Sending money from Canada to Nigeria is more than just a transaction; it’s most often a lifeline. Every dollar counts, whether you’re supporting family, paying tuition, handling business, or sending a quick “I’ve got you” to a loved one back home.
But the thing is: the way you transfer money online can cost you more than you think, in fees, in delays, or in poor exchange rates and transfer margins.
Let’s break down the biggest mistakes people make when starting a money transfer from Canada and how to avoid them if you want to transfer money safely, quickly, and affordably.
Let’s get into it.
Mistake #1: Ignoring The Real Exchange Rate
Many people sending money from Canada to Nigeria focus only on the transfer fee, but the real trap is the exchange rate. Just because a money transfer company says they offer the cheapest way to send money or have “zero fees” doesn’t mean you’re getting the best exchange rate.
Let’s break it down:
- If the real CAD to NGN rate is 1 CAD = 1150 NGN, but your provider offers 1 CAD = 1100 NGN, you’re losing ₦50 on every dollar.
- If you want to transfer $500, that’s ₦25,000 gone, just because of a poor rate, not the fee.
To avoid this mistake, always:
- Compare the rate offered to the real exchange rate (you can check Korrency.com).
- Use apps to send money that show you the real-time rate and guarantee how much your recipient in Nigeria will receive
- Check if the money transfer provider lets you track your money transfer before confirming
Apps like Korrency show you the live exchange rate before you confirm the transfer, so you know exactly how much is going to your loved ones in Nigeria, no surprises.
Mistake #2: Choosing The Fastest Way To Send Money Without Checking Security
We get it, sometimes you need to send money to Nigeria quickly. But many people overlook one key thing: Is this app or website secure? Choosing the fastest way to send money shouldn’t mean risking your funds or personal data.
When you’re sending money abroad, especially money directly to your recipient’s mobile wallet or bank account, here’s what to watch out for:
- Fake platforms mimicking legit money transfer companies
- Poorly encrypted apps where your data gets exposed
- No customer support or tracking, you just have to hope it goes through
Here’s what can go wrong when security isn’t prioritized:
- You risk falling for fake websites or apps pretending to be legit services.
- Your personal and bank details can be stolen if the platform isn’t encrypted.
- Transfers made in haste often skip verification, making them easier targets for fraud.
Instead of chasing “instant delivery” from a shady source:
- Use licensed, regulated platforms that follow anti-fraud protocols.
- Check if the platform has two-factor authentication, real-time tracking, and secure login options.
- Read user reviews and make sure customer support is available in case anything goes wrong.
- Verify they are listed on the FINTRAC Money Services Business Registry for Canadian compliance
With Korrency, your money online is encrypted and traceable, and your recipient in Nigeria can receive their money in minutes with full visibility.
Mistake #3: Not Factoring In Hidden Fees
So you’re sending ₦500,000, or so you think. But your recipient in Nigeria only gets ₦475,000. What happened?
Hidden fees, that’s what.
Most people only look at the upfront transfer fee, the ₦1,500 or ₦2,000 listed on the platform. But what they don’t realize is that the real cost often hides in the exchange rate or mid-transfer deductions.
Here’s how fees can take you by surprise:
- Marked-up exchange rates: You might be told the transfer is “free,” but the rate is inflated to cover hidden profits.
- Intermediary bank fees: If your provider routes money through partner banks, they can deduct fees without warning.
- Unclear delivery charges: Some platforms add final charges if your recipient chooses certain payout methods like cash pickup.
What to do instead:
- Ask, “What’s the total amount my loved one in Nigeria will get?” not just how much you’d like to send
- Use platforms that show the exact amount of money you’d like delivered in Naira
- Avoid vague language like “may incur charges later.”
With Korrency, everything’s upfront. There are no surprise deductions or mystery margins. You see the exchange rate, the fee, and the exact amount your recipient will receive before you confirm the transfer. It’s honest and straightforward, just how it should be.
