How to Send Money Abroad Cheaply from Nigeria Using Fintech Apps

Sending money from Nigeria to someone abroad no longer has to mean visiting a bank branch or paying expensive international-transfer charges.

Fintech apps such as Grey, LemFi and Raenest now allow Nigerians to send money to selected countries directly from their phones. But choosing the cheapest option is not as simple as picking the app with the lowest advertised fee.

The real cost can include the transfer fee, exchange-rate margin, withdrawal or receiving charges, and the method used to fund the transfer.

So, before sending money abroad, compare the amount you pay in naira with the exact amount your recipient will receive.

Which fintech apps can Nigerians use to send money abroad?

Three options worth comparing are Grey, LemFi and Raenest. Their pricing structures are different, so the cheapest option can depend on your destination and transfer amount.

1. Grey

Grey allows users in Nigeria to send money internationally from an NGN balance to destinations including the United States, United Kingdom, Europe and Kenya.

For NGN-to-USD, GBP and EUR transfers, Grey currently charges a 1% conversion fee capped at $6. Some destinations also have a separate withdrawal fee. For example, Grey lists a 0.5% withdrawal fee for EUR transfers, with a minimum of €2 and maximum of €10.

Grey displays the exchange rate and applicable fees before you confirm the transaction.

Best for: People who want to see the exchange rate and fees before sending, especially for larger transfers where the fee cap can become useful.

2. LemFi

LemFi advertises zero transfer fees on many international routes from Nigeria and supports transfers to more than 30 countries.

However, zero transfer fees do not necessarily mean zero cost. LemFi says some destinations and transfer amounts can attract fees, and customers should review the transfer summary before confirming.

The app also shows the real-time exchange rate and the amount the recipient will receive before the transfer is completed.

Best for: Users sending to destinations where LemFi's zero-transfer-fee pricing applies.

3. Raenest

Raenest uses a different pricing structure.

Its current payout table lists transfers to the United Kingdom and Europe at 0.35%, with a minimum of £4/€4 and maximum of £20/€20. For transfers to the United States, an ACH payout is listed at 0.35%, with a minimum of $5 and maximum of $10. US wire transfers are listed at 0.35%, with a minimum of $10 and maximum of $20.

Raenest also states that conversion fees do not apply when converting a local currency into a foreign currency, such as NGN to USD, GBP or EUR.

Best for: Users sending larger amounts, particularly where Raenest's percentage-based fee reaches its cap.

Real transfer-cost comparison

Here is the important part: don't compare apps using the transfer fee alone.

These are published fee structures, not a guarantee of what every user will pay. The final amount depends on the destination, amount and transaction route.

Example: why the cheapest-looking fee isn't always cheapest

Imagine you want to send the naira equivalent of $1,000.

One app might advertise:

Transfer fee: $0

Another might show:

Transfer fee: $6

It is tempting to choose the first app immediately.

But suppose the first app gives you an exchange rate that is ₦20 worse per dollar.

On $1,000, that difference alone represents:

₦20 × 1,000 = ₦20,000

So an apparently “free” transfer could cost you more through the exchange rate.

This is why the most useful number is:

How much does the recipient actually receive?

Grey itself makes this point in its pricing explanation, noting that international transfers can have both an explicit fee and an exchange-rate margin.

How to find the cheapest app before you send

You don't need to guess.

Step 1: Enter the same amount on two or three apps

If you want to send ₦500,000, enter ₦500,000 into each app.

Don't compare a ₦500,000 transfer on one app with a ₦450,000 transfer on another.

Use exactly the same amount.

Step 2: Select the same destination

For example:

Nigeria → United States

or

Nigeria → United Kingdom

Fees and available payment methods can change depending on the destination.

Step 3: Check the exchange rate

Look at the amount of USD, GBP or EUR each app gives you.

This can make a bigger difference than the advertised transfer fee.

Step 4: Check the final recipient amount

This is the number that matters most.

If:

• App A costs ₦500,000 and recipient gets $300

• App B costs ₦502,000 and recipient gets $308

App B may actually be cheaper in practical terms despite the higher upfront cost.

Step 5: Check for additional charges

Look for:

• Conversion fees

• Withdrawal fees

• Minimum fees

• Maximum/capped fees

• Bank receiving charges

• Funding charges

For example, Grey currently lists a 0.5% withdrawal fee for EUR transfers, with a €2 minimum and €10 maximum.

How to save money when sending money abroad

1. Compare before every major transfer

Don't assume your favourite app will always be cheapest.

Exchange rates and pricing can change.

For large transfers, check at least two providers immediately before sending.

2. Look for fee caps

A percentage fee can become expensive as the transfer amount increases.

A capped fee can become more attractive for larger transfers.

For example, Grey's 1% conversion fee on NGN-to-USD, GBP and EUR transfers is capped at $6.

3. Don't choose an app just because it says "zero fees"

Zero transfer fees are useful, but the exchange rate still matters.

Always compare the final amount your recipient receives.

4. Use bank transfer when it is cheaper to fund your wallet

Some platforms may charge for certain funding methods.

Grey, for example, says funding its NGN balance by Direct Debit costs 0.5% + ₦60, while bank-transfer funding is available.

If your provider offers a free funding method, using it can reduce the overall cost.

5. Avoid unnecessary currency conversions

Every extra conversion can introduce another fee or exchange-rate spread.

If your recipient needs GBP, for example, compare the cost of sending NGN directly to GBP against converting through another currency first.

What about sending money through a Nigerian bank?

Traditional banks remain an option for international transfers, but the total cost can be more complicated.

Depending on the transfer method, you may encounter:

• Bank transfer fees

• SWIFT charges

• Correspondent-bank charges

• Exchange-rate differences

• Receiving-bank charges

This doesn't mean fintech apps are automatically cheaper in every situation.

For a large payment, compare the total amount the recipient will receive, not just the advertised fintech fee.

Is it safe to use fintech apps for international transfers?

Use established platforms, complete the required identity verification and only fund accounts through official channels.

Before sending:

• Confirm the recipient's name and account details.

• Check the destination country carefully.

• Review the exchange rate.

• Check the final amount the recipient will receive.

• Keep your transaction receipt.

• Never give anyone your PIN, password or one-time verification code.

Also make sure the service supports your particular Nigerian-to-destination corridor before funding the account.

Grey says its Nigerian international transfers operate through CBN-licensed banking partners, while Raenest and LemFi publish their supported countries and pricing through their respective platforms.

There is no single fintech app that is guaranteed to be the cheapest for every international transfer from Nigeria.

LemFi can be attractive where its zero-transfer-fee pricing applies. Grey can be competitive for larger transfers because its conversion fee is capped on several major currency pairs. Raenest can be attractive on routes where its 0.35% payout fee and caps apply.

But the smartest way to choose is to enter the same amount, same destination and same transfer method into at least two apps and compare the final amount the recipient receives.

Don't ask only, "What is the transfer fee?"

Ask:

"How much naira am I spending, and exactly how much will my recipient receive?"