Send Money from United Kingdom to Nigeria — Compare Fees, Rates & Speed | MoneyTransfer Compare

International transfer costs are not necessarily the fee shown before payment. A bank wire can include a sender charge, a margin within the exchange rate, intermediary-bank charges and a receiving-bank charge. The economically relevant figure is the total value lost across those segments—not simply the lowest advertised fee. This explainer provides general information rather than personalised financial advice.

Separate cost segments

• Sender-side transfer or currency-conversion charge: This is the amount debited for sending the payment or converting funds into another currency. Wise’s US explainer, whose associated bank-fee table is marked “information as of 08.29.2024,” says an outgoing international wire can cost around USD 5 to USD 75, depending on the bank. The same table lists Chase online outgoing wires at USD 40 for a USD transfer and USD 5 for a foreign-currency transfer, while Citibank is listed at USD 35 and USD 0 respectively. The examples show why the bank, transfer currency and processing channel all matter.

• Exchange-rate markup: The mid-market rate is the standard reference rate found in the market. A bank or transfer provider can add a margin to that rate. Even if no separate “exchange fee” appears on the receipt, the margin is still part of the cost because the sender receives fewer destination-currency units than the mid-market rate would provide.

• Intermediary-bank charge: On a SWIFT wire, each bank handling the payment may charge a processing fee. This is separate from the originating bank’s outgoing charge and can arise because the payment passes through one or more intermediary institutions.

• Receiving-side charge: The recipient’s bank may charge for receiving or facilitating an international payment. The Wise US explainer, with bank-fee information dated 08.29.2024, says an incoming international-transfer fee can be as high as USD 25. Wise’s UK pricing page, captured on 3 October 2026, also lists fixed receiving charges of USD 6.11 for a USD wire or SWIFT payment, GBP 2.16 for a GBP SWIFT payment and EUR 2.39 for an EUR SWIFT payment. Transparent outgoing pricing therefore does not necessarily mean that the receiving side is cost-free.

What benchmark costs show

The United Nations’ SDG Goal 10 update for the third quarter of 2025 reports that sending USD 200 globally cost an average of 6.36%, down from 7.42% in 2016. In that same 2025 period, digital remittances represented 35% of services and recorded an average cost of 4.59%; non-digital remittances averaged 7.3%, while digital-only operators averaged 3.54%. These are category averages, not guaranteed prices for an individual corridor or payment.

The UN target for 2030 is to reduce remittance transaction costs to less than 3% and eliminate remittance corridors with costs higher than 5%. The target is a benchmark for overall transaction costs, not a promise that every provider will show a separate fee of exactly that percentage.

World Bank indicators for 2023 report an average remittance cost of 3.61% for sending from the United Kingdom and 4.64% for sending to Nigeria. These are directional country measures: the first concerns UK outbound remittances, while the second concerns remittances received in Nigeria. Neither is a global average, and the pair should not be presented as a direct UK-to-Nigeria bilateral quote.

Why the exchange-rate markup matters

An exchange-rate margin applies to the amount being converted, while a fixed sending fee does not grow in the same way as the transferred amount. This is why a comparatively small rate margin can become a significant cost on a larger payment.

The calculation is direct. If C is the amount converted, and both rates express destination-currency units per unit of source currency, then:

• Mid-market value: C × mid-market rate
• Quoted value: C × provider rate
• Rate cost: C × (mid-market rate − provider rate)

The rate-cost figure is in destination currency. It should not be added again if the provider has already included the same cost in an itemised fee.

Provider pricing can also combine a stated percentage charge with a different presentation of the exchange rate. Wise’s UK pricing page, captured on 3 October 2026, says it uses the mid-market rate and lists separate sending and converting fees starting from 0.24%, with the fee varying by currency. The “from” qualification is important: it is a starting example, not a universal rate. Other providers may disclose costs differently or place more of their commercial margin within the exchange rate.

How to calculate what you actually pay

Before paying, collect the following for each provider:

• The same transfer amount and source currency. A fixed fee that looks small can have a different percentage effect on a small and a large transfer.
• The total amount debited. This should reveal the sending amount, transfer fee and any separately charged currency-conversion cost.
• The provider’s exchange rate and the time of the quote. Record a same-direction mid-market benchmark from the same moment. Exchange rates can change frequently, sometimes many times during a day.
• The transfer route. Ask whether the payment uses a SWIFT wire and whether intermediary banks may charge separately.
• The receiving method and all receiving-side charges. Establish whether any deduction will be taken from the payment before the recipient receives it.
• The quoted delivery option. Compare like-for-like service choices rather than allowing a faster, lower-cost option to be compared with a slower one.
• The amount the recipient is expected to receive after known deductions. This is more useful than the amount shown before intermediary or receiving charges.

To calculate the all-in economic gap, treat the total source-currency debit as the amount committed. Convert that total to destination currency at the mid-market rate, then compare it with the net amount credited to the recipient. Expressing both values in destination currency shows the combined effect of the explicit fee, exchange-rate margin and any network or receiving deduction.

The components can then be separated for comparison:

• The sender fee is the explicit charge identified in the debit breakdown.
• The exchange-rate cost is the difference between the mid-market and provider values for the same converted amount.
• Intermediary and receiving charges are the separately stated network deductions.
• Any cost already embedded in the exchange rate is not added a second time.

Once each loss is expressed in a common reference currency, divide the combined cost by the amount sent and express it as a percentage. Compare that percentage with the net recipient amount, rather than ranking providers from the sending fee alone.

MoneyTransfer Compare’s corridor comparison, side-by-side comparison and supplier profiles can be used to keep the source amount, corridor, payout method and quoted service consistent across providers. A lower measured all-in cost is a comparison result for that quote, not a statement that the provider is universally cheapest.

Checking licences and registrations

Licence checks should match both the sending jurisdiction and the provider’s legal entity. Remitly’s US pricing page, captured on 3 October 2026, identifies Remitly, Inc. as licensed as a Money Transmitter by the New York State Department of Financial Services and gives NMLS number 1028236. That is a jurisdiction-specific authorisation and should not be treated as evidence of authorisation in every US state.

In the United Kingdom, Remitly’s page captured on 3 October 2026 identifies Remitly U.K., Ltd as registered in England and Wales under company number 09896841 and authorised by the Financial Conduct Authority under FCA Register number 1047222. Wise’s UK page in the same 3 October 2026 evidence states that Wise is authorised under the Electronic Money Regulations 2011 with Firm Reference 900507. Registration and licence numbers are verification identifiers, not evidence of price, delivery speed or value.

Common questions

Does the SDG target of less than 3% by 2030 mean every provider has a separate 3% fee?
No. It is a target for total remittance transaction costs, not a required line item on every quote. A small labelled sending fee can still produce a higher all-in cost when exchange-rate and receiving charges are included.

Why can two providers charge the same transfer fee but have different total costs?
Their exchange-rate quotes may contain different margins over the mid-market rate. Comparing the destination-currency value at the same quote time reveals the difference that the matching sending fees do not show.

Does a lower average for digital-only operators guarantee a cheaper transfer on my corridor?
No. An industry average combines different providers, corridors, amounts and service conditions. It is a benchmark rather than an individual quote.

Can I assume that receiving an international payment is free?
No. Some providers list fixed charges for receiving USD, GBP, EUR or other SWIFT payments even when outgoing pricing is presented separately. The receiving-side amount and any deductions should be checked before comparing quotes.

What should I do if the exchange rate changes before payment is confirmed?
Ask when the quoted rate expires and record the mid-market benchmark at the same time. If the provider re-quotes the rate, repeat the comparison with the revised figures rather than relying on the original percentage fee.