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.

Canada to Nigeria money transfer is not a very competitive transfer corridor and only a few companies and banks are offering their services in this corridor. So, you will need to find the companies with the best rates as well as discount offers. But the major question arises that after seeing competitive exchange rates is which company you should pick to transfer funds from Canada to Nigeria.

A few banks, MTOs and startups are offering these services to customers with multiple offers and benefits. Due to this competition, consumers now have a large number of choices and negotiating power. But again the question arises is which is the “best money transfer company” according to your needs and requirement of the recipient. So, here are a few base points which you should consider before transferring Canadian Dollar to Nigerian Naira:

1. Speed: How soon you want your money to reach the recipient? If you want to transfer money faster, you can use cash pickup services of WorldRemit and Western Union. While, if you have no emergency, then you can use services of XE Money Transfer, WorldRemit and MoneyGram, which will deliver money in 2-3 working days.
2. Exchange Rate: The companies offer different exchange rates depending on the fees they are charging and their margin of profit. For example, Transfast is not charging any fee and offer a bit lower exchange rate while WorldRemit offers the best exchange rate and have transfer fees. Besides this, other companies offer a bit lower rates comparing to live market rates and lock-in so that the same amount will be received by the recipient.
3. Fees and Other Taxes: There are taxes levied on every transfer depending upon the policies of both the countries which will be deducted from the amount paid. The fee is charged by companies on different types of transfers. Before transferring, first, watch out that you will not end up paying more than you should.
4. Transfer Convenience: If one can transfer in an easy way without any support of customer assistance, then the company is considered as highly convenient. You can make transfers online without physically visiting its office. In the era of digitalization, mobile apps are also necessary which can ease the transfers anytime anywhere. Xendpay, WorldRemit, Money2anywhere, MoneyGram etc. are also offering their mobile apps.

There are multiple companies providing remittance services from Canada to Nigeria, but it is not necessary that it will provide you with the best available services. It is most essential for the sender to take charge and be aware of hidden and transfer fee along with the exchange rates provided by them as well as competitors. So, you should invest your time and explore the best keeping the following factors in mind:

Reliability: You must know that the remittance company whose services you are looking for is reliable and trustworthy. There are many fraud companies come up with their plans which are not licensed and offer minimum fee with the best exchange rates, but your money will not safe with them. The most reliable path of sending funds is through a bank, which imposes higher fees and lower exchange rates.

Plan the Transaction: If you are planning to transfer funds, you should not wait for making the last minute decision or wait for any emergency. When you feel the prices are at their best, you can transfer the funds with minimum transfer fees. This will cost you less and you can make the most from your money.

Customer Service: Having a helping hand at the time of transferring funds is beneficial if in case you face any difficulty. The reputable companies offer best customer support in the event of mishap like delay or non-arrival of funds.