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Part of the guideSending money to Nigeria: the real cost, explained
The short answer
From the euro area, the cheapest route to Nigeria is usually a licensed digital payment or e-money institution paying naira into a Nigerian bank account. The World Bank's Italy to Nigeria figures for Q3 2025 show average total costs of 4.55% on €140 but 2.80% on €345, so sending less often in larger amounts can cut costs. Check the provider on the EBA register and compare the naira that arrives on the day, as rates change daily.
Nigerians in Europe are spread across many countries, from Italy and Germany to Ireland, Spain and the Netherlands. The money mostly leaves in euros, and EU rules shape how providers must treat you. This article covers what is specific to sending from Europe. For the full picture of costs and Nigerian payout rules, read our guide to the real cost of sending money to Nigeria.
What it costs from Europe
Italy is the only European country with a Nigeria corridor in the World Bank's Remittance Prices Worldwide data we could access, so it is the best available benchmark for euro senders. The Q3 2025 averages were:
| Amount sent | Average fee | Average FX margin | Average total cost |
|---|---|---|---|
| €140 (about $200) | €4.36 | 1.44% | 4.55% (€6.37) |
| €345 (about $500) | €4.71 | 1.44% | 2.80% (€9.67) |
Two things stand out. First, euro corridors cost more than the UK to Nigeria route, which averaged 1.96% in the same quarter. Second, the fee barely changes with the amount, so the percentage cost falls sharply as the sum rises. Germany, Spain, Ireland and other countries have no published Nigeria averages, so treat the Italy figures as a reference point, not a promise.
Worked example: one transfer or two
Say you send €280 a month in two transfers of €140, at the Italy average for that size. That costs about €12.74 a month. Sending the same €280 once, at a cost similar to the €345 average of 2.80%, costs about €7.84. Over a year the difference is close to €59, before any change in the rate. At the CBN's euro selling rate of about ₦1,512 on 24 September 2026, that is roughly ₦89,000 more reaching your family. Rates change daily, so check the figure on the day.
What EU rules give you
Payments within the EU and payments leaving it are governed by the Payment Services Directive (PSD2). When one side of the payment is outside the EU, as with Nigeria, the part carried out in the EU is still covered, and providers must be transparent about costs. In practice this means you should see the charges and the exchange rate before you commit, and a receipt afterwards. If a provider will not tell you the rate until after you have paid, use another one. Complaints go to the provider first, then to the regulator or ombudsman in the country where it is licensed.
- Licensing. Non-bank providers must be authorised in an EU or EEA country as a payment institution or e-money institution, and may serve other EU countries under that licence.
- Checking a provider. The European Banking Authority keeps a central register of payment and e-money institutions under PSD2. Search the firm's legal name, then check its home regulator, such as the Bank of Italy, BaFin or the Central Bank of Ireland.
- Euro transfers inside the EU through SEPA are cheap and fast, but SEPA does not reach Nigerian banks. The euro-to-naira step always happens through a remittance provider or an international bank payment.
Your options from Europe
| Option | Best for | Watch for |
|---|---|---|
| Digital payment or e-money provider | Regular transfers to a Nigerian bank account | Margin hidden in the rate; check the EBA register |
| Agent-based operator | Recipients who need cash | Cash pickup capped at the equivalent of $200 in Nigeria; often higher cost |
| Bank international payment | Large, planned sums with a paper trail | Higher fees and margin; several days to arrive |
| Multicurrency account | People paid in several currencies who convert when ready | Which currencies are held; who the regulated partner is |
If you live outside the euro area, in Sweden, Poland, Switzerland or Norway for example, your money may pass through two conversions. Ask the provider whether it converts your currency to naira directly or via euros or dollars, and compare the final naira figure.
Your first transfer and larger sums
EU anti-money laundering rules require every licensed provider to verify who you are before your first transfer, so allow extra time for it. For larger sums, such as a land payment or a year's rent, expect questions about where the money came from and limits until you are fully verified. Keep payslips, bank statements or sale documents to hand, and keep every receipt: you may need them again if you later sell the asset or bring the money back to Europe.
A quick checklist
- Find the provider's legal name and check it on the EBA register.
- Get a quote for your usual amount from at least three providers on the same day, and note the naira received.
- Check the quote against the official euro rate to see the margin.
- Consider combining small transfers into fewer, larger ones if fixed fees are high.
- Pay from a bank account or debit card rather than a credit card.
- Send a small test amount to any new recipient first.
How the money lands in Nigeria
Licensed transfer operators pay remittances in naira at a rate linked to the official market, and from 1 May 2026 must route them through naira settlement accounts at authorised dealer banks. If your family wants euros, a bank payment to their domiciliary account at a Nigerian bank is the route; our article on how CBN rules shape remittance payouts explains the difference. Before sending, check the recipient's name and 10-digit NUBAN, and that their account tier allows the amount.
If you are sending to pay a specific bill, such as school fees, pay the institution directly against an invoice; our guide to paying school fees in Nigeria from abroad shows how. And because the euro rate you are quoted is built from the naira's dollar rate, our explainer on why the rate you get differs from the headline applies to euros too.
Where Pryme fits
Pryme's multicurrency account includes a euro IBAN, and money stays in the currency it arrived in, so euros are held as euros alongside pounds, dollars and naira. Pryme Financial Ltd is a financial technology company, not a bank; outside Nigeria, its activities are carried out through regulated partners. Swap shows the rate before you confirm and any fee on its own line. As with any provider, compare the rate shown with the mid-market rate as well as the fee. A Pryme account can be opened from any country in Europe, or anywhere else; which naira accounts you can send to is shown in the app before you commit.
Whether that beats a specialist for your amount depends on the rate on the day, so compare. The method in our main guide to sending money to Nigeria works for every provider.
Questions people ask
What is the cheapest way to send money from Italy to Nigeria?
Usually a licensed digital provider paying into a Nigerian bank account. The World Bank's Q3 2025 averages were 4.55% on €140 and 2.80% on €345, so fewer, larger transfers can cost less. Compare the naira received on the day.
How do I check a money transfer company in the EU?
Search its legal name on the European Banking Authority's register of payment and e-money institutions, then check the home regulator named there. Avoid firms that appear on neither.
Can I use SEPA to send money to Nigeria?
No. SEPA covers euro payments within Europe. To reach a Nigerian bank account you need a remittance provider or an international bank payment, and the money is converted to naira unless it goes to a domiciliary account.
Why does sending money from Germany or Spain to Nigeria cost more than from the UK?
The euro routes are smaller and less competitive. The World Bank does not publish Nigeria averages for those countries; Italy's Q3 2025 averages, at 2.80% to 4.55%, were above the UK's 1.96%.
Sources
- World Bank Remittance Prices Worldwide: Italy to Nigeria · accessed Oct 2026
- World Bank Remittance Prices Worldwide: United Kingdom to Nigeria · accessed Oct 2026
- Within Nigeria: Exchange rate today, 3 October 2026 (pound and euro official rates) · accessed Oct 2026
- Association of Corporate Treasurers: One-leg-out payment · accessed Oct 2026
- European Banking Authority: Register of payment and electronic money institutions under PSD2 · accessed Oct 2026
- AllAfrica: CBN bans foreign currency payments for diaspora remittances from 1 May 2026 · accessed Oct 2026
- Kola King: CBN revised IMTO guidelines (January 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.