Send Money from Italy to Nigeria
Compare EUR → NGN exchange rates from top providers
AI Quick Verdict
As of March 25, 2026, the cheapest way to send money from Italy to Nigeria is via Wise, costing $4.60 in fees with an exchange rate of 1 EUR = 1590.59 NGN. Sending $1,000 delivers NGN 1,583,274.98 to your recipient in ~1 hour.
Compare EUR → NGN Rates
Best rate — they receive (NGN)
NGN 1,583,274.98
via Wise
Sending EUR 1,000 to Nigeria
Updated Mar 25, 05:42 PM
| Provider | Exchange Rate | Fee | Speed | You Send | They Receive | |
|---|---|---|---|---|---|---|
WiseBest rate | 1 EUR = 1590.59 NGN | $4.60 | ~1 hour | EUR 1,000 | NGN 1,583,274.98 | Send → |
RevolutRunner-up | 1 EUR = 1585.82 NGN | $5.00 | ~1 day | EUR 1,000 | NGN 1,577,890.83 | Send → |
Remitly | 1 EUR = 1566.73 NGN | $15.00 | ~3 hours | EUR 1,000 | NGN 1,543,231.83 | Send → |
WorldRemit | 1 EUR = 1558.78 NGN | $13.99 | ~6 hours | EUR 1,000 | NGN 1,536,972.54 | Send → |
* Rates are indicative. Final rate confirmed at provider's checkout. RateCurb may earn a commission if you click and sign up.
7-Day Exchange Rate History
Rate per 1 unit of source currency → NGN
vs Traditional Banks
You save up to $75
on a EUR 1,000 transfer
Wise
BEST RATEBank of America
+5% markup + $35 wire fee
Wells Fargo
+4.5% markup + $25 wire fee
Sending money from Italy to Nigeria costs significantly less when you use digital providers instead of banks. Learn how to avoid hidden fees, lock in real exchange rates, and leverage Nigeria's diaspora remittance tax exemption to maximize the value of every euro you send home.
Our verdict: Use Wise or Remitly for EUR to NGN transfers; they offer 3-8% better rates than Italian banks and charge transparent fees without hidden markups.
Understanding the EUR to NGN Money Transfer Corridor
The Italy-to-Nigeria money transfer route has grown significantly over the past decade, driven by a large diaspora community and family support networks. Millions of Nigerians living and working in Italy send money home regularly to support relatives, pay for education, invest in property, or fund small businesses. The European Central Bank estimates that remittances to Nigeria exceed $40 billion annually, making it one of Africa's largest remittance-receiving nations. Understanding this corridor's unique characteristics—from exchange rates to local regulations—is essential for anyone sending EUR to NGN efficiently.
Identifying Hidden Fees and True Exchange Rates
Banks and traditional money transfer operators profit by applying hidden markups to exchange rates. When a bank quotes you a rate, it often includes a 2-5% margin above the real mid-market rate. On top of this, flat fees ranging from €10 to €25 are common. To avoid these traps, always separate two cost components: the exchange rate markup and the fixed transfer fee. Request a breakdown before confirming the transfer, and calculate the total cost as a percentage of the amount sent, not just the headline fee.
Many Italians mistakenly believe their bank is cheaper because it advertises "no transfer fee." However, they recover costs through rate markup—sometimes charging you 600-700 NGN per EUR when the true mid-market rate is 750 NGN per EUR. Digital providers expose this by showing you the exact rate they use upfront.
Why Digital Providers Outperform Banks by 3-8%
Online transfer platforms like Wise, Remitly, Revolut, and WorldRemit consistently beat traditional banks on the EUR to NGN corridor. These providers operate with lower overhead costs, use real mid-market exchange rates (or near-real rates with minimal markup), and charge transparent, competitive fees. Wise, for example, typically charges only 0.5-1% on top of the real rate, while banks charge 3-5% or more.
