Remittance Prices Worldwide

MAKING MARKETS MORE TRANSPARENT

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Sending money from GERMANY to NIGERIA

Data collected on: Mar 24, 2021
EUR | USD
Payment instrument
Access point
Sending network coverage
Transfer speed
<em>Transfer Speed</em> has been standardized in six broad categories.
Receiving method
Exchange rate margin (%)
The exchange rate margin is the cost resulting from the fact that the firm applies a rate that is different from the market reference rate. The margin is the percentage difference between the market reference rate and the exchange rate actually applied to the transaction.
Total cost (%)
The total cost of sending a remittance transfer includes: the fee charged to the sender plus the exchange rate margin.
Total cost (EUR)sort descendingTotal cost (USD)sort descending
The total cost of sending a remittance transfer includes: the fee charged to the sender plus the exchange rate margin.
Azimo
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Medium
1.992.84
0.26
Percentage difference between market reference rate 1.18 and exchange rate charged 1.18
0.26
1.681.68
2.353.36
WorldRemit
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Agent
High
0.991.41
1.79
Percentage difference between market reference rate 1.18 and exchange rate charged 1.16
1.79
2.492.49
3.494.99
WorldRemit
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Medium
0.690.99
2.48
Percentage difference between market reference rate 1.18 and exchange rate charged 1.15
2.48
2.972.97
4.165.94
MoneyGram
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Agent
High
3.995.70
1.10
Percentage difference between market reference rate 1.18 and exchange rate charged 1.17
1.10
3.953.95
5.537.90
Western Union
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Agent
High
3.905.57
1.32
Percentage difference between market reference rate 1.18 and exchange rate charged 1.17
1.32
4.114.11
5.758.21
Small World
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
Medium
1.492.13
3.35
Percentage difference between market reference rate 1.19 and exchange rate charged 1.15
3.35
4.424.42
6.198.84
MoneyGram
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
9.3013.29
1.10
Percentage difference between market reference rate 1.18 and exchange rate charged 1.17
1.10
7.747.74
10.8415.49
Ria
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
10.0014.29
1.61
Percentage difference between market reference rate 1.18 and exchange rate charged 1.16
1.61
8.758.75
12.2517.50
Western Union
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
6.909.86
5.78
Percentage difference between market reference rate 1.18 and exchange rate charged 1.11
5.78
10.7010.70
14.9821.40
Western Union
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
9.4013.43
5.78
Percentage difference between market reference rate 1.18 and exchange rate charged 1.11
5.78
12.4912.49
17.4924.99
Postbank via Western Union
Firm type: Bank / Money Transfer Operator
Payment instrument
Access point
Agent, Call Center
Sending network coverage
High
Receiving method
Agent
High
19.9028.43
5.78
Percentage difference between market reference rate 1.18 and exchange rate charged 1.11
5.78
19.9919.99
27.9939.99
This RSP is not transparent: the exchange rate applied to the transaction was not disclosed. The 0% in the exchange rate margin does NOT necessarily mean that there is no exchange rate cost, but rather that this cost is not disclosed to the sender at the time of sending. &middot; In this corridor all RSPs send and payout in USD. Inbound transfers to Nigeria are only permitted in USD under the CBN Directive 2020. Remittance recipients may incur an additional cost (not shown here) if and when converting USD to NGN.
Postbank
Firm type: Post office
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Medium
1.502.14
0.00
Percentage difference between market reference rate 1.00 and exchange rate charged 1.00
0.00
1.071.07
1.502.14
This RSP is not transparent: the exchange rate applied to the transaction was not disclosed. The 0% in the exchange rate margin does NOT necessarily mean that there is no exchange rate cost, but rather that this cost is not disclosed to the sender at the time of sending. &middot; In this corridor all RSPs send and payout in USD. Inbound transfers to Nigeria are only permitted in USD under the CBN Directive 2020. Remittance recipients may incur an additional cost (not shown here) if and when converting USD to NGN.
Postbank
Firm type: Post office
Payment instrument
Access point
Bank branch, Call Center
Sending network coverage
High
Receiving method
Medium
8.5012.14
0.00
Percentage difference between market reference rate 1.00 and exchange rate charged 1.00
0.00
