5 Cheapest Ways to Send Money to Nigeria and Avoid High Fees

An image illustrating the concept of saving money on transfer fees. The image features a large stack of Nigerian naira notes or coins. A small pile of coins or a single note with a red “X” symbol over it, representing high fees . A bright green arrow or line connecting the small pile to the large stack, indicating the savings. A simple background that represents Nigeria, such as a flag.

Sending money to Nigeria doesn’t have to be expensive. Whether you’re supporting family, paying tuition, or conducting business, finding cost-effective methods is crucial. In this guide, we’ll explore the top five ways to send money to Nigeria while minimizing fees. Let’s dive in!

An image showing the exchange rate between the Canadian and Nigerian currencies on the international transfer page of Premiumreal’s mobile app

1. Premiumreal

Premiumreal is a multi-currency financial app for Nigerian students and immigrants in Canada. It caters to the needs of the immigrant community, offering solutions for tuition payments, remittances, and more. Here’s why Premiumreal stands out:

Zero Fees: Enjoy fee-free secure cross-border money transfers, airtime, cable and internet subscriptions.

Tuition Payments: Nigerian students can pay tuition to Canadian universities and colleges with a nominal fee of 25 CAD.

Swift Processing: Expect funds to reach Nigerian bank accounts from Canada within 1–2 business days.

Coverage: Premiumreal operates in Canada, enabling zero-free remittances to Nigeria.

Accessibility: Mobile

Customer Support: Premiumreal offers 24/7 assistance via phone, social media and email support.

Image shows the currency exchange rate from Canada to Nigeria on the LemFi mobile app’s international transfer page

2. LemFi (formerly Lemonade Finance)

LemFi simplifies international money transfers. With LemFi, you can open accounts in US Dollars, Canadian Dollars, and Great British Pounds within minutes. Here’s what makes LemFi special:

Multi-Currency Accounts: Open accounts in USD, CAD, and GBP.

Zero Transfer Fees: Move money globally without paying extra.

Request Payments: Send money requests or share payment links for easy transactions.

Coverage: LemFi operates in the US, UK, and Canada, enabling zero-fee remittances to 21+ countries.

Accessibility: Mobile

Customer Support: LemFi offers assistance via phone, website request and email support.

Image shows the currency exchange rate from Canada to Nigeria on the Pesa mobile app’s international transfer page

3. Pesa (formerly Pesapeer)

Pesa aims to bridge financial borders, allowing individuals to manage their currencies across countries. User feedback emphasizes its security features and competitive rates. Here’s what makes Pesa special:

Safety First: Pesa ensures secure money transfers.

Competitive Fees: Enjoy affordable rates.

Global Solution: Manage currencies across countries, all within a single wallet.

Coverage: Pesa operates in the US, and Canada, enabling zero-fee remittances to 41 countries.

Accessibility: Mobile

Customer Support: Pesa offers assistance via office walk-in, phone, live chat and email support.

4. WorldRemit

WorldRemit simplifies online money transfers to Nigerian bank accounts. Here’s why you’ll love it:

Affordability: Competitive fees.

Convenience: An easy-to-use online platform for hassle-free transactions.

Cash pickup: Send money to be collected in cash by your receiver at any of their pickup locations

Coverage: WorldRemit operates in the US, UK, Canada, Australia, Germany, France, Malaysia, Netherland, New Zealand, Spain, and Sweden, enabling zero-fee remittances to 90 countries.

Accessibility: Mobile

Customer Support: WorldRemit offers assistance via phone support.

5. TransferWise (Now Wise)

Formerly known as TransferWise, Wise offers transparent and efficient international transfers. Here’s why you’ll love it:

Low Fees: Competitive rates and real exchange rates.

Speed: Fast and efficient service.

Make multiple/bulk payouts faster

Coverage: Wise operates in the US, Uk, Australia, Brazil, India, New Zealand, Philippines, Singapore, UAE, Israel, Indonesia, Japan, China and Canada, enabling zero-fee remittances to 77 countries.

Accessibility: Mobile

Customer Support: Wise offers assistance via phone and email support.

Choose the method that aligns with your needs — whether it’s Premiumreal, LemFi, Pesa, or WorldRemit and TransferWise. Transfers to Nigeria are now quick and easy, no more high fees or complications.

by Gift Ujuaku