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The short answer
The cheapest way to send £100 to Nigeria is whichever option delivers the most naira to your recipient for the pounds you pay, on the day you send. That depends on two costs added together: the transfer fee and the margin built into the exchange rate. A zero-fee offer with a weak rate can cost more than a small fee with a rate close to the mid-market rate.
Search for the cheapest way to send £100 to Nigeria and you will find long lists of providers, each claiming low fees. None of them can tell you what is cheapest today, because the answer moves with the exchange rate every day and sometimes every hour. What you can do is compare offers the right way, in about five minutes, before each transfer. This guide shows how.
Why £100 is a special case
On a small transfer, a fixed fee weighs heavily. A £2 fee is 2% of £100 but only 0.2% of £1,000. That is why many providers advertise "no fee" for small amounts: they make their money on the exchange rate instead. Barclays, for example, says on its international payments page that the rate it applies is a mid-market reference rate plus an FX margin, and that intermediary banks may also take charges along the way. Bank routes like this are built for larger SWIFT payments; for £100 the extra charges can be out of proportion to the amount.
So for £100, the useful question is not "who has no fee" but "how many naira arrive".
The two numbers that decide the cost
- Transfer fee
- A fixed or percentage charge shown before you pay. Some providers vary it by how you pay (bank transfer, debit card, open banking).
- FX margin
- The gap between the rate you are given and the mid-market rate, the midpoint between buying and selling prices in the wholesale market. It is rarely shown as a separate line.
- Recipient charges
- Usually none on app transfers to a Nigerian account; on bank SWIFT payments, other banks may deduct charges before the money lands.
Wise states on its Nigeria page that it uses the mid-market rate and shows its fee separately; other providers build their margin into the rate. Neither approach is wrong, but you can only compare them by converting both into one figure: naira received.
How to compare offers for £100
- Open a mid-market rate reference (Wise, XE or Google show one) and note the GBP to NGN figure at that moment.
- In each app you are considering, enter exactly £100 and note two things: the total you will pay in pounds (including any fee) and the naira your recipient will get.
- Divide the naira received by the pounds paid. That is your effective rate.
- Compare each effective rate with the mid-market rate. The closer it is, the cheaper the transfer.
- Check the payout method is the one you want (bank account, not cash pickup) and that the rate is held while you pay.
A labelled example
Example only, using an invented rate. Suppose the mid-market rate is ₦2,000 to £1. Offer A charges no fee and gives ₦1,960 per pound: your recipient gets ₦196,000 for £100. Offer B charges £1.50 and gives ₦1,995 per pound on the £98.50 that is converted: your recipient gets ₦196,507.50 for the same £100. Offer B is cheaper by ₦507.50 despite charging a fee. With a different rate gap the result flips, which is why you check each time.
| Example | Fee | Rate given | Naira received for £100 paid | Effective rate |
|---|---|---|---|---|
| Offer A | £0 | ₦1,960 | ₦196,000 | ₦1,960.00 |
| Offer B | £1.50 | ₦1,995 | ₦196,507.50 | ₦1,965.08 |
Things that change the answer
- First-transfer promotions. A better rate on your first transfer only tells you little about the second. See first-transfer promo rates.
- How you pay. Some providers price card payments differently from bank transfers; check the total for the method you will actually use.
- Rate timing. A rate shown is often held only for a set time. Wise, for instance, says its guaranteed rate lasts between 2 and 48 hours depending on the currency, and that weekend transfers get the last available Friday rate.
- Naira-only payout. From 1 May 2026, under a CBN circular reported by Techeconomy and the law firm Udo Udoma & Belo-Osagie, licensed money transfer operators pay retail remittances into Nigeria in naira only. If someone tells you a provider will pay in dollars cash, treat it with caution.
Bank route or app route for £100
A UK bank can send £100 to a Nigerian bank by SWIFT, but the route is designed for larger payments. You may pay the bank's own international fee, accept a rate with the bank's FX margin, and, on a SHA payment, see intermediary banks deduct something before the money lands. Apps that pay into Nigerian accounts through local partners usually quote one total and one naira figure, which is easier to compare. Whichever you look at, run the same calculation: naira received divided by pounds paid.
What to check first
- The provider is authorised by the FCA for payment services (see how to check).
- The naira amount shown is what the recipient receives, after all charges.
- The recipient's 10-digit account number and name match exactly (see the details you need).
Where Pryme fits
A Pryme account holds GBP and NGN side by side, so you can move pounds into naira when the rate suits you and send from the naira balance. The app shows the rate and the fee before you approve; nothing converts until you do. See Swap and Send.
Questions people ask
Is it cheaper to send £100 to Nigeria by app or by bank?
For small amounts, compare the naira received. Bank SWIFT payments can carry the bank's fee, an FX margin and possible intermediary charges, which matter more on £100.
Does no fee mean no cost?
No. A provider that charges no fee usually earns from the exchange-rate margin. Compare the naira your recipient gets.
How do I find the mid-market rate?
Use a public reference such as Wise, XE or Google at the moment you compare. It changes through the day, so check it alongside the offers.
Can my family receive dollars instead of naira?
For transfers through licensed money transfer operators, the CBN rule effective 1 May 2026 requires payout in naira, as reported by Techeconomy.
Sources
- Barclays: International payments · accessed Oct 2026
- Wise: Send money to Nigeria · accessed Oct 2026
- Wise Help Centre: What's a guaranteed rate? · accessed Oct 2026
- Techeconomy: What the CBN naira-only remittance policy means (28 Mar 2026) · accessed Oct 2026
- Udo Udoma & Belo-Osagie: Routing remittances through regulated channels (Mar 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.