Sending money home is one of the most important things many of us do, and the difference between a good and a bad method can be a lot of money over a year. This guide covers the legitimate options, how to compare them properly, and the informal arrangements you should never use.
Your legitimate options
1. Licensed remittance apps (usually the best value)
Korea has several licensed money-transfer companies built for exactly this purpose. They typically offer lower fees and better exchange rates than banks, with transfers tracked end to end. Well-known names include:
- Wirebarley
- Sentbe
- GME Remit
- Hanpass
- Cross / E9pay
You register once with your ARC and a Korean bank account, then send from your phone.
2. Bank wire transfer
Every major bank can send an international wire. It is reliable and good for large amounts, but fees and exchange margins are usually higher than the apps. You will need the recipient bank name, account number, SWIFT/BIC code and sometimes their address.
The one rule that matters most
Only ever use a licensed operator. Informal money changers and so-called doublers who promise great rates through personal arrangements are illegal, unprotected, and a frequent source of fraud. If something goes wrong, you have no recourse and may also face legal trouble. No rate is worth that risk.
How to actually compare costs
The cheapest fee is not always the cheapest transfer. Always compare the total your recipient receives after both:
- The transfer fee (a flat charge), and
- The exchange rate margin (the gap between the rate you get and the real mid-market rate)
A service with a zero fee but a poor rate can cost you more than one with a small fee and a fair rate. Most apps show you the final naira amount before you confirm — compare that number across two or three apps.
What you need to send
- Your ARC and a Korean bank account
- The recipient full name exactly as on their bank account
- Their bank name and account number in Nigeria
- Sometimes a reason for transfer (family support, etc.)
Limits and records
- There are annual limits on how much you can send abroad without extra paperwork; large or frequent transfers may require proof of income
- Keep your transfer receipts — they help with the annual limit and with proving income for visa and F-5 applications
Tips to save more
- Send larger amounts less often to reduce the impact of flat fees
- Watch the rate — apps sometimes run promotions or fee-free first transfers
- Set up the recipient once so future sends take seconds
Pick two licensed apps, compare the final naira amount they deliver, and use whichever pays your family more that day. Never, ever use an informal changer — the small saving is never worth the risk.