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The short answer
Move your savings by bank transfer, not cash, and keep a file showing where the money came from: Irish payslips, bank statements and sale receipts. You do not have to convert everything to naira: a transfer into a Nigerian domiciliary account can stay in euro, while money sent through remittance apps is now paid out in naira. Carrying €10,000 or more in cash out of the EU must be declared to Revenue Customs.
Moving home after years in Ireland usually means moving a lump sum: savings, the deposit back from a landlord, the proceeds of a car sale, perhaps a pension refund. The amount is often larger than anything you have sent before, which is exactly when banks on both sides look harder. Three decisions shape how smoothly it goes: when you move it, which currency it lands in, and what evidence travels with it.
Timing: before you leave, or after you land?
There is no rule that savings must leave Ireland on the day you do. Many returnees keep an Irish account open for a few months to collect the last salary, the deposit and any tax refund, then move the balance in one or two transfers. Before you close the account, read our guide on closing an Irish bank account when you move back.
Tax residence matters for the year you leave. Revenue counts you as resident in a tax year (1 January to 31 December) if you spend 183 days or more in Ireland, or 280 days across that year and the one before; if you spend 30 days or fewer in a year, that year does not count towards the 280. Savings you already have are not taxed again when you move them, but interest or gains you earn in the year you leave may still need declaring in Ireland. This is information, not advice: if your departure year is complicated, speak to a tax adviser.
Which currency should the money land in?
This is the decision that most affects what you end up with. You have three broad options:
| Option | What happens | Points to weigh |
|---|---|---|
| Euro into a Nigerian domiciliary (dom) account | A SWIFT transfer from your Irish bank arrives in euro and stays in euro | You convert later, when you choose; you need a dom account first |
| Euro through a remittance app to a naira account | The provider converts and pays out in naira | Since 1 May 2026 the CBN requires licensed remittance operators to pay inbound transfers in naira, so you are converting at that moment |
| Split | Part converted now for settling-in costs, the rest kept in euro | Limits the damage if the rate moves against you on one day |
If you do not yet have a dom account, see opening a Nigerian domiciliary account from Ireland; it can be done before you fly. Keeping some money in euro also helps if you will still have euro costs, such as a student loan, an Irish mortgage, or trips back.
The CBN's 2026 Foreign Exchange Manual, in force from 1 June 2026, also matters on the way back out. According to a Pavestones summary on Mondaq (24 June 2026), holders of self-funded domiciliary accounts no longer need Form A for outward transfers and can send up to US$10,000 a day directly. Money you keep in a dom account is therefore not trapped if you later need to pay for something abroad.
What converting costs: a worked example
Every conversion has two costs: any transfer fee, and the exchange margin, which is the gap between the rate you get and the mid-market rate. A margin is easy to miss because it is built into the rate.
Example (illustration only): you move €40,000. At a 1.5% margin, the margin costs €600 (€40,000 × 0.015). At a 0.5% margin it costs €200. On top sits any flat fee, say €15 per transfer. Converting in four tranches of €10,000 at 0.5% would cost €200 in margin plus €60 in fees (4 × €15), €260 in all, against €615 for one transfer at 1.5%. Tranches cost more in flat fees but let you avoid converting everything on one bad day. Compare the naira amount each provider quotes, not the headline fee.
For more on timing a conversion, our Nigeria library has a guide on converting now or waiting.
The paper trail both banks will want
A large inbound transfer from Ireland is routine for Nigerian banks, but it is reported. Nigeria's Money Laundering (Prevention and Prohibition) Act 2022, as summarised on Mondaq, requires transfers to or from abroad above US$10,000 to be reported to the NFIU and the CBN. That is a reporting rule, not a ban, but it means your bank may ask questions. Have these ready as PDFs:
- Irish bank statements showing the savings built up over time.
- Recent payslips or your final employment summary from Revenue myAccount.
- Receipts for anything sold: car, furniture, the landlord's deposit return.
- Your passport and the Nigerian account details exactly as the bank holds them.
- A short note of the purpose: "personal savings on relocation to Nigeria".
Your Irish bank may also ask about the payment before it leaves; see source-of-funds questions from Irish banks.
If you are thinking of carrying cash
Revenue's page on travelling with cash (published 4 May 2026) says anyone leaving the EU through an Irish airport or port with €10,000 or more in cash, or the equivalent in another currency, must declare it to Customs, and that officers can seize sums of €1,000 or more where they suspect criminal conduct. On the Nigerian side, the Mondaq summary of the 2022 money laundering law notes that cash above US$10,000 carried into or out of Nigeria must be declared to Customs. Cash is also the hardest form of money to prove the source of later. A bank transfer leaves its own record.
If you plan to invest the money in Nigeria
Foreign investors bringing money into Nigeria usually ask the receiving bank for a Certificate of Capital Importation (CCI). A Mondaq article (19 September 2024) explains that the authorised dealer issues it on behalf of the CBN within 24 hours of the inflow, and that it supports later repatriation of capital and returns in foreign currency. Whether your bank will issue one for a Nigerian moving personal savings into, say, shares or bonds is a question to ask before the money arrives, not after.
What to check first
- Open the Nigerian account (naira, dom or both) and confirm the name matches your passport.
- Decide what share to convert now and what to keep in euro.
- Get quotes in naira or euro received from at least two routes on the same day.
- Assemble your source-of-funds file before the first transfer.
- Keep the Irish account open until the last payments have arrived.
Where Pryme fits
A Pryme account holds EUR and NGN side by side, with local account details for each, and money stays in the currency it arrived in until you choose to convert with Swap. The app shows the rate and the fee before you approve. Once you are settled, naira you want to put aside can go into Savings Boxes, held by a licensed Nigerian microfinance bank. See how the multicurrency account works.
Questions people ask
Can I send all my savings from Ireland to Nigeria in one go?
Usually yes, subject to your bank's own transfer limits. A large transfer will be reported in Nigeria and may draw questions, so have your statements and payslips ready.
Will my euro be converted to naira automatically?
Through licensed remittance apps, yes: since 1 May 2026 they must pay inbound transfers in naira. A bank transfer into a Nigerian euro domiciliary account stays in euro.
Do I pay Irish tax when I move my savings to Nigeria?
Moving money you already own is not itself taxed, but interest or gains earned in Ireland in your departure year may still need declaring. Check your position with Revenue or an adviser.
How much cash can I take from Ireland to Nigeria?
There is no fixed cap in Revenue's guidance, but €10,000 or more must be declared when leaving the EU, and Nigeria requires declaration above US$10,000 on arrival.
Sources
- Revenue: Resident for tax purposes (24 Nov 2025) · accessed Oct 2026
- Revenue: Travelling with, or sending, cash (published 4 May 2026) · accessed Oct 2026
- Techeconomy: What the CBN naira-only remittance policy means (28 Mar 2026) · accessed Oct 2026
- Mondaq (Pavestones): The CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
- Mondaq: Key provisions in the Money Laundering (Prevention and Prohibition) Act 2022 (26 Sep 2022) · accessed Oct 2026
- Mondaq (Adeola Oyinlade): How to repatriate capital and profits in Nigeria (19 Sep 2024) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.