"For higher limits, get a FirstBank Visa Gold card today." For details, visit, Adamawa police nab suspect with 10 ATM cards, Man found with 2,863 ATM cards arraigned in Lagos, Dubai-bound traveller, two others nabbed with 1,144 ATM cards in Kano, Jackpot and win big with a whooping $100,000,000 prize pool." It was also reported that Stanbic IBTC Bank said its customers will only be able to spend $500 per month in terms of offshore card . Read Their Statement On The Email Inbox As Obtained By NaijaCover Below: About Access bank? In April 2015, the spending limit on naira-denominated cards for international transactions was $50,000 per person per annum or $4,166.7 . Sterling, GTBank and Zenith banks have joined their peers to cut monthly international spending limits on Naira cards to $20 as foreign exchange (forex) scarcity bites harder.First Bank of. In a recent statement to its customers, the bank said such transactions would not be available on its naira credit card, virtual card and visa prepaid naira card. According to the bank, this suspension will come into effect from December 31, 2022, as the bank will no longer support international online and Point of Sale transactions on such cards. Stanbic IBTC Bank and Standard Chartered Bank Nigeria implored customers seeking to carry out transactions denominated in foreign exchange to apply for dollar or pounds sterling debit credit cards. Zenith bank Virtual card (All you need to know), How to get 5-digit PIN for first bank transfer, How to transfer money from Access bank to Opay account (USSD, mobile app and bank card), How to transfer money from Zenith bank to Opay account (USSD, Mobile app and bank card). No 1 banking and finance information website in Nigeria. How long will it take to get my Naira MasterCard after submitting my application? Two weeks ago, we reported that Guaranty Trust Bank (GTBank) slashed the international spending limit on its Naira Mastercard by 80 per cent to $100 per month from $500 it first reduced it to earlier in the year. This review is in response to todays economic realities.. Also, in July, Standard Chartered Bank suspended international transactions on its naira visa debit card. On Tuesday, the naira dropped to N436 a dollar at the Investors and Exporters window and N712 at the parallel market. International spend limit on our Standard Chartered Bank Credit Card however remains at $1,000 monthly and Foreign Currency Debit Card limits remain unchanged.. Privacy & Terms. If yes, then you've arrived at the perfect place to get solutions on banking and finance issues in Nigeria. It is coming to an end before or by the end of this year. In September, several banks suspended international transactions on naira cards. In response, the central bank has come up with a number of policies and measures to boost foreign exchange inflows, the latest of which is the introduction of electronic invoicing to monitor dollar spending on import and export operations. The scarcity of foreign exchange in the country has led many banks to reduce their international spending limit. MasterCard and Visa are international cards while Verve cards are best used in Nigeria Fri, 12 Feb, 2021 at 10:50 AM . Share with friends: Thank you thats the issue am currently facing now. Fact-Check: Did 19-year-old boy truly commit suicide after Peter Obi lost election? With this development, customers of the bank are required to obtain dollar cards for all their international transactions. All rights reserved. 15 minutes. For every purchase, debits are made directly from their naira accounts at current exchange rates. The request could also be done on the FirstMobile App and on the FirstBank internet banking page. Send me emails about TechCabal Reports and other Insights, Sign me up for TechCabals Daily Newsletters, In Nigeria, local pioneers and brands are driving an extended reality revolution, This Indian startup is building credit profiles for Africans using mobile money data, Built around WhatsApp, Catlog wants to improve social commerce in Nigeria, Appetitos dark stores are a test for multi-node last-mile distribution in Africa, Tinubus plans for Nigerias tech ecosystem, Supreme Court rules that old notes remain legal tender until December 31, 2023, Bola Tinubus Presidential election victory puts BVAS and technology in the spotlight again. If you have any question or comment, you can leave it below in the comment section below. In order to conserve foreign currency and to bypass settlements from debit card use abroad, banks in Nigeria are placing a limit on transaction and withdrawals. To conserve its dollar reserves, the bank said importers could no longer get hard currency to buy 43 items, ranging from toothpicks and rice to steel products and private jets. They also stopped the use of naira cards for ATM foreign currency withdrawals. Can my Naira MasterCard be used to make purchases on the internet? Before now, customers could spend up to $100 (50,000) on web transactions using their naira cards but that limit has been cut by Zenith Bank PLC and United Bank for Africa (UBA), per emails sent to customers and seen by TechCabal, The monthly card international spend