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The short answer
A payment from South Africa usually arrives short because of a transfer fee, an exchange rate below the mid-market rate, or, for SWIFT, charges taken by an intermediary or the Nigerian bank. Under the common SHA setting, the sender pays their own bank and the beneficiary bears the rest, which is often deducted on the way.
Your family in Nigeria usually receives less than you sent for one of three reasons: a fee was taken along the way, the conversion from rand to naira used a rate below the market rate, or a bank in the middle of a SWIFT payment deducted its own charge. Remittance apps tend to show all their costs before you pay, so a short credit there is usually the rate. SWIFT payments from a bank are where unexpected deductions happen most, because intermediary and receiving banks can take charges you did not see.
Where the money goes
| Cost | Who takes it | Shown before you pay? |
|---|---|---|
| Transfer fee | Your SA bank or the app | Yes, usually |
| Exchange rate margin | Whoever converts the rand | The rate is shown; the margin is not labelled |
| Intermediary bank charge | A correspondent bank in the SWIFT chain | Usually not |
| Receiving bank charge | The Nigerian bank | Not by your SA bank |
| Conversion in Nigeria | The Nigerian bank, if currency is converted on arrival | No |
SWIFT charge codes
Every SWIFT payment carries a charge instruction. In the SWIFT MT103 standard, as described in BNZ's specification, OUR means the sender bears all charges, SHA means the sender pays their own bank and the beneficiary bears the rest, and BEN means the beneficiary bears all charges. Under SHA or BEN, an intermediary bank can take its fee out of the amount before it reaches Nigeria.
Standard Bank's app FAQ says that with its online international payments you pay Standard Bank's fees and the beneficiary pays their own bank's fees, and that the beneficiary cannot be made to pay all fees. That is the SHA pattern. It does not mention an OUR option online. Other SA banks may offer one, at a higher fee.
The rate gap
Nigerian remittance payouts are in naira. A CBN directive effective 1 May 2026 requires licensed money transfer operators to pay Nigerian customers only in naira, through naira settlement accounts. So for an app transfer, the conversion happens before the money reaches your relative, at the rate the app showed you. If that rate was below the mid-market rate, the gap is a cost, even if the fee line said zero.
Example only, with invented figures. You send R5,000 and expect ₦420,000 because a currency website showed 84 naira per rand. The app's rate was 81, so the credit is ₦405,000. The ₦15,000 difference is the margin, about R179 at the website's rate. Nothing was "missing"; the cost was in the rate.
Charges on the Nigerian side
The Nigerian bank can also affect the amount. GTBank's page on foreign currency inward transfers, for example, says the remitting bank must include the beneficiary's name and account number in the SWIFT message and that inflows from individual remitters abroad must state a purpose. It does not list its charges, so ask the receiving bank. If a dollar payment reaches an account that holds only naira, it will be converted at the bank's rate, which may differ from the rate you had in mind.
- Charges deducted by an intermediary usually show as a lower amount arriving, with no separate line on your SA statement.
- Charges taken by the receiving bank usually show on your relative's statement or credit advice.
- A mismatch in the name or account can trigger a return, and a returned payment may come back lower after charges and conversion both ways.
How to find out what happened
- Compare the naira amount your app or bank quoted with what arrived. If they match, the difference is the rate, not a deduction.
- For SWIFT, ask your SA bank for the payment confirmation showing the amount sent and the charge code.
- Ask your relative to get a credit advice from the Nigerian bank showing the amount received and any charges.
- If a foreign currency payment arrived in a naira account, ask the bank what rate it used to convert it.
Reducing the gap next time
- Get a full quote in naira, not just the fee, and compare providers on the naira amount received for the same rand amount at the same time.
- For SWIFT, ask whether OUR is available and what it costs, and send dollars only to an account that can receive dollars.
- Keep every quote screenshot. If the credit is lower than the quoted naira amount, the screenshot is your evidence when you complain to the provider.
- Check the Nigerian account can receive the currency you send; a mismatch can trigger conversion and charges on arrival.
Where Pryme fits
With Pryme, money stays in the currency it arrived in, and Swap converts only when you choose, with the rate shown first and the fee on its own line. When you pay a relative through Send, the app shows the rate and the fee before you approve. See also how the rand-to-naira margin works and SWIFT timing from SA.
Questions people ask
Why did my family receive less naira than I sent?
Usually a fee, a rate below the market rate, or for SWIFT an intermediary or receiving bank charge.
What is SHA on an international payment?
You pay your own bank's charges and the beneficiary bears the others, which can be deducted from the amount in transit.
Can I pay all the charges so my family gets the full amount?
Some banks offer an OUR option for a higher fee. Standard Bank's online FAQ says the beneficiary pays their own bank's fees.
Is a zero-fee transfer really free?
Not necessarily. Check the rate against the mid-market rate; the cost may be in the conversion.
Sources
- BNZ: SWIFT MT103 message specification · accessed Oct 2026
- Standard Bank: International payments FAQ (banking app) · accessed Oct 2026
- Udo Udoma & Belo-Osagie: CBN directive routing remittances through regulated channels · accessed Oct 2026
- GTBank: Foreign currency inward transfer (FX inflow) · 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.