Greengate vs your bank: a real cost comparison for remittances
We ran the numbers on sending £500 home using a high street bank, a legacy transfer service, and Greengate. The difference might surprise you.
Chisom Nwosu
Financial Writer · 9 June 2026
Let's do a real comparison. It's July 2026. The mid-market GBP/NGN rate is ₦2,065. You want to send £500 home.
High street bank: Transfer fee £15. Exchange rate offered: ₦1,910 (a 7.5% markdown from mid-market). Total received in Lagos: ₦955,000. Your effective cost: £65 — 13% of what you sent.
Legacy transfer service: "No transfer fee." Exchange rate: ₦1,940 (6% markdown). Total received: ₦970,000. Your effective cost: £62.50 in hidden margin, 12.5%.
Greengate: Low flat transfer fee. Exchange rate: ₦2,065 (mid-market). Total received: ₦1,032,500. Your effective cost: a fraction of a percent.
The difference on a single £500 transfer: your family receives an extra ₦62,500 through Greengate compared to a high street bank. That's meaningful money.
Of course, banks offer other things — the familiarity, the branch presence, the integration with existing accounts. We're not saying delete your bank. We're saying use the right tool for each job. And for international transfers, the numbers make the case pretty clearly.