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Scoring NALA
The key areas of our NALA review are the fees & exchange rates, transfer limits & speed, product offering, ease of use, safety, and customer feedback.
Before you choose whether to transfer funds overseas with NALA, here’s a quick summary of the benefits and drawbacks.
- Large product offerings include money transfers, business transfers, bill payments, and “Buy Goods”
- NALA specializes in money transfers to East Africa from the EU, the UK, and the US. This gives them an edge to focus on better rates and lower fees for specific transfer routes.
- NALA is partnered with Remitly and Sendwave to facilitate their transfers, giving them larger coverage.
- NALA is bound to the mobile app, meaning you can’t make transfers online and lower transparency.
- Not transparent in the fee structure as all the fees are calculated at the transfer time.
- More expensive compared to major money transfer companies such as Wise, even for transfers to Africa.
In my opinion, NALA is good if you live in East Africa and plan on utilizing multiple of their services at once. This way, it justifies having one app for all services.
However, if your primary goal is to send money abroad, be it personal or business, I’d recommend looking at alternatives such as Wise.
NALA fees and exchange rates
Fees and rates
Exchange rates
On average, NALA adds a 1.52% markup on top of the mid-market rate.
This means that for every unit of currency you send, NALA will add 1.52% on top of it.
It’s also worth noting that NALA is partnered with Sendwave (which is a sister company of WorldRemit) and Remitly. This means they can offer multiple rates for the same currency pairs.
Of course, the markup will depend on the currencies you want to send, but we’ve done the hard work and worked the markup for all currencies they offer.
Destination currency | NALA exchange rate | Mid-Market Rate | Difference | Service |
|---|---|---|---|---|
PHP | 61.69163 | 62.309 | 0.99% | NALA |
PHP | 59.88 | 62.309 | 3.90% | Sendwave |
PHP | 61.63 | 62.309 | 1.09% | Remitly |
NGN | 1780 | 1771.8 | -0.46% | Remitly |
XAF | 655.9 | 656.3241007 | 0.06% | Remitly |
XOF | 655.96 | 652.73607 | -0.49% | Remitly |
NGN | 1823.64 | 1771.8 | -2.93% | NALA |
XAF | 675.1480482 | 656.3241007 | -2.87% | NALA |
KES | 135.135 | 136.68 | 1.13% | NALA |
GHS | 16.74342 | 16.755 | 0.07% | NALA |
XOF | 654.5856 | 652.73607 | -0.28% | NALA |
TZS | 2751.810298 | 2799.6 | 1.71% | NALA |
UGX | 3803.8 | 3895 | 2.34% | NALA |
RWF | 1396.3872 | 1455.5 | 4.06% | NALA |
XOF | 655.96 | 652.73607 | -0.49% | Sendwave |
GHS | 16.7 | 16.755 | 0.33% | Sendwave |
XAF | 655.96 | 656.3241007 | 0.06% | Sendwave |
NGN | 1794 | 1771.8 | -1.25% | Sendwave |
KES | 134.85 | 136.68 | 1.34% | Sendwave |
UGX | 3768 | 3895 | 3.26% | Sendwave |
TZS | 2718 | 2799.6 | 2.91% | Sendwave |
GHS | 16.71 | 16.755 | 0.27% | Remitly |
UGX | 3753.8 | 3895 | 3.63% | Remitly |
RWF | 1389.44 | 1455.5 | 4.54% | Remitly |
TZS | 2726.74 | 2799.6 | 2.60% | Remitly |
KES | 133.31 | 136.68 | 2.47% | Remitly |
*All rates are taken in November 2024. Negative values are above the mid-market rate (better than the real exchange rate).
Based on this, NALA offers better rates for the following transfers:
From EUR to NGN via NALA
From EUR to XAF via NALA
From GBP to NGN via NALA
From USD to NGN via NALA
From EUR to XOF via Remitly
From GBP to XAF via NALA
From USD to GHS via NALA
International transfer fees
There’s no information available on the fees for NALA, which means all the fees are calculated at the time of the transfer.
NALA does mention that they charge a flat fee per transfer instead of percentage-based fees, which means they might be good for making larger transfers.
For the wallet top-ups, they have zero fees, but you might be charged by your bank, so it’s worth double-checking.
We’ve sampled a few transfer corridors and found the following:
Transfer | Cost |
|---|---|
USA to Kenia | $0.99 |
UK to Kenia | $0.00 |
EU to Kenia | $1.99 |
USA to Uganda | $5.99 |
UK to Uganda | $5.99 |
EU to Uganda | $5.99 |
USA to Tanzania | $5.99 |
UK to Tanzania | $5.99 |
EU to Tanzania | $5.99 |
As you can see, fees vary from $0.99 to $5.99 depending on the transfer.
To put these numbers into perspective, let’s assume you’re making a $1000 transfer from the US to a bank via bank transfer to a bank account in the following countries:
Country | NALA fees | Wise fees | WorldRemit fees |
|---|---|---|---|
$25.89 | $9.88 | $0* | |
$25.59 | $15.80 | $0* | |
$18.69 | $14.33 | $0* |
*Only mobile money and promotional rates apply.
