Lately, I’ve had several friends and acquaintances reaching out to me, asking the same question: “Which app is the fastest and cheapest for sending money from abroad to Nigeria?”
At first, I thought it was just one or two random requests. But as more people asked, I realized something—More Nigerians are travelling abroad, which highlights a significant trend. The increasing dependence on remittances for business, family support, and daily transactions has grown.
But the major problem is that Nigerians abroad struggle to find a reliable way to send and receive money without dealing with high fees, bad exchange rates, and long delays. As a result, finding the best remittance platform has become more crucial than ever.
To put things in context, according to the Central Bank of Nigeria (CBN), Nigeria’s diaspora remittances through International Money Transfer Operators (IMTOs) totalled $4.22 billion from January to October 2024, a staggering 61.1% rise and almost doubling the $2.62 billion recorded in the corresponding period in 2023.
This article has compiled a list of the top five remittance platforms facilitating cross-border payments. The guide focuses on important factors such as fees, speed, reliability, user feedback, app experience, and ratings.
If you frequently send money home, receive funds from abroad, or make cross-border payments generally, this guide will help you choose the best platform for your needs.
1. Wise (Formerly TransferWise)
Wise is a transparent and cost-effective platform for sending money internationally. The IMTO utilizes the real mid-market rate, allowing users to avoid hidden charges. This feature makes it a preferred choice for those wishing to send money borderless without excessive fees.
Operating in over 160 countries, including Nigeria, the UK, the USA, Canada, Australia, and much of Europe, it’s particularly accessible for Nigerians abroad needing to send money home.
The platform is commonly used by students studying overseas and freelancers receiving international payments. Business owners who conduct frequent cross-border transactions also benefit from Wise’s cost efficiency and reliability. With fees typically ranging from 0.5% to 1% of the transfer amount, Wise stands out as one of the cheapest options available, focusing on providing users with the best value.
Transfers with Wise are generally processed within hours, though they may take one to two days depending on the recipient’s bank. The service is highly secure, adhering to strict financial regulations across multiple countries to ensure user safety and prevent fraud. User feedback is largely positive, praising its low fees, excellent exchange rates, and easy-to-use tracking system.
On the Google Play Store, Wise has a rating of 4.6/5 with over 10 million downloads, while on the App Store, it holds a notable 4.7/5 rating.
2. Remitly
Remitly is an easy-to-use remittance platform that offers users the choice between speed and cost savings through its Express and Economy transfer options. Users can opt for Express transfers, which arrive within minutes but come with higher fees, or Economy transfers, which have lower fees but take 3–5 business days to process.
This balance has made Remitly a popular choice among Nigerians abroad sending money home.
The platform is known for its secure transactions and global trust. While its exchange rates are competitive, they are slightly marked up, meaning users may not always receive the best conversion rates. User feedback is largely positive, with many appreciating the flexibility offered, although some have experienced delays with Economy transfers to specific banks.
Remitly is rated 4.7/5 on the Google Play Store and 4.7/5 on the App Store. The app features a well-designed, intuitive interface that allows users to navigate easily between transfer options. With transparent pricing and reliable service, Remitly remains a trusted choice for international remittances.
3. WorldRemit
WorldRemit allows users to send money directly to Nigerian bank accounts, mobile wallets, or cash pickup at designated centres. This flexibility makes it a popular choice for Nigerians abroad looking to send funds to their loved ones conveniently.
The platform charges a fixed fee based on transfer destination and method, with exchange rates slightly marked up compared to the mid-market rate but still competitive with traditional banks.
One of the key advantages of WorldRemit is its speed, as 90% of transfers are processed instantly. Bank deposits typically take just a few minutes to a few hours, making it a reliable option for urgent transactions. The platform is globally regulated and highly secure, ensuring that users’ funds and personal information are always protected.
User feedback on WorldRemit highlights its fast transfers, multiple payout options, and ease of use. While some customers have noted that exchange rates aren’t always the most competitive compared to other platforms, the convenience of various delivery options continues to position WorldRemit as a top choice in the remittance market.
On the Google Play Store, WorldRemit boasts a rating of 4.6/5 with over 5 million downloads and holds a 4.7/5 rating on the App Store. The app is designed to be user-friendly, with clear tracking features that allow users to monitor their transactions in real time.
Overall, WorldRemit remains one of the most convenient remittance services available.
Read also: TransferWise, WorldRemit; Top 5 Platforms to Send and Receive Money Globally
4. LemFi (formerly Lemonade Finance)
LemFi is a specialized remittance platform designed for fast, affordable, and seamless cross-border money transfers for Nigerians and other African expatriates with features like a multi-currency wallet, allowing users to send and receive money with minimal conversion fees.
Available in Nigeria, Ghana, Kenya, Canada, the UK, and parts of Europe, LemFi offers free international transfers from supported countries to Nigeria, helping users avoid the high costs associated with traditional banks. With its competitive exchange rates, users can benefit from excellent conversion rates without hidden markups.
Moreover, the ability to hold and convert balances in multiple currencies gives users greater control over their funds.
LemFi ensures speed and reliability with instant transfers to Nigerian bank accounts, with most transactions processing within minutes. Withdrawals to local banks are also quick and secure, making it ideal for urgent remittances. The platform is fully regulated in its supported regions, ensuring compliance with necessary financial security standards.
User feedback has been largely positive, citing fast transfers, free transactions, and excellent exchange rates. Although some users have encountered delays with verification for first-time transfers.
Overall, LemFi holds strong ratings of 4.7/5 on the Google Play Store and 4.8/5 on the App Store.
5. Chipper Cash
Chipper Cash is a rapidly growing remittance platform that facilitates cross-border payments across Africa, the UK, and the USA. It is especially popular among Nigerians for its zero-fee transfers between Chipper Cash users, making it an affordable option for sending and receiving money internationally.
Beyond traditional money transfers, the platform supports crypto transactions, mobile airtime purchases, and bill payments.
Available in countries like Nigeria, Ghana, Kenya, and South Africa, Chipper Cash is an ideal choice for Africans living abroad who want to send money home quickly. The platform allows peer-to-peer (P2P) transactions, enabling users to send money instantly to friends and family within its network at no additional cost.
Although transfers between Chipper Cash users are free, small charges may apply for sending to non-users or withdrawing funds to bank accounts.
Speed and reliability are key advantages of Chipper Cash, with instant transfers between users and bank withdrawals typically taking just a few minutes to hours. The platform is fully regulated in all supported countries, ensuring safe and secure transactions, and user feedback has been largely positive. Although, there are multiple reports of occasional delays with bank withdrawals and account verification issues.
Chipper Cash is rated 4.4/5 on the Google Play Store and 4.3/5 on the App Store. The app is designed to be user-friendly, making it easy to manage money in multiple currencies of the top options available.
Lastly,
Choosing the right remittance platform depends on your needs, location, and priorities—whether it’s low fees, fast transfers, or the best exchange rates.
Wise is ideal for those seeking transparent fees and mid-market rates, while WorldRemit and Remitly offer flexibility between speed and cost.
LemFi stands out for Nigerians abroad needing free transfers and multi-currency wallets, and Chipper Cash is perfect for Africans making low-cost cross-border transactions.
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