limit for web transactions has been reviewed from $100 to $20, Zenith said, adding that the review is in response to todays economic realities.. Guaranty Trust Bank Plc has joined a growing list of Nigerian banks to suspend international transactions of their naira-denominated Mastercard. It reduced international transactions from $100 to $20. This is coming two weeks after GTBank announced it has capped international spending limit on its Naira MasterCard to $100 per month from the previous $500. Next Post Thanks a lot, your write up saves.Im being confused on how to pay since I got the shocker of the 20 dollar limit this week. This soon dropped to $500. Are you looking for ways to bypass the International Spending Limit in Nigeria? This is according to mail sent to customers seen by Nairametrics. Gtbank Naira card spending limit is $20. JP Morgan opens Kenya office, now operational in Africas big four tech hubs. I'm out! The Naira MasterCard or Visa Card both have a monthly international spending limit of $20. To bypass the CBN-regulated dollar limit, you have to follow this detailed tutorial on How To Open A Dollar Domiciliary Account for all banks in Nigeria. Kindly note that you can use your GTBank dollar card for all your international spending requirements.. GTB is the most recent to follow suit as several banks had earlier suspended international transactions on their naira debit cards. 15 minutes. Once it has been created, youll need to request a dollar card. Copyright 2023. I'm closing my Uba account. We've provided 3 easy methods by which you can bypass the international spending limit placed on naira debit or credit cards in Nigeria. NAIJAKNOWHOW MEDIA Your email address will not be published. Once your dollar card is ready and funded, you can start making online payments without any spending limit imposed on your transactions. Witness the hemorrhage of your clients. TechCabal is a future-focused publication that speaks to African innovation and technology in depth. But in April 2015, the spending limit on naira-denominated cards for international transactions was reduced to $50,000 per person per annum or $4,166.7 per month. In an email forwarded to all customers, UBA said " in light of the uncertainties in the foreign exchange market, we have had to review international card spending limits." The CBN also curbed access to the interbank currency market for importers bringing various goods. This means that you cannot spend more than $20 monthly from the naira MasterCard. In fact, some banks have completely stopped their naira debit cards from making payments in foreign currencies. The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars, he had said. In July, Standard Chartered Banksuspendedinternational transactions on its naira visa debit card. Flutterwave, Eversend and other fintech platforms had also stopped virtual card services for international transactions. This new policy is set to take effect on the 1st of March, 2022. which the country is currently battling. It informed its customers in a letter, Dear customer, we write to inform you that you will no longer be able to use your Naira Mastercard for international online and POS transactions effective December 31, 2022, it said. September 6, 2022 By Sikiru Obarayese Over the past month, Nigeria's commercial banks declared reduced limits on international transactions using naira debit cards to $20 per month. When you have a Domiciliary Account, youll be able to get a card as well, this can be a Dollar Card or EUR, depending on the currency you selected when opening the dom account. 3. Your email address will not be published. Fill in the required details and submit the form with your utility bill and means of identification. Its a card that is accepted locally and internationally, even streaming platforms like Netflix and app stores like Google Play Store accept this card. Uniformly across all banks in Nigeria, the spending limit for international transactions on debit cards was stipulated at $500 since March 2020. It also temporarily halted international transactions at ATMs and point-of-sale (POS) terminals. I av a soln now. Remember to share with your friends on social media and also subscribe to this blog for more banking and finance updates. On Wednesday Fidelity Bank stated in an email to customers that the bank had reduced the spending limit on Fidelity Naira Visa and Mastercard to $1000 monthly for international transactions. As a result, banks were forced to oblige and, Best PalmPay Alternatives (Apps Like PalmPay) in 2023, Best Websites To Stream Korean Dramas Online (2023), 5 Best Free VPNs for Amazon FireStick (2023), From Virtual Consultations to Remote Monitoring: IoT Transforming Healthcare, Why Its So Hard To Implement Organizational Change and a Few Tips To Do It Right, Best Websites To Hunt for Jobs in The USA (2023). To make international payments without limit, all you have to do is to make sure your payment is sending in the requested foreign currency and not naira. Hello from the Lead Consultant & Chief Strategist of Bigkoko African Integrated Services Ltd Kigali Rwanda.
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