If you are sending money home to Nigeria from the UK, the cheapest option is rarely the one with the lowest advertised fee. The real cost is split between the transfer fee and the exchange rate, and it’s the exchange rate where most of the money quietly disappears.
Last updated: 26 June 2026. Fees and exchange rates change daily, and providers run promotions, so always check the live quote in each app before you send.
Key takeaways
- Compare the naira your recipient actually receives, not the headline fee. That figure combines the fee and the exchange-rate margin.
- Lemfi charges no transfer fee to Nigeria and makes its money on the rate; Wise uses the true mid-market rate plus a small upfront fee; Remitly offers a free, promotional first transfer and several payout methods.
- High-street banks are usually the most expensive and the slowest.
- Specialist apps deliver to a Nigerian bank account in minutes; banks can take several working days.
- The rates change daily, so install two apps, compare the amounts received in a minute, and send with whichever pays out more on the day.
The real cost: fee plus exchange-rate margin
Every transfer has two costs. The first is the upfront fee, which is easy to see. The second is the exchange-rate margin, the gap between the rate you are given and the real, mid-market rate that banks use between themselves. A service can advertise “zero fees” and still be expensive if it widens that margin.
That is why the only number that matters is the amount of naira that lands in the recipient’s account for a given pound amount. A £500 transfer that arrives as more naira is the cheaper one, regardless of the fee.
Comparison: the main ways to send money to Nigeria from the UK
| Service | Transfer fee | Exchange rate | Typical speed | Payout options |
|---|---|---|---|---|
| Lemfi | £0 to Nigeria | A margin on the rate (the main cost) | Minutes; some routes up to 1 to 2 working days | Bank account, mobile money |
| Wise | Small fee, shown upfront | True mid-market rate, no markup | Often same working day; conversion can take up to 2 working days | Nigerian bank account |
| Remitly | Free first transfer; varies after | A margin on the rate; promotional rate for new users | Minutes via Express to a few days on the cheaper option | Bank, cash pickup, mobile wallet, home delivery |
| WorldRemit | £0 to Nigeria | A margin on the rate | Minutes; bank within about an hour | Bank, cash pickup, mobile money, airtime |
| Sendwave | No flat fee | A small margin on the rate | Seconds to minutes | Bank, cash pickup, mobile wallet |
| NALA | No hidden fees | Transparent rate | Seconds to a bank account | Bank, mobile money |
| TapTap Send | Small flat fee | A margin on the rate | Minutes | Bank, mobile money, cash pickup |
| High-street bank | A flat fee | A wide margin on the rate | 1 to 5 working days | Bank transfer (SWIFT) |
Lemfi
Lemfi, formerly Lemonade Finance, is built specifically for diaspora transfers, and the Nigeria corridor is one of its core routes. It charges no flat transfer fee to Nigeria and earns its money through a margin on the exchange rate, so that margin is the figure to watch.
Transfers to a Nigerian bank account or mobile-money wallet typically land within minutes, though some bank routes can take a day or two. For regular senders who want one simple, low-cost option, it is often the default choice.
Wise
Wise is the most transparent on cost. It always uses the real mid-market exchange rate with no markup and shows its fee upfront, so you can see exactly what you are paying. For larger amounts, that clean rate often means more naira arrives even after the fee.
Wise sends to Nigerian bank accounts and allows up to 95 million naira per transfer. Money usually arrives on the same working day after conversion, although the conversion itself can take up to 2 working days. You will need the recipient’s full name, their bank code and their 10-digit account number.
Remitly
Remitly is the most flexible in how it collects money. Beyond bank deposits, it offers cash pickup, mobile wallet, and home delivery options, which are useful when the recipient does not use a bank. New customers get a special promotional rate and no fee on a first transfer, applied to the first £250 sent.
It offers a faster, card-funded Express option and a cheaper, slower standard option. Like Lemfi, it earns its money on the exchange-rate margin rather than a flat fee, so it is worth checking the amount of naira received once the introductory offer ends.
More apps worth comparing
Lemfi, Wise and Remitly are not the only credible options on this route. A few others are worth lining up side by side:
WorldRemit sends naira to Nigeria with no transfer fee and pays out to a bank account, for cash pickup, to a mobile money wallet, or as airtime. It says 90% of its transfers to Nigeria arrive within minutes, with bank deposits landing within about an hour, and it is authorised and regulated by the Financial Conduct Authority.
Sendwave is an app-first service that charges no flat fee and instead takes a small margin on the exchange rate. It delivers to Nigerian bank accounts, cash pickup by voucher and mobile wallets, and advertises transfers that arrive in seconds.
