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

The exchange rate is the price you will pay when buying Naira in Italy. A better exchange rate means you send more Nairas to Nigeria.

Currently, the mid-market rate between the Euro and Naira is 1,559.3168. Exchange rates between EUR-NGN change almost constantly.

The cost of sending money from Nigeria to Nigeria, is made-up of a combination of fees and exchange rates:

• The Mid-Market and Exchange Rates: The mid-market rate determines a mid-price for buying currency. The current mid-market rate from EUR-NGN is 1,559.3168 NGN per Euro.

• Fees: Outside of exchange rates, you may need to pay a fee to send. Xe currently offers the lowest fees on transfers to Nigeria from Italy, costing 0 EUR per transfer. Although this does include large transfers as well, we recommend searching for your exact send amount for an exact fee.

• Amount Received: The amount received in Naira is the amount you started with, minus the amount you paid in the exchange and fees.

Waiting a day or two can help you get more NGN for the same amount of Euros, but you may also end up paying more if you do wait.

A better option is to use a forward contract. This allows you to lock in an agreed exchange rate for transfers between Italy and Nigeria for a set amount of time, this can be up to two years in some cases.

Sending through a money transfer company via a bank transfer will most often be the way to get the best price when sending money from Italy to Nigeria.

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

Bank transfers

Bank transfers are often the better option for money transfers from Italy to Nigeria.

Sending money via a bank transfer with a company such as Xe for transfers from Italy to Nigeria allows you to benefit from lower fees and more favorable exchange rates than you would get with a traditional bank. 


Debit and prepaid cards

Sending money from Italy to Nigeria with a prepaid or a debit card is very simple with Wise.


Wise is a leader in card payments for transfers from Italy to Nigeria, competing among a total of 7 active money transfer companies on this route.

Credit cards

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

Beware of fees: using a credit card to transfer money often results in a fee being charged by your card issuer. Where possible, we recommend a bank transfer or debit card payment instead.

and have different regulators for financial transactions and ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators has regulation details for money transfers between Italy and Nigeria.

Money transfer companies offering services between Italy and Nigeria have minimum or maximum thresholds on how much you can send or receive. These can be daily, weekly or monthly.

In particular, rates and fees for sending different amounts of Euro could change. We always recommend comparing EUR-NGN rates for your specific transfer amount. Then, with transfers to Nigeria, shopping around each time can make a huge difference - as some providers offer introductory rates.

If you’re worried about transfer limits, for sending large amounts of EUR to Nigeria, we’d recommend Wise.

There are different options for receiving Naira in Nigeria. The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account. Not all providers offering transfers from Italy to Nigeria will offer every method for incoming Naira, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from Italy into Nigeria. For most part, this is because it means the recipient has to do very little. Wise is the best company for bank transfers between Italy and Nigeria.

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

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Xe.

You will need to verify your ID at the sign up stage when sending from Italy to Nigeria through a money transfer company.

Documents needed will vary and in some cases you might need a couple of different forms of ID.

ID can be verified in Italy through a government issued ID such as a passport or driver's license. If the recipient needs ID to collect money in Nigeria, both of these will also likely be accepted. Depending on the company you are using and where the money is going in Nigeria, it’s always best to check ahead just in case.

Larger transactions between Italy and Nigeria are likely to be subject to additional checks such as proof of funds for anti-money laundering purposes. This could slow down the process of sending money if you’re not prepared for them.

One of the reasons Wise scored so highly for large and regular transfers to Nigeria, was their easy sign up process in Italy.

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

Some transfers into Naira may need to be reported to tax authorities in Nigeria. This is of particular note where inheritance or property purchases are involved.

Personal allowances and tax limits will change in Nigeria based on age, income and personal circumstance. When in doubt, please contact a tax professional in Italy or Nigeria to discuss your individual needs. This will ensure you are not missing any specific tax obligations associated with your transfer.