Nigeria is Africa’s largest economy and its diaspora sends massive volumes every year, particularly from the United Kingdom and France. Since the naira is volatile, the exchange rate applied makes an immediate difference to the amount received in nairas.
2026 Comparison: how much does a transfer of 500 € to Nigeria cost?
| Service | Advertised fees | Exchange rate | Estimated received | Timeframe |
|---|---|---|---|---|
| Wise | ≈ 3,80 € (0,76 %) | Real rate (interbank) | ≈ 762 980 NGN | Instant to 2 days |
| Traditional bank | ≈ 20–30 € (2–4 % margin included) | Interbank + 2–4 % | ≈ 720 000–735 000 NGN | 2–5 days |
| Western Union | 1,99–14,99 € + exchange margin | Below the real rate | ≈ 725 000–745 000 NGN | Minutes (cash pickup) |
Indicative amounts for 500 €, recorded in October 2026 (reference rate: 1 EUR ≈ 1 537 NGN). Fees vary depending on the amount, payment method and receiving method.
Wise: the cheapest for most transfers
Wise applies the real market exchange rate (the interbank rate, with no hidden margin) and displays its fees upfront, at around 0,76 % of the amount. On a transfer of 500 €, this comes to approximately 3,80 €, compared to 20 to 30 € via a traditional bank. The money arrives directly into a local bank account, often within seconds or the same day.
Traditional banks: the hidden margin in the exchange rate
Most banks do not display high transfer fees, but apply an exchange margin of 2 to 4 % on top of a fixed commission. On 500 €, the total cost (fees + margin) easily reaches 20 to 30 €, i.e. 4 to 6 % of the amount, without this being clearly visible at the time of sending.
Western Union: useful for cash pickup
Western Union remains of interest when the recipient does not have a bank account and wants to collect cash. However, the fees (1,99 to 14,99 € depending on the amount, by card) are added to an exchange margin, making it a more expensive option than digital services for a transfer to a bank account.
What does a transfer of 500 € really cost?
At the reference rate (1 EUR ≈ 1 537 NGN), 500 € is worth approximately 768 500 NGN. In practice, the recipient receives:
- ≈ 762 980 NGN with Wise (fees ≈ 3,80 €);
- ≈ 730 000–745 000 NGN via a bank (fees + margin ≈ 20–30 €);
- ≈ 735 000–755 000 NGN via Western Union (fees + margin).
On a monthly transfer of 500 €, choosing the right service represents a saving of more than 200 € per year for the recipient.
This guide is part of our comprehensive comparison guide for transfers to Africa, which covers all corridors and transfer services to the continent.
Exchange rate and specifics of Nigeria
As of 1 October 2026, 1 € ≈ 1 537 nairas (NGN). The naira is one of the most volatile African currencies: the exchange rate applied at the time of sending makes an immediate difference to the amount received. Mobile money (Opay, PalmPay) and banking wallets dominate receiving in Nigeria, often faster than a standard bank transfer.
Frequently asked questions
What is the euro to Nigerian naira exchange rate today?
The reference interbank rate is approximately 1 EUR = 1 537 NGN (October 2026). This rate changes every day, which makes the margin applied by each service all the more important.
Can money be sent to Nigeria without a bank account?
Yes. Western Union and certain operators offer cash pickup or deposit to a bank account. For a transfer to a bank account, Wise and digital services remain the most advantageous.
Are Wise fees truly transparent?
Yes: Wise displays the exact amount the recipient will receive before confirming the transfer, with no hidden margin on the exchange rate. This is what distinguishes digital services from traditional banks.
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