You’re in London, working hard, and you get that call from home. Mama needs money for her medication, your younger brother’s school fees are due, or maybe you just want to send something to cover the cost of aso ebi for a cousin's wedding in Lagos. Sending money back to Nigeria from the UK is a lifeline for many, but navigating the maze of exchange rates, hidden fees, and transfer speeds can feel like a second job. Get it wrong, and a chunk of your hard-earned pounds disappears before it ever becomes Naira.
This guide breaks down the cheapest, fastest, and most reliable methods for sending money to Nigeria from the UK in 2026. We'll compare popular online services with traditional bank transfers and show you exactly what to look for to ensure your family gets the maximum value from every pound you send.
The most important factors determining the best way to send money are the exchange rate, transfer fees, speed, and security. In 2026, with Nigeria's inflation rate hovering around 28% and the official exchange rate sitting near ₦2,500 to £1, every single kobo counts. The goal is to minimise costs so that your money can go further in covering essentials like rent, food, and utilities back home.
The Central Bank of Nigeria (CBN) continues to implement policies to formalise the flow of remittances. This means that while sending money has become more digital and efficient, compliance is key. All transfers into Nigerian bank accounts require the recipient's account to be fully verified with a Bank Verification Number (BVN) and National Identification Number (NIN). This helps reduce fraud and ensures the money gets to the right person without getting stuck in the system.
For most people, online money transfer services offer the best combination of speed, cost, and convenience. These fintech companies specialise in international payments and have built efficient systems that bypass the slow and expensive infrastructure used by traditional banks. They are typically transparent about their fees and show you the exact exchange rate upfront.
Here are some of the most popular and reliable options for the UK-to-Nigeria corridor:
To illustrate, here’s a sample comparison for sending £500 from the UK to Nigeria in 2026. (Note: These are estimates for illustrative purposes. Always check live rates before making a transfer).
| Service | Transfer Fee (Est.) | Exchange Rate (Est.) | Recipient Gets (Approx.) | Speed |
|---|---|---|---|---|
| Wise | £3.50 | ₦2,500/£1 | ₦1,241,250 | Under 2 hours |
| Remitly (Express) | £2.99 | ₦2,470/£1 | ₦1,230,030 | Minutes |
| WorldRemit | £1.99 | ₦2,465/£1 | ₦1,227,570 | Minutes |
| High-Street Bank | £25.00 | ₦2,380/£1 | ₦1,130,500 | 3-5 business days |
As you can see, the difference can be over ₦100,000 on a single £500 transfer. That's enough to cover a month's worth of groceries for a small family in Nigeria.
Using a traditional bank like Barclays, HSBC, or Lloyds for an international transfer is a secure but often inefficient method. These transfers, typically done via the SWIFT network, are slower and significantly more expensive. The poor exchange rates and high fixed fees make them less suitable for the regular, smaller amounts most people send for family support.
So, when might you consider a bank transfer?
However, for 95% of personal remittances, the fintech route offers far better value. Why let a bank take a huge cut when that money could be used to pay for a child's coding lessons or help start a small business? For more on how exchange rates affect your finances, check out our guide on the Naira vs Dollar in March 2026.
To avoid that feeling of 'sapa' after seeing the final amount that lands in Nigeria, you must become a savvy comparison shopper. Before choosing any service, quickly evaluate it against these four critical points. This 5-minute check can save you tens of thousands of Naira.
Is the money you're sending meant for a specific project back home? Help your family find and pay for trusted local professionals securely through TrustAm's marketplace.
Create a Free Account →Sending the money is only half the battle. With the high cost of living, it's vital to ensure the funds are used effectively. Encourage your family members in Nigeria to adopt smart financial habits. After you send the funds to their bank account, they can use a powerful tool like TrustAm to take control.