Transfer speed
Transfer speed
Delivery times will vary by country, but in general, you can expect the following international transfers to bank accounts in the following countries:
Country | Delivery Time | Delivery Window |
|---|---|---|
Nigeria | In seconds | N/A |
Kenya | In minutes | N/A |
Tanzania | 4-5 hours during the processing window | 9:00 - 16:30 EAT. Transfers made on Friday (after the processing window) or on weekends will be delivered on Monday due to banking regulations. |
Uganda | 4-5 hours during the processing window | 8:00 - 14:00 EAT. Transfers made on Friday (after the processing window) or on weekends will be delivered on Monday due to banking regulations. |
Ghana | 4-5 hours during the processing window | 8:00 am WAT (non-holiday weekdays) - Transfers initiated before 8:00 am WAT will be processed within 3-4 hours. Transfers are processed once per day. |
Egypt | Within 24 business hours if done before 15:00 EET | Transactions sent after 3:00 pm EET will be processed the next day. Friday and Saturday are non-banking days in Egypt. |
Rwanda | N/A | Not supported for bank account transfers. |
Transfer limits
Transfer limits
Similar to the fees, NALA is not transparent with their limits when it comes to international money transfers.
NALA has daily, monthly, and yearly limits in place.
These can be increased within the app but will require you to submit additional documents, including the reason and proof of your funds (bank statement or a payslip).
For mobile money, you can expect the following limits:
Provider(s) | Item | Tier/Limit Details |
|---|---|---|
All Telcos (Mpesa, Tigopesa, Airtel Money, Halopesa, Tpesa, Ezypesa) | Maximum per transfer | Tier 1: TZS 1,000,000 Tier 2: TZS 3,000,000 Tier 3: TZS 10,000,000 |
All Telcos (Mpesa, Tigopesa, Airtel Money, Halopesa, Tpesa, Ezypesa) | Maximum daily transfer | Tier 1: TZS 1,000,000 Tier 2: TZS 3,000,000 Tier 3: TZS 50,000,000 |
All Telcos (Mpesa, Tigopesa, Airtel Money, Halopesa, Tpesa, Ezypesa) | Maximum account balance | Tier 1: TZS 2,000,000 Tier 2: TZS 5,000,000 Tier 3: TZS 50,000,000 |
All Telcos (Mpesa, Tigopesa, Airtel Money, Halopesa, Tpesa, Ezypesa) | Maximum yearly limit | Tier 1: TZS 30,000,000 Tier 2: TZS 200,000,000 Tier 3: Not Applicable |
Product offering
Product offering
NALA offers multiple services including:
International money transfers
Business transfers
Mobile money transfers
Bill payments
Buy Goods
Supported currencies & destinations
With NALA, you can make transfers from the UK, the US, and the EU.
From these locations, you can convert send money to:
PHP - Philippines
NGN - Nigeria
XAF - Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, Gabon
KES - Kenya
GHS - Ghana
TZS - Tanzania
UGX - Uganda
RWF - Rwanda
XOF - Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo
Payment methods
With NALA, you can make transfers using:
Digital wallets
Bank accounts
Credit and debit cards
Google and Apple Pay
Receiving methods
You can receive money directly into:
NALA digital wallet
Bank account
Mobile app
NALA has a mobile app which is the only way to use the company.
The app has roughly 2,000 reviews on Google Play Store and App Store. It is well rated, 4.8/5 on Google Play Store and 4.7/5 on App Store.
With the app, you can:
Manage money transfers
Send money abroad
Track money transfers
Pay your bills
Use it for payments
Use as a digital wallet to receive and spend money
Ease of use
Ease of use
Customer service
NALA offers a few contact options, including:
Mail: International House, 64 Nile Street, London, United Kingdom, N1 7SR,
Email support: support@nala.money or mamanala@nala.money
Reaching out on social media: Twitter, LinkedIn, YouTube or Instagram
Safety and trust
Safety and trust
NALA is incorporated and licensed under UK laws, (company number 12792210) with its Registered Office located at International House, 64 Nile Street, London, United Kingdom, N1 7SR (“NALA”) making it a legitimate business.
Further to this, NALA Payments Ltd is an agent of Modulr FS Limited, who are regulated by the Financial Conduct Authority under the Electronic Money Regulations 2011, for the issuing of electronic money for the issuing of electronic money, under firm reference number 902973.
Customer feedback
Customer feedback
NALA has 455 reviews on Trustpilot, with an average rating of 3.6.
Most users seem to complain about the transfer delays and lack of responses from the customer service team.
On the bright side, many say it’s easy to use and offers good services.
Opening an account with NALA
Customers interested in setting up a NALA account must be 18 or over, with a current bank account and valid photo ID.
To open an account with NALA you will need:
The amount you are transferring; in the local currency
The amount the recipient is due to receive; in the applicable foreign currency
The expected exchange rate applied to your transfer
The payment information you have chosen to fund the transfer
Once a transfer has been submitted via the app your recipient will be paid instantly; this means you may not be able to stop or change money transfers once funds have been sent.
Receive international transfers
As a receiver, you don’t need to do anything.
Money will arrive either in your NALA wallet or bank account automatically.
How NALA compares to other transfer services
Fees & Rates9.4Transfer Speed9.0Safety & Trust9.2Product Offering8.8Transfer Limits9.5Ease of Use10.0Customer Feedback8.5Overall
Fees & Rates9.8Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.4Overall
Fees & Rates9.3Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.7Overall
Fees & Rates9.1Transfer Speed8.0Safety & Trust9.0Product Offering9.0Transfer Limits8.0Ease of Use9.0Customer Feedback9.0Overall
Fees & Rates9.4Transfer Speed8.0Safety & Trust8.5Product Offering8.8Transfer Limits9.5Ease of Use8.2Customer Feedback8.3Overall
Other Alternatives
Alternatively, consider using one of these neobanks for international transfers.
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