How to send money to Nigeria from Canada
The best way to send CAD to NGN | Remitly |
The total number of Canada to Naira providers | 5 |
The average cheapest way to send money from Canada to Nigeria | Remitly |
Best option for debit card transfers | Instarem |
Best option for bank transfers | Remitly |
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 Canada to Nigeria
We recommend using Wise for money transfers to Nigeria from Canada.
We analyzed 5 providers that allow CAD to NGN transfers. Wise emerged as the best option in 80% of searches.
What’s the cheapest way to send money from Canada to Nigeria?
Based on results from the last 3 months, of the 5 providers we list, the cheapest way to send money from the Canada to Nigeria was Remitly, and the average cheapest payment method was Bank Transfer.
Remitly has averaged 0% cheaper than the next nearest provider for money transfers to Nigeria from Canada.
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 Nigeria from Canada is calculated
The cost of sending money from Canada to Canada depends on several things, including:
The mid-market rate
The current mid-market rate between CAD and NGN is 817.29977. The rate the time you transfer will impact your overall cost. As an example, Remitly 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 Canada and Nigeria. This is why Instarem is listed as our cheapest option - they offer the best combination of Canadian Dollar to Naira (0) and fees ().
Bank transfers from Canada to Nigeria
Bank transfers are the most common way of sending CAD to Nigeria as they are secure, reliable, and convenient.
If you want to send Canadian Dollars to Nigeria through a bank transfer, Remitly has been the top rated provider in our comparison system for the last 3 months, being recommended 86.6% of the time.
That’s because companies like Remitly bypass the SWIFT network by relying on their own digital network of banks, making transfers faster and cheaper. As an example, Remitly's transaction fees for Canadian Dollars into Nigeria have averaged significantly lower than banks for the last 3 months.
Credit card payments from Canada to Nigeria
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 Canadian Dollars to Nigeria with a credit card, Instarem has been the top rated provider in our comparison system for the last 3 months, being recommended 3.7% 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 Canada to Nigeria
Debit card payments let you send money from the Canada to Nigeria 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 Canadian Dollars to Nigeria with a debit card, Instarem has been the top rated provider in our comparison system for the last 3 months, recommended 3.7% of the time.
Finding the best exchange rate for CAD to NGN
The mid-market exchange rate changes daily, so timing your transfer can make a big difference to how many Nairas you can get for your Canadian Dollars. The average Canadian Dollar to Naira mid-market rate over the last month was 962.894, with a low of 825.657 and a high of 1117.0001.
For comparison, the best exchange rate for CAD to NGN right now is through HSBC, at a difference of 3.25%.
How we find the best transfer deals from Canada to Nigeria
We’ve compared the cost, speed, and product offering of the top money transfer services (including Remitly) available between Nigeria and Canada.
We also produce unbiased, detailed reviews of all the top money transfer companies for sending Canadian Dollar to Nigeria, 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.