The TrustAm app allows users to connect all their Nigerian bank accounts in one place, providing a clear overview of their finances. Its AI-powered budgeting feature can help them track where the money you sent is going, identify areas to save, and plan for future expenses. This is especially helpful for students managing their allowance; you can share our guide on how students can budget their allowance with them. For larger sums intended for projects like paying rent, which can be a major expense, having a clear budget is crucial. You can get an idea of costs from our breakdown of rent prices in Lagos.
Once your money lands in Nigeria, help your family manage it wisely. With TrustAm, they can use AI-powered tools to budget the funds, track spending across all their bank accounts, and pay for local services securely.
Create Your Free Account →Join 50,000+ Nigerians already using TrustAm to manage their money smarter.
The cheapest way is typically through an online money transfer service that offers the mid-market exchange rate or a rate very close to it, with a low, transparent fee. While some services advertise "zero fees," they often hide their costs in a less favourable exchange rate. Always compare the final amount the recipient will receive across multiple platforms like Wise, Remitly, or WorldRemit before making a decision.
Nearly all modern online remittance services and banks allow you to send money directly to a Nigerian bank account. You will need the recipient's full name (as it appears on their bank account), their 10-digit NUBAN account number, and the name of their bank. The process is usually completed online or through a mobile app in a few minutes.
The transfer time varies by service. Fintech companies like Remitly (Express) and WorldRemit can deliver funds to a Nigerian bank account in minutes. Other services, like Wise or standard options, may take a few hours to one business day. Traditional bank transfers are the slowest, typically taking 3 to 5 business days to clear.
To send money to a Nigerian bank account, you will need the recipient's full legal name, their 10-digit NUBAN bank account number, and their bank's name. For compliance with CBN regulations, ensure the recipient's bank account is linked to their BVN and NIN to avoid any issues or delays with the payment.
Yes, most transfer services have limits. These can be daily, monthly, or per-transaction limits. For example, a service might allow you to send up to £5,000 per day. These limits are often in place for security and regulatory reasons. If you need to send a larger amount, you may need to provide additional identification or consider using a traditional bank transfer, which often has higher limits.
The cheapest way is typically through an online money transfer service that offers the mid-market exchange rate or a rate very close to it, with a low, transparent fee. While some services advertise "zero fees," they often hide their costs in a less favourable exchange rate. Always compare the final amount the recipient will receive across multiple platforms like Wise, Remitly, or WorldRemit before making a decision.
Nearly all modern online remittance services and banks allow you to send money directly to a Nigerian bank account. You will need the recipient's full name (as it appears on their bank account), their 10-digit NUBAN account number, and the name of their bank. The process is usually completed online or through a mobile app in a few minutes.
The transfer time varies by service. Fintech companies like Remitly (Express) and WorldRemit can deliver funds to a Nigerian bank account in minutes. Other services, like Wise or standard options, may take a few hours to one business day. Traditional bank transfers are the slowest, typically taking 3 to 5 business days to clear.
To send money to a Nigerian bank account, you will need the recipient's full legal name, their 10-digit NUBAN bank account number, and their bank's name. For compliance with CBN regulations, ensure the recipient's bank account is linked to their BVN and NIN to avoid any issues or delays with the payment.
Yes, most transfer services have limits. These can be daily, monthly, or per-transaction limits. For example, a service might allow you to send up to £5,000 per day. These limits are often in place for security and regulatory reasons. If you need to send a larger amount, you may need to provide additional identification or consider using a traditional bank transfer, which often has higher limits.
Founder & CEO of TrustAm. Building Nigeria's smartest money app — AI-powered budgeting, instant P2P transfers, and financial advice in one place.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always consult a qualified financial professional before making major financial decisions.
Disclosure: This article is published by TrustAm, a financial services company. Some links in this article may direct to our own products.
Try these free calculators and tools related to this article.
Plan your monthly budget for living in Lagos with realistic cost breakdowns.
Use free tool →Plan your monthly budget for living in Abuja with realistic cost breakdowns.
Use free tool →Plan your monthly budget for living in Port Harcourt.
Use free tool →Plan your monthly budget for living in Ibadan with affordable cost breakdowns.
Use free tool →
