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The short answer
The naira rate changes between quote and payout when the rate was not fixed at the moment you were quoted. Some providers lock a rate for a set window (Wise says 2 to 48 hours depending on the currency) but only if your money arrives in time; if the lock expires, the live rate applies. Bank SWIFT payments sent in pounds to a naira account are converted by the receiving bank on arrival, at its rate, which your UK screen cannot show.
You were quoted a figure on Friday evening. Your brother received less on Monday. Sometimes that is a mistake to complain about; more often the rate was never fixed in the first place. The difference lies in when, and by whom, the conversion was done.
When a rate is actually fixed
Remitly's glossary describes an exchange rate lock as one that "fixes the exchange rate applied to a transfer for a defined period", adds that the length varies by provider, and notes that "some rate locks expire and require accepting a new rate if the transfer wasn't completed in time". The details on each provider's own pages matter.
Wise's guaranteed rate, as an example
- Wise says it locks the rate for between 2 and 48 hours, depending on the currency.
- The guarantee holds if the full amount reaches Wise before the deadline; weekends and holidays usually do not count towards the window.
- If you miss the deadline, the live mid-market rate when your money arrives is used.
- A partial payment is not guaranteed, and the quote refreshes if you spend more than 30 minutes on a set-up step.
- Wise says it may cancel and refund the transfer if the mid-market rate moves by 5% or more before your money arrives.
NatWest's page says it offers a guaranteed rate when you send in its app or online. Check what your own provider promises, and for how long.
Four reasons the payout came in lower
| Reason | What happened | What to do |
|---|---|---|
| Lock expired | Your payment was funded after the window, so the live rate applied | Fund immediately after quoting, by a fast method |
| No lock offered | The quote was indicative; the rate applied when the payment was processed | Check the provider's wording before you send |
| Converted at the Nigerian end | You sent pounds by SWIFT to a naira account; the receiving bank converted on arrival | Send naira through a provider that converts before sending, or confirm the bank's rate |
| Charges taken on the way | Intermediary or receiving bank fees reduced the amount | Choose to pay all charges where your bank offers it; Barclays offers an optional overseas charge so the recipient pays none |
Promotional rates are another trap. Remitly's UK page says its promotional rate applies to the first £250 sent by new customers; a second transfer is priced at the standard rate.
Why pounds sent to a naira account can come in lower
When a UK bank sends pounds by SWIFT, it often cannot convert to naira itself. The money travels as pounds, and the Nigerian bank converts it when it arrives, at its own rate on that day. Your UK screen shows the pounds that left, not the naira that will land, so there is no quote to hold anyone to. If the recipient's account is a naira account, ask whether the provider converts before sending; if not, the final figure is set in Nigeria.
The same applies to charges. Barclays describes three charging options: OUR, where you pay all charges plus an overseas delivery charge; SHA, where you pay Barclays' fees and the recipient pays others; and BEN, where charges are deducted from the amount. Intermediary banks may take a cut under SHA and BEN, which also shrinks what arrives.
Weekend sending
Currency markets largely close at weekends. Some providers widen their price: Revolut's Nigeria page describes a weekend exchange fee of 1% on its Standard plan and 0.5% on Plus. Others lock rates that do not start counting until the next working day. If you quote on Saturday, read what applies on that app.
Reading the quote screen
- Look for words such as "guaranteed", "locked" or "fixed", and an expiry time. Without them, treat the figure as an estimate.
- Check whether the naira shown is what the recipient receives, after all charges, or a gross figure.
- Note when the clock starts: at quote, at confirmation, or when your money reaches the provider.
If the payout does not match a locked quote
- Find the confirmation that showed the locked rate and its expiry time.
- Check when your payment was taken and whether it was the full amount.
- Raise it with the provider through its app, quoting the transfer reference.
- If you are not satisfied with the final response, the Financial Ombudsman Service handles complaints about payment firms.
For the case where the naira amount differs from what was promised, see when the naira amount differs from the quote and rate locks explained.
Where Pryme fits
Pryme shows the rate first and the fee on its own line, and nothing converts until you approve. With a multicurrency account, pounds and naira sit in separate balances, so you Swap at a rate you have seen, then send naira. Outside Nigeria, Pryme's activities are carried out through regulated partners.
Questions people ask
Why did I get a different rate than I was quoted?
Usually because the rate was not locked, the lock expired before your money arrived, or the Nigerian bank converted pounds on arrival at its own rate.
How long does a rate lock last on money transfer apps?
It varies. Wise says 2 to 48 hours depending on the currency, provided the full amount arrives in time.
Does the rate change if I send at the weekend?
It can. Some providers add a weekend charge, such as Revolut's 1% on Standard, while others fix the rate when you fund the transfer.
Can I complain if my locked rate was not honoured?
Yes. Complain to the provider first with the reference and locked quote; the Financial Ombudsman Service can review payment firm complaints after that.
Sources
- Wise Help Centre: What's a guaranteed rate? · accessed Oct 2026
- Remitly financial glossary: Exchange rate lock · accessed Oct 2026
- NatWest: Send money abroad · accessed Oct 2026
- Barclays: International payments · accessed Oct 2026
- Revolut: Send money to Nigeria · accessed Oct 2026
- Remitly UK: Send money to Nigeria, pricing · 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.