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

The exchange rate determines the price you will pay when buying Naira in Finland. A better exchange rate means more Euros being sent to Nigeria.

The current rate between the Euro and Naira is 1,558.979.

The total cost of money transfers to Nigeria from Finland, is a combination of exchange rates and fees. Sending with a company that can offer a good competitive rate and low (or no) fees is the best way to get a good deal.

• The Mid-Market and Exchange Rates: The current mid-market for EUR-NGN is 1,558.979 NGN per Euro.

• Fees: Some money transfers between Finland and Nigeria will be subject to fees. Although you should search for your send amount for actual fees as your scenario may be different.

• Amount Received: Money transfer companies will show you the amount of Naira eventually received in Nigeria.

A safer option if you want to get a particular rate is to use a forward contract, especially for large Euro transfers to Nigeria. This allows you to lock in an agreed exchange rate between Finland and Nigeria.

Sending via a bank transfer is the payment method that will get you the best price on a transfer from Finland to Nigeria.

Here are all the ways to fund your transfer:

Bank transfer

Bank transfers are often the best and easier way to send money from Finland to Nigeria.

By using a money transfer company such as Xe for transfers from Finland to Nigeria, you can send money via a bank transfer and benefit from lower fees and more favorable exchange rates than would be offered by a bank. 


Debit and prepaid cards

Sending money from Finland to Nigeria with a debit or a prepaid card is easy with Wise.


Wise is a leading money transfer company for debit card payments, and offers transfers from Finland to Nigeria.

Credit cards

When it comes to sending money with a credit card from Finland to Nigeria, it can get very expensive very quickly due to additional fees.

We recommend sticking to bank transfers or debit card deposits, but if you have to, run a quick comparison to find the right money transfer company that offers credit card deposits.

Companies offering money transfers between Finland and Nigeria will have minimum or maximum thresholds on how much you can send or receive across set timeframes.

Exchange rates and fees for different transfer amounts could change and sending regularly could mean losing out.

That’s why it’s best to compare EUR-NGN rates for your specific transfer amount.

For regular transfers to Nigeria to Finland, shopping around each time can make a huge difference.

For sending large amounts of EUR to Nigeria without hitting a threshold, we’d recommended Wise. They offer a combination of rates and fees when sending from Finland to Nigeria that is the most competitive, even at larger amounts.

Be sure to check with the recipient and understand any declarations needed on large amounts of money entering Nigeria from Finland.

Options for receiving Naira in Nigeria include direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all of the 6 providers offering transfers from Finland to Nigeria will support every method for incoming Naira, so it’s best to check ahead of time.

The most common option is to send directly from Finland to a bank account in Nigeria. For most part, this is convenient but does have receiving fees to potentially be aware of.

Wise is the best company for bank transfers between Finland and Nigeria.

Cash pickup is popular in some parts of Nigeria, but not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Xoom, and CashApp are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like Revolut.

When sending Nairas to Nigeria, through a money transfer company, you will need to verify your ID when signing up.

The documents you need can vary and in some cases you might need a couple of options.

Generally, government issued ID such as a passport or driver's license are accepted in Finland. If the recipient needs an ID to collect money in Nigeria, the same applies there. You may also be able use other ID formats, where these aren’t available.

Large transactions between Finland and Nigeria can be subject to additional checks such as proof of funds for anti-money laundering purposes. This may also require additional ID checks.

One of the reasons Wise as scored so highly for transfers to Nigeria is their easy sign up process in Finland.

As well as proof of funds, when sending large amounts of money between Finland and Nigeria there will be tax declarations to consider. This is also potentially due to regular transactions.

Some transfers into Naira may need to be reported to tax authorities in Nigeria and Finland, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances do change in Nigeria based on age, income and a few other elements. Everyone’s tax obligations are unique - when in doubt, please contact a tax professional in Finland or Nigeria.