Canada to Nigeria: Exploring International Money Transfer Services

Sending money from Canada to Nigeria has become an integral routine of many Nigerians living in Canada. With a lot of Nigerians increasingly moving to the country, transferring funds back home to support family, invest in businesses, or cover essential costs has never required ‘knowing what service to use’. But how do you ensure that you're making the right choice when selecting an international money transfer service?

Navigating the world of international money transfers can be overwhelming, especially with different fees, exchange rates, and transfer times to consider. What’s the cheapest way to send money to Nigeria? What about the fastest way to send money to Nigeria? It’s easy to get bogged down with information, but with the right knowledge, you can make a decision that saves you both time and money. More importantly, some services are faster, while others charge lower fees; the balance is finding the one that offers the best combination of both.

This guide is specifically designed for those who want to send money to Nigeria from Canada, but if you're interested in how these services work from other countries, like the USA or UK, click here to explore many other articles that offer guides on how to send money abroad. So, whether you're new to international transfers or you already have a favourite transfer service, let’s explore what each service offers, how they perform, and why Pesa is the go-to choice for Nigerians looking to send money home quickly, affordably, and securely.

How Does International Money Transfer Work?

Before diving into the specifics of various services, it's crucial to understand how international money transfers work. In the simplest terms, it’s the process of moving money from one country’s currency (in this case, Canadian dollars - CAD) to another country’s currency (Nigerian Naira - NGN). Several factors affect this process: exchange rates, transfer fees, transfer speed, and the platform's reliability.

For instance, services like real-time transfers are becoming increasingly popular, allowing users to transfer funds almost instantly. However, the cheapest way to send money to Nigeria might not always guarantee the fastest service. This is where understanding your priorities—speed vs. cost—plays an essential role.

Some apps and services have made big headlines with announcements of partnerships and collaborations, particularly with Canadian banks. For example, Remitly made waves in Canada when it partnered with Nigerian banks to offer better rates and faster transfers, offering Nigerian users more flexibility to remit money to Nigeria through both bank accounts and mobile wallets. But it’s worth noting that some services offer better than others, and we’ll explore why that matters.

What Nigerians Want When Sending Money to Nigeria

When Nigerians send money back home, the priorities are clear. Here’s what matters most, and how Pesa delivers on every front.

• Zero Transaction Fees: Nobody likes paying unnecessary fees. Nigerians want their hard-earned money to go directly to their loved ones, not into the pockets of transfer services. Pesa charges zero fees on all transfers, ensuring every penny you send reaches Nigeria without hidden costs.
• Fast Transfers: Time is of the essence when sending money for urgent needs. Many Nigerians expect transfers to arrive quickly. Pesa sends money in minutes, meaning your family and friends won’t be left waiting days for funds to hit their accounts.
• Easy-to-Use Platforms: A seamless user experience is critical, especially for Nigerians sending money regularly. Pesa offers a straightforward, easy-to-navigate app and website, making it a breeze to send money to Nigeria in just a few clicks.
• Security and Reliability: Peace of mind is essential when sending money internationally. Nigerians look for a service that guarantees their money is safe. Pesa uses top-tier security protocols to protect your transactions, ensuring your funds arrive safely and securely.
• Competitive Exchange Rates: Getting the best value for money is a priority. Nigerians prefer transfer services that offer fair and competitive exchange rates. Pesa provides excellent rates, ensuring your naira stretches further for your recipient.

By addressing these key concerns, Pesa stands out as the ideal solution for Nigerians looking to send money to Nigeria quickly, securely, and without fees.