Mistake #4: Relying Only On Traditional Bank Transfers
To be honest, banks are safe, but they’re not always the best way to transfer money to Nigeria from Canada.
Here’s what often goes wrong with traditional bank transfers:
- High fees: Some banks charge up to $30 or more for a single money transfer abroad.
- Slow processing: Your transfer may arrive in 3–7 business days, especially if it is routed through multiple correspondent banks.
- Poor CAD to Nigeria exchange rates: Banks often offer less competitive rates than digital-first platforms, meaning your recipient gets less money.
- Limited transparency: Many banks don’t provide real-time tracking, so you’re stuck wondering, “Did they get it?”
Why this matters:
If you’re sending money to cover school fees, urgent medical bills, or time-sensitive needs, a delay or cost could cost you more than you expect.
What to do instead:
Use a modern money transfer platform that was built for speed, transparency, and affordability, not for legacy processes.
Platforms like Korrency are built specifically for international money transfers from Canada to Nigeria. They offer faster delivery times (often within minutes), better rates, and transparent, trackable transfers without the paperwork headache.
Save the banks for savings accounts, not remittances.
Mistake #5: Sending Money Without Verifying Recipient Details
This one’s simple but deadly, sending money to the wrong person because of a small error.
You’d be surprised how many people:
- Misspell the recipient’s name
- Enter the wrong bank account or mobile wallet number
- Choose the wrong payment method (bank deposit instead of mobile wallet, for example)
These small errors can delay your transfer, send money to the wrong person, or even get your funds stuck in limbo. Resolving a failed transfer internationally can be stressful, time-consuming, and sometimes impossible to reverse.
Here’s what you should always double-check before sending money from Canada to Nigeria:
- Full name (must match the recipient’s ID or bank info)
- Correct bank or wallet account number
- Destination country and currency
- Delivery method (bank, cash pickup, mobile wallet, etc.)
Platforms like Korrency allow you to preview and confirm recipient details before you send. It’s your last line of defense before the money leaves your account.
In a game where every transfer counts, don’t lose money over a typo.
According to BusinessDay Nigeria’s remittance report, billions flow annually from Canada to Nigeria, making security and cost efficiency critical for senders.
FAQs About Money Transfer From Canada To Nigeria
1. What’s the safest way to send money to Nigeria from Canada?
Using a secure, licensed money transfer platform like Korrency ensures your funds are protected with encryption, real-time tracking, and compliance with financial regulations.
2. Can I send money to a Nigerian bank account from Canada?
Yes, many services allow direct bank deposits to Nigerian accounts. Always double-check the recipient’s bank details and the name to avoid failed transfers.
3. How long does it take to transfer money to Nigeria?
It depends on the method. Bank transfers may take 1–3 business days. Digital platforms, especially mobile wallets, can deliver funds within minutes.
4. What fees should I expect when sending money?
Fees vary by provider and method. Some platforms charge flat rates, while others include hidden fees in their exchange rates. Compare total cost, not just transfer fees.
5. Do I need a Canadian bank account to send money to Nigeria?
Not necessarily. Depending on the platform, you can fund your transfer using debit cards, e-wallets, or prepaid payment methods.
6. Can I track my money transfer?
Yes, most modern services — including Korrency — offer real-time tracking, so you’ll know exactly when your recipient gets the money.
7. Can I send Canadian dollars to Nigeria?
Yes, and your recipient in Nigeria receives the equivalent money in Naira. Just make sure you check the CAD to NGN rate.
When you send money online from Canada to Nigeria, there’s more at stake than just naira. It’s about trust, timing, and doing right by the people who depend on you.
So:
- Don’t fall for fake “low fees”
- Compare exchange rates and transfer costs
- Use verified, secure platforms
- Track your transfer and confirm recipient details
- Choose the best money transfer method for your needs
Whether it’s your first money transfer or your fiftieth, make sure your money transfer from Canada is done right and lands safely in the hands of your loved one in Nigeria.
When you know better, you send smarter.
Download Korrency today for fast and secure transfer from Canada to Nigeria.
