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The short answer
A first-transfer promotion from a UK money transfer app is normally a one-off: a better exchange rate, a fee waiver or a discount on your first qualifying transfer, often with a minimum amount and only for new customers. From the second transfer you pay the provider's normal rate and fee, so compare that normal price, not the welcome offer, before you choose where to send regularly.
Open almost any UK money transfer app for the first time and you will see a welcome offer for Nigeria: a boosted pound-to-naira rate, "no fee on your first transfer" or a few pounds off. These offers are real and they can save you money once. The catch is not usually hidden fraud; it is that the offer tells you very little about what you will pay every month afterwards, which is the number that matters if you support family at home.
What a first-transfer offer usually includes
Promotions vary by provider and change often, but the published terms tend to share the same shape. Remitly's UK referral promotion terms (a 2019 promotion period, still visible on its site) are a useful example of the wording you will meet:
- New customers only. "Existing customers are not eligible for this promotion", and it is limited to one per customer.
- First qualifying transfer only. The benefit applies to the first transfer that meets a minimum amount; miss the minimum and you lose it.
- No carry-over. The discount "has no cash value" and cannot be used on later transfers.
- The provider can end it. It can be cancelled at any time, with or without notice, and multiple identities or several sign-ups in one household can void it.
Read the terms on the provider's own page before you send. If the page does not state the minimum amount, the rate or the end date, assume nothing and ask the provider in writing.
Where the real cost sits after the welcome offer
Every transfer to Nigeria has two prices. The first is the transfer fee, a fixed or percentage charge shown in pounds. The second is the FX margin: the gap between the rate you are given and the mid-market rate (the midpoint between buying and selling prices that you see on financial data sites). WorldRemit's Nigeria page, for example, says its fee depends on how the money is received rather than the amount, and that the exchange rate is shown separately. That separation is common, and it is why a "zero fee" headline can still cost you money through the rate. Our guide to the FX margin on UK to Nigeria transfers shows how to measure it.
A promotional rate usually works on the margin: for one transfer the provider narrows it, sometimes to nothing. On your second transfer the margin returns to its normal level, and the fee may return too.
Worked example: first transfer versus the second
This is an illustration, not any provider's real pricing. Suppose a provider's normal price is a 1.5% FX margin plus a £2.99 fee, and its welcome offer waives the fee and the margin on your first transfer.
| Example, £500 sent | First transfer (promo) | Second transfer (normal) |
|---|---|---|
| Transfer fee | £0.00 | £2.99 |
| FX margin cost (1.5% of £500) | £0.00 | £7.50 |
| Total cost in pounds | £0.00 | £10.49 |
| Cost as a share of £500 | 0% | about 2.1% |
Over twelve monthly transfers of £500, the example welcome offer saves £10.49 once, while the normal price costs £10.49 eleven times, or £115.39 across the year. If another provider's normal price were, say, £6 a month all in, it would cost £72 over the same twelve months even with no welcome offer at all. The offer is a small part of the picture.
How to find the normal rate before you sign up
- Get the promotional quote for your amount and note the naira the recipient would receive.
- Look for the provider's standard rate: some apps show both the promotional and the regular rate on the quote screen, some show it on their public rate page, and some only show it after your first transfer.
- Divide the naira received by the pounds you pay (fee included) to get an effective rate for each quote.
- Compare that effective rate with the mid-market rate at the same moment. The gap, as a percentage, is your true cost.
- Repeat with the amount you plan to send most often. Fixed fees weigh more on small transfers.
Other conditions worth checking
- Payout method. An offer may apply to bank deposit but not cash pick-up or mobile wallet, or the other way round.
- Payment method. Funding by credit card can add a cash-advance charge from your card issuer, which no promotion covers.
- Verification. Your first transfer is often the one held for identity checks, so a promotional transfer sent close to a deadline can still arrive late. Our note on why a first transfer takes longer explains why.
- Referral stacking. Promotions are usually not combinable, so a referral reward and a welcome rate may not both apply. See how referral bonuses work in the UK.
Where Pryme fits
With a Pryme account you hold pounds and naira side by side. When you convert pounds with Swap or send to Nigeria, the app shows the rate and the fee before you approve of each transfer, so you can judge every one on its own price rather than on an introductory offer. Outside Nigeria, Pryme's activities are carried out through regulated partners.
Questions people ask
Is the promo rate on my first transfer to Nigeria a scam?
Usually not. It is a marketing discount on one transfer. The point to check is the provider's normal rate and fee, because that is what you pay from the second transfer.
Can I get the first-transfer offer again with a new email address?
Promotion terms commonly limit offers to one per person and can void transfers made with multiple identities. Providers also verify identity, so a second account in your name is likely to be refused or closed.
Why did my second transfer give my family fewer naira?
The promotional margin or fee waiver applied only once. Your second transfer was priced at the normal rate, and the market rate may also have moved between the two transfers.
How do I compare the real cost of two UK apps for Nigeria?
For the same amount and payout method, divide the naira received by the total pounds paid, fee included. The provider with more naira per pound at the same moment is cheaper for that transfer.
Sources
- Remitly UK referral transfer discount and free transaction promotion terms (2019 promotion period) · accessed Oct 2026
- Send money to Nigeria (WorldRemit) · 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.