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The short answer
FirstBank's FAQ lists charges for transfers to other banks of ₦10.75 under ₦10,000, ₦26.88 from ₦10,000 to ₦49,999 and ₦52.50 from ₦50,000, which include 7.5% VAT; the CBN's Guide to Charges caps the fee itself at ₦10, ₦25 and ₦50 by band. On a transfer of ₦10,000 or more you also pay ₦50 stamp duty as the sender from 1 January 2026, so check your statement for the exact debit.
A FirstBank transfer to another bank can produce three separate debits: the transfer fee, VAT on that fee, and, for larger sums, stamp duty. This guide explains each, shows the figures FirstBank and the CBN publish, and works through the full cost of a transfer. Figures were checked in October 2026.
FirstBank's published charges
| Transfer amount (to another bank) | FirstBank FAQ charge |
|---|---|
| Under ₦10,000 | ₦10.75 |
| ₦10,000 to ₦49,999 | ₦26.88 |
| ₦50,000 and above | ₦52.50 |
Source: FirstBank FAQ, accessed October 2026, listed as FIP (FirstBank Instant Payment) charges. Two cautions. First, ₦10.75 and ₦26.88 are ₦10 and ₦25 plus 7.5% VAT, but ₦52.50 is not ₦50 plus VAT (that would be ₦53.75), so one figure may be out of date. Second, FirstBank's bands start at ₦10,000 while the CBN's bands start at ₦5,000. Your statement is the final word on what you were charged.
The CBN ceiling
The CBN's Guide to Charges, effective 1 January 2020, sets the maximum electronic transfer fee banks may charge:
- ₦5,000 and below: ₦10
- ₦5,001 to ₦50,000: ₦25
- Above ₦50,000: ₦50
VAT at 7.5% is added to bank fees, as FirstBank's FAQ notes. The same CBN guide says USSD transfers attract the prevailing NIP charges, so a *894# transfer should cost the same fee as an app transfer, though your network may bill the session.
In April 2026 the CBN published a draft new Guide to Charges for consultation. As reported by TechCabal, it proposes free transfers up to ₦5,000, ₦10 from ₦5,000 to ₦50,000 and a ₦50 cap above that. It was a draft with no stated effective date when we checked; until the CBN issues a final guide, the 2020 bands apply.
Stamp duty on top
From 1 January 2026, under the Nigeria Tax Act 2025, the old Electronic Money Transfer Levy was replaced by a ₦50 stamp duty on electronic transfers of ₦10,000 or more, taken from the sender. Techeconomy's report, which cites a FirstBank customer notice, says transfers below ₦10,000, salary payments and transfers between your own accounts in the same bank are exempt. More in First Bank stamp duty explained.
Worked example: the full cost
Example only. You send ₦60,000 from FirstBank to a friend's account at another bank.
| Item | Using FirstBank FAQ | Using CBN cap + VAT |
|---|---|---|
| Transfer fee incl. VAT | ₦52.50 | ₦50 + ₦3.75 = ₦53.75 |
| Stamp duty (sender, ₦10,000+) | ₦50.00 | ₦50.00 |
| Total charges | ₦102.50 | ₦103.75 |
| Total leaving your account | ₦60,102.50 | ₦60,103.75 |
Sending ₦8,000 instead: fee ₦10.75 on FirstBank's table, no stamp duty because it is under ₦10,000, so ₦8,010.75 leaves the account.
How the charges appear on your statement
Each charge usually shows as its own line rather than being added to the transfer amount. Expect to see the transfer itself, a separate fee line, a VAT line or a fee that already includes VAT, and, for ₦10,000 or more, a stamp duty line. The narrations vary, so look for words such as 'charge', 'commission', 'VAT', 'stamp duty' or 'SD'. If you see a stamp duty debit on money you received rather than sent, check the date: before 2026 the levy fell on the receiver, which is why FirstBank's older FAQ answer still describes ₦50 'for each cash received'.
Ways to pay less
- Combine small transfers. Three ₦9,000 payments each avoid stamp duty but pay three fees; one ₦27,000 payment pays one fee plus ₦50 stamp duty. On FirstBank's FAQ figures (example): three × ₦10.75 = ₦32.25, against ₦26.88 + ₦50 = ₦76.88 for the single payment. Splitting only makes sense when the recipient actually needs separate payments; deliberately breaking up transfers to avoid duty is not advice we give, and the law may treat it differently.
- Move money between your own FirstBank accounts rather than to someone else's, where the stamp duty exemption for own-account transfers applies.
- Use salary channels for salary. Employers paying through a payroll route may fall under the salary exemption.
- Sellers: if you are receiving rather than sending, see how to get paid in Nigeria for the costs of each collection method.
- Check before approving. Look for the fee on the confirmation screen in FirstMobile before you enter your PIN, and cancel if it is not what you expected.
Transfers within FirstBank
FirstBank's FAQ lists its charges only for transfers to other banks. It does not publish a fee for FirstBank-to-FirstBank transfers on the pages we opened, so check the confirmation screen before you approve. Stamp duty still applies to ₦10,000 or more sent to another person, even at the same bank; only transfers between your own accounts are exempt.
If you think you were overcharged
- Download a statement and list each fee debit next to its transfer.
- Compare with the bands above.
- Email firstcontact@firstbanknigeria.com with the dates, amounts and narrations.
- If unresolved, escalate to the CBN's Consumer Protection Department. See First Bank complaint escalation.
Where Pryme fits
Pryme shows the fee on its own line before you approve a transfer. See sending money with Pryme.
Questions people ask
How much does First Bank charge for transfer to other banks?
FirstBank's FAQ lists ₦10.75 under ₦10,000, ₦26.88 from ₦10,000 to ₦49,999 and ₦52.50 from ₦50,000, including VAT. Stamp duty of ₦50 is added on ₦10,000 or more.
Why was I charged ₦50 extra on my First Bank transfer?
That is likely the ₦50 stamp duty on electronic transfers of ₦10,000 or more, charged to the sender since 1 January 2026.
Is First Bank USSD transfer more expensive than the app?
The CBN guide says USSD transfers attract the prevailing NIP charges, the same fee as other electronic transfers; your network may charge for the session.
Is First Bank to First Bank transfer free?
FirstBank does not publish an intra-bank fee on the pages we checked. Check the confirmation screen; stamp duty applies to ₦10,000 or more sent to someone else.
Sources
- FirstBank: Frequently asked questions · accessed Oct 2026
- CBN: Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 January 2020) · accessed Oct 2026
- TechCabal: CBN draft Guide to Charges 2026 (April 2026) · accessed Oct 2026
- Techeconomy: Stamp duty replaces EMTL, sender to bear N50 charge on bank transfers (1 Jan 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.