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The short answer
When you wire money to Nigeria, the payment usually passes through one or more correspondent banks before it reaches the Nigerian bank, and each one can deduct a fee from the amount in transit. That is why a $1,000 wire can arrive as $975 or similar. You can limit the surprise by choosing the OUR charge option, paying your bank's correspondent charge where offered, and using the receiving bank's published correspondent details.
You sent $1,000. Your brother's statement shows less. Nobody made a mistake: the payment travelled through banks you never chose, and some of them took a cut along the way.
Why there are banks in the middle
Banks move money between each other through accounts they hold with each other. Where your bank and the Nigerian bank have no direct relationship, the payment is settled through a third bank where both sides have accounts. Dollar payments are commonly settled through US banks where both sides have accounts, and sterling or euro payments through banks in London or Europe. Fidelity Bank's 2025 SWIFT instructions, for example, name Citibank NA New York as its USD correspondent and Citibank NA London for GBP and EUR.
The payment message lists these institutions. In the classic MT103 format, field 56 is the intermediary institution and field 57 the institution holding the beneficiary's account. Field 71F records charges deducted by the sender and earlier banks in the chain.
Who charges what
| Bank in the chain | What it may charge | Who usually bears it |
|---|---|---|
| Your bank | Its sending fee, and any conversion margin | You |
| Intermediary or correspondent bank(s) | A handling fee, deducted from the amount | The recipient, unless you chose OUR |
| Nigerian receiving bank | Any inward charge it applies | The recipient |
Sending banks warn about this on their own pages. Barclays says intermediary banks may charge. HSBC UK says that outside the EEA, intermediary and receiving banks may charge. Wise, for its USD accounts, notes that correspondent banks may take fees from SWIFT payments. NerdWallet's guide says one to three intermediary banks may deduct fees from an incoming wire.
Example (illustrative figures only)
You wire $1,000 with SHA charges. Your bank charges its fee to you separately. One US intermediary deducts $20, and the Nigerian bank's correspondent deducts $10. The dom account receives $970. If the money was for a $1,000 school fee, the school is $30 short and may not release the place until it is paid.
How to reduce the deductions
- Choose OUR where you can. You pay all charges and the full amount should arrive. Lloyds, for example, offers a full-amount option in branch and by phone at its £9.50 payment fee plus a correspondent fee of £20 for most countries outside Europe and North America. See SHA, BEN or OUR.
- Use the correspondent the Nigerian bank names. If your bank chooses its own route, the payment may pass through extra banks. See correspondent bank details.
- Send in the currency of the account. Converting at your end and again in Nigeria adds margins, and a currency mismatch can add a handling step.
- Send one larger payment rather than several small ones. Fixed intermediary fees weigh more on small wires.
- Ask for the payment confirmation. The MT103 or its successor shows the charge option and any deductions recorded. See what an MT103 shows.
Spotting deductions after the fact
Ask the recipient for the credit entry on their statement, and ask your bank for the payment confirmation. Compare three figures: the amount you instructed (field 33B on an MT103, where present), the amount that left your bank, and the amount credited in Nigeria. A gap between the first two points to your bank or a conversion; a gap between the second and third points to the intermediaries or the receiving bank. If you chose OUR and still see a gap in the middle of the chain, raise it with your bank, giving the UETR, because that is not what you paid for.
Agree costs with the recipient in advance
For business or property payments, put who bears transfer costs in writing before you pay. A simple line in an invoice or agreement, "all bank charges for the account of the payer" or "shared", removes a common source of dispute. Where the recipient will bear charges, they know to expect a little less and can plan for it. Where you will bear them, you know to choose OUR and to budget for your bank's surcharge.
When the shortfall matters most
- Paying an invoice or fee where the recipient expects an exact figure.
- Property or legal payments where a short payment can delay completion.
- Business payments where the shortfall shows up as an unpaid balance.
For these, either use OUR or add a margin and agree with the recipient that any surplus is credited. For everyday family support, an app payout in naira avoids the correspondent chain altogether; the Nigeria library's SWIFT vs local payment rails explains why.
Where Pryme fits
Paying naira to a Nigerian account through Pryme Send does not go through a chain of correspondents. The app shows the rate and the fee before you approve.
Questions people ask
Why did less money arrive in Nigeria than I sent?
Correspondent or intermediary banks deducted fees in transit, the receiving bank applied a charge, or both. The charge option you chose decides who bears them.
How much do intermediary banks charge for wires to Nigeria?
It varies by bank and is rarely published in advance. Ask your bank, or choose OUR to pay the charges up front.
Can I get the intermediary fee refunded?
Usually not, if the fee was taken under the charge option you chose. If you paid OUR and still saw a deduction, ask your bank to investigate.
Does choosing OUR guarantee the full amount arrives?
It should cover the sending and intermediary charges, but the receiving bank may still apply its own fee.
Sources
- Fidelity Bank: Bank details for SWIFT transfers (2025 PDF) · accessed Oct 2026
- BNZ: SWIFT MT103 message specification (Standards MT November 2021) · accessed Oct 2026
- Barclays: International payments · accessed Oct 2026
- HSBC UK: International money transfers · accessed Oct 2026
- Lloyds Bank: How to make an international payment · accessed Oct 2026
- NerdWallet: Wire transfers, what banks charge · 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.