Best Way to Send Money to Nigeria from Spain (EUR to NGN)

📈 EUR to NGN Exchange Rate: The biggest factor when you send Euro to Nigerian Naira

The exchange rate on your Spain to Nigeria money transfer is the single biggest factor determining your overall EUR cost — and how many Nigerian Naira your recipient actually receives.

To analyze exchange rates, we use the exchange rate markup (also called FX margin) — the difference between the mid-market exchange rate^ⓘThe mid-market exchange rate (also called the interbank rate) is the real EUR to NGN exchange rate before providers add their margin or fees. and the rate your provider actually offers you.

Here is what 5 years of historical data shows for FX markup on Euro to Nigeria transfers:

• Average markup: 1.84%
• Median markup: 1.43%
• Lowest markup: -9.97%^ⓘA negative markup generally represents a promotional exchange rate whereby a provider offers an exchange rate that is even higher than the mid-market rate, often on smaller amounts.
• Highest markup: 20.02%

That is a spread of 29.99 percentage points between the lowest and highest observed FX markups.

To put this into perspective — on a EUR 140 transfer, that spread is NGN 41.99 in differences purely from the exchange rate. On a EUR 345 transfer, that gap grows to NGN 103.47.

🛠️ How to use this insight: When comparing providers for Spain to Nigeria remittances, pay close attention to the exchange rate you receive. A small difference in the FX markup can quickly outweigh other factors like fees, and the gap generally grows as transfer amounts increase.

The EUR to NGN exchange rate is the single most critical factor in the cost of your transfer. When comparing providers, always check the rate first — it matters more than you might expect.

📊 Does sending more money reduce the cost to remit money from Spain to Nigeria?

To see if transfer cost varies based on the amount sent, we compared the average cost of sending EUR 140 vs EUR 345 from Spain to Nigeria.

We found that sending a higher amount (EUR 345) is typically cheaper — average cost drops from 3.96% to 2.89%, a reduction of 1.07 percentage points.

The cost of your transfer usually continues to drop as transfer amount increases. That said, always check the latest exchange rates and fees for your intended transfer amount.

🛠️ How to use this insight: Since it is generally cheaper to send higher Euro amounts to Nigeria, consider consolidating smaller, more frequent transfers into fewer, larger ones. Doing so may reduce the total cost you pay.

🏛 How competitive is the market for sending money to Nigeria from Spain?

Based on data from the last 5 years, Euro to Nigerian Naira money transfers are provided on an average by 13 remittance companies. With this number of providers, we consider the level of market competition to be competitive.

A remittance market with more active providers is typically more competitive. This means you can get a better pricing and more payment and delivery options for your Spain to Nigeria remittances.

This is why comparing providers is especially important when you transfer money from Spain to Nigeria.

⏱️ How fast can you transfer Euro to Nigerian Naira?

If your recipient in Nigeria needs funds urgently, transfer speed becomes just as important as cost when sending money.

Here is what we see for Spain to Nigeria transfers:

• Average transfer time: About 12 hours.
• Fastest transfer time: About less than 1 hour.
• Slowest transfer time: About 96 hours (~4.0 days).
• Average speed at EUR 140: About 12 hours.
• Average speed at EUR 345: About 12 hours.

In many cases, the fastest providers are not always the cheapest, so balancing speed and cost is important when you transfer EUR to Nigeria.

🛠️ How to use this insight: If you need to send money from Spain to Nigeria in a hurry, compare providers not just on exchange rate, but also on expected speed. Speed also varies based on the delivery method (bank vs cash vs wallet) you choose for Nigeria.

Transfer speed for Spain to Nigeria money transfers can vary widely across providers. For time-sensitive transfers, compare speed alongside cost and choose faster payment and delivery methods.

Frequently Asked Questions: Sending money to Nigeria from Spain

These FAQs use data from RemitFinder's historical analysis of Spain to Nigeria money transfers over several years.

• What factors affect the total cost of sending money from Spain to Nigeria?

  The total cost of your Euro to Nigerian Naira money transfer depends on how you fund the transaction (payment method), how the recipient receives it (delivery method), the exchange rate you get, and any transfer fee charged by the provider.

  To avoid overpaying for your transfer, compare money transfer providers.

• How much does the exchange rate affect transferring money to Nigeria from Spain?

  Historical Euro to Nigerian Naira exchange rate markup ranges from -9.97% to 20.02%, a spread of 29.99 percentage points. Even small differences in the exchange rate markup can impact your final payout significantly.

• Can you get a better-than-market rate when you send Euro to Nigeria?

  Sometimes, money transfer providers may offer promotional exchange rates that are better than the mid-market exchange rate, resulting in a negative EUR to NGN remittance rate markup.

  Such offers are generally limited by transfer amount, eligibility, or duration. Compare providers to see if you can take advantage of any ongoing special offers.

• Exchange Rate vs Transfer Fee: What matters more when you send money to Nigeria from Spain?

  Exchange rate markup ranges from -9.97% to 20.02% (a spread of 29.99 percentage points).

  Transfer fees range from EUR 0.00 to EUR 19.90, which equals roughly 14.21% on a EUR 140.00 transfer.

  At both EUR 140.00 and EUR 345.00, the exchange rate markup shows larger variation than the other component.

  Regardless, our recommendation is that it is important to compare both exchange rates and fees when choosing a provider for Spain to Nigeria money transfers.

