AI agents for business finance: what they can and can't do
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The short answer
The gap usually comes from one of four places: the rate was re-quoted because your money reached the provider after the quote expired, fees were deducted along a SWIFT chain, the amount was converted twice, or the recipient's bank applied a charge. Compare the provider's receipt, which should show the amount to be delivered, with the credit on the recipient's statement, and ask the provider in writing to explain any difference.
Start with the receipt
Before anything else, find the provider's confirmation. In the US, remittance transfer providers must disclose, before and after you pay, the fees, taxes, exchange rate, any fees charged by agents abroad and the amount to be delivered, according to the Consumer Financial Protection Bureau (CFPB). Other countries' providers usually show the same items. That receipt is your benchmark: if the naira credited is less than the 'amount to be delivered', you have a question for the provider.
The four usual causes
1. The rate was re-quoted
Quotes have a lifespan. Wise, for example, says its guaranteed rate lasts 2 to 48 hours depending on the currency, and that if your money arrives after the deadline the transfer uses the live mid-market rate when the funds are received. Paying by a slow bank transfer into an app can push you past a quote's expiry, so the naira figure changes before conversion.
2. Fees were taken along the way
On a SWIFT wire, intermediary and receiving banks can deduct charges from the amount, depending on whether the payment was sent as SHA, BEN or OUR. See SHA, BEN and OUR charges and intermediary bank fees.
3. The money was converted twice
If you sent dollars or pounds to a naira account, the Nigerian bank converts at its own rate. And under the CBN's rules for money transfer operators, remittances through those firms are paid out in naira, so a payment you expected to arrive as dollars may be converted. See transfer paid out in a different currency.
4. Recipient-side charges
Nigerian banks publish tariff guides. UBA's September 2026 service charges, for example, show no line for receiving inward remittances, but each bank sets its own. Separately, a ₦50 stamp duty applies to electronic transfers of ₦10,000 or more from 1 January 2026, charged to the sender, so if your relative moves money on to another account, that charge is theirs.
Cash pickup is capped
If the recipient collects cash, the CBN's 2026 Foreign Exchange Manual, as reported by TheCable, caps over-the-counter cash collection of money transfer inflows at the naira equivalent of $200, with larger amounts credited to a bank account. A recipient who expected to collect everything in cash may therefore see part of it go to their account instead, which can look like a shortfall until both are added together.
Reconciling the figures
Example only, with made-up figures. You were quoted ₦950,000 to be delivered. The recipient's alert shows ₦930,000.
| Step | What to check | Example |
|---|---|---|
| Quote | Amount to be delivered on the receipt | ₦950,000 |
| Conversion | Was the rate on the final receipt the one quoted? | Final receipt shows ₦940,000 after re-quote |
| Deductions | Any intermediary or receiving-bank fee on the statement | ₦10,000 shown as charge |
| Credited | Naira on the recipient's statement | ₦930,000 |
Check: ₦950,000 − ₦10,000 re-quote effect − ₦10,000 charge = ₦930,000. Once each step is accounted for, you know whether the provider, a bank in the chain or the recipient's bank caused the gap.
If the gap is unexplained
- Ask the recipient for a statement, not only an SMS alert, showing the credit and any separate charges.
- Send the provider the receipt, the statement and the transaction reference, and ask for a written explanation.
- In the US, CFPB rules let you report an error within 180 days of the date the money was promised to be available; providers generally have 90 days to investigate.
- If the payout was partial, see transfer partly paid out.
Preventing a gap next time
- Fund the transfer by a method that reaches the provider before the quote expires.
- Send naira to a naira account and foreign currency to a domiciliary account of the same currency, so there is only one conversion.
- On wires, understand who pays the charges before you choose SHA, BEN or OUR.
- Tell the recipient the exact amount to expect, so a difference is spotted the same day.
Where Pryme fits
In Pryme, Swap shows the rate first and the fee on its own line, and nothing converts until you approve; money stays in the currency it arrived in until you choose. When you send naira, the app shows the rate and the fee before you approve, which gives you one figure to reconcile against.
Questions people ask
Why did my family receive less naira than I was quoted?
Common reasons are a re-quoted rate because your money arrived after the quote expired, fees deducted along a SWIFT chain, a second conversion by the receiving bank, or a recipient-bank charge.
Do Nigerian banks charge to receive money from abroad?
Each bank sets its own tariff. UBA's September 2026 service charges show no line for inward remittances; check the recipient bank's guide.
Can I claim the difference from the money transfer company?
If less than the disclosed 'amount to be delivered' arrived, ask the provider in writing. In the US, CFPB rules give you 180 days to report an error.
What is the amount to be delivered on a remittance receipt?
It is the sum the provider says the recipient will get after its fees, taxes and conversion. US providers must show it before and after you pay.
Sources
- CFPB: What is a remittance transfer and what are my rights? · accessed Oct 2026
- Wise Help: What's a guaranteed rate? · accessed Oct 2026
- UUBO: CBN directive routing remittances through regulated channels (Mar 2026) · accessed Oct 2026
- UBA Nigeria Service Charges (11 Sept 2026) · accessed Oct 2026
- TheCable: CBN Foreign Exchange Manual 2026 (3 Jun 2026) · accessed Oct 2026
- Techeconomy: Stamp duty replaces EMTL, sender to bear ₦50 charge (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.