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The short answer
If your transfer was converted to naira before it was cancelled or returned, the refund often depends on converting back at a later rate, and the sender usually bears that difference under providers' terms unless the provider made an error. US Regulation E gives a full refund, including fees, if you cancel within 30 minutes and the money has not been collected or deposited, and a refund or free resend where the provider is at fault. Ask how the refund was calculated, and quote the rule or terms that apply.
You send £500, the transfer is cancelled four days later because the recipient's account would not take it, and £482 comes back. Where did £18 go? Usually it is the currency moving between the day your money was converted and the day it was converted back, plus any fee that was not refunded. Whether you can get it back depends on why the transfer was cancelled and which rules cover you.
Why the amount changes
- Conversion happened first. Many providers convert your pounds, dollars or euros into naira when you pay, then deliver the naira. If delivery fails, they hold naira and must convert it back.
- Two conversions, two margins. The rate you got going out and the rate coming back each include a margin against the mid-market rate; see FX margins.
- The market moved. If the naira weakened in between, the naira buys back fewer pounds.
- Fees. Some refunds include the fee, some do not.
- Bank wires. On SWIFT payments, intermediary banks may deduct charges on the way out and again on the way back.
What the rules and terms say
| Source | What it says |
|---|---|
| US Regulation E, 12 CFR 1005.34 | Cancel within 30 minutes of payment, if the funds have not been picked up or deposited: full refund including fees (and taxes where permitted) within three business days. |
| US Regulation E, 12 CFR 1005.33 | Errors include the wrong amount paid and funds not available by the disclosed date. Notice within 180 days; the remedy is a refund or resend at no extra cost, and fees are refunded for late delivery errors. |
| Wise, guaranteed rate | A guaranteed rate lasts 2 to 48 hours by currency. If your money arrives late, the live rate applies. If the mid-market rate drops 5% or more before your money arrives, the transfer is cancelled and refunded. |
| Remitly (Canada to Nigeria page) | "Delivered on time or we'll refund your fees"; conditions not on the page. |
| Ria help centre | A transfer can be cancelled through the app, online or customer care, but not once paid; fee refunds are not stated. |
Outside the US, there is often no specific rule on FX loss in a cancelled transfer, so the provider's terms decide. Read the refund section of the terms, which usually says whether a refund is paid in the original amount or the converted value.
Who usually pays
- You cancelled, or gave wrong details: generally the sender bears the FX difference and may lose the fee.
- The provider made an error (wrong amount, late without cause, wrong recipient through its fault): ask for the full original amount and fee. In the US, quote 12 CFR 1005.33.
- The recipient's bank rejected it (closed account, name mismatch, restriction): usually treated like your cancellation, but ask; some providers refund the original amount if conversion had not completed.
Worked example
Example only, with made-up rates. Kemi sends £500. The app converts at ₦2,000 per £1, so ₦1,000,000 is due to her cousin. The cousin's bank rejects it four days later. The provider converts the ₦1,000,000 back at ₦2,075 per £1 (its rate for buying pounds that day), giving £481.93. Her fee of £3 is not refunded. She receives £481.93, so her total loss is £18.07 of the £500 principal plus the £3 fee, £21.07. Because the cause was the cousin's account, the provider's terms put the difference on her. Had the app sent the money to the wrong account through its own error, she would have a strong case for £503.
Check: £500 x 2,000 = ₦1,000,000; ₦1,000,000 / 2,075 = £481.93; £500 - £481.93 = £18.07; £18.07 + £3 = £21.07.
Note that in this example the provider's own spread on both conversions is part of the loss, not only the market move. A provider that holds your money in the original currency until delivery, or reverses a conversion that has not settled, can sometimes refund the original amount; ask which applies.
How to ask for the full amount
- Ask the provider, in writing through the app, for the rates used each way, the fee treatment and the reason for cancellation.
- If the cause was its error, say so and ask for the original amount plus fee.
- In the US, cite Regulation E and note the 180-day window for error notices.
- If you are not satisfied, use the provider's complaints process and then the ombudsman or regulator where you live.
To avoid the problem, check the recipient's details before you pay; see why transfers are returned and cancelling a transfer.
Where Pryme fits
In a Pryme Personal Account, money stays in the currency it arrived in until you choose to convert with Swap, which shows the rate first and the fee on its own line before you approve. Keeping pounds as pounds until the naira payment is ready avoids converting twice.
Questions people ask
Why did I get less back after my transfer was cancelled?
Your money was probably converted to naira and then back at a later rate, with a margin each way, and the fee may not have been refunded.
Can I get a full refund if I cancel quickly?
In the US, Regulation E gives a full refund including fees if you cancel within 30 minutes and the funds have not been collected or deposited.
Who pays the exchange loss on a refunded transfer?
Usually the sender, under providers' terms, unless the provider made an error. Check the refund section of the terms.
Does Wise refund if the rate changes?
Wise says if the mid-market rate drops 5% or more before your money arrives, it cancels the transfer and refunds you.
Sources
- eCFR: 12 CFR 1005.34, cancellation of remittance transfers · accessed Oct 2026
- eCFR: 12 CFR 1005.33, error resolution for remittance transfers · accessed Oct 2026
- Wise Help: What's a guaranteed rate? · accessed Oct 2026
- Remitly: send money from Canada to Nigeria · accessed Oct 2026
- Ria Money Transfer help centre · 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.