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The short answer
Sending £1,000 to Nigeria costs the transfer fee plus the exchange-rate margin, the gap between the rate you get and the mid-market rate. On larger sums the margin is usually the bigger of the two, so a 1% gap costs £10. Add both, and compare by the naira your recipient receives.
At £1,000 the arithmetic changes from a small transfer. A fixed fee shrinks in importance and the exchange-rate margin becomes the main cost. This guide shows how to work out the full cost of a £1,000 transfer, using the same method whichever app or bank you are considering.
The cost has three possible parts
- The transfer fee. Shown before you pay. It may be fixed, a percentage, or vary by payment method.
- The FX margin. The difference between the rate applied and the mid-market rate. Barclays, for example, states that its rate is a mid-market reference rate plus an FX margin, and that you can ask for the margin by phone or in branch.
- Third-party charges. On bank SWIFT payments, intermediary banks may deduct charges. Barclays describes three charge options: OUR (you pay all charges plus an overseas delivery charge), SHA (you pay Barclays' fees, the recipient bears others) and BEN (charges come out of the amount sent).
Remittance apps that pay directly into Nigerian bank accounts usually show a single total and a naira amount, which makes the third part disappear from view. Your job is to turn every offer into one number: naira received per pound paid.
A worked example for £1,000
Example only. The rates below are invented to show the method; check the live rate in each app. Assume the mid-market rate is ₦2,000 to £1, so £1,000 would buy ₦2,000,000 with no cost at all.
| Example route | Fee | Rate applied | Converted | Naira received | Total cost vs mid-market |
|---|---|---|---|---|---|
| App with fee, low margin | £5 | ₦1,990 (0.5% below) | £995 | ₦1,980,050 | ₦19,950 (about £9.98) |
| App, no fee, wider margin | £0 | ₦1,970 (1.5% below) | £1,000 | ₦1,970,000 | ₦30,000 (£15.00) |
| Bank SWIFT, SHA | £15 | ₦1,950 (2.5% below) | £985 | ₦1,920,750 before any deductions in transit | ₦79,250 (about £39.63) or more |
The method: take the mid-market value (₦2,000,000), subtract the naira received, and convert the gap back to pounds at the mid-market rate. In the first row, ₦2,000,000 minus ₦1,980,050 is ₦19,950, which is £9.975. Check each figure with the live numbers on your screen; the order of the rows can change from day to day.
How to measure the margin yourself
- Note the mid-market rate from a public reference at the moment you compare.
- Divide the rate you are given by the mid-market rate. A result of 0.985 means a 1.5% margin.
- Multiply the margin by the amount converted to get its cost in pounds. On £1,000, 1.5% is £15.
For more on reading the margin, see what the FX margin is.
Things that move the total
- Rate hold. Wise says a guaranteed rate lasts 2 to 48 hours depending on currency, and that after it expires the live rate applies when your money arrives. Pay promptly once you accept a rate. See rate locks.
- Payment method. Wise's Nigeria page shows different fees for different ways of paying; other providers do the same. Compare the method you will use.
- Checks. At £1,000 some providers ask questions about the purpose or source of the money. Have a payslip or statement ready.
- Payout currency. Retail transfers through licensed operators are paid out in naira from 1 May 2026, according to Techeconomy's report on the CBN circular.
Paying by bank, by card or from a balance
The way you fund the transfer can change the fee. Wise's Nigeria page shows different fees depending on how you pay, and other providers price debit card, bank transfer and open banking payments separately. Avoid paying with a credit card unless you have checked your card issuer's terms: some issuers treat money transfers as cash advances. On £1,000 a small difference in the funding fee is worth checking.
Splitting £1,000 into smaller transfers
Splitting a payment rarely saves money. Each transfer can carry its own fixed fee, and Barclays warns on its page that splitting a payment to stay under limits may cost more. Repeated transfers just under a threshold can also prompt compliance questions. If your provider's limit is below £1,000, raising it through the verification it asks for is usually the cleaner route. See limits on sending to Nigeria.
Records worth keeping
Save the confirmation for every transfer of this size: the date, the pounds paid, the fee, the rate applied, the naira amount and the reference. If the money is delayed or the amount looks wrong, the reference and the quoted figures are what the provider will ask for first. They also help if your recipient later needs to show where the money came from.
What to check first
- The naira figure is what lands, after all charges.
- The provider is FCA authorised for payment services.
- The recipient's account number and name are exact.
Where Pryme fits
With a Pryme account you can hold pounds and naira together and convert when you choose. The app shows the rate and the fee before you approve. See multicurrency accounts and Swap.
Questions people ask
How much does it cost to send £1,000 to Nigeria?
It depends on the fee and the exchange-rate margin on the day. Add both and compare the naira received; on £1,000, each 1% of margin costs £10.
Is a bank cheaper than an app for £1,000?
Not necessarily. Banks such as Barclays add an FX margin to a mid-market reference rate and intermediary banks may deduct charges. Compare the naira received.
Should I choose OUR or SHA on a bank payment?
OUR means you pay all charges up front so the recipient should not see deductions; SHA leaves other banks' charges to the recipient. Your bank's page lists the cost of each.
Why did my recipient get less than the app showed?
On app transfers to a Nigerian account this is unusual; contact the provider with the reference. On SWIFT payments, intermediary deductions are a common cause.
Sources
- Barclays: International payments · accessed Oct 2026
- Wise: Send money to Nigeria · accessed Oct 2026
- Wise Help Centre: What's a guaranteed rate? · accessed Oct 2026
- Techeconomy: What the CBN naira-only remittance policy means (28 Mar 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.