7 Best Apps to Send Money from Abroad to Nigeria

Welcome to this post about the best apps to send money from abroad to Nigeria, via Afrokonnect. In terms of African currency rankings, the Nigerian naira has been continually losing value and has now hit an all-time low. Nigerians now have far less purchasing power as a result of this loss and growing inflation. As a result, a lot of people are looking for ways to augment their income by receiving money from abroad.

Historically, trustworthy commercial banks and domiciliary accounts were used to receive money from overseas. However, the banking sector has changed significantly as a result of technology breakthroughs. Specialised applications are now a practical and effective means of sending money to Nigeria.

Third-party platforms have become increasingly popular for sending money to Nigeria. These platforms offer a range of benefits, including ease of use, fast transfer times, and competitive exchange rates. However, it’s essential to note that third-party platforms may not offer the most advantageous exchange rates compared to domiciliary accounts.

New guidelines pertaining to foreign money transfers have been published by the Central Bank of Nigeria (CBN). These directives mandate that naira be used for international transfers handled by international money transfer providers (IMTOs). Furthermore, only foreign transfers under $200 may be made in cash in naira; for amounts over this limit, a bank account is necessary.

Following a thorough investigation and an assessment of user feedback, we have determined that the following apps are the best choices for transferring funds to Nigerian bank accounts:

Among the many advantages provided by these apps are competitive exchange rates, quick transfer times, and user-friendliness. We will give a thorough analysis of each application in the parts that follow, emphasising its features, advantages, and disadvantages.

7 Best Apps to Send Money from Abroad to Nigeria

1. Instarem

The procedure of transferring money to Nigeria has never been easier or more convenient than with Instarem. They make the procedure easier by allowing consumers to send money to Nigeria and over 60 other countries from a single spot. Since 2014, over one million consumers have put their trust in Instarem, a subsidiary of the financial technology unicorn Nium.

Transferring money to Nigeria with Instarem provides excellent value for money, thanks to the company’s low prices and competitive currency rates. The platform provides numerous benefits, including attractive foreign currency conversion rates, fast transfers, and secure operations that are monitored and approved in 11 different countries.

Instarem provides their clients with free rate updates as well as a currency calculator to assist them in making informed decisions. Those who use Instarem have the opportunity to accumulate loyalty points, also known as InstaPoints. These points can be obtained by opening an account, transferring money, and recommending friends to the platform.

In honour of its remarkable contributions to the industry, Instarem has received numerous awards, including the Blockchain Innovator Award and the Best Value International Money Transfer Provider Award. Creating an account and confirming data with Instarem is a simple three-step process that is accessible to everyone.

Money transfers to Nigeria and other countries will be simple and stress-free thanks to Instarem’s user-friendly design and 24/7 customer service.

Pros of transferring money to Nigeria with the Instarem app

• Competitive exchange rates: Many users have praised Instarem for offering competitive exchange rates, which are often better than those offered by traditional banks or other money transfer platforms.
• Fast transfer speed: Several users mentioned that transfers with Instarem are almost instant or very quick, especially when compared to other platforms.
• User-friendly interface: Many users find Instarem’s interface easy to use and navigate, as this makes the money transfer process smooth and hassle-free.
• Responsive customer service: Despite some occasional issues, Instarem’s customer service seems to be responsive and willing to address users’ concerns.
• Prompt responses and assistance with issues contribute to overall customer satisfaction.
• Low conversion charges: some users appreciate that Instarem charges lower conversion fees compared to other money transfer platforms or traditional banks, making it a cost-effective option for international transfers.

Cons of transferring money to Nigeria with the Instarem app

• Video verification glitch: Some users experienced minor issues with video verification, which affected their overall experience with the app.
• High processing fees: Some users mentioned that the processing fees charged by Instarem were relatively high compared to other platforms.
• Account blocking without proper explanation: A few users reported instances where their accounts were blocked without clear explanations from Instarem.
• Difficulty in adding bank accounts: Several users encountered difficulties in adding bank accounts for fund transfers, despite contacting customer support for assistance.
• Limited currency exchange options: Some users expressed a desire for Instarem to increase the currency exchange limits to accommodate more currencies.
• Inconvenient login process: Certain users found it inconvenient to log in to the app repeatedly, as it required manual input of account details each time rather than using biometric or passcode login options.
• Long response time for inquiries: In some cases, users had to wait for an extended period to receive a response from Instarem regarding their inquiries or concerns, leading to dissatisfaction with the service.

2. Xe

Even though the industry for sending money to Nigeria is quite competitive, Xe stands out as a useful and user-friendly solution. To make international transactions easier, the platform works with more than 200 countries, including Nigeria.

Users can save money because its fees are usually less expensive than those of conventional banks and other transfer service providers. In most situations, the transfer takes only a few minutes.

Xe is a faster alternative to traditional bank payments, which take longer to complete, and its user interface is simple, making the process easier for its users, who value the ease of account opening, instant quotes, and the ability to check the status of their payments at any time, all of which are important when transferring money to Nigeria. Beneficiaries in Nigeria have access to a variety of simple and open payment options, including cash collection, bank transfers, and mobile applications, among others.

