NEWS-SwapTransfer Voted# No1
First choice for Money Transfers for Nigerians living in the UK!
Author
Adeze Agbakwuru
Transferring Money from the UK to Nigeria: Who is offering the best exchange rate?
If you are a Nigerian living in the United Kingdom, you might have reasons to send money back home to Nigeria. You may want to send money to your relatives and friends back home, or you have some business deals you need to close and need to move some money internationally. Regardless of the reasons you have to send money, choosing a money transfer company with the best exchange rate can be really confusing.
When choosing, you should consider the amount you are sending, how soon you want the funds to arrive, but most importantly the exchange rates. We at Milton Keynes College made a polling of Nigerian students and expatriates to vote for the best exchange company they use to send money from the UK to Nigeria. This is the results and Pros and Cons
Voted No 1
SwapTransfer offers a new and quite unique approach to international money transfers. As opposed to other transfer methods like TransferWise that exchange money with a bank, you exchange with other SwapTransfer customers. This is a fully automated peer-to-peer exchange that allows you to choose the best exchange rate. Once there are other SwapTransfer users looking to exchange in the opposite direction, that is the rate you will get.
Based on the exchange form of SwapTransfer, users get to exchange at a much higher rate than competitors. On the opposite end, if you are not willing to wait for a customer to accept your rate, you can convert based on the best available rate. Either way, SwapTransfer offers one of the cheapest exchanges worldwide. Transfers can be done any day of the week, also on weekend and bank holidays.
Pros- SwapTransfer exchange rates are the best on the market
- Over 150 countries and 20 currencies.
- Excellent Trustpilot reviews
- New currencies are added on a monthly basis but not all currencies are available
WorldRemit is one of the most popular money transfer services. With over four million happy users, WorldRemit is a cheap option but maybe not the best exchange rate to send money from the UK. World Remit is a transfer service that allows different users from all over the world to transfer money. Currently, World Remit is available in Ninety different currencies. You can send to about 150 countries from 56 different countries. WorldRemit is perfect for different money transfers. But like the majority of online money service providers, certain routes are very competitive. For Nigeria, however, World Remit is a low-cost alternative for traditional money service. It is easily accessible and can be used anytime and any day from their website or via their mobile app.
Pros- User-friendly interface and mobile app for easier transactions
- A wide reach and a growing number of payout countries
- Low-cost
- Not the best exchanger when it comes to large money transfers
Transfer wise is often tagged ‘Robin Hood” of the online money transfer market. The reason behind this is that they make bank transfers more affordable than traditional banks. TransferWise is an excellent choice for money transfer service. They have lots of positive reviews on trust pilot, great customer service, and super fast delivery of your transfer. Also, the transfer interface is very friendly, from the sign up to the transfer interface, everything looks seamless. As an innovative international transfer provider, Transferwise charges very transparent and cheap transfer fees. There are zero markups on the exchange rate as they convert money at the true mid-market exchange rate. (When compared to traditional banks, banks mostly give above-market rates. The extra margin makes up for their fee and sometimes lacks transparency).
Pros- Transparently low transfer fees
- True Mid-market rates
- Super fast transfers
- Can only send to bank accounts
Azimo is the trusted online transfer merchant. With same-day delivery of transfers and a very cheap exchange rate. Currently available in 195 countries, Azimo is a standout exchanger as they offer you quick and reliable transfer. With over 3 million satisfied customers, you are sure to receive your money on time. Launched in January 2012, Azimo has quickly become one of the highly reviewed money exchangers with over thirty thousand trust pilot reviews. They offer a seamless transfer interface and a user-friendly mobile app. Azimo is one of the quickest ways to send money to loved ones in Nigeria from the UK
Pros- Super fast transfer speed with 30 minutes delivery to Nigerian banks
- User-friendly website and mobile app
- Highly Reviewed Service.
Western Union is perhaps the most popular means of sending money from the UK to Nigeria but probably the most expensive. Often considered an easy and secure way to exchange your money. With branches everywhere, western union is integrated with most Nigerian banks. This means your money would arrive in the shortest possible time.
Western Union says they offer a fair exchange rate, but some individuals complain about the exchange rates and would rather use another payment service. This doesn’t negate the fact that western union is one of the most reliable ways to send money from the UK to Nigeria.
Pros- Quick Transfer services
- Easy location all over with multiple branches everywhere
- Bad Exchange Rate
Conclusion
We have looked at the most used services to send money to Nigeria from the UK. We have researched all companies. SwapTransfer stands out when it comes to sending money to Nigeria. Giving you the absolute highest exchange rate and most NGN for your GBP. You are free to do further research before making a final decision on the exchange company you chose and please send us the feedback.