GTB is the most recent to follow suit as several banks had earlier suspended international transactions on their naira debit cards. The CBN also curbed access to the interbank currency market for importers bringing various goods. 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.. Share with friends: 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. 15 minutes. 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. This will take effect on 30 September 2022. Best Shakespeare Translators (Apps/Websites) in 2023, How To Apply for PalmPay POS Machine in Nigeria (2023), How To Get Baxi Box POS Machine Online in Nigeria (2023), How To Get Moniepoint POS Online in Nigeria (2023), How to Create Stickers on WhatsApp (Android/iOS) in 2023, How to Bypass International Spending Limit in Nigeria, How To Bypass International Spending Limit With Chipper Virtual Card, How To Bypass International Spending Limit With UBA Dollar Prepaid Card, Method 3: Using A Domiciliary Account & Card. This has a limit of $100 for GTB), while Dollar Mastercards send payment in dollars (no limit). In its mail to customers, GTCO said: Update on Your Naira Card for International Spending, we write to inform you that you will no longer be able to use your Naira Mastercard for International Oline and POS transactions effective 31st December 2022. Ahhh na wa oh, We are now left only to use virtual dollar card, and they charge at black market rate. It is accepted both locally and internationally. 4 banks that have suspended dollar transactions on naira card Zenith Bank Plc sent emailed note to customers on the new payment plan abroad. Spending limit The financial institution had reduced the monthly international spending limit on naira cards from $100 to $20 in March, 2022. Activate your Naira MasterCard by selecting your preferred PIN (Personal Identification Number) on the Customer PIN Selectable Machine at our Customer Service Desk before leaving the branch OR visit any FirstBank ATM to perform PIN change. MasterCard Main Client Naira Debit Card A bank card with more possibilities including great rewards and convenience N 1075 New card fee N 53.75+VAT Quarterly maintenance fee 5 years Validity Compare now Some of the benefits Affordable One monthly maintenance fee Free Withdrawals Free withdrawals from any StandBic ATM's Secure No need to carry cash The bank said: Please be informed that we have temporarily suspended the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and PoS transactions., Additionally, the monthly card spending limit for web transactions has been reviewed from $100 to $20. In March, financial institutions cut the international spending limit on naira cards from $100 to $20 monthly. International spending limit on naira MasterCard 2022 document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); International spending limit on naira MasterCard 2022. which the country is currently battling. 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. "Please use your Visa Debit Multi Currency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000," it said. No more international transactions on Naira cards Banks 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. Bitmama Virtual cards. Lower oil production below the budgeted benchmark despite high crude oil price led to limited foreign currency inflows needed to boost the country's external reserves, FSDH Research said in a report. First Bank announced in September, 2022 that international transactions on its naira Mastercard virtual card and visa prepaid naira card would be suspended effective September 30, 2022. Then, navigate to the next step to make payment for the card issuance, choose your payment . You will like to receive your Naira Master card at your address abroad. Over the past month, at least 2 of Nigerias largest commercial banks have announced reduced limits on international transactions using naira debit cards to $20 (around 10,000) per month. Best Video Downloader Websites To Download Videos Online in 2022, How to Hack Screen Time Passcode on iPhone 2022 iOS16 Support, Best Random Number Generator Apps (Android/iOS) 2023. Please Help us reach our Goal 5k Subs Goals |||||||| 25% .. 1.28K/5K .more .more 3.8K. Play now! This depends on the bank. Fact-Check: Did 19-year-old boy truly commit suicide after Peter Obi lost election? 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. Guaranty Trust Bank has lowered the international spending limit on its naira Mastercard to $500 a month. Zenith Bank Plc sent emailed note to customers on the new payment plan abroad. Get real time updates directly on you device, subscribe now. 1. N:B: The international spend limit is a cumulative value of $3000 monthly i.e. Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000.. I can make the payment for you at a black market rate. The Bank employs 28,000 thousand people in its operations in Nigeria, Sub Saharan Africa and the United Kingdom, with representative offices in China, Lebanon, India and the UAE. Save my name, email, and website in this browser for the next time I comment. Gtbank Naira card spending limit is $20. In fact, some banks have completely stopped their naira debit cards from making payments in foreign currencies. Guaranty Trust Bank Plc has joined a growing list of Nigerian banks to suspend international transactions of their naira-denominated Mastercard. With this development, customers of the bank are required to obtain dollar cards for all their international transactions. The imposed international spending limit has made it difficult to shop on online shopping websites like Aliexpress and so on. Is secured by Chip & PIN technology. This site uses Akismet to reduce spam. It can be used to make purchases online, pay bills, and access cash at ATMs worldwide. (BN 2738473) | 2015 - 2022 All Rights Reserved. Click on get "Cards" to see available Bitmama crypto cards in different colours. @UBAGroup , you've just shot yourselves in the leg. This move will inevitably force people to open DOM accounts and source for foreign currency from black market in order to carry out international transactions. First Bank announces suspension of international transaction on naira cards As a result of the banks struggle with scarcity of foreign exchange, majority of the big commercial banks in Nigeria have reduced their international spending limit on Naira MasterCard from the initial $100. And I've been so loyal to this damn bank. Before you can get yourself a Chipper USD Virtual Card, you must be a registered user with a Chipper wallet account. It may be called different names, but the foreign exchange debit card performs the same function in the currency it's denominated. Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card for international transactions. The development comes on the back of foreign exchange scarcity affecting key sectors which the country is currently battling. First Bank of Nigeria Ltd. An FBNHoldings Company. No 1 banking and finance information website in Nigeria. Itll take up to 24hrs before your domiciliary account will be created. More Nigerian banks limit foreign currency spending on naira cards Required fields are marked *. The Naira MasterCard or Visa Card both have a monthly international spending limit of $20. Flutterwave, Eversend and other fintech platforms had also stopped virtual card services for international transactions. 3. This cant even cover my Netflix subscriptions. First Bank of Nigeria Limited, had, on September 30, suspended international transactions on its naira Mastercard. Gtbank International Spending Limit On Naira Card - Webmasters - Nigeria This review is in response to todays economic realities.. I'm Available for Content Writing Gigs, Website and Blog Creation Jobs As Well. Customers of Guaranty Trust Bank will no longer be able to carry out any international transaction on their naira-denominated ATM card. Banks stop naira cards for online, PoS transactions abroad In July, Standard Chartered Banksuspendedinternational transactions on its naira visa debit card. Zenith Bank Plc has also sent emailed notes to customers on the new payment. Dollar Scarcity disrupts banks, IOCs, telcos' forex payments First Bank of Nigeria says it will suspend international transactions on its naira Mastercard from September 30. Can my Naira MasterCard be used to make purchases on the internet? EXPLAINER: How suspension of int'l transactions on naira cards will Thank you for reading my post on Access bank international spending limit 2022. Required fields are marked *. I'm telling everyone I know to do the same. They also stopped the use of naira cards for ATM foreign currency withdrawals. We provide you with the latest technology tips and information from the tech space locally and globally. First Bank of Nigeria has further reduced the international spending limit on its naira cards from $50 to $20 (around N10, 000) per month. It offers a convenient alternative to the use of cash and cheques. Thank you for reading my post on International spending limit on naira MasterCard 2022. Weve provided 3 easy methods by which you can bypass the international spending limit in Nigeria, so check them below. To do this, you will need to cut down on your spending so that you can free up enough money to make the payments. Do Naira Visa Cards Have a Monthly Spending Limit? This card is a pre-funded and reloadable virtual card that you can use to sort any form of transaction. When making transactions in Nigeria, you have a limit of N150,000 on ATM, N1,000,000 on the Web and POS. In March, financial institutions cut the international spending limit on naira cards from $100 to $20 monthly. The UBA Gold Debit MasterCard for Naira account is a debit card issued on your Naira account and allows you only make transactions in Nigeria.It currently has an international restriction for ATM and POS, and $20 limit for Web transactions subject to market changes. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Access bank international spending limit 2022. You can use your GTBank dollar card for all your international spending requirements.. Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card, and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000.. Gtbank International Spending Limit Remains $100 Per Month in 2021 Visit any UBA Branch near you. With your Naira MasterCard, you can go cashless! FirstBank Naira MasterCard is a chip and PIN Debit Card which can be used anywhere in the world.