How to send money to Nigeria from UK with the best GBP-NGN rate

Right now, these are the best money transfer options for £500 transfer to Nigeria:

Cheapest way to send money to Nigeria

The cheapest way is to use Ria Money Transfer, pay in with a credit card and withdraw via bank deposit. You will get ₦914,135.02, which is 0.71% more than the next best option.

Fastest way to send money to Nigeria

The fastest way is to use Revolut via bank transfer deposit and bank deposit for pay out. You get ₦869,891.19 and it will arrive in within minutes.

There is no legal limit and no tax on sending your own money abroad.

Main hard limits come from your bank or money transfer company, often around £10,000 to £25,000 online (which you can usually increase in the app).

Also, the "£10,000 declaration" only applies to physically carrying cash through the border, not online transfers.

And on bigger GBP/NGN transfers (roughly £10,000 up) expect a source-of-funds check, such as a payslip or a statement.

That's anti-money-laundering checks, but it holds transfers up, so be prepared.

Your cost is the fee plus the exchange-rate margin.

For example, sending ₦914,135.02 with Ria Money Transfer will get you 914,135.02 NGN, that’s including £3.99 fee and -4.94% in exchange rate markup.

A bank like on the other hand, will get you ₦0, that’s £ in fees but % in FX fees.

There is no UK tax for the act of sending money to Nigeria.

And, regular gifts out of your normal income are free of inheritance tax straight away, no cap and no seven-year wait.

Only ever use a provider authorised by the FCA, which you can check on the FCA register in under a minute.

The rules in place for any scams cover domestic pound transfers only, on a transfer abroad you're less protected.

Always confirm who you're really sending to before you send, because there's little recourse after.

For more information, check our guide to money transfer regulations in the UK.