Send and spend money in Nigerian naira and more than 50 different currencies No need to exchange and carry cash Virtual card feature Accepted in shops and restaurants all over the world Free ATM withdrawals from more than 2 million ATMs worldwide (up to 200 per month) 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. So only Zenith left? Are you looking for ways to bypass the International Spending Limit in Nigeria? Chipper USD Virtual Card offers one of the best ways you can free yourself from the imposed international spending limit in Nigeria. Request Card Nairametrics report that Some Nigerian banks have published the names, Bank Verification Numbers (BVN) and account numbers of customers who have accessed foreign exchange under false pretence and failed to return it. 2023. GTB announced its decision on Thursday. GTB Suspends International Transaction On Naira Cards - Business 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. Remember you can use your UBA Dollar, Pounds or Euro Card for international POS, ATM, and web transactions, UBAs mail read. 15 minutes. GTB is the most recent to follow suit as several banks had earlier suspended international transactions on their naira debit cards. How many accounts can be linked to my Naira MasterCard? Read my post on the best domiciliary accounts in Nigeria. Reduce your spending. To apply for a Naira MasterCard,visit anyFirstBank Branchto complete an application form. MARKET NEWS - abokiFX How dollar spend limit on naira cards affects manufacturers It also put a stop to . the international spending limit on naira cards from $100 to $20 monthly. Fact-Check: Did 19-year-old boy truly commit suicide after Peter Obi lost election? Means of identification (NIN, Voters Card, International Passport), N2000 for card activation (will be converted to USD). This means if your making payment internationally with your Nigerian ATM card, you can only spend up to a maximum amount of 420 in a month. Guaranty Trust Bank has lowered the international spending limit on its naira Mastercard to $500 a month. Making this disclosure in a note emailed to its customers on Thursday, First Bank disclosed that the reduced spending limit will take effect from April 1, 2022. Customers were notified of the latest international spending limit via email and some of these banks totally stopped the use of their naira MasterCard to perform international transaction. No more international transactions on Naira cards Banks Zenith Bank Plc sent emailed note to customers on the new payment plan abroad. In March, financial institutions cut the international spending limit on naira cards from $100 to $20 monthly. "Due to current market realities on foreign exchange, you will no longer be. In the last two years, deposit money banks (DMBs) in the country carried out a downward review of their monthly international spending, using Naira cards, from $500 to $300 and ultimately to $100. Then walk up to the counter and request for prepaid card enrollment form. In July, Standard Chartered Bank also suspended international transactions on its naira visa debit card. Nigerian banks to limit debit card spending abroad to ease FX risk We provide you with the latest technology tips and information from the tech space locally and globally. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Once your dollar card is ready, you can fund it by buying USD in the bank and then depositing it to your account, or you buy from a fellow UBA prepaid card user via card-to-card transfer. If you have higher International spend requirements, simply visit any of our branches and request for a foreign currency debit or prepaid card, which are available in US Dollar, Pounds, and Euro variants, Zenith Bank added. First Bank of Nigeria has announced that its naira cards will no longer be used for international transactions starting September 30. Gtbank Naira card spending limit is $20. GTBank NRN Naira MasterCard | GTBank Standard Chartered Bank suspended international transactions on its naira visa debit card in July. The monthly international spending limits on naira cards was further reduced from $100/$120 to $50/$20. It is a Naira denominated card and is linked to your current or savings account. You are welcome to add yours Based on my findings. 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. Kindly check the USD debit card spending limit at your bank. Access bank, which is one of the best commercial banks in Nigeria have reduced their international spending limit to $20 monthly. The banks have also suspended the use of naira cards for international Automated Teller Machine (ATM) cash withdrawals and POS transactions, meaning cardholders cannot perform cash withdrawals and payments via those channels outside the country. This means customers can only perform ATM cash withdrawals and purchases/payments via POS terminals only locally. Compare all Debit Cards - FirstBank Nigeria If you do not have one and would like to subscribe, please visit a branch close to you.. $20/month spending limit on @UBAGroup cards??? How to change Polaris bank phone number/alert number? This option is one of the best and highly recommended ways to bypass international spending limit in Nigeria. 15 minutes. No 1 banking and finance information website in Nigeria. It means. Many of these banks notified their customers via email of the reduction in the international spending limit, while some temporarily suspended the usage of the naira cards for international transactions. I'm telling everyone I know to do the same. Is secured by Chip & PIN technology. First City Monument Bank | INTERNATIONAL DEBIT CARDS - FCMB Yes, your card can be used on millions of websites that accept MasterCard for payment. Please Help us reach our Goal 5k Subs Goals |||||||| 25% .. 1.28K/5K .more .more 3.8K. Make International Payments With ATM Mastercards in Nigeria (No Limits) 15 minutes. This will take effect on 30 September 2022, First Bank said. Learn how your comment data is processed. (UBA) reduced the international spending limit on their naira cards from $100 to $20 a month. 2 Easy Ways To Obtain Dollar Debit Card For PTA, BTA - Actionable Info It is a Naira denominated card and is linked to your current or savings account. Ahhh na wa oh, We are now left only to use virtual dollar card, and they charge at black market rate. We've provided 3 easy methods by which you can bypass the international spending limit placed on naira debit or credit cards in Nigeria. The financial institution had reduced the monthly international spending limit on naira cards from $100 to $20 in March, 2022. Zenith Bank Plc sent emailed note to customers on the new payment plan . No need for Personal Travel Allowance (PTA) or Business Travel Allowance (BTA), It has a spend limit for international transactions up to $100 monthly on all channels with a daily ATM cash withdrawal limit of $100, Tap and Go Functionality to make transportation payments easy in the United Kingdom whether you use the bus or the train, Purchase your airline tickets in naira at no extra charge, Card Protection to activate or deactivate cards for all types of transaction, using the Card-in-Control Service on Firstmobile or the USSD *894# Quick banking-Card management. GTBank halts international transactions on naira cards Dec 31 Sterling, GTBank, Zenith cut dollar limits to $20 Similar actions: Earlier in September this year, one of Nigerias leading commercial banks, First Bank had also announced the suspension of international transactions on its naira Mastercard virtual card and visa prepaid naira card from September 30. Required fields are marked *. 15 minutes. The FCMB International Debit Card is a card which can be used for ATM cash withdrawals, Bills payments and purchases/payments for goods and services via POS terminals and online anywhere in the world. It can be used to make purchases online, pay bills, and access cash at ATMs worldwide. 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. 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. Nigerians can use their naira-denominated debit cards to pay for transactions billed in US dollars online. Utility Bill (Electricity, Water Corporation, e.t.c). 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. We will tell them dont come to the Central Bank for foreign exchange again go and generate their export proceeds.. The Central Bank of Nigeria (CBN), for over a few months now has ordered all banks to impose a spending limit on all international transactions. More Nigerian banks limit foreign currency spending on naira cards