Steps to Sign Up on Pesa

Ready to start using Pesa to send money to Nigeria? Follow these simple steps to get your account up and running:

1. Download the Pesa App: Head over to the App Store (for iPhone users) or Google Play Store (for Android users) and search for “Pesa.” Download and install the app on your device.
2. Create an Account: Open the app and tap on the "Sign Up" button. Enter your full name, email address, and phone number, then create a secure password. Ensure that the email address is active, as you’ll need it to verify your account.
3. Verify Your Identity: To ensure the security of your transactions, Pesa requires you to complete a verification process. Upload a valid government-issued ID (like a passport or driver’s licence) and follow the instructions to take a selfie for identity confirmation.
4. Link Your Payment Method: Once your identity is verified, it’s time to link a payment method. Add your bank account or debit/credit card information to fund your transfers. Pesa ensures that this step is both secure and straightforward.
5. Set Up Your Transfer: With everything in place, you’re now ready to send money to Nigeria. Input the recipient’s details (bank account or mobile wallet), specify the amount, and confirm your transfer. Pesa charges zero fees, so you can send money to Nigeria with confidence.

Comparing the Best Services for Sending Money from Canada to Nigeria

Let’s take a deeper dive into the services that make international money transfers smoother for Nigerians sending money home.

1. Pesa: The Best All-Rounder for Speed and Cost

When it comes to sending money from Canada to Nigeria, Pesa tops the list. What makes Pesa so remarkable is that it has optimised its services to specifically cater to the Nigerian market. Not only do they offer real-time transfers, but they also do so without any fees—a rare combination that you won't find in most other services.

Pesa has tailored its approach to the Nigerian digital financial landscape, meaning that they understand how local transactions work. This understanding allows Pesa to deliver funds quickly and without the usual hiccups seen with other providers. Whether you're sending money to a Nigerian bank account or mobile wallet, you can trust Pesa to get your money there safely.

2. WorldRemit: Flexible Options, But Watch the Fees

WorldRemit has built a strong reputation for offering a wide variety of transfer options, including sending money to bank accounts, mobile wallets, and even airtime top-ups. But with such flexibility comes a price. WorldRemit’s fees and exchange rates can be higher than competitors, especially if you're sending larger amounts.

However, for those who value choice and reliability, WorldRemit remains a solid option. They've also made significant strides in the Canadian market, partnering with key financial institutions to streamline the process.

3. Wise (formerly TransferWise): Great for Exchange Rates, But Slow

If you're looking for a platform that offers excellent exchange rates, Wise should be high on your list. Wise uses the mid-market exchange rate, meaning you're getting the most out of your CAD-to-NGN conversion. However, the downside is that Wise doesn’t offer real-time transfers—in fact, transfers can take a day or two to process.

Wise is a great option if you prioritise getting the best value for your money, but if you're in a hurry, you may want to consider a faster service.

4. Remitly: Speedy but Expensive

Remitly offers two types of services: Express and Economy. The Express option is incredibly fast, delivering transfers in minutes, but it comes with higher fees. The Economy option is cheaper but slower, usually taking 3-5 business days.

While Remitly’s speed is a major advantage, the higher fees can add up, especially for frequent users. They've also partnered with several Nigerian banks, allowing for real-time transfers to bank accounts, which is convenient for users looking for flexibility.

5. Sendwave: No Fees but Best for Small Amounts

Sendwave offers a service with no fees, much like Pesa, but it’s better suited for smaller, more frequent transfers. If you're sending larger sums, Sendwave may not be the most cost-effective, as their exchange rates tend to be less competitive.

However, if you’re simply sending small amounts for family support, Sendwave is fast, easy, and gets the job done.

The Future of International Money Transfers: What to Expect

The landscape of international money transfers is constantly evolving. With partnerships between Canadian banks and money transfer services, the industry is becoming more streamlined. For example, in 2021, Remitly partnered with GTBank in Nigeria to offer direct bank-to-bank transfers that are faster and cheaper.

It’s likely we’ll see more of these types of partnerships in the future. This means even faster transfer times, lower fees, and improved exchange rates. Pesa is at the forefront of these changes, continuously improving its services to offer the best experience for Nigerians sending money home.

Conclusion

In conclusion, when it comes to sending money from Canada to Nigeria, Pesa stands out as the top choice for Canadians. Offering no fees, fast transfers, competitive exchange rates, and a user-friendly platform, Pesa is committed to making your international transfers as seamless and cost-effective as possible. While other services may offer speed or flexibility, none match Pesa’s combination of value, reliability, and cost-efficiency.

Ready to send money to Nigeria? Choose Pesa, and experience the future of international money transfers today.