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The short answer
HSBC UK says it charges £5 to send a payment to a bank outside the EEA, such as a Nigerian bank, whether you send online, in the app, in branch or by phone; a payment by post costs £17. The fee does not apply to Premier or Private Banking customers, or to payments made from a Global Money Account. The £5 is not the whole cost: the HSBC exchange rate includes a conversion charge, and intermediary or receiving banks may also take charges.
If you bank with HSBC UK and send money to family or to your own account in Nigeria, the first charge you see is a flat £5. This guide sets out what HSBC's own international payments page says about that fee as at October 2026, who is exempt, and the other costs that sit around it so you can judge the full price of a payment before you press send.
What HSBC says the £5 covers
HSBC UK's international payments page lists a fee of £5 to any other bank outside the EEA when you send online, and the same £5 for payments made in the mobile app, in branch or by phone. A payment instructed by post costs £17. Nigeria is outside the EEA, so a payment from an HSBC UK current account to a Nigerian bank falls into this band.
The £5 is HSBC's own charge for sending the payment. It is taken from your account by HSBC, so in the ordinary case you, the sender, pay it. It does not depend on the size of the payment: £5 on £100 and £5 on £10,000.
Who does not pay it
HSBC's page names three cases where the fee does not apply:
- Premier customers. The fee is waived for HSBC Premier.
- Private Banking customers. Also exempt.
- Global Money Account payments. HSBC says there is no HSBC fee when you pay from Global Money in the app. The page describes Global Money as sending 50+ currencies to 200+ countries, up to £50,000 a day. It needs an eligible HSBC UK current account. Check in the app whether naira is offered as a currency for your payment before relying on it.
HSBC's page does not set out the eligibility rules for Premier. If you are not sure which account you hold, the account name in the app or on your statement will say.
The costs that are not the £5
Two other costs can matter more than the fee, especially on larger amounts.
The conversion charge in the exchange rate
When you send pounds that are converted to another currency, HSBC applies "the HSBC Exchange Rate which includes a currency conversion charge". The page does not publish a percentage for outgoing payments. You see the rate before you confirm, so compare it with the mid-market rate at that moment to work out the margin. Our guide to the FX margin on UK to Nigeria transfers shows how.
Intermediary and receiving bank charges
For payments outside the EEA, HSBC says other banks involved "and the receiving bank may also impose charges", and that an intermediary bank may be used. These deductions come out of the money in transit, so your recipient may receive less than you sent. HSBC's page does not say how much they are, because they are set by the other banks.
A worked example
Example only. The rate and charge below are invented to show the method; your app shows the live figures. Suppose the mid-market rate is ₦2,000 to £1 and the HSBC rate you are shown works out 2% below it, at ₦1,960.
| Item | Sending £500 | Sending £5,000 |
|---|---|---|
| HSBC fee | £5 | £5 |
| Value at mid-market rate | ₦1,000,000 | ₦10,000,000 |
| Converted at example rate (₦1,960) | ₦980,000 | ₦9,800,000 |
| Cost of the 2% margin | ₦20,000 (£10) | ₦200,000 (£100) |
| Fee plus margin | £15 (3% of £500) | £105 (2.1% of £5,000) |
On £500 the £5 fee is a third of the cost; on £5,000 it is under 5% of it. On larger amounts the conversion charge is the figure to look at. Any intermediary deduction would come on top.
Small, regular payments
A flat fee matters most when you send little and often. Example only: £100 a month to a parent in Nigeria from a standard HSBC current account carries £5 each time, £60 over a year, which is 5% of the £1,200 sent, before any conversion charge. Sending £300 once a quarter instead would cut the HSBC fees to £20 a year. Whether that suits your family is a separate question; the arithmetic is simply worth doing once.
What to check first
- Which account you are sending from: Premier, Private Banking and Global Money payments do not carry the £5.
- The rate HSBC shows, compared with the mid-market rate at the same moment.
- The recipient details HSBC asks for: the exact account name, the SWIFT or BIC code, the account number, the recipient's address, the receiving bank's address, a payment reason and a reference.
- Timing: HSBC says payments outside the EEA can take up to 4 working days.
Nigerian accounts use a 10-digit NUBAN rather than an IBAN; see entering a NUBAN on a UK transfer. For more on HSBC payments in general, see HSBC UK international payments to Nigeria.
Where Pryme fits
A Pryme account can be opened from the UK and holds pounds and naira in one place, with local details for each currency. You convert with Swap when you choose: the app shows the rate and the fee before you approve, and you can then send to a Nigerian account.
Questions people ask
Does the person in Nigeria pay the HSBC £5 fee?
No. HSBC takes its £5 from the sender's account. The recipient may still see deductions by intermediary or receiving banks, which HSBC says can apply outside the EEA.
Is HSBC's £5 fee waived for Premier customers?
Yes. HSBC's page says the fee does not apply to Premier or Private Banking customers, or to payments from a Global Money Account.
Is the £5 the only cost of sending money to Nigeria with HSBC?
No. The HSBC exchange rate includes a currency conversion charge, and other banks in the chain may charge. Compare the rate shown with the mid-market rate.
How much does it cost to send money to Nigeria by post with HSBC?
HSBC's page lists £17 for a payment instructed by post, compared with £5 online, in the app, in branch or by phone.
Sources
- HSBC UK: International payments and money transfers · accessed Oct 2026
- HSBC UK: What is an IBAN, a BIC and a SWIFT code? · 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.