The best mobile apps for Pounds to Naira currency
When it comes to money conversion, you need to know about the different mobile apps that exist and the one that suits your preference.
While these companies are mostly reliable and fraught in different locations within the country, they are not really convenient especially for huge sums of money. This is why mobile platforms for conversions are becoming widespread in Nigeria.
After the US Dollar, the British Pound is the next currency Nigerians change into Naira. After all, it has become a joke in Nigeria that the United Kingdom is Nigeria’s 37th state because of the number of Nigerians who keep migrating to the country.
So it is only expected that Nigerians in the UK will need reliable platforms to convert their Pounds to Naira since they need to send money back home to cover expenses of their loved ones, start businesses, pay freelancers, or make investments.
In this article, we will look at some of the most popular apps that can help them make these conversions. However, before delving into this, there are certain factors to consider before choosing an app.
What is Pounds (GBP) to Naira (NGN) Conversion?
There are 180 currencies in the world recognized as legal tender by the United Nations. Among them are the US Dollar, the Pound Sterling, the Euro, the Kuwaiti Dinar, Cedis, Naira, etc.
Among these currencies are strong ones like the US Dollar, Pound Sterling, Euro, etc. The strength of a currency depends on factors like inflation, the demand and supply of that currency in the foreign exchange markets, its growth in the domestic economy, and so on.
Since Pounds is one of the strongest currencies and the Naira is not as strong, the value will be multiplied by the Naira. For instance, as of 23rd March 2024, it was N1,851.09 Nigerian Naira to 1 Pound Sterling.
So it means that if one has 100 pounds sterling (100 GBP), it'll be 1,851.09 × 100. This will equal N185,109. This is how it works.
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So now, let us look at the best apps that you can use to convert your Pounds to Naira.
Considerations before selecting a mobile app to convert Pounds to Naira
Certain factors need to be considered before choosing the right platform for converting your British Pounds to Nigerian Naira.
These factors include exchange rate, transfer fees, speed, dependability, and platform integrity.
Exchange rate
Currency exchange rates are not static, and as a result, they determine the amount of Nigerian Naira (NGN) you will receive. Currently, 1 British Pound Sterling (GBP) is exchanged for 2,137 NGN.
So your £10 will give you N21,370. So if an app offers poor exchange rates, you will lose a large chunk of the money during conversion. Imagine an app having an exchange rate of 1,950 NGN for 1 GBP, this means that your £10 will be N19,500—a N1,870 difference from the standard rate.
This is why it is crucial to compare exchange rates offered by different providers to get the most value from your transfer.
Transfer fees
These apps charge fees to facilitate financial transactions and make profit. These fees, which may come with hidden costs, significantly reduce the amount of Naira you will receive.
Therefore, it is advisable to compare the offerings of different apps and go for one like OhentPay that offers transparent pricing with clearly stated fees and no hidden costs.
Speed
Speed is important when exchanging your funds. This is why many prefer these apps to traditional banks that are slow and hectic.
Mobile apps provide faster alternatives by leveraging technology and streamlined processes.
However, they may face challenges, including app downtimes, transaction failures, and limited support for banks and mobile wallets in Nigeria.
Dependability
Aside from the aforementioned factors, dependability is another key feature to watch out for when using mobile apps for conversion. A mobile platform needs to guarantee consistent, hassle-free transactions.
A dependable platform ensures that your funds are converted on time without sudden disruptions.
Reliable remittance platforms like OhentPay usually have a proven track record, consistent service availability, efficient customer support, and regulatory compliance.
Platform’s Integrity
With the increasing risks of fraud and cyber attacks, the security architecture of a mobile app is another factor to consider.
A secure exchange app safeguards funds and financial information, and also prevents the conversion from being intercepted by unauthorised third parties.
Safe platforms are regulatory compliant and have anti-money laundering (AML) protocols, among other security features.
Now that you know what to look out for, let’s go straight into examining some of the apps for your Pound to Naira conversion.
The best apps for Pounds to Naira currency conversion
OhentPay
OhentPay is a reliable and user-friendly payment platform for personal and business transactions, with a focus on international transfers.
It is a cost-effective and efficient way to manage international transfers, allowing customers to benefit from its transparent pricing, fast processing times, and global reach.