When it comes to international financial transactions, Xe prioritises security by providing risk-free transactions and building trust with its customers. Despite Xe’s abundance of functionality, there are a few caveats. Before transferring money, customers should ensure that the payment options they have chosen are accepted.

3. Remitly

Since 2011, millions of people around the world have used Remitly to meet all of their money transfer needs, including sending money to Nigeria. This service is a good choice for anyone looking to transfer money to family or friends in Nigeria, since it offers low rates, innovative features, and transparent pricing structures.

Customers are able to initiate payments using their bank accounts, credit cards, or debit cards in a fast, simple manner with the assistance of the user-friendly mobile application that Remitly provides. When it comes to the ease and convenience of using Remitly, many customers have expressed satisfaction with its safety and security, as they protect the personal information and financial transactions of users in a variety of different ways.

Also, in order to provide thorough customer support, Remitly’s Help Centre is open twenty-four hours a day, seven days a week, ensuring that users can obtain help whenever they need it. Customers of Remitly may view comprehensive information on the time and location of their money transfers, giving them peace of mind throughout the process.

Remitly’s ability to transfer money to more than 170 countries outside of Nigeria is one of its best advantages. Consumers can use the extremely safe wire transfer method to transmit money to mobile money companies or trustworthy banking networks, such GT Bank and Polaris Bank in Nigeria.

Pros of transferring money to Nigeria with the Remitly app

• Swift, dependable transfers: Customers who use Remitly have made positive remarks about the simplicity and speed of transfers, with many advocating its superiority to conventional banks.
• Responsive customer service: A number of consumers have lauded the excellent customer service of Remitly, having experienced immediate issue resolutions.
• Stable platform: Users expressed their admiration for the dependability of Remitly, hailing its optimal functionality even when other money transfer applications failed.
• Competitive exchange rates and fees: Both the exchange rates and the fees that Remitly levies are competitive, reasonable, and even nonexistent for some transactions, with a sizable number of customers rating their exchange rates fantastic to excellent.
• Easy to use: Fast and timely money transactions are just two of the many reasons that customers have expressed their satisfaction with Remitly.

Cons of transferring money to Nigeria with the Remitly app

• Lack of transparency on limits: Users have reported that the app no longer displays the limit for money transactions.
• Higher fees for smaller transactions: Smaller transactions are too costly to be processed at the predetermined rate of $1.99 per transfer, indicating a lack of cost-effectiveness for certain transactions.
• Inability to notate transfer purposes: According to users, there is no in-app way to notate the purpose of a transfer for record-keeping.
• Account suspension without notice: It’s not uncommon for accounts to be terminated without any prior warning or explanation.
• Occasional technical glitches: Customers have reported improper functions of the app as well as occasions where transactions were mistakenly terminated from their accounts.

4. Wise

Wise, formerly known as TransferWise, is another suggested way to send money to Nigeria. It offers users a number of options that are intended to save them time and money. Over 50 different currencies are supported by the company, which operates in 170 countries worldwide.

Wise’s simple and understandable pricing plan is one of the things that sets it apart from its rivals. Customers are always made aware of the expenses involved in their transfers before the transaction is completed. Establishing trust through this transparency empowers customers to make well-informed selections free from unpleasant shocks or unstated fees.

Users can be assured of a competitive and fair exchange rate when converting currencies since Wise is based on the current middle market rate. Businesses that are interested in simplifying the process of doing business in other countries may find Wise’s business account, which is tailored to match their particular requirements, very beneficial.

Pros of transferring money to Nigeria with the Wise app

• Reliable service: Wise helps transmit money across different currencies in a very short amount of time and at a reasonable price.
• Users have expressed satisfaction with the ease with which it links to their existing banking systems and the simplicity of signing up, even when changing countries.
• Good exchange rates: Wise’s excellent exchange rates have seen many users endorse it as being superior to other platforms, with customers able to reap financial benefits when they convert currencies.
• Convenient multi-currency support: Customers have lauded how simple it is to move between currencies while sending or receiving money, as well as how straightforward it is to store and manage numerous currencies inside a single account.

Cons of transferring money to Nigeria with the Wise app

• Security concerns: Many users have raised concerns about the absence of security measures on Wise.

5. TransferGo

Sending money to Nigeria has never been easier than with TransferGo, whose fast and cheap payment methods, great exchange rates, and other services help millions of people all over the world.

Key Features

• Comprehensive Coverage: 164 countries supported, including Nigeria.
• Quick and Easy Transfers: Money is transferred quickly, with recipients receiving funds within minutes.
• Transparent Pricing: No extra fees, with competitive exchange rates.
• Safety and Security: Regulated by prominent financial authorities, including the UK’s Financial Conduct Authority (FCA) and HM Revenue and Customs (HMRC).

