You want to send money to Nigeria, but there are so many money transfers services out there, each claiming their rates are the best. Some companies have decent exchange rates but charge high transfer fees depending on how much you plan to send. So with all the differences in exchange rates and fees, who do you pick? In this article, I'll compare the rates of seven well-known companies to help you better decide, starting from the most cost-effective to least cost-effective. All comparisons are based on sending money via an app to a Nigerian bank account using your debit card.
Afriex is the most recent company to hit the money transfer scene and is by far the cheapest way to send money from the USA to Nigeria. Though Afriex has a general exchange rate of 400 for all debit cards to bank transfers, there is a hidden feature within the app that allows the recipient to withdraw 405 NGN for every dollar! Learn more about the hidden feature HERE . Compared to Western Union, Afriex saves you over 25% more on all your money transfers.
TransferWise, on the other hand, is the most expensive way to send money; however, this form of sending money may be better suited for businesses that need to send over 5000 dollars or more daily. TransferWise does have an upper limit of 1 million dollars per transfer if you're sending money from a different country to the US.
For more information visit https://www.afriexapp.com/support