Most people comparing money transfer apps look at one number: the fee. Two pounds, five dollars, sometimes nothing at all if the provider promotes a fee-free transfer that week. That is the smaller cost, and comparing on it alone hides the larger one.
The exchange rate the app quotes you, versus the rate the market is actually trading at, is usually where the real cost lives. A fee-free transfer at a poor rate can cost far more than a transfer with a visible fee at a fair rate. The only honest comparison is naira received per unit sent, all in, not the advertised fee.
A second, quieter cost is speed: some routes arrive in minutes, others take days, and if the receiving side needs the money for something time-sensitive, a slower cheaper route is not actually cheaper.
None of this means one provider is always right. It means the comparison worth doing takes two extra minutes: check the naira you would actually receive, not just what the app leads with.
Sources
- Remittance pricing corridor data, Nigeria inbound. World Bank Remittance Prices Worldwide.