United Kingdom 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 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 UK to Nigeria.
Many 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 Great Britain Pound to Nigerian Naira:
- 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 online transfer of Azimo provides the instant transfers. While, if you have no emergency, then you can use services of XE Money Transfer, Western Union and WorldFirst, which will deliver money in 2-3 working days.
- Exchange Rate: The companies offer different exchange rates depending on the fees they are charging and their margin of profit. For example, XE Money Transfer does not charge any fee and offer mid-market exchange rate while Azimo offers a bit lower price than live rate with a minimal fee. 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.
- 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.
- 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. Azimo, WorldRemit, and XE Money Transfer etc. are offering their mobile apps.