NALA, an Africa-focused app, advertises no hidden fees and transparent pricing, with bank transfers to Nigeria arriving in seconds and a mobile-money option. It operates in the UK as an agent of Modulr, a firm authorised by the Financial Conduct Authority.
TapTap Send charges a small flat fee and pays out to bank accounts, mobile money and cash pickup, with transfers arriving in minutes. It says it is licensed to transmit money in the markets where it operates.
High-street banks
Sending through a traditional UK bank is the most familiar route and usually the most expensive. Banks tend to charge a flat fee and apply a wide margin on the exchange rate, and international transfers over SWIFT, the network banks use to move money across borders, can take several working days to arrive.
For most people sending money to family in Nigeria, a specialist app will deliver noticeably more naira, faster, than a bank. The bank route makes sense mainly when you are moving very large sums and value familiarity.
A note on the naira
The naira has been volatile in recent years, and the rate you are offered moves with it. Reputable providers quote close to the prevailing market rate, but the gap between the official rate and the unofficial parallel-market rate has at times been wide, which is exactly why it is worth checking what you are actually getting. It is also why informal channels that promise a far better rate carry real risk: that margin is where fraud hides.
How to send money to Nigeria from the UK
The process is broadly the same across the specialist apps:
- Download the app, create an account and verify your identity. UK money-transfer firms are regulated, so you will be asked for ID.
- Enter the amount in pounds and select Nigeria and naira. The app shows the rate and the exact amount in naira the recipient will receive.
- Compare that receive amount against a second app to see which pays out more that day.
- Add the recipient’s details: full name, bank and 10-digit account number, or their mobile money or cash pickup details.
- Pay from your UK bank account or card, confirm, and track the transfer in the app until it arrives.
Speed, limits and safety
On the main Nigeria corridor, specialist apps usually deliver to a bank account within minutes to a few hours, whereas banks can take days. Sending limits vary by provider and the level of identity verification, and larger transfers may require additional checks.
On safety, the established services here are authorised or registered with the UK’s Financial Conduct Authority, which sets rules on how they protect customer money. Stick to regulated providers, and be wary of informal arrangements that promise unusually good rates. The gap between the official and parallel naira rates is exactly where scams thrive. African fintech firms are increasingly building their own cross-border rails too, as seen in deals like PayAngel’s tie-up with Visa.
So, what is the cheapest way?
There is no single permanent winner, because the apps move their rates daily and run promotions against each other. As a rule of thumb: Lemfi is hard to beat for simple, fee-free transfers to a Nigerian bank account; Wise tends to win on larger amounts thanks to its clean mid-market rate; and Remitly is worth using for the free first transfer and for cash or home delivery. WorldRemit, Sendwave, NALA and TapTap Send are all worth a quick side-by-side check too.
The reliable strategy is to keep two apps installed, enter the same amount in pounds, and send with whichever shows more naira that day. That habit will save more over a year than loyalty to any single brand. The same pressure is pushing the market as a whole towards instant, low-cost settlement, including newer stablecoin-based payment platforms aimed at African businesses.
Which option suits your situation
- Small, urgent transfers: a fee-free app like Lemfi or Remitly’s faster Express option can reach a bank account or wallet within minutes.
- Larger amounts: Wise’s clean mid-market rate usually means more naira arrives, and it allows up to 95 million naira per transfer.
- Recipient has no bank account: Remitly’s cash pickup and home delivery, or a mobile-money payout, reach people outside the banking system.
- Your very first transfer: Remitly’s promotional no-fee first transfer, applied to the first £250 sent, can make it the cheapest one-off.
Frequently asked questions
What is the cheapest app to send money to Nigeria from the UK?
Lemfi is often the cheapest for fee-free transfers to a Nigerian bank account, but Wise can deliver more naira on larger amounts. Always compare the received amount on the day.
How long does a transfer to Nigeria take?
With specialist apps, money usually reaches a Nigerian bank account within minutes to a few hours. Bank transfers can take one to five working days.
Is it safe to send money to Nigeria with these apps?
The established providers are authorised or registered with the UK Financial Conduct Authority and use secure, regulated payment networks. Avoid informal money changers who offer rates that seem too good to be true.
Can I send money to a Nigerian mobile-money wallet?
Yes. Lemfi and Remitly both support mobile-money and bank payouts, and Remitly also offers cash pickup and home delivery for recipients without a bank account.
Is there a limit on how much I can send to Nigeria?
Limits vary by provider and the level of identity verification. Wise, for example, allows up to 95 million naira per transfer, while other apps set their own caps and may run extra checks on larger sums.
What details do I need to send money?
For a bank payout, you need the recipient’s full name, their bank and their 10-digit Nigerian account number. For cash pickup or mobile money, you provide the recipient’s name and phone number instead.
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