6.076.07
8.5012.14
Total Average First Quarter
7.217.21
Total Average Fourth Quarter 2020
5.475.47
Total Average
Fee
6.238.90
Exchange Rate Margin (%)
2.762.76
Total Cost Percent (%)
7.217.21
Total Cost (EUR) Total Cost (USD)
10.0914.42
Non-Transparent records
Bank account transfer Debit/credit card Cash
Less than one hour Same day Next day 3-5 days
Bank account Cash
Payment instrument
Access point
Sending network coverage
Receiving method
Azimo
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Medium
1.992.88
0.26
Percentage difference between market reference rate 1.18 and exchange rate charged 1.18
0.26
0.830.83
2.864.14
WorldRemit
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Agent
High
0.991.43
1.79
Percentage difference between market reference rate 1.18 and exchange rate charged 1.16
1.79
2.072.07
7.1410.35
MoneyGram
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Agent
High
3.995.78
1.10
Percentage difference between market reference rate 1.18 and exchange rate charged 1.17
1.10
2.262.26
7.8011.30
Western Union
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Agent
High
3.905.65
1.32
Percentage difference between market reference rate 1.18 and exchange rate charged 1.17
1.32
2.452.45
8.4512.25
WorldRemit
Firm type: Money Transfer Operator
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Medium
0.691.00
2.48
Percentage difference between market reference rate 1.18 and exchange rate charged 1.15
2.48
2.682.68
9.2513.41
Small World
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
Medium
2.493.61
3.35
Percentage difference between market reference rate 1.19 and exchange rate charged 1.15
3.35
4.074.07
14.0420.35
MoneyGram
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
14.8021.45
1.10
Percentage difference between market reference rate 1.18 and exchange rate charged 1.17
1.10
5.395.39
18.6026.96
Ria
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
18.0026.09
1.61
Percentage difference between market reference rate 1.18 and exchange rate charged 1.16
1.61
6.836.83
23.5634.14
Western Union
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
6.9010.00
5.78
Percentage difference between market reference rate 1.18 and exchange rate charged 1.11
5.78
7.787.78
26.8438.90
Western Union
Firm type: Money Transfer Operator
Payment instrument
Access point
Agent
Sending network coverage
High
Receiving method
Agent
High
14.9021.59
5.78
Percentage difference between market reference rate 1.18 and exchange rate charged 1.11
5.78
10.0910.09
34.8150.45
Postbank via Western Union
Firm type: Bank / Money Transfer Operator
Payment instrument
Access point
Agent, Call Center
Sending network coverage
High
Receiving method
Agent
High
29.9043.33
5.78
Percentage difference between market reference rate 1.18 and exchange rate charged 1.11
5.78
14.4414.44
49.8272.20
This RSP is not transparent: the exchange rate applied to the transaction was not disclosed. The 0% in the exchange rate margin does NOT necessarily mean that there is no exchange rate cost, but rather that this cost is not disclosed to the sender at the time of sending. &middot; In this corridor all RSPs send and payout in USD. Inbound transfers to Nigeria are only permitted in USD under the CBN Directive 2020. Remittance recipients may incur an additional cost (not shown here) if and when converting USD to NGN.
Postbank
Firm type: Post office
Payment instrument
Access point
Internet
Sending network coverage
High
Receiving method
Medium
1.502.17
0.00
Percentage difference between market reference rate 1.00 and exchange rate charged 1.00
0.00
0.430.43
1.482.14
This RSP is not transparent: the exchange rate applied to the transaction was not disclosed. The 0% in the exchange rate margin does NOT necessarily mean that there is no exchange rate cost, but rather that this cost is not disclosed to the sender at the time of sending. &middot; In this corridor all RSPs send and payout in USD. Inbound transfers to Nigeria are only permitted in USD under the CBN Directive 2020. Remittance recipients may incur an additional cost (not shown here) if and when converting USD to NGN.
Postbank
Firm type: Post office
Payment instrument
Access point
Bank branch, Call Center
Sending network coverage
High
Receiving method
Medium
8.5012.32
0.00
Percentage difference between market reference rate 1.00 and exchange rate charged 1.00
0.00
2.462.46
8.4912.30
Total Average First Quarter
5.355.35
Total Average Fourth Quarter 2020
4.034.03
Total Average
Fee
8.9612.98
Exchange Rate Margin (%)
2.762.76
Total Cost Percent (%)
5.355.35
Total Cost (EUR) Total Cost (USD)
18.4726.77
Non-Transparent records
Bank account transfer Debit/credit card Cash
Less than one hour Same day Next day 3-5 days
Bank account Cash