Money Transfer Options For Nigerians In Canada

Living in Canada and sending support back home or managing business payments means you need a reliable, cost-effective, and fast way to move money. But with many services, regulations, and fees in the mix, figuring out the best option can be overwhelming.

This guide will compare key options, highlight what to watch out for when making a choice, and share some tips for saving time and money.

Money Transfer Options for Nigerians in Canada

Wise

Wise is a popular choice globally and is known for its transparency.

• You send in Canadian dollars; the recipient gets Naira (settled via local payout partners).
• Wise uses the mid-market exchange rate (i.e., no hidden markup).
• Fees are shown upfront.
• The faster options (e.g., debit card) move quickly but cost more; bank transfers are cheaper but may take longer.

Western Union

Western Union's platform in Canada supports a broad range of transfer methods and has an extensive global reach. A significant feature of Western Union is its large agent location network, which allows recipients to collect cash in person. Many other providers do not offer this service.

However, Western Union makes revenue from currency exchange, so compare costs carefully, as they vary by destination and transfer method. Also, note the Transfer Limits, which are not fixed and depend on the destination country, payment method, and transfer history.

PayPal

PayPal has a global reach, operating in over 200 countries and supporting multiple currencies. Transfers between PayPal accounts are nearly instant. While frequently used for e-commerce, it also facilitates cross-border transfers.

Transfer Methods

• PayPal Balance: Funds are sent instantly from the available account balance. The system uses the user's linked bank account or designated payment method if the balance is insufficient.
• Instant Transfer: Transfers are processed instantly from a linked bank account. This option requires an additional linked credit card.
• Credit or Debit Card: Payments can be funded securely using a linked card (Visa, Mastercard, or American Express).
• eCheck: This method transfers money directly from the bank account, and processing may take up to seven business days.

Ria

Ria Money Transfer accepts cash, bank transfers, and debit/credit card payments. Ria transfer completion times vary from 15 minutes to three business days, based on different factors such as destination country, payment method, and security checks. Payments via debit or credit card are generally completed in 15 minutes to 6 hours. Bank account transfers are cheaper but may take up to four business days. Delays can occur for transfers initiated on weekends or public holidays, and some currencies are only transferred during business hours.

WorldRemit

WorldRemit provides international money transfers and related services, including airtime top-up and mobile payments. Transfers are initiated online. Depending on the destination country, recipients may receive the money directly into their bank account or mobile wallet or collect it as cash.

WorldRemit's upfront fees vary depending on the destination country and the payment method. Using a credit card to fund a transfer may result in higher costs, which will be clearly displayed before payment.

Pesa

Among the growing number of international transfer services, Pesa is one of the few platforms created with Africans in mind, not just added as an afterthought to a global network.

For Nigerians in Canada, that difference is immediately noticeable. Pesa is tailored to key remittance corridors, from Canada to Nigeria. It means faster transfers, better rates, and more predictable delivery times than many mainstream providers that spread their resources across dozens of routes.

• No hidden fees: Pesa is transparent from the start; what you send is what arrives.

• Fast and reliable payouts: With a strong network of Nigerian partner banks and financial institutions, most transfers to Nigeria are completed almost instantly.

• Designed for simplicity: Pesa's web and mobile experience are built for ease. There are no long forms or multiple verifications every time you send. You can save recipients, track transfers in real time, and get instant confirmation when funds arrive.

• Trusted compliance: Fully regulated and compliant in Canada and Nigeria, Pesa follows all CBN and FINTRAC guidelines, ensuring your money moves safely and legitimately.

• Transfers are faster and cheaper because they eliminate unnecessary intermediary banks (and their added fees). This model is one of the reasons Pesa can maintain zero transfer fees while offering competitive exchange rates.

What to Consider When Choosing a Transfer Service

1. Total cost (fees and margin on exchange rate)

A service may advertise low fees but hide a poor exchange rate, your net received sum is what’s more important.

2. Transfer Limitations

Some services don't support transfers to every country or currency. Verify that your app covers your destination and offers favorable exchange rates.

3. Limit Requirements

Some may impose minimum or maximum limits on transfer amounts. Confirm the app's limits are compatible with the amount you intend to send.

4. Transfer speed/delivery time

Sometimes you need a transfer done immediately, other times a 24–48 hour window is acceptable.

5. Transparency and tracking

Can you see fees upfront? Track your transfer? Check the exchange rate movement?

6. Reliability, regulation and compliance

Must comply with regulatory rules (CBN, Canadian regulators), KYC checks, and anti-money laundering (AML) safeguards.