- Wise: Uses actual mid-market rates with a small markup; no hidden fees; ideal for larger transfers
- Remitly: Competitive rates; fast delivery to Nigerian bank accounts; mobile-friendly app
- Revolut: Good for frequent small transfers; real-time rate locking; premium accounts offer better rates
- WorldRemit: Established in Nigeria; cash pickup options; reliable for various amounts
On a €1,000 transfer, the difference between a bank (4% markup) and Wise (0.8% markup) amounts to roughly €32 in your recipient's pocket—a real saving worth pursuing.
Transfer Speed: Choosing the Right Option
Most digital providers offer multiple speed tiers. Standard transfers (1-3 business days) are cheaper and suitable for planned family support or regular remittances. Express or instant options (delivered within hours) cost extra but suit emergencies or time-sensitive payments. Nigerian banks increasingly support same-day credited transfers via the SWIFT network, though weekend delays are common. Calculate whether paying €3-5 extra for speed aligns with your needs—for routine monthly transfers, economy speed saves money without sacrificing reliability.
Nigeria's Diaspora Remittance Policy: A Tax Advantage
Nigeria has a favorable policy for diaspora remittances: transfers from abroad to Nigerian residents are not subject to income tax at the recipient's end. This is a significant advantage compared to many corridors. The Central Bank of Nigeria actively encourages inflows through this exemption, recognizing remittances as a vital source of foreign exchange and household income. Senders from Italy should note that while Nigerian recipients pay no tax on received funds, Italian tax residents may still face reporting requirements under FATCA or Italian anti-money-laundering rules for transfers exceeding €10,000. Always declare large transfers to remain compliant.
Practical Tips for Maximum Value
- Lock in rates on digital platforms: services like Wise allow you to quote a rate and hold it for 24-48 hours before executing the transfer, protecting against sudden currency fluctuations
- Time your transfer when EUR strengthens against NGN, typically during periods of Nigerian currency weakness (watch Central Bank forex announcements)
- Send larger amounts when possible: fixed fees become a smaller percentage; €5,000 transfers are far more efficient than five €1,000 transfers
- Use bank accounts over cash pickup for Nigerian recipients: reduces pickup delays and ensures faster crediting at recipient banks
- Set up recurring transfers if sending regularly: many platforms offer loyalty discounts after your first few transfers
Conclusion
Sending money from Italy to Nigeria requires comparing rates carefully and rejecting traditional bank options in favor of digital platforms. By understanding hidden fees, leveraging Nigeria's tax-friendly remittance policy, and strategically timing transfers, you can reliably save 3-8% compared to standard banking channels—meaningful money that reaches your Nigerian family faster and in greater amounts.
Frequently Asked Questions
What is the best EUR to NGN exchange rate?
The mid-market rate fluctuates daily based on forex markets, typically ranging from 750-850 NGN per EUR in 2026. Digital providers like Wise offer rates within 0.5-1% of the mid-market, while banks often apply 3-5% markups. Always check real-time rates on multiple platforms before transferring.
How long does it take to send money from Italy to Nigeria?
Standard transfers via digital providers take 1-3 business days; express or instant options deliver within hours but cost extra (€3-5). Nigerian bank accounts receive funds faster than cash pickup locations, and transfers sent on weekdays clear more quickly than weekend transfers.
What are the fees for sending money from Italy to Nigeria?
Digital providers charge 0.5-2% of the transfer amount plus fixed fees of €1-3 for standard transfers; banks typically charge €10-25 plus 3-5% rate markup. A €1,000 transfer via Wise costs around €12-15 total, while a bank might charge €45-65 in combined fees and markup.
Is it safe to use online money transfer services?
Yes; Wise, Remitly, Revolut, and WorldRemit are fully regulated in the EU and licensed in Nigeria with strong security encryption and fraud protection. Always verify the recipient's account details before confirming, and use official apps rather than links from emails to avoid phishing scams.
How to send money from Italy to Nigeria
- 1Choose your provider — Compare rates above and pick the one with the best EUR to NGN rate.
- 2Create a free account — Most providers take under 5 minutes to verify your identity.
- 3Enter your recipient's details— You'll need their bank account number and routing information.
- 4Pay and track — Fund your transfer and track it in real time.