What is Wise?
Wise is a British financial technology company founded in 2011 by Kristo Käärmann and Taavet Hinrikus and listed on the London Stock Exchange. It built its name on one idea: convert money at the real mid-market exchange rate, the one you see on Google or Reuters, and charge a clear fee on top.
Wise is regulated in every major country our readers send from, including by the Financial Conduct Authority in the UK, as a licensed money transmitter in the US, and by FINTRAC in Canada.
For Nigeria, Wise pays naira into Nigerian bank accounts using the recipient's bank and 10-digit NUBAN account number.
How Wise prices a transfer to Nigeria
Most money transfer apps advertise "no fees" and make their money by giving you a rate below the mid-market rate. Wise does the opposite:
- Exchange rate: the mid-market rate, with no markup.
- Fee: a small fixed amount plus a percentage of what you send, shown before you pay.
On 8 November 2026, Wise's public pricing for US dollars to naira worked out at about $7 plus 0.5% of the amount. On a $1,000 transfer that is about $12, and every remaining dollar converts at the mid-market rate. From the UK the fee was lower, at roughly £0.60 plus 0.55%.
Small transfers vs large transfers
Because part of the fee is fixed, Wise is relatively expensive on small amounts and becomes cheaper as the amount grows:
- $200: the fixed part of the fee is a large share of the transfer, so a zero-fee app with a tight rate usually delivers more naira.
- $1,000 to $5,000: a fee of around 0.5% to 1% is often less than the 0.5% to 2% margin built into other apps' rates.
Our calculator does this maths for any amount, so you can see where the crossover is today.
Paying for your transfer
How you pay changes both the fee and the speed:
- Bank transfer (ACH in the US, Faster Payments in the UK, SEPA in Europe): usually the cheapest option.
- Debit card: fast, sometimes with a slightly higher fee.
- Credit card: possible in some countries, but more expensive, and most card issuers treat it as a cash advance.
How long does Wise take to Nigeria?
Once Wise has your money, naira transfers are often fast, but Wise's own estimate can be up to two working days. The estimate shown in the app before you pay is the most reliable guide. First transfers and larger amounts may be checked before they are released.
Payout options in Nigeria
- Naira bank deposit: this is the main option.
- No cash pickup: Wise does not offer cash pickup in Nigeria.
- Wallets: OPay and PalmPay are not offered as a dedicated payout option. If those matter, look at LemFi or Taptap Send.
- No dollars: under Central Bank of Nigeria rules, money transfer operators pay out in naira, so Wise cannot put US dollars into a Nigerian domiciliary account. For that you need a SWIFT wire from your bank; see our domiciliary account guide.
Wise for businesses and freelancers
Wise Business lets companies hold and send multiple currencies, pay invoices and download proper payment records. That makes it a common choice for:
- overseas clients paying Nigerian developers, designers and agencies
- small businesses paying Nigerian suppliers
Common reasons transfers are delayed
- Name mismatch. The recipient's name must match their bank account and BVN.
- Source of funds checks. Larger transfers can trigger a request for payslips, invoices or bank statements.
- Bank payment not yet received. A bank-funded transfer only moves once your payment lands at Wise.
Our verdict
Wise is the most transparent way to send money to Nigeria and frequently the cheapest for larger amounts. For small, frequent transfers to family, a zero-fee app with a tight rate usually wins. Compare both on your route: USA, UK, Canada or Europe.