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

The exchange rate determines the price you’ll pay for Euro when sending Naira to Spain.

The rate between the Naira and Euro is currently 0.0006. Pesa offers the best exchange from NGN-EUR.

The total cost of sending money to Spain from Nigeria is a mix of the mid-market, exchange rates and transfer fees.

• The Mid-Market and Exchange Rates: The mid-market for NGN-EUR is 0.0006 EUR per Naira.

• Fees: When sending money there may be additional fees. Pesa offers the lowest fee of the 7 providers tested, costing justs 0 NGN per transfer.

• Amount Received: When comparing providers, the best measure is the amount of Euro eventually received in Spain.

This number should allow you to determine if you are getting a good deal. A higher amount of money received in Spain, means a better overall cost of sending money from Nigeria.

Sending money via a bank transfer is the recommended option for sending money from Nigeria to Spain.

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

Bank transfers

Bank transfers are often the best payment method for money transfers from Nigeria to Spain.

A money transfer company like Pesa offer bank transfers between Nigeria and Spain with lower fees and better exchange rates than you would get from a traditional bank. 


Debit and prepaid cards

Sending money from Nigeria to Spain with a debit or a prepaid card is very simple with Western Union Agent.


Western Union Agent is a leader in debit card payments for transfers from Nigeria to Spain, competing among a total of 7 active money transfer companies on this route.

Credit cards

Not many money transfer companies offer direct credit card deposits, because it is more expensive for everyone.

We recommend using a bank transfer or a debit card transfer if you can; otherwise, make a quick comparison to find the latest deal.

Ensuring you fully understand regulations in Nigeria and Spain will aid in keeping your money safe.

Our directory of worldwide financial regulators contains details on regulation for sending money between Nigeria and Spain.

Some services between Nigeria and Spain have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Spain as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Spain, use Western Union Agent. The combination of rates and fees when sending from Nigeria to Spain is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Nigeria, or entering Spain. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Euro in Spain. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Nigeria to Spain will offer every method for incoming Euro, so it’s best to check ahead of time.

One of the more common ways to transfer from Nigeria into Euro is directly into a bank account. Western Union Agent is the best company for bank transfers between Nigeria and Spain.

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

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 Pesa.

When signing up to and sending Naira to Spain, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in Nigeria this will be a government issued ID such as a passport or driver's license. In Spain it will be similar, although this should only be needed if you are opening a new account in Spain, or collecting in cash. Sending to an existing bank account in Spain shouldn’t require any additional ID checks.

Large transactions between Nigeria and Spain, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons Western Union Agent has scored so highly for transfers to Spain is their easy sign up process in Nigeria.

When sending large amounts of money between Nigeria and Spain there will potentially be a tax declaration to consider.

Some transfers into Euro may need to be reported to tax authorities in Spain, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Spain based on age, income and a few other elements. When in doubt, please contact a tax professional in Nigeria or Spain to discuss your personal circumstances.