Another Detty December szn is upon us! It is interesting how the December holidays have gradually evolved from just a family-centred holiday to a full-on culture of family celebrations, parties, travels, social media buzz, and fun activities. Many Nigerians in the diaspora are not left out of the fun. Flight tickets are at an all-time high, and accommodation prices are skyrocketing. Amidst all the activity, there is that one Nigerian who cannot make it back home, but still has to foot the bills. There is another who is going to make it down later, but has to send money ahead to book reservations or settle some other expenses.
In addition to the expenses of the Detty December period, Nigerians abroad still incur high costs from conversion fees, exchange rate markups, and international transaction charges. Here are some of the cheapest ways Nigerians abroad can send money home for Detty December.
Also read: Best virtual dollar cards in Nigeria
Sending money to Nigeria with Grey is generally considered cheap, fast, and transparent compared to traditional banks and many other remittance services. Grey charges minimal transaction fees, helping you save more on each transfer. The platform offers competitive, real-time, mid-market exchange rates without the hidden markups. With its multicurrency accounts, you can hold USD, EUR, and GBP on one platform and send money from any of these accounts to a local Nigerian account without delay.
Grey's fee structure depends on the transaction type (deposit, conversion, or withdrawal), currency, and the payment network used. Here is what it currently looks like:
Also read: Detty December Nigeria: here’s how to spend smart and not go broke
Grey charges a fee for receiving money into your virtual accounts, which varies by currency and payment channel:
When you swap one currency for another within your Grey account (e.g., USD to NGN), a conversion fee applies. A 1% fee is charged on the amount being converted, usually capped at $6 per transaction. Grey uses exchange rates close to the mid-market rate without hidden markups often found with traditional banks.
Sending money from your Grey account to a local bank account or another Grey user also incurs fees:
You can use the Grey fee calculator to see exactly how much a transaction will cost before you make it.
Remitly is a reliable option for sending money to Nigeria, offering speed and multiple delivery methods, but the overall cost can be slightly higher than competitors like Grey and Wise due to its use of exchange-rate markups. The company provides two transfer speeds, Express and Economy, with varying fees and delivery times. Remitly displays all fees and exchange rates upfront, so there are no surprise charges.
While Remitly may offer a promotional, more favourable exchange rate for a customer's first transfer, subsequent transfers include a markup on the exchange rate to generate revenue. The final rate depends on the delivery speed and amount.
Remitly charges transaction fees to Nigeria based on the payment method. The "Express" service, which processes payments within minutes, has higher fees and a less competitive exchange rate compared to the "Economy" service, which takes 3 to 5 business days. Express transfers might start at $3.99, while Economy transfers can be free.
Remitly offers flexible cash pickup options in Nigeria. This is a more affordable option compared to other popular cash pickup services like Western Union and MoneyGram. It is ideal for sending money home if the recipient doesn’t have a bank account. The recipient can pick up the money at Access and Guarantee Trust Bank branches with the details of the transaction and a valid ID
Afriex is an emerging payment solution that offers international payments to Nigeria with no transfer fees, though there are markups on currency conversions.
Afriex charges zero transfer fees for sending money to Nigeria. This means you don’t pay a fee for the transaction itself, making it an attractive payment option, especially compared to traditional banks, which often charge higher fees.
Afriex factors the transaction cost into the exchange rate. They generate revenue by taking a "reasonable margin" on the exchange rate. However, it is still a very affordable cross-border payment solution.
This platform is widely known for its transparent fees and mid-market exchange rates, making it a very cost-effective option for sending money internationally. However, it may not be the cheapest for all transfers, especially for smaller amounts. Wise operates with limited functions in Nigeria. You can send money in EUR, USD, or GBP via the SWIFT network, but it does not support receiving and holding Nigerian naira. The cost of a Wise transfer to Nigeria depends on the amount you are sending, the country you are sending from, and the payment method you choose.
Wise charges a small, upfront transfer fee that varies by currency and transfer amount. The fee is clearly displayed before you confirm the transaction. For instance, a bank transfer can start from a fee of 0.43%. The overall cost also depends on the currency you are paying for.
Wise uses the mid-market exchange rate, similar to what you see on Google. This means there is no hidden markup on the exchange rate, unlike many other money transfer services.
Also read: How to send money to Nigeria in time for Christmas
Detty December the Grey way entails enjoying the festive season without losing money to hidden mark-ups and high transaction charges. Grey offers multi-currency accounts that allow you to manage USD, EUR, and GBP and send NGN home swiftly and affordably. So, whether you're booking that shortlet or a boat cruise, settling a family bill or paying for tickets to a concert, do it the Grey way.
Get started on Grey today and have Detty December the Grey way.
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