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The short answer
Most SWIFT payments now reach the receiving bank within a day: Swift's 2020 data showed 92% of gpi payments credited within 24 hours. A transfer from a Nigerian bank can take longer because it may pass through one or more correspondent banks and compliance checks on either side; UK banks such as HSBC say payments from outside the EEA can take up to four working days or longer. If money has not arrived after that, ask the sending bank for the UETR, the payment's unique tracking reference, and give it to your UK bank.
What happens between the two banks
A SWIFT transfer is a message, not a single movement of money. Your Nigerian bank sends a payment instruction; if it does not hold an account directly with your UK bank, the money passes through a correspondent bank, often in the currency's home market. Dollars commonly route through US correspondents and pounds through UK ones. Each bank in the chain can add a day, a compliance check or a fee.
Swift reported in October 2020, using its tracking data, that 92% of gpi cross-border payments were credited to the beneficiary within 24 hours and 40% within 30 minutes. On busy routes between mature markets without currency controls it was faster still: 72% of UK-to-US payments arrived within 30 minutes. Routes with more checks and currency controls take longer, which is why your UK bank's own timing guide is the better guide for a payment from Nigeria.
What UK banks say
- HSBC UK: payments from outside the EEA can take up to four working days, or longer.
- Lloyds Bank: the overseas bank's agent bank may deduct a fee, and to trace a payment you will need the UETR.
- Lloyds converts foreign currency to pounds on the day it is paid in at its standard rate, which includes a margin over the wholesale rate; on amounts up to £10,000 it published 3.55% when checked in October 2026.
Why a transfer from Nigeria stalls
| Cause | Where it happens | What you can do |
|---|---|---|
| Sent after the cut-off or before a holiday | Nigerian bank | Ask the date and time it was actually released |
| Wrong or incomplete details (IBAN, BIC, name) | Either side | Check the details against your UK bank's page; HSBC notes IBAN and BIC are needed from abroad |
| Correspondent compliance check | Intermediary bank | Wait, then trace with the UETR |
| Receiving bank review of the payer or purpose | UK bank | Answer quickly with evidence of source |
| Currency mismatch (dollars sent to a sterling account) | UK bank | Expect conversion at the bank's rate |
Questions to ask before the money is sent
Most delays are avoidable if the sender asks a few questions at the counter or in the app first:
- Which currency will be sent? Sending pounds to a sterling account avoids your UK bank converting dollars at its own rate.
- Who pays the charges? Under the SHA option each side pays its own bank; under OUR the sender pays more so that more arrives.
- What is the cut-off time today, and will the payment be released today or tomorrow?
- Does the bank need any documents for this amount or purpose, and can they be supplied now?
- Can the bank give the UETR or MT103 copy as soon as the payment is released?
Write your UK account name exactly as your bank holds it. A mismatch between the name on the payment and the name on the account is a common reason for a payment to be held or returned.
The UETR: how to trace it
UETR stands for unique end-to-end transaction reference. Swift says every Swift payment carries one, and it lets each bank in the chain see where the payment is. It is a long string of letters and numbers, usually 36 characters with dashes.
- Wait until the bank's normal timing has passed; tracing a payment sent yesterday wastes everyone's time.
- Ask the Nigerian sender to request the UETR, or the MT103 payment confirmation, from their bank. Branch staff can print it.
- Give the UETR to your UK bank and ask it to trace the incoming payment.
- If the trace shows the money held at an intermediary, ask what information it needs and provide it through your bank.
- If the payment is rejected, it is returned to the sender, less any charges deducted on the way.
The Nigerian rules that affect timing
Foreign-currency transfers out of Nigeria are governed by the CBN's FX Manual. Under the 2026 edition, according to Pavestones (via Mondaq), holders of self-funded domiciliary accounts no longer need Form A for outward remittances and can make direct telegraphic transfers of up to US$10,000 a day. TheCable's summary describes the same US$10,000 daily figure. Larger sums, or transfers needing documents, take longer because the bank must review them before release. Ask the sending bank which applies before it sends.
Worked example of the charges
Example only. A relative sends US$1,000 from a Nigerian domiciliary account to your sterling account at a UK bank. If an intermediary bank deducts US$20, US$980 arrives. Your UK bank converts it at its own rate; at a wholesale rate of 1.2600 dollars to the pound plus a 3.55% margin, the rate becomes about 1.3047, giving £751.13, and a receiving fee of £7 leaves £744.13. Your bank's actual rate and fee may differ.
For the SWIFT basics, the Nigeria library explains SWIFT and local payment rails.
Where Pryme fits
Family in Nigeria can pay naira into your Pryme account's naira details by local transfer, with no SWIFT leg, and you convert with Swap when you choose; the app shows the rate and the fee before you approve. Pounds can arrive on your UK account details. See also receiving naira from Nigeria into a UK account.
Questions people ask
How long does a transfer from GTBank or Zenith to a UK bank take?
Often one to four working days, depending on the correspondent route and checks. Ask the sending bank when it released the payment.
What is a UETR number?
The unique end-to-end transaction reference carried by a Swift payment. Banks use it to track where the payment is.
Why did less money arrive than was sent?
Intermediary banks can deduct fees, and your UK bank converts foreign currency at its own rate with a margin.
My SWIFT has not arrived after a week. What now?
Get the UETR or MT103 from the sending bank and ask your UK bank to trace the payment.
Sources
- Swift: Swift gpi driving payments revolution (7 Oct 2020) · accessed Oct 2026
- HSBC UK: What is an IBAN, a BIC and a SWIFT code · accessed Oct 2026
- Lloyds Bank: Receiving a payment from outside the UK · accessed Oct 2026
- Mondaq (Pavestones Legal): the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
- TheCable: 7 things to know about CBN's new FX manual (3 Jun 2026) · accessed Oct 2026
- Barclays: International payments (charge options OUR, SHA, BEN) · 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.