What a $10,000 payment to Nigeria really costs — and what your team actually receives
Bank wires quote a fee. The real cost is the FX spread, the intermediary banks and the four days your team can't plan around. Here is the arithmetic, line by line.
You send $10,000 to pay your team in Lagos. Your bank shows a $35 wire fee. So why does the team receive so much less than ₦13 million?
Where a wire loses 5–7%
- The FX spread. Banks convert at a rate 2–4% away from mid-market. On $10,000 that is $200–$400 you never see as a "fee".
- Intermediary banks. A SWIFT payment to Nigeria typically passes through one or two correspondent banks, each taking $15–$50 from the principal.
- The receiving bank. Inbound wire charges and, often, a second conversion at the receiving end.
- Time. Three to five business days. Rent is due tomorrow; "Boss, has the money landed?" is the most common message in every founder's team WhatsApp group.
All in, a $10,000 wire to Nigeria costs about $700 once the spread and every intermediary are counted — and the team gets it next week.
The same $10,000 through Storspay
- Fee: $200 — 2% all-in. That one line covers conversion, settlement and delivery.
- Rate: mid-market. The rate you see on the calculator is the rate your team gets.
- Arrival: the same business day, in the bank account or mobile-money wallet they already have. Nobody signs up for anything.
Difference on one payment: about $500. Over a year of monthly payroll: about $6,000 back in the business.
See your own number
The Storspay calculator shows what your team receives at today's mid-market rate for any of the 26 corridors, what Storspay costs, and what you keep every year versus a bank wire. Rates are indicative; the final rate is locked when you confirm a payment.
See your own corridor number. What your team receives, what Storspay costs, what you keep — no sign-up.
Open the calculator →