If you’re looking to transfer funds to Nigeria from Canada, there are a few things to consider;

• A great exchange rate from Canadian dollars (CAD) to Nigerian Naira (NGN). 
• A low fund transfer amount. 
• Quick fund transfer to the receiver through cash pickup or bank transfer. 
• Secure and guaranteed fund transfer. 
• Multiple options for funding your transfer. e g. via a debit card, credit card, or directly from your bank account. 

There are numerous options available to transfer funds from Canada to Nigeria, still, the best option for you will depend on the factors noted above. 

In general, digital fund transfer companies and apps end up charging you lower than the traditional wire transfer offered by your regional bank. 

How To send funds to Nigeria from Canada 

To send Canadian dollars to Nigeria, you can simply set up a free account online with these providers, choose how important you want to send, enter the details of the receiver and pay for your transfer. 

Remitly

Remitly was discovered in 2011 and has its headquarters in Seattle. It offers digital fund transfers to over 45 countries, including cash pickups at thousands of locales. 

Remitly charges- The figures you pay are related to the quantum you’re transferring and delivery speed. The two delivery speeds available are Economy (which takes 3-5 business days) and express withdrawals (within minutes). 

You pay a fixed figure of $4.99 for the Express service and $2.99 for the economy service when your beneficiary receives the finances in US dollars. 

Remitly Exchange Rate-The exchange rate used by Remitly is marked up compared to the mid-market rate and can be over  2 percent less favorable. 

Payment Styles-Debit card, and bank transfer. To send funds via Express delivery, you need to make payments using a credit card. 

Delivery styles- Beneficiaries in Nigeria can get finances directly from their bank accounts. Alternatively, they can also get finances via cash pickup joints. 

WorldRemit

WorldRemit was started by Ismail Ahmed in 2010. Since that time, it has grown to support over 90 different currencies across 150 countries and over 4 million customers. 

WorldRemit charges-Their charges start at CAD 1.99 and increase depending on how much you’re transferring and the delivery format i.e. bank deposit, cash pickup, mobile fund transfer, or Airtime top- over. 

WorldRemit Exchange Rate-WorldRemit uses an exchange rate that’s a bit more advanced than the mid-market or interbank rate. 

Payment styles-To pay for your transfer, you can use a credit card, bank transfer, Poli, Interac, iDEAL, Klarna, Apple Pay, and Trustly. 

Delivery Styles-Your receiver in Nigeria can get the finances through cash pickups joints, bank deposits, mobile fund transfers, and airtime pick-up. 

The maximum quantum you can transfer per day by bank transfer is NGN 7 million and for cash pickup, it’s NGN 1 million per day. 

Xoom is an online fund transfer service controlled by PayPal. They give fund transfers to 160 countries. In addition to transferring funds, you can also use Xoom to pay bills and reload phones. 

Xoom Money Transfer charges-The charges you pay to include a fixed transfer amount that varies with your system of payment. They also make funds from currency exchange rates. 

Xoom Exchange Rate-Xoom uses its exchange rate which is worse than the interbank amid-market rate.

Payment system-Pay with your bank account, debit card, credit card, or PayPal balance. 

Delivery styles- Your receiver can get funds via cash pickups and bank deposits. Cash pickup is available at First Bank, FCMB, Union Bank, Fidelity, Access, Ecobank, and many others. Fund transfers generally take fewer minutes. In some situations, it may take fewer business days if checks are needed due to your backing system. 

Take away

Transferring funds to Nigeria from Canada is straightforward and you can save a ton of funds in charges by comparing FX rates and transfer charges between funds transfer services. 

If you’re transferring funds to Nigeria or another African country (e.g. Ghana, Ethiopia, or Zimbabwe) from the U.S. or U.K, the process is the same. 

TransferWise offers some of the best value for funds because they use a competitive mid-market rate to convert your currency. 

Global funds transfer companies for example WorldRemit, Remitly, and Xoom use rates that differ from the interbank rate and they make some funds this way. 

That said, you’ll most probably still save funds with these companies compared to a traditional bank line and even companies like Western Union. 

Compare and contrast the fees and the exchange rate before making your transfer and take a look at factors for example delivery time, transfer limits, and transfer styles.