What is Remitly?
Remitly was founded in Seattle in 2011 and is listed on the Nasdaq stock exchange. It focuses on people sending money home, and Nigeria is one of its larger African destinations.
Remitly is licensed as a money transmitter in the US and regulated in the other countries it sends from, including the UK, Canada and the EU.
How Remitly prices a transfer
Remitly has two prices for most routes:
- New-customer rate: a boosted exchange rate on your first transfer, usually up to a capped amount.
- Standard rate: the everyday rate for returning customers, sometimes with a small fee depending on the amount and how you pay.
On 8 November 2026, Remitly's public calculator showed:
- From the US:
- a standard rate of ₦1,353 per dollar
- a new-customer rate of ₦1,403 on the first $500
- From the UK: a standard rate of ₦1,831 per pound with no fee, which put it at the top of our UK table that day.
The new-customer rate is real money, but it applies once. Rank providers on the standard rate for repeat transfers, which is what our table does by default.
Express or Economy?
Remitly usually offers two speeds:
- Express: paid by debit card and typically delivered within minutes.
- Economy: paid from your bank account. It's cheaper or fee-free, but slower, because Remitly waits for your bank payment to clear (often several business days).
If the money is needed urgently, choose Express and check the fee before you confirm.
Delivery options in Nigeria
- Bank deposit: naira into almost any Nigerian bank account.
- Mobile wallet: available to some wallets, depending on where you send from.
- Cash pickup: naira cash for small amounts at partner locations.
Under Central Bank of Nigeria rules, money transfer operators pay out in naira, and cash pickup is limited to about USD 200 equivalent per payout. For larger amounts, send to a bank account.
Limits and verification
Remitly sets sending limits by tier:
- new customers start with a lower limit
- you can raise it by verifying your identity and, for larger amounts, explaining the source of funds
Limits differ by country, so check yours in the app before a large transfer.
How to send money to Nigeria with Remitly
- Sign up on the Remitly website or app and choose Nigeria as the destination.
- Choose how your recipient gets the money: bank deposit, mobile wallet or cash pickup.
- Enter your recipient's details exactly as on their account or ID.
- Choose Express or Economy and pay by debit card or bank account.
- Check the naira amount, including any new-customer rate, and confirm.
- Track the transfer in the app; for cash pickup, share the reference number with your recipient.
Common reasons transfers are delayed
- Name mismatch. The recipient's name doesn't match their bank account or BVN.
- Economy timing. An Economy transfer chosen by mistake waits for your bank payment to clear.
- Verification. First transfers above your current limit trigger a request for documents.
Our verdict
Remitly is trustworthy and flexible, with bank, wallet and cash options. Its first-transfer rate is excellent, and on some routes its standard rate now competes with the best. Check today's table on your route: USA, UK, Canada or Europe. For a head-to-head, see Remitly vs WorldRemit.