How to Transfer Money from Nigeria to Canada

Today there are quite several options for Nigerians looking to transfer money to Canada. These options range from high-tech solutions to more informal methods. Whether you’re supporting family, paying bills, or handling business, sending money is already an expense, and if you are like most people you will like to minimize these expenses to the nearest minimum. We took a look at the cheapest and most affordable ways for people to send money to Canada. We also looked at their advantages and disadvantages.

1. Peer-to-Peer (P2P) Transfers: 

Peer-to-peer transfers are one of the cheapest ways to send money. P2P transfers often involve exchanging local currency for foreign currency directly through networks of individuals. You might give someone in Nigeria naira, and they instruct their counterpart in Canada to send your recipient Canadian dollars. The cost is typically very low, and you avoid the hefty fees imposed by formal financial services.

2. Cryptocurrency Transfers:

Cryptocurrency transfers using Bitcoin, Ethereum, or other digital currencies have become increasingly popular for sending money across borders. Transaction fees are generally lower than traditional bank transfers, and the transfer speed is faster. You can convert naira into cryptocurrency, send it to the recipient’s wallet, and they can exchange it for Canadian dollars.

3. Waiting for Someone Traveling to Canada: 

Just like you send other items like food, you can send cash in foreign currency to friends and family in Canada. All you have to do is find a trusted person leaving for Canada from Nigeria and ask them to carry the money physically. This option is almost free, aside from any potential currency exchange fees. People rely on trusted friends or family members to physically transport the funds, avoiding the costs associated with digital or formal transfer services.

4. Transfers with Zole: 

Zole is one of the fastest-growing and preferred platforms to send money from Nigeria to Canada. By offering competitive exchange rates it provides consumers value to their last cent. Zole shares the characteristics of affordability with the previously mentioned methods for transfers but it doesn't share their problems. 

So what is it going to be?

While there are several cheap ways to transfer money from Nigeria to Canada—like P2P transfers, cryptocurrency, or waiting for someone to travel—none offer the same combination of affordability, speed, and reliability as Zole does. P2P networks are highly informal and lack accountability. If the money is delayed, lost, or misappropriated—there is no support system or legal recourse if something goes wrong. Cryptocurrencies are notoriously volatile. The value of your transfer could fluctuate significantly between the time you send the money and when the recipient converts it. Physical transfers are slow and highly unreliable. You might wait weeks or even months for someone to travel to Canada. There’s also the risk of the money being lost or stolen along the way. For urgent needs, this is not a feasible option.