Although bank transfers are the safest mode to send money to your family abroad, at the same time it is the costliest mode as well. It is because banks offer much more than just money transfer services and they have to provide those services in a much better way. Hence, when compared to money transfer companies, banks charge more on their money transfer services to keep their business profitable.
On the other hand, money transfer companies are specialized in their business and look after the “cheapest way to send money to Nigeria”. This helps them to stay competitive in the sea of international money transfer companies. They tried to offer the most competitive exchange rates with the lowest fees to their users. This shows money transfer companies are the most efficient way to “send money to Nigeria” compared to banks.