Transfers to a bank account
[ ↓ Jump to cash pick-up options ]The 7 best options to transfer GBP to a bank account in Nigeria
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4.10 GBPExchange rate 458.2662(-2.05%)Fees 0 GBP2.99 GBPZERO fees on your first THREE transfers with code 3FREENew WorldRemit customers only, valid until 30 June 2019. Apply the code during the transfer process in the ‘PROMO CODE’ section for each of first 3 transfers to get the discount.
See cost breakdownTotal cost
3.45 GBPExchange rate 459.7990(-1.72%)Fees 0 GBP- See cost breakdown
Total cost
4.10 GBPExchange rate 458.2662(-2.05%)Fees 0 GBP2.99 GBPZERO fees on your first THREE transfers with code 3FREENew WorldRemit customers only, valid until 30 June 2019. Apply the code during the transfer process in the ‘PROMO CODE’ section for each of first 3 transfers to get the discount. 
See cost breakdownTotal cost
4.34 GBPExchange rate 461.1810(-1.43%)Fees 1.48 GBP
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6.22 GBPExchange rate 453.3225(-3.11%)Fees 0 GBP
See cost breakdownTotal cost
7.20 GBPExchange rate 456.8499(-2.35%)Fees 2.49 GBP
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29.17 GBPExchange rate 445.2613(-4.83%)Fees 4.00 GBPBank fees (estimate) 15.50 GBP
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9.74 GBPExchange rate 463.5599(-0.92%)Fees 7.90 GBP- See cost breakdown
Total cost
13.77 GBPExchange rate 447.1101(-4.44%)Fees 4.90 GBP
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What are the best options for your transfer from the United Kingdom to Nigeria?
We currently compare 8 money transfer providers available for sending money to Nigeria from the United Kingdom.
To send to a bank account in in Nigeria, Western Union currently offer the best deal you can get with zero transfer fees and a very competitive GBP-NGN exchange rate (currently at 1 GBP = 461.181 NGN).
When taking the exchange rate and the fees into account, the total cost of your transfer with Western Union is 3.45 GBP, but you would pay a total cost of 29.17 GBP (approximately 8x as much) if you were to use HSBC to make the same transaction.
For this transfer to Nigeria, it might be worth it to also consider two other competitive providers: WorldRemit and TransferWise.
If the beneficiary of your transfer wants to be able to pick up in cash where they live in Nigeria, then UK Post Office via Moneygram is currently most competitive provider with competitive fees of 7.9 GBP and a very competitive GBP-NGN conversion rate (currently at 1 GBP = 297.92 NGN).
This recommendation was updated a few minutes ago.
The key things you must know before transfering money to Nigeria
Sending money to Nigeria with low transfer fees and a good exchange rate is not as easy as it might seem, or at least not as easy at it should be.
Recently, Nigeria went through a lot of economical changes, which had a big impact on it currency, the Naira, which has been depreciating against the dollar or the pound. This is a difficult situation for the economy in Nigeria, but it is rather a good news for people sending money to Nigeria, as they get more Nairas for their Pounds than before. But it also created a lot of instability in the currencies market and the Central Bank of Nigeria is intervening on this market to prevent the Naira to fall even more. But because the demand for dollars and other foreign currencies is still very strong in Nigeria, a huge parallel market has emerge, where more than $10M are exchanged every day.
With this instability, it is now more important than ever to compare the fees and exchange rates of the different providers sending money to Nigeria, to make sure you get access the best exchange rate possible.
Exchanging your pounds for nairas, the official and parallel exchange rate market
There are now two different market for trading the Naira, the official and the parallel market (or black market), meaning that there are also two different reference exchange rates, the official that is pegged to the USD by the Central Bank of Nigeria, and the parallel market rate.
Only a limited number of money transfer providers are allowed by the Central Bank of Nigeria to offer money transfers to Nigeria, among them some trade on the official market and others on the parallel market, meaning that the exchange rate they will offer to their clients will vary a lot.
What are the cheapest options to send money to Nigeria ?
To find the best option for your transfer, always refer to the comparison table above by comparing for the exact amount you want to send, in order to make sure to find the current best provider.
A a general rule of thumb, your best guess is to make your transfer via one of the online money transfer provider, like Azimo, Xendpay or WorldRemit. Western Union can also be a good option, as they also give you the possibility to send money from an agent location in the UK, but this generally means you'll pay more fees. Sending money directly by a wire transfer from your bank account in the UK to a bank account in Nigeria is generally a bad idea, as the exchange rate you'll get will be much worse than what other providers are offering.
Updated list of money transfer services authorized by the Central Bank of Nigeria
The Central Bank of Nigeria surprised everyone when it prevented all but three money transfer companies to operate in Nigeria in the beginning of August: Western Union, MoneyGram and Ria. More operators are now allowed to send money to Nigeria. Learn more in this blog post
All the things you need to know before sending money to Nigeria.
If you have ever wanted to send money to Nigeria, we bet that you must have come across many ads of banks that were offering the best deal in the market. Cheap transfers, or even sending your money for free, great exchange rate and the speed of light. It sounds alluring, doesn’t it? But the true story behind it might be a bit more complicated. Read our complete guide now for Nigerians living abroad.
We're here to help
Hi! I'm Pascal and I am in charge of making Monito as helpful as possible for you. Don't hesitate to drop me a line if you have a question, if you need help to understand the results or to find the best operator for your transfer.
Questions you may have
Yes. We only list money transfer operators or banks that are fully authorized and monitored by the regulation authorities of the countries where they operate.
Before each international money transfer, you should come and compare the costs of the different options on Monito, as they may have changed. Once you fill out the above form and click on compare, you’ll see a list of all the options to send money between two countries. The cheapest option is at the top, but you may want to consider other criteria such as the speed of transaction or the pay-in or pay-out methods.
Of course! Banks are usually not the best way to make international money transfers. The fees can be quite low (and sometimes even zero), but beware of the poor exchange rates which banks often apply. We list as many banks as possible in our results, so do compare to find out if you’d be better off switching to another bank or a specialized money transfer company.
Monito is not a money transfer company. We’re here to help you find the best way to send money abroad. Just tell us which country you’re sending money from and which country you want to send money to, and we’ll show you a list of all available services. Once you select the best one for your needs, you'll be redirected to their website to get started with your money transfer.
As much as we try to have complete information and to include as many money transfer companies in our results, we sometimes miss a few. In this case, the best solution would be to write us a short message to let us know what’s missing!
