a very accurate quote, it would help if you set up an account with OFX.
Creating an account with OFX is free and simple. Once you create your account, you need to enter the recipient’s details carefully and then you can send the funds.
Now, you are ready to use the money transfer app of your choice and send money from the UK to Nigeria. Just make sure that you remember to use the tips we’ve shared in this post to help you out.