There are millions of Euro sent to Nigeria from Ireland every year . The exact figure is not known – but in 2017 there were two estimates of €17million and €473 million ! (A big difference)
The estimate of €17m came from the Irish Central Statistics Office. The World Bank provided the much larger estimated figure of €473m.
Whatever the figure is – there is a lot of money being sent from Ireland to Nigeria and other countries that don’t use the Euro . Immigrants working in Ireland are sending money back to families abroad.
The major banks make a lot of their profits from foreign currency transactions – with margins as much as 3 or 4% on the exchange rates not uncommon. Your bank might say they won’t charge you fees or commission on currency transfers – but it’s the poor exchange rates they use that will end up costing you more.
If you are looking for the cheapest way to transfer money to nigeria we have looked a few options.
The currency in Nigeria is the Naira. At the time of writing the interbank exchange rate for Euros to Nairas was €1 Euro = NGN 398.
Not all of the currency transfer companies will deal with transfers to Nigeria – but we found a few that do.
We checked how many Nigerian Nairas we would get for €5000 Euro on November 14th 2019 .
We compared 5 currency transfer specialists to see how much we would end up when converting €5000 Euros to Naira by sending from a bank in Ireland to a bank account in Nigeria.
We also checked one company that would only allow collection in cash in Nigeria.
Transferwise came out as the best with 1,941,691 Nairas
- World Remit 1,922,356. (19,335 LESS) (About €50)
- Moneygram 1,912,162 (Recipient paid in cash) (29,529 Less)
- Western Union 1,897,874 (43,817 less) (Approx. €100)
Transfermate can also help you transfer money from Ireland to Nigeria. We couldn’t get an instant quote online – just an “indicative” amount of 1,992,031 – based on the interbank rate at the time. You probably wouldn’t get quite that much – but it might be worth trying them if you need to transfer money to Nigeria to see if they can beat the quotes from the others. They are based in Dublin and regulated by the Central Bank of Ireland. (Tel 01 6353776 )
TransferWise is authorised by the UK Financial Conduct Authority under the Electronic Money Regulations
WorldRemit Ltd is Authorised and Regulated by the Financial Conduct Authority (FCA) under the Payment Service Regulations
MoneyGram MoneyGram International SRL is licensed as a payment institution and regulated by the National Bank of Belgium.
Western Union is licensed by the Financial Markets Authority (Österreichische Finanzmarktaufsicht) in Austria.