How much do banks charge for transfers?
According to CBN, customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge. Previously, bank customers pay N50 charge for electronic transfers below N500,000.
Is international bank transfer free?
A number of banks allow you to transfer money to linked banks overseas without a fee – though usually it’s just an overseas arm of the same banking group. This is often best for regular movements of money to people who stay in one country, such as regular cash to family members who live overseas.
How much does GTBank charge for international transfer?
For GTBank to GTBank Transfers, the charges on 737 include N20. 00 + N2. 50 while transfers on all other banking channels are free.
Which bank has the lowest charges in Nigeria?
Applicable rates for each of the DMBs as of April 9, 2021, showed that Stanbic IBTC Bank charged the lowest rate on loans at 4 percent, followed by GTBank, Polaris Bank, and Unity Bank at 5 percent each, Fidelity Bank 6 percent, Rand Merchant Bank 6.08 percent, FBN Merchant Bank and UBA 7 percent each, Coronation …
Is GTBank an international bank?
About this Service Guaranty Trust Bank offers offshore funds transfer services to and from Ghana, subject to the foreign exchange and Bank of Ghana regulations. Funds are received from abroad through our correspondent banks for further credit into our customers’ Foreign Currency accounts with us in Ghana.
Can I do international bank transfer?
Money transfers from India to abroad can also be made through our extensive network in of branches. Just walk into any Axis Bank Branch and fill in the requisite documentation and request for your International Fund transfer permitted under the various purposes defined by RBI.
How much does GTB charge for transfer?
Where can I transfer money from USA to Nigeria?
You can transfer money to Access Bank, FCMB, Fidelity, First Bank and GTBank. Many banks give their customers the option to send funds to Nigeria. However, they typically charge high transfer fees and offer exchange rates that are lower than the ones you’re likely to find elsewhere.
What are the regulations for money transfer in Nigeria?
A money transfer operator shall: 4.3.1 make payment to customers only in Nigerian currency, in line with CBN regulation; 4.3.2 use the prevailing exchange rate on the day the transfer is received; and 4.3.2 declare in the receipt/certificate of transfer that the money paid to the customer is not counterfeited.
What is the fee for electronic transfer in Nigeria?
A fee scale for electronic transfers to replace the current flat fee of N50. Accordingly transfers below N5,000 will attract a maximum charge of N10; transfer from N5001 – N50,000 -N25; and transfers above N50,000- N50 Card maintenance fee on current account has been removed as the accounts already attract account maintenance fee.
What is the Central Bank of Nigeria doing to reduce charges?
The Central Bank of Nigeria (CBN) has reduced charges applicable to bank accounts, electronic transfers, and Automated Teller Machines (ATM) by banks, other financial and non-bank financial institutions in the country.