Because banks shouldn't hide your money in spreads.
We expose the real cost of every transfer — the spread, the fees, the delivery time — and rank providers by what actually lands in your recipient's account. No sponsored ordering. Ever.
Sending $1,000 to Nigeria
Hover any card to see exactly what it costs you.
7-Day Exchange Rate History
vs Traditional Banks
You save up to $75
on a SGD 1,000 transfer
Wise
BEST RATEBank of America
+5% markup + $35 wire fee
Wells Fargo
+4.5% markup + $25 wire fee
Sending SGD to NGN from Singapore? Digital providers like Wise, Remitly, and WorldRemit offer exchange rates 3–8% better than traditional banks on this corridor. This guide walks you through every step — from understanding Nigeria's dual exchange rate system to choosing the right bank for your recipient.
Our verdict: Use Wise or Remitly for the best combination of transparent fees and competitive SGD to NGN exchange rates, and always confirm your provider applies the official CBN/NAFEX rate.
Who Sends Money on the SGD to NGN Corridor?
Singapore hosts a growing Nigerian professional community — engineers, healthcare workers, finance staff, and students — who regularly send money home to support family, pay school fees, or invest in property. The SGD to NGN corridor is active and well-served by digital providers, but it rewards those who know what to look for. Before your first transfer, take 15 minutes to compare your options. That time will likely save you ₦50,000 or more.
Step 1 — Understand the Two Costs Hidden in Every Transfer
Every provider charges you in two ways: a flat transfer fee and an exchange rate markup. Banks typically show you a low or zero flat fee, then quietly pocket 4–8% inside the exchange rate itself. To see the real cost, look up the mid-market SGD/NGN rate on Google, then compare what your provider is actually offering. The gap between those two numbers is your hidden fee. Digital providers like Wise, Remitly, Revolut, and WorldRemit charge a transparent flat fee (usually S$2–S$6) and pass you an exchange rate far closer to the mid-market rate — typically 3–8% better than what a Singapore bank will give you on the same amount.
Step 2 — Understand Nigeria's Exchange Rate System Before You Send
Nigeria operates with a dual exchange rate environment. There is the official CBN/NAFEX rate — the rate set by the Central Bank of Nigeria — and the parallel (black) market rate, which can differ from the official rate by a significant margin during periods of Naira volatility. Every reputable licensed provider uses the official NAFEX rate, not the parallel market rate. Always confirm this explicitly before sending, because the rate your recipient sees credited to their account should reflect the official CBN window. The good news for your recipient: Nigeria imposes no tax on inbound remittances, so the full converted amount arrives in their account without deduction.
Step 3 — Choose Your Transfer Speed Wisely
Most digital providers offer two delivery tiers. Instant or express transfers typically arrive within minutes to a few hours and carry a slightly higher fee. Economy or standard transfers settle in 1–2 business days at the lowest possible fee. Use express when your recipient urgently needs funds — a medical bill, a school deadline, an emergency. Use standard for regular monthly support where timing is flexible. Scheduling economy transfers midweek (Tuesday to Thursday) during Nigerian banking hours often results in smoother processing and fewer delays at the receiving bank's end.
Step 4 — Pick a Delivery Method That Works for Your Recipient
The most reliable delivery method for Nigerian recipients is direct bank deposit. The two largest receiving banks in Nigeria are Access Bank and Zenith Bank, and virtually every major digital provider — Wise, Remitly, WorldRemit, and Revolut — supports direct deposits to accounts at both banks. Ask your recipient which bank they use before you start the transfer, then confirm that your chosen provider supports that bank. If your recipient is unbanked, WorldRemit and Remitly also offer mobile wallet delivery to OPay and PalmPay wallets, which are widely used in Nigeria.
Step 5 — Set Up Rate Alerts and Know Your Thresholds
Exchange rates between SGD and NGN fluctuate daily. Most digital providers — including Wise and Remitly — offer free rate alert notifications. Set an alert for your target rate and send when the rate moves in your favour rather than transferring at whatever rate happens to be live today. For larger amounts above S$1,000, always get quotes from at least two providers side by side, as the rate differential compounds quickly at higher amounts. Some providers also offer slightly better rates for transfers above specific thresholds, so it can be worth consolidating two smaller transfers into one.
Practical Checklist Before You Send
- Confirm your provider uses the official CBN/NAFEX rate, not the parallel market rate
- Verify your recipient's full bank account number and the bank's SWIFT/BIC code
- Check whether Access Bank or Zenith Bank is supported by your chosen provider
- Compare the total cost (fee + exchange rate markup) on at least two platforms
- Enable rate alerts so you can time larger transfers more strategically
- Keep your transfer confirmation and reference number until the funds are confirmed received
Frequently Asked Questions
What is the best SGD to NGN exchange rate?
The best rates on the SGD to NGN corridor come from digital providers like Wise and Remitly, which typically offer rates 3–8% closer to the mid-market rate than Singapore banks. Always check that the provider is quoting the official CBN/NAFEX rate, not the parallel market rate.
How long does it take to send money from Singapore to Nigeria?
Express transfers via Remitly or WorldRemit typically arrive within minutes to a few hours. Standard economy transfers usually settle within 1–2 business days, depending on the receiving bank's processing times.
What are the fees for sending money from Singapore to Nigeria?
Digital providers typically charge a flat fee of S$2–S$6 per transfer, plus a small exchange rate margin. Banks charge far less in visible fees but recover 4–8% through a less competitive exchange rate, making them significantly more expensive overall.
Is it safe to use online money transfer services?
Yes — licensed providers like Wise, Remitly, Revolut, and WorldRemit are regulated by the Monetary Authority of Singapore (MAS) and use bank-grade encryption. Always use providers with a verifiable MAS licence and avoid any service that cannot confirm it uses the official CBN/NAFEX rate for Nigerian recipients.