How to send money to Canada from Nigeria
The best way to send NGN to CAD | Western Union |
The total number of Nigeria to Canadian Dollar providers | 4 |
The average cheapest way to send money from Nigeria to Canada | Western Union |
Best option for debit card transfers | Wise |
Best option for bank transfers | Western Union |
You can always compare rates and fees based on your transfer amount and payment options when sending money.
The best way to send money from Nigeria to Canada
We recommend using Wise for money transfers to Canada from Nigeria.
We analyzed 4 providers that allow NGN to CAD transfers. Wise emerged as the best option in 80% of searches.
What’s the cheapest way to send money from Nigeria to Canada?
Based on results from the last 3 months, of the 4 providers we list, the cheapest way to send money from the Nigeria to Canada was Western Union, and the average cheapest payment method was Bank Transfer.
Western Union has averaged 0% cheaper than the next nearest provider for money transfers to Canada from Nigeria.
Just to make you aware, Bank Transfer was the overall cheapest payment method.
The cheapest way to send money isn't always the fastest
Be sure to pick the right option, Instarem is the most cost effective way of sending, but make sure the timeframes work for you.
How the cost of sending money to Canada from Nigeria is calculated
The cost of sending money from Nigeria to Nigeria depends on several things, including:
The mid-market rate
The current mid-market rate between NGN and CAD is 0.001277. The rate the time you transfer will impact your overall cost. As an example, Western Union has averaged -0.47% below the mid-market rate over the last 3 months, generally making sending money a little cheaper before fees.
The markup and fee
Providers will often charge a markup on the rate, fees, or both, for transfers between Nigeria and Canada. This is why Instarem is listed as our cheapest option - they offer the best combination of Naira to Canadian Dollar (2.83) and fees (0).
Bank transfers from Nigeria to Canada
Bank transfers are the most common way of sending NGN to Canada as they are secure, reliable, and convenient.
If you want to send Nairas to Canada through a bank transfer, Western Union has been the top rated provider in our comparison system for the last 3 months, being recommended 96.1% of the time.
That’s because companies like Western Union bypass the SWIFT network by relying on their own digital network of banks, making transfers faster and cheaper. As an example, Western Union's transaction fees for Nairas into Canada have averaged significantly lower than banks for the last 3 months.
Credit card payments from Nigeria to Canada
Sending money with a credit card is quick, convenient, and typically more secure than other methods, thanks to backing by the issuing party. Some users may even be able to rack up reward points when making large transactions.
If you want to send Nairas to Canada with a credit card, Wise has been the top rated provider in our comparison system for the last 3 months, being recommended 2% of the time.
Credit card payments are often classified as cash advances, which bring their own charges, not to mention currency conversion and usage fees. And forgetting to pay your balance can result in high interest charges or even damage your credit score.
Debit card payments from Nigeria to Canada
Debit card payments let you send money from the Nigeria to Canada with the similar convenience of a credit card, and there are usually no tax advance fees. That said, when sending money from a debit card, you might still face currency exchange fees, processing fees, and other expenses, making this a pricier option than a simple bank transfer.
If you want to send Nairas to Canada with a debit card, Wise has been the top rated provider in our comparison system for the last 3 months, recommended 2% of the time.
Finding the best exchange rate for NGN to CAD
The mid-market exchange rate changes daily, so timing your transfer can make a big difference to how many Canadian Dollars you can get for your Nairas. The average Naira to Canadian Dollar mid-market rate over the last month was 0.0011, with a low of 0.0009 and a high of 0.0012.
For comparison, the best exchange rate for NGN to CAD right now is through Western Union, at a difference of 2.82%.
How we find the best transfer deals from Nigeria to Canada
We’ve compared the cost, speed, and product offering of the top money transfer services (including Western Union) available between Canada and Nigeria.
We also produce unbiased, detailed reviews of all the top money transfer companies for sending Naira to Canada, helping you in making smarter, simpler choices. We pride ourselves on our objective reviews, maintaining complete independence in our analysis and ratings.
Take a look at our comprehensive editorial policy for more information about our dedication to integrity and transparency.