It supports over 40 currencies and operates in more than 190 countries. The platform allows direct bank transfers with swift processing times and keeps cost predictable with a fixed rate of £1.50 for personal accounts.
Also, it is highly regulated and secure with FCA regulation, PCI DSS compliance, and SOC 2 certification.
Finally, OhentPay crowns its offerings with a simple and user-friendly interface alongside reliable customer support for easy account management.
All you need to do is go to your app store and download the OhentPay app. Sign up, and there you have it: you can easily do your pounds to naira conversion.
Download the OhentPay app on your mobile phone, here.
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LemFi
LemFi, previously Lemonade Finance, is designed to help Nigerians in the UK, US, and Canada send money back home quickly and at competitive rates.
Some of its strengths include instant transfers, zero fees on many transactions, and multi-currency accounts. This is why it is a popular choice for diaspora users.
However, LemFi is not left without its drawbacks. Its services are limited to a few countries and its exchange rates can be inconsistent. Users have also complained occasionally about app glitches and slow customer support.
So while many Nigerians in the diaspora use it for everyday remittances, others may need to seek alternatives for larger transfers or more comprehensive financial services.
Remitly
Remitly is another go-to for Nigerians in the diaspora who want to send funds home quickly and securely.
Its intuitive app, multiple delivery options (like bank deposit, cash pickup, and mobile money), and competitive exchange rates make it appealing for Nigerian users looking for speed and flexibility.
Despite these features, Remitly has some significant weaknesses. For instance, its exchange rate margins can vary, fees may add up depending on the chosen service, and some users have raised concerns about account verification delays and occasional transaction holds.
Wise
Wise (formerly TransferWise) is known for its transparency and use of the real mid-market exchange rate, making it one of the popular choices for Nigerians in the diaspora who want to avoid hidden fees.
These users can send money directly to local bank accounts in Nigeria at low, upfront costs and enjoy transacting multiple currencies with fast delivery times.
Wise’s user-friendly interface and strong regulatory compliance make it trustworthy and easy to use.
However, the downsides of Wise include its non-support for cash pickup or mobile wallet transfers in Nigeria. Its fees can also be slightly higher for smaller amounts or card payments, which may limit its flexibility for some users.
WorldRemit
As a global digital money transfer service, WorldRemit allows users to convert money quickly. Its supported payout methods include bank deposits, mobile money, airtime top-ups, and cash pickup, making it versatile for different recipient needs.
Users appreciate its accessibility, competitive fees, and the ability to send money conveniently via app or website. However, they don’t fancy the fact that its fees are quite higher than its competitors and its exchange rates may include a markup.
Also, users have reported occasional delays and verification hurdles that have affected their experience.
NALA
NALA is a UK-based money transfer app that lets users in the UK, US, and EU send money to countries like Nigeria, Kenya, and Uganda with low fees and fast delivery.
It’s FCA-regulated, supports GBP to NGN transfers, and boasts a simple interface with real-time notifications.
However, it only allows sending from abroad—not within Africa. NALA also lacks wallet support, limiting users to direct-to-bank transfers in Nigeria.
Exchange rate markups still apply, though slightly. There are no crypto features or mobile money options. New users might face KYC verification delays.
Xe Currency Converter
With the Xe currency converter, you can carry out your transactions either on the web version or the app. Their website says, "We use the mid-market rate for our Converter.
This is for informational purposes only. You won’t receive this rate when sending money". With this app, you can do your pounds to naira conversion seamlessly.
Wrapping Up
Technology has made things easier, such that you can convert currencies even on your phone. With the different apps out there and the four best ones we have mentioned in this article, converting your pounds to naira just got easier.
OhentPay, however, is the best app you can use to convert your pounds to naira without stress. There are no hidden charges and everything is done swiftly and smoothly. Get the app on your app store.
If you’d like to send money anywhere in the world and you prefer fast transfers at great rates, we recommend the OhentPay money transfer service. Create an account to get started here.
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Convert your Pounds to Naira seamlessly using OhentPay
While the aforementioned platforms help you convert your pounds to naira easily, OhentPay remains the best option. It provides an affordable and uncomplicated way to make these conversions without hassles.
