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Do you need to send money to Nigeria from Canada? Whether it’s for supporting your family, paying bills, or funding a business transaction, you need a reliable and affordable way to transfer money. However, sending money to Nigeria can be challenging due to currency fluctuations, regulations, and technology.
That’s why we have created this comprehensive guide on various methods to send money from Canada to Nigeria. We will compare the fees, exchange rates, speed, security, and accessibility of different options and provide tips on finding the best one for your needs.
Best Ways to Send Money to Nigeria from Canada
There are many ways to send money to Nigeria from Canada, but not all of them are equally efficient and cost-effective. Here are some of the best money transfer methods.
Online Money Transfer Companies
One of the most popular and convenient ways to send money to Nigeria from Canada is via online money transfer services. These are specialized services that allow you to send money online using your computer or smartphone. They offer low fees, competitive exchange rates, fast delivery, and easy-to-use interfaces.
The following are some of the reputable online platforms that offer services for sending money from Canada to Nigeria.
Wise
Wise (formerly TransferWise) is one of the most trusted and transparent online platforms for sending money internationally. It offers low-cost transfers with transparent fees and mid-market exchange rates that may change depending on the market conditions and the time of the transfer. It also offers fast delivery within 1-2 business days and multiple payment and delivery options such as bank transfers, debit cards, credit cards, cash pickup points, mobile wallets, etc. As it operates on a peer-to-peer model, your money doesn’t actually cross borders. Instead, it is matched with funds going in the opposite direction, reducing the need for costly international transfers.
WorldRemit
WorldRemit is another popular online platform that allows you to send money to Nigeria from Canada in a matter of minutes. It offers low transfer fees based on a flat rate or a percentage of the transfer amount and competitive exchange rates with small markups or margins. It provides various transfer options, including bank transfers, debit cards, credit cards, cash pickups, mobile money transfers, etc. You may need to verify your identity and comply with some regulations depending on your transfer amount and destination country. The platform also gives out promotional offers or discounts for new or existing customers.
Remitbee
Remitbee is a Canada-based online platform for sending money to over 50 countries. Remitbee’s focus on customer satisfaction and reliable service has made them a popular choice for sending money from Canada to Nigeria. It offers low transfer fees based on a flat rate or a percentage of the transfer amount and competitive exchange rates with small markups or margins. They facilitate cash pickups at various partner locations and support transfers to mobile wallets, allowing for convenient access to the funds. It also offers an option called the Remitbee Wallet, regulated by FINTRAC Canada, which you can fund and utilize to send money to Nigeria. If you use the Remitbee Wallet, you can get free transfers over $500.
Bank Transfers
Bank transfers are a traditional way to send money to Nigeria from Canada. These are transactions that involve sending money from your Canadian bank account to your recipient’s Nigerian bank account. They offer security and familiarity.
Below are some of the banks that offer services for sending money to Nigeria from Canada.
TD Bank
TD Bank is one of the largest banks in Canada that offers international wire transfers to Nigeria. You can visit one of their branches or use online banking to send money to Nigeria. You need to provide your recipient’s name, address, account number, SWIFT code, and bank name. Their fees generally vary depending transfer amount. You may also have exchange rate markups or margins and additional intermediary or correspondent bank fees that may affect the cost of your transfer. You should check with your nearest TDBank branch for more details.
Scotiabank
Scotiabank is another major bank in Canada that offers international wire transfers to Nigeria. Just like in TDBank, you can use online banking or visit a branch to send money. With their extensive network and global presence, you can efficiently send money to your recipient’s bank account in Nigeria. The fees and processing times may vary. so it’s advisable to consult with your local branch for specific details.
Remittance Service Providers
A common way to send money to Nigeria from Canada is by using remittance service providers. These are companies that specialize in facilitating money transfers between countries.
Some of the well-established remittance service providers that offer services from Canada to Nigeria are:
Xpress Money
Xpress Money is a popular choice for sending money from Canada to Nigeria. They offer various delivery options, including bank deposits and cash pickups, making it convenient for your recipient to access the funds. With a robust network of agents in Nigeria, XpressMoney ensures efficient and secure transactions.
Transfast
Transfast is another global money transfer provider that offers services for sending money to Nigeria from Canada. You can visit a branch or use their website or app to send money. They offer competitive exchange rates, low fees, and multiple transfer options, such as bank transfers, cash pickups, and mobile wallet transfers.
There’s No Wrong Choice
Due to currency fluctuations, regulations, and technology, sending money to Nigeria from Canada can be challenging. However, there are many ways to send money to Nigeria from Canada, offering security, speed, and affordability. Online money transfer companies like Wise, WorldRemit, and Remitbee offer convenience, competitive rates, and fast transfers. Alternatively, you can utilize traditional banking channels such as TD Bank and Scotiabank, which provide secure international wire transfers. Remittance service providers like XpressMoney and Transfast also offer accessible and efficient options for sending money to Nigeria.
When choosing a method to send money, consider the specific needs of your recipient, the amount you wish to send, and your desired transaction speed. Always compare fees, exchange rates, and transfer options before ultimately making the decision. With the right choice, you can ensure that the money you send reaches your loved ones or business partners in Nigeria promptly and securely.
