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The short answer
When a recipient in Nigeria gets fewer naira than the quote showed, the cause is usually one of four things: the quoted rate expired before your money reached the provider, a promotional rate covered only part of the amount, a bank-to-bank (SWIFT) payment had charges taken along the way, or the money paid out to a different account type than you expected. UK rules require a provider to show its charges and exchange rate before you commit, so your receipt is the starting point for any claim.
You sent pounds, the screen promised a naira figure, and the credit alert in Lagos or Enugu shows something smaller. The gap might be a few hundred naira or tens of thousands. Before you assume anyone has made a mistake, it helps to know how a quote is built and where it can change, because most shortfalls have an explanation you can check from your own records.
What a quote is, and what the law says it must show
Under the UK's Payment Services Regulations 2017, a provider offering a one-off international payment must give you, before you are bound, the charges you pay to it (with a breakdown where applicable) and the actual or reference exchange rate it will apply (regulation 43). For a transfer from the UK to Nigeria, where only one of the two providers is in the UK, those rules apply to the parts of the transaction carried out in the UK (regulation 40). In practice that means the UK provider must be clear about its own fee and its rate. It does not mean it can promise what a Nigerian bank will do once the money lands.
A quote is therefore a statement of the rate and fee on the terms shown. If those terms include a time limit, a payment method or an amount cap, a change in any of them changes the result. For the mechanics behind the rate itself, see how the FX margin works on UK to Nigeria transfers.
The four common causes
1. The rate expired before your money arrived
Many providers hold a quoted rate only for a set period. Wise's help centre, for example, says its guaranteed rate lasts between 2 and 48 hours depending on the currency, refreshes if you spend more than 30 minutes on any step of setup, and is locked only once Wise receives the full amount (or the moment you authorise a connected bank payment). If the money arrives after the deadline, Wise says it uses the live mid-market rate at the time it receives the funds. Other providers word this differently, so read the rate-lock line on your own receipt. Our guide to rate locks on UK to Nigeria transfers covers this in more depth.
2. A promotional rate applied to only part of the amount
First-transfer offers are often capped. Remitly's UK pricing page for Nigeria, checked in October 2026, says its promotional rate applies to the first £250 sent by new customers, with the standard rate above that. If you sent more than the cap and read the headline rate, the naira total will be lower than you multiplied out. See how first-transfer promo rates work.
3. Charges taken along a SWIFT route
If you paid from a UK bank by international (SWIFT) payment rather than through a money transfer app, the charge option matters. Barclays' international payments page describes three: OUR (you pay all charges), SHA (you pay your bank's charges and the recipient pays the others) and BEN (charges are deducted from the amount sent). It also says intermediary banks may charge. Under SHA or BEN, the amount that reaches Nigeria can be smaller than the amount that left your account, and the receiving bank may convert or charge on its own terms.
4. The payout went somewhere different
A mistyped account number, a payout to a domiciliary account instead of a naira account, or a cash pickup instead of a bank deposit can all change what arrives and when. Check the exact payout method and account on your receipt against what your recipient expected.
A worked example
These figures are invented to show the arithmetic. They are not a current rate.
| Scenario | Rate used (example) | Naira delivered |
|---|---|---|
| Quote: £500 at 1,900 naira per £1 | 1,900 | 950,000 |
| Payment arrived after the lock; rate had moved to 1,880 | 1,880 | 940,000 (₦10,000 less) |
| Promo of 1,950 on the first £250 only, 1,900 on the rest | 1,950 / 1,900 | 487,500 + 475,000 = 962,500 |
| Sender expected 1,950 on the full £500 | 1,950 | 975,000 (gap of ₦12,500 against the promo result) |
In each case the provider may have done exactly what its terms said. The shortfall comes from the gap between the terms and what the sender assumed.
Steps: working out which cause applies
- Open your receipt or transfer history and note the rate, fee, payout method, recipient account and any lock deadline shown.
- Note when your payment actually reached the provider. A bank transfer sent late on a Friday may not land until the next business day.
- Ask your recipient for the bank's credit alert or statement line, with the date and the exact naira credited.
- Multiply your sent amount (after any fee) by the rate on the receipt. If that matches what arrived, the issue is the rate you expected, not the payment.
- If it does not match, contact the provider in writing with the reference number, the receipt and the credit alert. For a SWIFT payment, ask your UK bank which charge option was used and whether any intermediary deducted a fee.
If you think the provider got it wrong
Complain to the provider first and give it the evidence above. If you are not satisfied with the final response, the Financial Ombudsman Service can look at complaints about banks, e-money institutions and payment institutions, according to the FCA's page on using payment service providers. Our guide on complaining to the Financial Ombudsman sets out the process. Where a Nigerian bank has deducted a charge on receipt, that is a matter for the recipient to raise with their bank, which follows Nigerian rules rather than UK ones.
Where Pryme fits
A Pryme Personal Account can be opened from any country and holds pounds and naira, each with its own account details. When you convert with Swap, the app shows the rate and the fee before you approve, and money stays in the currency it arrived in until you choose to convert. Outside Nigeria, Pryme's activities are carried out through regulated partners. You can see how sending works on the Send page.
Questions people ask
Why did my family receive less naira than the app showed?
Usually because the quoted rate expired before your money reached the provider, a promotional rate covered only part of the amount, charges were taken on a SWIFT route, or the payout went to a different account type. Check the rate and lock deadline on your receipt first.
Can a money transfer app change the rate after I send?
It depends on its terms. Some providers hold a rate only for a set time and use the live rate if your payment arrives late. Wise, for example, says its lock lasts 2 to 48 hours depending on currency. Your receipt shows which terms applied.
Do Nigerian banks charge for receiving money from the UK?
Policies differ by bank and payout route. Ask the recipient's bank directly and check the credit alert, which shows the amount actually credited.
Who do I complain to about a wrong naira amount?
Complain to the UK provider first with your receipt and the recipient's credit alert. If its final response does not resolve it, you can take the complaint to the Financial Ombudsman Service.
Sources
- legislation.gov.uk: Payment Services Regulations 2017, regulation 43 · accessed Oct 2026
- legislation.gov.uk: Payment Services Regulations 2017, regulation 40 · accessed Oct 2026
- Wise Help Centre: What's a guaranteed rate? · accessed Oct 2026
- Remitly: Send money to Nigeria, pricing (UK) · accessed Oct 2026
- Barclays: International payments · accessed Oct 2026
- FCA: Using payment service providers (updated 8 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.