Cheapest way to send money from the UK to Nigeria

FXMetrics editorial team · Updated · How we calculate

UK high-street banks typically add a fixed fee and a markup to international payments. Below: what your recipient actually gets for 500 GBP, at today's mid-market rate.

Loading today's mid-market rate…

ProviderRecipient getsTotal costSpeedSite

Mid-market rates from the European Central Bank (via the Frankfurter API); currencies the ECB does not cover use ExchangeRate-API. Provider fees and markups are estimates from public pricing; always check the final quote. Methodology · Share this result

Payout options
Nigerian bank accounts (10-digit NUBAN number) and, on some providers, cash pickup or mobile wallets
Typical speed
Minutes to 2 business days (digital); 2–5 business days (bank wire)
Regulation in the UK
FCA authorised or registered
Rate benchmark
ExchangeRate-API (not published by the ECB)

Who sends money from the UK to Nigeria

Common senders: NHS and care workers, students, and families supporting relatives.

About this corridor

The UK has one of the largest Nigerian diasporas outside Africa, and London-based senders have plenty of choice. Some providers quote a fixed naira amount up front; compare that number directly across services rather than the exchange rate, since fees are sometimes built in.

Worked example: sending 500 GBP

Using the ExchangeRate-API rate on 2026-10-08, 1 GBP = 1,773.76 NGN, our estimate model gives these results for sending 500 GBP:

ProviderEst. feeEst. receivedTotal cost vs mid-market
Wise3.76 GBP880,216 NGN6,663.20 NGN
Revolut1.50 GBP879,797 NGN7,081.73 NGN
Remitly0.00 GBP876,236 NGN10,642.55 NGN
Western Union3.78 GBP862,566 NGN24,313.04 NGN
Bank wire (typical)15.13 GBP838,539 NGN48,339.64 NGN

In this example Wise delivers roughly 41,676.44 NGN more than a typical bank wire. Rates move daily and providers change pricing, so treat this as an illustration from our model; the live calculator above and the provider's own quote are what count. See how we estimate.

Sending to Nigeria: what to know

  • Payout options: Nigerian bank accounts (10-digit NUBAN number) and, on some providers, cash pickup or mobile wallets.
  • Bank delivery to a 10-digit NUBAN account is the standard option and is usually fastest.
  • The naira has been volatile since the 2023 exchange-rate reforms, so compare on the day you send rather than relying on last month's rate.

Rules and limits

In the UK: Money transfer firms must be authorised or registered by the Financial Conduct Authority (FCA); check the FCA Register. Payment institutions must safeguard customer funds.

In Nigeria: International money transfer operators paying out in Nigeria must be licensed by the Central Bank of Nigeria (CBN). Receiving banks may ask the recipient for their BVN.

How to pick the cheapest option

  1. Compare the amount received, not the fee. "Zero fee" offers usually hide their cost in the rate. How markups work.
  2. Small amounts: watch fixed fees. Large amounts: watch the markup.
  3. Avoid intermediary deductions. SWIFT wires can lose $10–30 in transit. Why.

Frequently asked questions

What is the cheapest way to send money from the UK to Nigeria?

It depends on the amount and the day's pricing. This page calculates, at today's mid-market rate, how much NGN each provider delivers for 500 GBP; the top row is currently the cheapest by our estimate.

How much more does a bank wire cost for 500 GBP?

Using the reference rate on 2026-10-08, our model puts the gap at about 41,676.44 NGN versus the cheapest option. Rates and pricing change daily.

How can my recipient in Nigeria receive the money?

Common payout options are Nigerian bank accounts (10-digit NUBAN number) and, on some providers, cash pickup or mobile wallets. Availability differs by provider, so check before you send.

How long does it take?

Digital services usually take minutes to 1–2 business days; bank wires often take 2–5 business days.

Sources

Official pages checked on