Find the cheapest way to send money to Africa. Compare fees, rates, and delivery times across 10+ providers.
The African diaspora sends over $90 billion in remittances annually, making it one of the largest financial flows to the continent. Yet transfer costs remain stubbornly high — averaging 8-9% for sub-Saharan Africa, nearly double the global average. Choosing the right provider can save you hundreds of dollars per year.
Remittance providers make money in two ways: explicit fees and exchange rate margins. A provider advertising "zero fees" may offer a poor exchange rate that costs you more than a provider with a flat fee but a better rate. This tool calculates the total cost (fee + exchange rate margin) so you can make a true comparison.
The cheapest option depends on your specific corridor. Mobile money transfers to Kenya and Tanzania are often cheapest through M-Pesa-integrated providers. Bank-to-bank transfers to Nigeria may be cheaper through fintech providers like Wise or Lemfi. Cash pickup services through Western Union or MoneyGram remain important in countries with lower banking penetration.
Instant transfers typically cost more than those that take 1-3 business days. If your recipient can wait, choosing a slower option can save 2-5% on the total cost. For urgent needs, mobile money and cash pickup are fastest. Bank transfers to African banks can take 1-5 business days depending on the corridor.
Transfer costs vary by provider and corridor. Fees range from $0 to $25, plus exchange rate margins of 0.3% to 2.5%. The total cost for a $500 transfer to Nigeria can range from $5 to $35 depending on the provider. Our tool calculates the true total cost including both fees and rate markups.
The US-to-Nigeria and UK-to-Kenya corridors tend to have the most competitive rates due to high transfer volumes. Corridors to smaller markets like Ethiopia or Senegal may have higher costs due to fewer provider options and lower competition.
For the US-to-Nigeria corridor, Wise and LemFi typically offer the best value with low exchange rate margins. Sendwave and Chipper Cash charge zero fees but may have higher rate markups. Bank transfers are generally cheaper than cash pickup services like Western Union.
Mobile money transfers (M-Pesa, MTN MoMo) and cash pickups are often instant to same-day. Bank transfers typically take 1-3 business days. Card-funded transfers process faster than bank debit payments. The speed depends on the provider, corridor, and payment method.