AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Lloyds Bank charges £9.50 for international payments in currencies other than euros, which covers payments to Nigeria, and its standard exchange rate includes a margin of 3.55% on payments up to £10,000, falling to 1.50% at £250,000 and above, as at October 2026. You can send up to £100,000 a day in the app or online, and payments to countries outside its listed regions take no longer than five working days.
Fees and margin
Lloyds sets out its international payment costs on its help page. The figures below were current in October 2026; the live rate is shown when you set up the payment.
| Item | Lloyds figure |
|---|---|
| Fee for non-euro payments | £9.50 (some Basic Account, Corporate Markets and Mayfair payments differ) |
| Charging option online and in the app | Shared: you pay £9.50, the recipient pays any other fees |
| Full-amount option (branch or phone only) | Adds a correspondent bank fee: £12 Zone 1 (USA, Canada, non-EEA Europe), £20 Zone 2 (rest of world) |
| Exchange-rate margin | 3.55% up to £10,000, falling to 1.50% for £250,000 and above |
| Minimum payment | £1.01 |
Nigeria falls in Zone 2, so if you want the recipient to receive the full amount you would pay in a branch or by phone and add £20. Lloyds has a margin calculator that shows the margin for your exact amount.
Worked example
Example only. You send £1,000 converted to naira through the app.
- Fee: £9.50.
- Margin at 3.55%: £1,000 × 0.0355 = £35.50, built into the rate.
- Total cost: £9.50 + £35.50 = £45.00, before any deductions further down the chain.
- Same payment in a branch with the full-amount option: £9.50 + £20 + £35.50 = £65.00.
How the costs change with the amount
The £9.50 fee is flat, so it weighs more on small payments: it is 9.5% of a £100 transfer but under 1% of a £1,000 one. The margin works the other way. Lloyds says it is 3.55% up to £10,000 and falls as the amount rises, reaching 1.50% at £250,000 and above; the calculator gives the figure in between. For a family sending £150 a month, the fee is the larger concern; for someone paying a builder or a land seller, the margin is.
Sending less often, in larger amounts, reduces the number of £9.50 fees, though it also means holding money for longer before it reaches the recipient.
Limits and channels
- App or online banking: up to £100,000 a day. In the app choose "Send money abroad"; online, go to Payments and transfers, then "Send money outside the UK".
- Telephone banking: up to £10,000, if you are not registered for online banking.
- Branch: no maximum limit.
Details you need for Nigeria
For countries outside the UK and EEA, Lloyds asks for the recipient's full name and address, their account number, the BIC or SWIFT code, the bank's name and address, a clearing code where one applies, and a reason for the payment. For Nigeria, the account number is the 10-digit NUBAN; see the details a Nigerian bank needs and choosing a purpose of payment.
Cut-off and timing
Requests made before 3pm on a working day are processed and taken the same day; later requests, and those at weekends or on bank holidays, are processed the next working day. Lloyds lists delivery times by region. Nigeria is not named; South Africa is in the four-working-day group, and "any other country" is no longer than five working days, which is the band a Nigerian payment would appear to fall into. Ask Lloyds if the timing is critical. Extra time usually comes from intermediary banks: HSBC UK describes an intermediary bank as one that helps transfer funds when the sending bank has no direct relationship with the payee's bank, and each one in the chain can take its own fee from a shared-charges payment.
Where to see today's figure
This is a live-figure page, so we print no pound-to-naira rate. Lloyds says it tells you its exchange rate when you request the payment, and its margin calculator shows the margin for your amount. Compare the naira the recipient will receive, not just the £9.50, with another provider at the same time. Our guide to how long UK to Nigeria transfers take helps if speed matters more than price.
Where Pryme fits
For families who send often, holding a naira balance in their own name can make costs easier to track. A Pryme account opened from the UK holds pounds and naira with local details for each, and Swap shows the rate and the fee before you approve. Naira deposits are held by a licensed Nigerian microfinance bank; outside Nigeria, Pryme works through regulated partners.
Questions people ask
How much does Lloyds charge to send money to Nigeria?
£9.50 per non-euro payment, plus a margin in the exchange rate of 3.55% on amounts up to £10,000, according to Lloyds in October 2026.
How much can I send abroad with Lloyds?
Up to £100,000 a day in the app or online, £10,000 by telephone banking, and no maximum in a branch.
How long does a Lloyds payment to Nigeria take?
Lloyds says payments to countries not in its listed regions take no longer than five working days. Nigeria is not named on the page.
Can the recipient get the full amount from Lloyds?
Only for branch or phone payments, by adding a correspondent bank fee: £20 for Zone 2, which covers the rest of the world.
Sources
- Lloyds Bank: Send money outside the UK or in a foreign currency · accessed Oct 2026
- HSBC UK: International payments · 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.