Which Nigerian Banks Still Allow Foreign (Dollar) Transactions On Their ATM Card?

posted by Michael Olafusi , on , 8 comments
image: govandbusinessjournal.com.ng

 Paying for things online is now turning to a nightmare. My Google adverts have stopped running because I can't pay for the outstanding amount that came due two weeks ago. My postal service subscription that enables me to get Technology and Business Magazines from US shipped directly to me here in Nigeria has also paused due to my inability to pay with my regular ATM cards. The list continues.

 I have accounts with FCMB, GTBank, Diamond Bank and Stanbic Bank. And have their ATM cards too. Stanbic is usually the first of the bunch to send me a mail about restriction or cancelling international transactions on their Naira ATM cards. With Diamond Bank, I never really know. They don't send me anything/notification yet I can't use the card for foreign currency denominated payments.

 GTBank and FCMB still allows me to make international transactions on my cards. But they've both limited them to $100/month. By the time GTBank sent me the email, I had already gone past that threshold so all my subscription payments that came due this month after 10th of October couldn't be settled. I had to migrate the most crucial ones to FCMB and now that one too is reaching the threshold. I am unable to make a payment today for $25, so I am guessing it's to wait till next month.

 And the rates they bill me at? It's crazy. Not their fault. But crazy, still. Over N460 to a dollar. I almost screamed when I noticed.

 Any banks I can try that you know of?

Michael Olafusi

8 comments:

  1. BabesummyOctober 28, 2016 at 11:42 AM

    If the banks are charging you 460 to the $, best to purchase dollar directly from the "complete absorption of light" market and fund a dom account.

    ReplyDelete
  2. CletusJanuary 27, 2017 at 3:29 AM

    I am just a starter that doesn't know anything about foreign transaction. Recently, I wanted to pay for ad on facebook but my card was rejected. Please which bank do I use there card to pay for facebook ad. Currently, I have diamond, UBA, and fidelity

    ReplyDelete
    Replies
    1. JoeFebruary 2, 2017 at 6:52 AM

      None of those accounts will work. I would advise you consider opening an account with GTB

      Delete
    2. Michael OlafusiFebruary 3, 2017 at 10:46 PM

      I have Diamond, Stanbic, GTB and FCMB. Only the GTB and FCMB work, GTB is more FX rate friendly. But give a monthly restriction/limit of $100.

      Delete
  3. djslimzzyFebruary 9, 2017 at 2:50 PM

    do you still know of any bank that still works because GTB seem to have stopped

    ReplyDelete
    Replies
    1. Michael OlafusiSeptember 25, 2017 at 7:18 PM

      GTB still works. It's what I use monthly. Still used it today.

      Delete
  4. UnknownJuly 8, 2017 at 11:25 AM

    Access bank too lower than Gtb rate

    ReplyDelete

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