  As the transfer amount increases, the % impact of fees decreases (because the fee gets spread across a larger EUR amount), whilst exchange rate markup remains a percentage-based cost that can scale with transfer size.

  For smaller transfers, fees can matter more, whilst for larger transfers, exchange rate often becomes the bigger driver. Either way, comparing both helps you get the most NGN for your EUR.

• How much can costs vary between providers when sending money from Spain to Nigeria?

  Historical transfer cost ranges from -9.97% to 20.02% for EUR transfers to Nigeria. That is a spread of 29.99 percentage points, indicating significant differences between various money transfer providers.

  A major contributor to this variation is exchange rate markup. FX markup alone ranges from -9.97% to 20.02% (a spread of 29.99 percentage points). Thus, even small differences in FX margin can have a big impact on the final NGN payout.

• Why do Money Transfer Providers charge different rates for Euro to Nigerian Naira money transfers?

  If you send the same Euro amount to Nigeria via different providers, the cost of each transfer will be different because of variations in FX markup, fees, and payment and delivery methods.

  Even small differences among all the above factors can change the final NGN payout in Nigeria in a big way.

• How stable are the costs to remit money to Nigeria from Spain?

  When we analyzed the historical total cost for EUR to NGN transfers, we observed a range from -9.97% to 20.02% (29.99 percentage points difference), along with a variability (standard deviation) of 3.28%.

  A major driver of cost in this market is exchange rate markup. FX markup ranges from -9.97% to 20.02% (29.99 percentage points difference), with a standard deviation of 2.59%. Fees and payment/delivery method choices can contribute to further volatility.

  This is exactly why we recommend comparing money transfer providers to get the most of your Euro to Nigerian Naira transfers.

• Which Payment Method is the cheapest to send money from Spain to Nigeria?

  Credit Card is the cheapest payment method in Spain based on its average cost at 3.34% (compared to Cash at 5.89%, a difference of 2.55 percentage points).

  Based on this, we recommend paying for your EUR transfer with Credit Card, and avoiding Cash if possible.

• Is Debit Card cheaper than Credit Card when you transfer money to Nigeria from Spain?

  Credit Card is cheaper on average when sending money to Nigeria from Spain since it costs 3.37% (compared to 3.34% for Credit Card payments, a difference of 0.03 percentage points).

  As a result, we recommend that you avoid paying for your transfer to Nigeria with a Credit Card.

• Which Delivery Method is cheapest when you remit money to Nigeria from Spain?

  Bank Deposit is the cheapest delivery method in Nigeria as it costs 2.48% (compared to Cash Pickup at 4.84%, a spread of 2.36 percentage points).

  If your recipient in Nigeria can accept Bank Deposit, we recommend choosing it as your preferred delivery option for Euro to Nigerian Naira transfers.

• Is Bank Deposit cheaper than Cash Pickup when you send money to Nigeria from Spain?

  Bank Deposit is cheaper for Euro transfers to Nigeria given its 2.48% average cost (versus 4.84% for Cash Pickup, a difference of 2.36 percentage points).

  To save more, consider choosing the cheapest delivery option for Nigeria.

• What is the cheapest way to send money from Spain to Nigeria?

  We evaluated 10 payment and delivery method combinations for Spain to Nigeria remittances.

  Based on historical data, Credit Card → Bank Deposit is the cheapest combination with 2.48% cost.

  At the other end of the spectrum, Cash → Cash Pickup is the most expensive combination at 5.89% cost. That is a difference of 3.41 percentage points between the cheapest and most expensive combinations.

  Money transfer providers price payment and delivery methods for Spain to Nigeria remittances differently. As you compare options, look for the cheapest combination to maximize the value of your EUR to NGN transfers.

• Does sending more money reduce the cost to transfer money to Nigeria from Spain?

  Larger Euro to Nigerian Naira transfers are cheaper on average.

  The cost of a EUR 140 transfer averages 3.96% as compared to 2.89% for a EUR 345 transfer, a difference of 1.07 percentage points.

• How long does it take to send EUR to NGN money transfers?

  Based on our analysis, the average transfer time for Euro to Nigerian Naira transfers is 12 hours, with the fastest transfers completing in less than one hour and the slowest in 96 hours (~4.0 days).

• Can you instantly transfer money from Spain to Nigeria?

  Yes, historical data shows that some transfers to Nigeria from Spain can complete in less than one hour.

  Note that the actual speed of your EUR to NGN transfer will depend on the chosen provider, payment method, delivery method, and eligibility checks.

• How competitive is the market for sending money from Spain to Nigeria?

  Based on historical data, the competition level in Spain to Nigeria is considered competitive with 13 active providers.

• Can you overpay if you do not compare providers before transferring money to Nigeria from Spain?

  Historically, total EUR to NGN transfer cost has varied by 29.99 percentage points. On a EUR 140 transfer, that can translate to EUR 41.99 in savings.

  Euro to Nigerian Naira exchange rate markup also varies across providers. The average markup spread has been about 29.99 percentage points. On a EUR 140 transfer, that could be EUR 41.99 saved from FX alone.

  Fees can also make a big difference in this market, with a difference of about EUR 19.90 across providers.

  That is why comparing providers can materially change how much of the EUR you send your recipient receives in Nigeria.