Pros of Transferring Money to Nigeria with TransferGo

• Convenient Setup and Verification: Easy account creation and verification process.
• Cost-Effective: Competitive pricing compared to other money transfer services.
• Excellent Exchange Rates: Great exchange rates to get the most out of your transfers.
• Fast Transfers: Transfers often arrive the same day or next business day.
• Consistent and Reliable Service: High Trustpilot ratings for reliability and client satisfaction.
• User-Friendly Interface: Easy to use and navigate the app.
• Secure Transactions: Robust security measures to protect your funds.
• Transparent Process: Regular updates on transfer progress and clear communication.

Cons of Transferring Money to Nigeria with TransferGo

• Verification Process: Some users find the registration process lengthy or complicated.
• Delayed Transfers: Occasional delays in processing times.
• Customer Service: Slow response times or difficulty reaching support.
• Refund Issues: Difficulty getting refunds for delayed or cancelled transactions.
• Additional Verification Requirements: Potential delays or complications due to additional verification requests.

6. Chipper Cash

Chipper Cash is a multi-functional app that provides assistance with international financial transactions, including quick transfers to Nigeria and other African nations.

Key Features

• Global Reach: Supports multiple countries, including the US, UK, Ghana, South Africa, Uganda, and Rwanda.
• Free Local Transfers: No fees for local transfers.
• Competitive Exchange Rates: Great rates for international transfers.
• Instant Transfers: Send and receive payments instantly without intermediaries.

Pros of Transferring Money to Nigeria with Chipper Cash

• Ease of Use: User-friendly app for various activities, including online shopping and payments.
• Seamless Registration: Quick and easy registration process.
• Fast Transaction Processing: Real-time balance updates for local and international transfers.
• No Hidden Fees: Transparent fees with most transactions being free or clearly stated.
• Innovative Solutions: Virtual dollar cards for online purchases and foreign currency payments.
• Customer Service: Responsive customer support.

Cons of Transferring Money to Nigeria with Chipper Cash

• Technical Issues: App freezes, delays, and poor loading times.
• Downtime and Service Disruptions: Inability to access essential services or complete transactions.
• High Exchange Rates: Less competitive rates compared to other services.
• Limited Functionality: Limited services, including inability to receive payments in US dollars.
• Security Concerns: Absence of secondary authentication procedures and potential unauthorized access.
• Communication and Transparency: Potential issues with clear communication and transparency.

By considering these points, you can make an informed decision about which service best suits your needs for sending money to Nigeria. 

7. Ace Money Transfer

Ace Money Transfer is a reliable option for transferring money to Nigeria or other countries worldwide, offering quick, safe, and user-friendly services.

Key Features

• Fast Transfers: Most transactions are completed in under a second.
• Competitive Exchange Rates: Attractive rates for international money transfers.
• Secure Transactions: Robust security measures to protect sensitive data.
• Variety of Deposit and Withdrawal Methods: Bank transfers, cash collection, mobile account deposits, airtime top-ups, and bill payments.
• Transparent and User-Friendly Interface: No hidden costs and easy-to-use platform.

Pros of Transferring Money to Nigeria with Ace Money Transfer

• Great Exchange Rates: Competitive rates compared to other services.
• Security Measures: Proactive approach to authenticating transactions.
• Efficient Customer Support: Quick response to issues with transfers.
• Fast Transfers: Most transfers are completed within minutes.
• Ease of Use: User-friendly and convenient for regular transactions.

Cons of Transferring Money to Nigeria with Ace Money Transfer

• Technical Issues: Transaction failures, slow processing rates, and graphical difficulties.
• Verification Process: Paperwork requirements and processing delays due to compliance checks.
• App Usability: Problems with the UI, lack of intuitiveness, and complexity.
• Inconsistent Performance: Decline in service quality over time, including issues with account activation and biometric authentication.

Comparison with Other Services

Ace Money Transfer offers competitive exchange rates and fast transfers, but its technical issues and verification process may be drawbacks. Compared to other services like TransferGo and Chipper Cash, Ace Money Transfer’s user-friendly interface and variety of deposit and withdrawal methods may be advantages.

Considerations for Choosing Ace Money Transfer

• Speed and Convenience: Fast transfers and user-friendly interface.
• Security and Reliability: Robust security measures and competitive exchange rates.
• Technical Issues and Verification Process: Potential drawbacks to consider.

By weighing these factors, you can decide if Ace Money Transfer is the best option for your international money transfer needs.

Conclusion about Best Apps to Send Money from Abroad to Nigeria

In conclusion, transferring money to Nigeria can be a complex process, but with the right service, it can be made easier. The services reviewed, including Remitly, Wise, TransferGo, Chipper Cash, and Ace Money Transfer, each have their strengths and weaknesses. Remitly offers fast and dependable transfers, while Wise provides transparent pricing and competitive exchange rates. TransferGo excels in convenience and speed, and Chipper Cash offers innovative solutions and ease of use. Ace Money Transfer provides great exchange rates and efficient customer support.

When choosing a service, consider factors such as speed, cost, convenience, security, and customer support. By weighing these factors and considering the pros and cons of each service, you can make an informed decision about which service best suits your needs for sending money to Nigeria.

Ultimately, the best service for you will depend on your individual needs and priorities. It is essential to research and compare the services before making a decision. By doing so, you can ensure that your money transfer experience is smooth, efficient, and cost-effective.