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The short answer
An Australian bank sends money to Nigeria over SWIFT, usually through one or more correspondent banks, so you need the Nigerian bank's SWIFT code, the 10-digit account number and the name exactly as the bank holds it. Nigerian banks such as GTBank publish inward instructions for US dollars, pounds and euros, so most bank wires land in a domiciliary account. Moneysmart says transfers can take up to five business days, and each bank in the chain may take a fee.
How a bank SWIFT payment actually travels
When you send from your Australian bank's app or internet banking to a Nigerian account, your bank does not move money into Nigeria directly. It sends a payment message over the SWIFT network, and the money settles through accounts that banks hold with each other. The industry message for a customer payment has long been the MT103. Its specification, as published by BNZ, lists separate fields for the ordering customer (you), your bank, an intermediary institution, the bank that holds the beneficiary's account, the beneficiary, remittance information and a mandatory charges code.
That intermediary field matters for Nigeria. A Nigerian bank receives foreign currency through its own accounts at correspondent banks abroad. GTBank's inward transfer page, for example, asks senders to quote GTBank's account number with its correspondent bank and that correspondent's name or SWIFT code, and says the transfer takes value when the funds reflect in GTBank's offshore accounts.
- Your Australian bank debits your account and converts AUD into the currency you choose, at its own rate.
- It sends the payment message, directly or through a correspondent, towards the Nigerian bank's correspondent.
- The correspondent credits the Nigerian bank's account abroad.
- The Nigerian bank credits the beneficiary's account, usually a domiciliary account in that currency.
Choosing the currency
This is the decision that most affects cost. GTBank's published inward page covers US dollars, pounds and euros. If your relative holds a dollar domiciliary account, sending USD lets the money arrive as dollars, and they decide later when to sell for naira. If you only have a naira account number, ask your Australian bank before you start whether it can pay in naira to Nigeria at all; we found no Australian bank page confirming that it does.
Reports of the CBN Foreign Exchange Manual 2026 say inbound transfers through money transfer operators are paid out in naira, but a bank wire into a domiciliary account is a different route: the money arrives in the account's own currency. Our guide to sending to a Nigerian domiciliary account from Australia covers that choice in more depth.
| Option | What arrives | Where the conversion happens |
|---|---|---|
| Send USD to a dollar dom account | US dollars | Your Australian bank converts AUD to USD |
| Send GBP or EUR to a matching dom account | Pounds or euros | Your Australian bank converts AUD to that currency |
| Send AUD | Depends on the receiving bank | Possibly a correspondent or the Nigerian bank; ask both banks first |
Fees: yours, the middle banks and the receiving bank
There are up to three layers of cost. Your bank's own fee is the visible one. Commonwealth Bank's Moving to Australia page, updated 23 October 2026, says it charges $0 for international transfers made in NetBank or the CommBank app (excluding AUD to AUD payments); other banks publish their own tariffs. The second layer is the exchange rate: Moneysmart warns that the conversion margin is a separate cost and the advertised rate may not be what you get. The third layer is deductions by intermediary and receiving banks.
The charges code decides who bears those deductions. Under the MT103 specification, OUR means the sender bears all charges, SHA means the beneficiary bears everything except the sending bank's charges, and BEN means the beneficiary bears all charges. Ask your bank which options it offers on payments to Nigeria and what it charges for OUR.
Tracking the payment
Moneysmart puts international transfer times anywhere from instant to up to five business days. A bank wire through correspondents sits at the slower end, and Nigerian public holidays add time. Keep three things from the moment you send: the payment confirmation, your bank's reference, and the exact beneficiary details you entered.
- If the money has not arrived after the time your bank quoted, ask your bank to trace the payment. Tracing a SWIFT payment is done bank to bank; the recipient cannot do it from their side alone.
- Send the recipient the confirmation so their bank can look for an incoming credit that has reached its correspondent account but not yet been applied.
- GTBank says credits above $10,000 are reported to the NDLEA and the CBN, and that inflows from individual remitters must state a purpose, so put a clear purpose in the payment reference.
If the transfer is stuck rather than slow, our separate guide on a delayed transfer from Australia to Nigeria sets out the order of steps.
What to check first
- The Nigerian bank's SWIFT code. Wise's directory lists GTBINGLAXXX as GTBank's head-office code and notes that not every branch has its own code.
- The 10-digit NUBAN of the account that will receive the currency you are sending, and that it is a domiciliary account in that currency.
- The beneficiary name exactly as the bank holds it.
- The correspondent bank details from the Nigerian bank's own inward instructions, obtained by the recipient from their branch.
- Your bank's fee, its rate and the charges option, before you approve.
The full field list is in Nigerian bank details for a SWIFT from Australia, and the Nigeria-side explanation of codes is at GTBank SWIFT code and sort code.
Where Pryme fits
A Pryme account can be opened from Australia. It holds naira, US dollars, pounds and euros in one place, each with its own account details, and money stays in the currency it arrived in until you choose to convert it with Swap. Outside Nigeria, Pryme's services are provided through regulated partners, and naira deposits are held by a licensed Nigerian microfinance bank. When you send, the app shows the rate and the fee before you approve. For family who need dollars held in Nigeria rather than converted on arrival, a multicurrency account keeps each currency separate.
Questions people ask
Can I send naira from my Australian bank to Nigeria?
Ask your bank. We found no Australian bank page confirming naira payments to Nigeria. Nigerian banks such as GTBank publish inward instructions for US dollars, pounds and euros, so bank wires usually arrive in a domiciliary account.
What is the SWIFT code for GTBank?
Wise's SWIFT directory lists GTBINGLAXXX for GTBank's head office. Confirm it with the recipient's branch, together with the correspondent bank details GTBank gives for the currency you are sending.
Why did less money arrive than I sent?
Intermediary or receiving banks may deduct charges on the way, especially under the SHA or BEN charges options. Your bank's exchange rate margin is a separate cost on top.
How long does a bank transfer from Australia to Nigeria take?
Moneysmart says international transfers range from instant to up to five business days. SWIFT payments through correspondents are usually at the slower end; ask your bank for its estimate and keep the reference to trace it.
Sources
- Moneysmart (ASIC): Sending money overseas (updated 17 Sep 2026) · accessed Oct 2026
- Commonwealth Bank: Moving to Australia (updated 23 Oct 2026) · accessed Oct 2026
- BNZ: SWIFT MT103 message specification (Nov 2021) · accessed Oct 2026
- GTBank: Foreign currency inward transfer (FX inflow) · accessed Oct 2026
- Wise SWIFT code directory: GTBank Nigeria · accessed Oct 2026
- TheCable: Key points of the CBN Foreign Exchange Manual 2026 (3 Jun 2026) · 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.