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You tell your manager that while you want to stay, you have an offer that is for a higher salary.
If they want to keep you they’ll give you the amount or at least a higher one.
BUT they 100% can let you walk and not give you any raise at all.
Chief
Adding to junior copy above: do not approach your manager until you have offer in hand. You then have 3 business days to respond. Any longer and the agency that made you the offer will know you’re using for leverage and will withdraw it.
If you have another offer in hand, they can counter before the annual review if they want to keep you enough.
Don’t take jobs, or stay at jobs, for the money. Period.
I meant, JUST for the money.