What Is Remitly?
Remitly is a US-founded money transfer service that has grown into one of the world's largest remittance platforms. Operating in over 170 countries, Remitly lets UK residents send money to Nigeria through its app and website with a choice of bank deposit or cash pickup delivery.
The platform has built a strong reputation for reliability and customer service. But in a market where newer challengers like LemFi and TapTap Send offer zero-fee transfers, does Remitly still make sense for UK-to-Nigeria senders? Let's find out.
How Remitly Works for UK to Nigeria
Getting started with Remitly is straightforward:
- Download the Remitly app or visit their website.
- Create an account with your UK address and ID verification.
- Enter the amount you want to send in GBP.
- Add your recipient's Nigerian bank details or choose cash pickup.
- Pay via debit card, credit card, or bank transfer and confirm.
The process takes just a few minutes, and Remitly shows you the exact amount your recipient will receive before you confirm — there are no hidden charges at the last step.
Remitly Fees and Exchange Rates
Here's where things get interesting. Remitly charges a flat fee of £2.99 per transfer to Nigeria. On top of that, they apply an exchange rate margin of around 1.2% over the mid-market rate.
Let's put that into perspective with a £500 transfer:
- Remitly: £2.99 fee + ~£6 in exchange rate margin = ~£9 total cost
- LemFi: £0 fee + ~£1.50 in margin = ~£1.50 total cost
- Wise: ~£2.05 fee + ~£2.50 in margin = ~£4.55 total cost
On a £500 transfer, you could receive roughly ₦12,000–₦15,000 less through Remitly compared to the cheapest option. Over twelve monthly transfers, that adds up to ₦144,000–₦180,000 per year.
You can see exactly how these numbers look today using AfriLoop's live Nigeria comparison tool.
Delivery Speed
Remitly offers two delivery tiers:
- Express: Money arrives within 1–2 hours (sometimes faster). This is the default option and uses debit card payment.
- Economy: Takes 1–3 business days but may have a slightly lower fee.
For most senders to Nigeria, the Express option is the way to go. While providers like LemFi and TapTap Send deliver instantly, Remitly's 1–2 hour window is still perfectly acceptable for most situations.
Delivery Methods
One area where Remitly stands out is cash pickup. If your recipient doesn't have a bank account or prefers collecting cash, Remitly partners with several pickup networks across Nigeria. This is a significant advantage over app-only providers like LemFi and TapTap Send, which only support bank transfers.
Available delivery methods for Nigeria:
- Bank deposit — direct to any Nigerian bank account
- Cash pickup — collect from partner locations across Nigeria
Remitly Promotions and New Customer Rates
Remitly regularly offers boosted exchange rates for first-time users. These promotional rates can be significantly better than their standard rates, sometimes matching or even beating the cheapest providers.
If you're a first-time sender, Remitly's promotional rate can make it a genuinely competitive choice. However, be aware that these rates only apply to your first transfer — subsequent transfers revert to standard pricing.
Security and Trust
Remitly is registered with the FCA (Financial Conduct Authority) in the UK, which means your money is protected. They've processed billions of pounds in transfers and have strong ratings on Trustpilot.
The app also supports biometric login, two-factor authentication, and real-time transfer tracking — you and your recipient can see exactly where the money is at every stage.
Remitly vs the Competition
Remitly vs LemFi
LemFi wins on cost — zero fees and a tighter exchange rate margin mean your family in Nigeria receives more Naira. However, LemFi only supports bank transfers, while Remitly offers cash pickup too.
Remitly vs Wise
Wise charges a lower percentage fee (~0.4%) and uses the mid-market rate, making it cheaper overall. Wise is also faster (minutes vs 1–2 hours). The main advantage of Remitly over Wise is the cash pickup option.
Remitly vs WorldRemit
Both charge flat fees (Remitly £2.99, WorldRemit £1.99) and offer cash pickup. WorldRemit has a higher exchange rate margin though, so the total cost is often similar. Compare them side-by-side on AfriLoop's comparison tool to see which is cheaper today.
Who Should Use Remitly?
Remitly is a solid choice if you:
- Need cash pickup — recipients without bank accounts can collect cash
- Are a first-time sender — promotional rates make the first transfer very competitive
- Value reliability — Remitly's track record and FCA registration provide peace of mind
However, if you're a regular sender focused on getting the most Naira for your pounds, providers like LemFi, TapTap Send, or Wise will save you money on every transfer.
The Verdict
Remitly is a reliable, well-established service with genuine strengths in cash pickup delivery and first-time promotions. But for recurring UK-to-Nigeria transfers, it's not the cheapest option.
Our recommendation: use Remitly's promotional rate for your first transfer, then compare live rates on AfriLoop for every transfer after that. Your family will thank you for the extra Naira.
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*Rates and fees mentioned are indicative and change frequently. Always check live rates on AfriLoop before sending money.*