Whether it’s for supporting a family member, education, business, or travel, sending money to Canada from Nigeria can be a daunting task. You want to make sure that your money reaches its destination safely, quickly, and affordably.
Here we will share what you need to know when sending money to Canada from Nigeria, including the factors to consider, as well as the different money transfer services available.
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Factors to Consider When Sending Money to Canada
Before you send money to Canada from Nigeria, there are some important factors that you should consider. These factors will affect the cost and value of your money transfer, as well as the convenience and security of your transaction.
Exchange Rates and Fees
One of the most important things to know when sending money abroad is the exchange rate or the price of one currency in terms of another currency. It determines how much money your recipient will receive in their local currency. A higher value means that your recipient will get more money for the same amount of naira; the opposite is also true.
However, the exchange rate is not the only factor that affects the cost of your money transfer. You also need to consider the fees that the money transfer service charges you. Fees can vary depending on the service provider, the amount of money that you send, the payment method that you use, and the delivery option that you choose.
Some common types of fees that you may encounter when sending money abroad are:
- Transfer fees: These are fees that are charged by the money transfer service for processing your transaction. They can be a flat fee or a percentage of the amount that you send.
- Currency conversion fees: These are fees that are charged by the money transfer service for converting your naira into Canadian dollars. They can be included in the exchange rate or charged separately.
- Bank fees: These are fees that are charged by your bank or your recipient’s bank for sending or receiving money internationally. They can include wire transfer fees, intermediary bank fees, or receiving bank fees.
- Cash pickup fees: These are fees that are charged by the agent location where your recipient collects their cash. They can vary depending on the location and the amount of money that you send.
To find out how much it will cost you to send money from Nigeria to Canada, you need to compare both the exchange rates and fees offered by different money transfer services.
Transfer Speed and Reliability
Another important factor to consider when sending money abroad is the transfer speed, which tells how long it will take your money to reach your recipient. Transfer speeds can vary depending on several factors, such as:
- The payment method: Some payment methods are faster than others. For example, paying with a debit card or a credit card can be faster than paying with a bank transfer or cash.
- The delivery option: Some delivery options are faster than others. For example, sending money directly to a bank account can be faster than sending money for cash pickup or home delivery.
Customer Service and Support
The last factor to consider when sending money abroad is customer service and support. These tell how well the money transfer service handles your queries, complaints, or issues. The level of customer service and support can vary depending on the service provider, the communication channel, and the availability.
A money transfer service’s customer service and support affect its trustworthiness and helpfulness. You want to be able to contact the service provider easily and quickly if you have any questions or problems with your transaction. You also want to receive clear and accurate information and solutions from the service provider.
Best Money Transfer Services for Sending Money to Canada
Now that you know what factors to consider when sending money to Canada from Nigeria, let’s look at some of the best money transfer services that you can use.
Western Union is one of the most popular and widely available money transfer services in the world. It has been operating since 1851 and has over 500,000 agent locations in more than 200 countries and territories, including Nigeria and Canada.
With Western Union, you can send money from an agent location or online, directly to a bank account, or for cash pickup at an agent location in Canada. You can pay with a bank transfer, a debit card, a credit card, or cash.
WorldRemit is one of the leading online money transfer services that specializes in low-cost and fast transfers. It was founded in 2010 and has over 5 million customers in more than 130 countries and territories, including Nigeria and Canada.
You can use either WorldRemit’s online site or their mobile app to send money directly to your recipient’s bank account, or for cash pickup at a WorldRemit branch in Canada. Like Western Union, you can pay with a bank transfer, a debit card, a credit card, or cash.
Remitly is one of the fastest-growing online money transfer services that offer competitive rates and fees. It was founded in 2011 and has over 10 million customers in more than 130 countries and territories, including Nigeria and Canada.
Remitly allows you to pay with a bank transfer, a debit card, a credit card, or cash to send money from Nigeria to Canada. Through their online site or their mobile app, you can send money directly to your recipient’s bank account, mobile wallet, or for cash pickup.
Secure Your Money Transfer
While Western Union, WorldRemit, and Remitly are popular options, it’s important to compare their rates, fees, and services to choose the most suitable provider for your specific needs. It’s also vital to consider the exchange rates, fees, transfer speed, reliability, and the service provider’s customer support. Lastly, Always ensure that you have accurate information about your recipient’s bank account details, track your transfer, and follow the necessary security measures while making international money transfers.