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

The exchange rate determines how much Euro you will get for every Naira you want to send. A better exchange rate is the best way to save money on transfers from Nigeria to Spain.

The current rate between the Naira and Euro is 0.0006. Lemfi is currently offering the best exchange between NGN-EUR.

With currencies, the exchange fluctuates constantly, and the NGN-EUR exchange rate is no different. Tracking the rate and understanding the averages can help get a better deal. Even waiting a day or two can help you get more EUR for the same amount of Naira.

Beyond this, a forward contract allows you to lock in an agreed exchange rate between Nigeria and Spain.

The most cost effective way to send money from Nigeria to Spain is via a bank transfer. Lemfi is the company offering the best price for a bank transfer.

Using Lemfi for a bank transfer to Spain is 0.8% cheaper than the second-best option in the market.

Regulations are important for keeping your money safe, Nigeria and Spain have different regulations to consider.

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

Some companies offering money transfers between Nigeria and Spain will come with minimum or maximum thresholds on how much you can send or receive and this could cause rates or fees to change.

Comparing NGN-EUR rates for your specific transfer amount will factor in these rates and fees changes, so you’ll get the best provider for your specific needs. For regular transfers from Nigeria to Spain, it’s best to check any changes in fees and rates every time you send.

For large transfers of money transfers from Nigeria to Spain we’d recommend Western Union Agent. They offer a competitive combination of rates and fees when sending from Nigeria to Spain, even at larger amounts.

Also, be sure to check with the recipient and understand any declarations needed on large amounts of money entering Spain from Nigeria.

Receiving Euro in Spain has a few different options. The most popular ways to receive are through a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all companies offering money transfers from Nigeria to Spain will cater for every method for incoming Euro, so it’s best to check ahead of time.

One of the more popular ways is sending money from Nigeria directly to a bank account in Spain. This is because it means the recipient in Spain has to do very little. Western Union Agent is the best company for bank transfers between Nigeria and Spain.

Whilst cash pickup is popular, it is not always supported and can be costly compared to cheaper options.

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

When using a money transfer provider to send Nairas to Spain, you will need to verify your ID at the sign up stage.

Documents needed will vary and in some cases you might need a couple of options.

Generally speaking, those in Nigeria can verify through a government issued ID such as a driver’s license or passport. If the recipient needs an ID to collect money or open a multi-currency account in Spain, both can also be used there as well.

Large transactions between Nigeria and Spain will be subject to additional security measures such as proving where the funds originated, these will be for anti-money laundering purposes.

Western Union Agent has scored highly for transfers to Spain because of the easy sign up process in Nigeria.

There will be tax declarations to consider when sending larger amounts of money between Nigeria and Spain.

Transfers into Euro may need to be reported to tax authorities in Spain as well, where regular income, large amounts (such as property or inheritance) and business payments will all be subject to tax checks.

Based on the recipient, tax limits in Spain, as well as personal allowances will change. When in doubt, we’d recommend contacting a tax professional in Nigeria or Spain to discuss your personal circumstances. This ensure you are not missing any specific tax declarations associated with your circumstances.