Stop Losing Money on Transfers
If you regularly send money to Africa, you're probably spending more than you need to. The World Bank estimates that the average cost of sending remittances to Sub-Saharan Africa is around 8% — one of the highest in the world.
But it doesn't have to be this way. With the right approach, you can cut your transfer costs to under 1%. Here are seven practical tips that could save you hundreds of pounds every year.
Tip 1: Always Compare Before You Send
This is the single most important thing you can do. Exchange rates and fees vary dramatically between providers, and the cheapest option changes throughout the day.
Don't just stick with the provider you've always used. Before every transfer, spend 30 seconds checking who offers the best deal right now. AfriLoop compares all major providers in real time, showing you exactly how much your recipient will get from each one.
The difference between the best and worst provider on a £1,000 transfer can be £20–£50. Over a year of monthly transfers, that's £240–£600 saved.
Tip 2: Never Use Your Bank
This is the most common mistake. UK high street banks like HSBC, Barclays, and Lloyds charge £15–£25 per international transfer. On top of that, their exchange rates typically include a 3–5% markup over the mid-market rate.
On a £1,000 transfer, your bank might charge you:
- Transfer fee: £25
- Rate markup (4%): £40
- Total hidden cost: £65
A specialist provider like LemFi or TapTap Send would cost you £0 for the same transfer, and deliver significantly more local currency.
Tip 3: Understand the Two Costs
Every money transfer has two costs, and many senders only look at one:
- The transfer fee — the visible charge (e.g., "£1.99 flat fee" or "free").
- The exchange rate margin — the invisible markup on the exchange rate.
A provider advertising "zero fees" might still be expensive if their exchange rate is poor. Conversely, a provider that charges a small fee might actually deliver more money if their exchange rate is better.
The only number that matters is: how much does my recipient actually receive? That's exactly what AfriLoop shows you.
Tip 4: Send Larger Amounts Less Often
If a provider charges a flat fee (like WorldRemit's £1.99), that fee represents:
- 2% of a £100 transfer — expensive.
- 0.2% of a £1,000 transfer — reasonable.
- 0.04% of a £5,000 transfer — negligible.
If you're currently sending £200 every week, consider sending £800 once a month instead. You'll pay the flat fee once instead of four times, saving you money.
Of course, this only works if the timing isn't critical for your recipient.
Tip 5: Use Mobile Money Where Available
In countries like Kenya (M-Pesa), Ghana (MTN Mobile Money), and Nigeria, mobile money transfers are often faster and cheaper than bank transfers.
Providers like TapTap Send and Sendwave are specifically built for mobile money and offer some of the best rates. Plus, your recipient gets the money instantly on their phone — no need to visit a bank.
Tip 6: Time Your Transfers
Exchange rates fluctuate throughout the day and week. While you shouldn't try to "time the market" perfectly, a few general principles can help:
- Avoid weekends — some providers offer slightly worse rates when markets are closed.
- Check rates at different times of day — the GBP to NGN rate, for example, can vary by 1–2% throughout the day.
- Don't transfer immediately after major news events — currency markets can be volatile after elections, policy announcements, or economic data releases.
- Set up rate alerts — some apps notify you when the rate improves, so you can send when the rate is in your favour.
Tip 7: Take Advantage of New Customer Promotions
Almost every money transfer provider offers promotional rates or fee waivers for new customers. Remitly, for example, frequently offers boosted exchange rates on your first transfer.
While you shouldn't switch providers just for a one-time promotion, it's worth taking advantage when you're trying a new service for the first time.
Some providers also offer referral bonuses — invite friends to send money and both of you get a discount on your next transfer.
How Much Can You Save?
Let's do the maths. Assume you send £500 per month to Nigeria:
| Approach | Monthly cost | Annual cost |
|---|---|---|
| Using your bank (4% markup + £25 fee) | £45 | £540 |
| Using an average provider (1.5% markup + £2 fee) | £9.50 | £114 |
| Using the cheapest provider (0.3% markup, free) | £1.50 | £18 |
By switching from your bank to the cheapest specialist provider, you could save over £500 per year. That's real money that goes to your family instead of to the banks.
Start Saving Today
The easiest first step is to compare rates on AfriLoop before your next transfer. It takes 30 seconds and could save you £20–£50 instantly.
We compare live rates from Wise, LemFi, TapTap Send, Sendwave, WorldRemit, Remitly, and Mukuru across Nigeria, Ghana, Kenya, South Africa, and Zimbabwe.
Stop overpaying. Compare rates now →