How to send money to Nigeria from Spain with the best EUR-NGN rate

A better exchange rate means more Euro being sent to Nigeria. This exchange rate determines the price you will pay when buying Naira.

Currently the mid-market rate between Euro and Naira is 1,558.0967.

Fees and exchange rates make up the total cost of sending money from Nigeria to Nigeria. Finding a company that can offer both ensures a good deal on your transfer.

• The Mid-Market and Exchange Rates: The current EUR-NGN mid-market rate is 1,558.0967 NGN per Euro. You will get more Naira for your Euros if you find a provider close to this number.

• Fees: Transfer fees are charged as part of the transfer. Xe charges the lowest fee of 0 EUR at the moment. We’d always recommend comparing providers for your exact send amount as fees may change.

• Amount Received: Money transfer companies will show you the amount of Naira eventually received in Nigeria. You can assume that a lower cost of sending from Spain will result in more money received in Nigeria.

Sometimes, waiting a day or two can help you get more NGN for the same amount of Euro - but time it wrong and you might get a worse deal.

If you’re sending a large amount where this rate could make a significant difference, use a forward contract. This allows you to lock in an agreed exchange rate between Spain and Nigeria.

A bank transfer through a money transfer company is the cheapest way to send money. Generally, it’s the payment method that will get you the best price on a transfer from Spain to Nigeria at this moment.

Here are all the ways to send money from Spain to Nigeria:

Bank transfers

Bank transfers are usually the best and easiest way to send money from Spain to Nigeria.

By using a money transfer company such as Xe for transfers from Spain to Nigeria, you can send money via a bank transfer while benefitting from lower fees and more favorable exchange rates than you would get from a traditional bank.

Debit and prepaid cards

Sending money from Spain to Nigeria with a debit or a prepaid card is available through Wise.


Wise is one of the cheaper options for debit card payments for transfers from Spain to Nigeria. This cost is against a total of 7 money transfer companies offering this option.

Credit cards

When it comes to credit card transfers from Spain to Nigeria, we recommend comparing your options to get the best deal.

Transfer limits to Spain and Nigeria will differ per company, this may impact the amount you can send and receive if you hit the limits.

Also, rates and fees for different EUR-NGN transfer amounts could change - that’s why it’s best to compare companies for your specific transfer amount. Then, for regular transfers to Nigeria, shopping around each time can make a huge difference if you feel you are hitting limits regularly.

For sending large or regular amounts of EUR to Nigeria we'd recommend using Wise. They offer a combination of rates and fees when sending from Spain to Nigeria that is the most competitive.

There are different ways to receive money in Nigeria.

The most popular ways are direct bank deposit into Naira, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers offering money transfers between Spain and Nigeria will offer every method for incoming Naira.

Understanding where the money will eventually go after its left Spain and entered Nigeria could impact the provider you use.

The most common (and generally easiest) way to send money from Spain to Nigeria is directly into a bank account. Wise is the best company for sending money from Spain to a bank account in Nigeria.

And if you need cash right away, check if cash pickup is an option for transfers between Spain and Nigeria.

Mobile wallets, P2P services and payment apps like PayPal, Xoom, and CashApp are popular because they offer convenience to those who already have them, but they come with more limitations and higher costs.

When sending Nairas to Nigeria, you will need to verify your ID at the sign up stage.

The documents you need will vary by money transfer company and in some cases you might need a couple of options.

For the most part however, in Spain ID can be verified through a government issued ID such as a passport or driver's license.

In Nigeria, if the recipient needs an ID to collect money - both should be accepted. We’d recommend checking in advance before sending for any specific requirements on receiving money.

Large transactions between Spain and Nigeria, are subject to additional checks such as proof of funds. This is for anti-money laundering purposes.

Wise is one of our recommended providers for transfers to Nigeria from Spain due to the ease of sign up and ID verification.

When sending money between Spain and Nigeria there will be tax declarations to consider.

Some transfers into Naira may need to be reported to tax authorities in Nigeria, particularly where inheritance or property purchases are involved (or anywhere else there are additional legal requirements).

Depending on age and income in particular, tax limits and personal allowances will change in Nigeria.

When in doubt, please contact a tax professional in Spain or Nigeria to discuss the personal circumstances of the transfer. This ensures you are not missing any specific tax declarations associated with your circumstances.