… Standard Chartered Bank Too, Others To Follow
Customers of Guaranty Trust Bank Plc, one of Nigeria’s leading banks, will only be eligible to charge $300 per day for international point of sale (POS) and internet purchases on their naira debit cards.
GTBank had previously cut international cash withdrawals at ATMs to $300 daily from about $1000.
Before Saturday’s directive, GTBank customers could charge as much as $10, 000 to their naira debit cards daily for international purchases but were limited to $50, 000 per annum.
GTBank in an email to customers obtained by THEWILL explained that the action followed “the increased difficulty in sourcing foreign currency to settle international transactions on Naira MasterCards.”
It said, “We have reduced the daily international spending limit on your Naira MasterCard to $300.This means that you can only spend up to $300 daily when using your GTBank Naira MasterCard for international payments via POS and online.
“You will, however continue to have the option of paying for medical bills, school fees, mortgages and credit cards using Form A, as these are eligible transactions for foreign currency. Simply visit any GTBank branch to complete a Form A along with the required documents to make these payments.”
GTBank also said it would commence the sale of Personal and Business Travel Allowance (PTA & BTA) from Monday, 10th August 2015 at select branches across the country.
“Intending travellers can now purchase foreign currency at designated GTBank branches up to a quarterly limit of $5,000 and $4,000 (for BTA and PTA respectively) or its equivalent in GBP and EURO,” the mail added.
Also, Standard Chartered Bank Sunday morning in an email to customers announced a similar cut to international POS and internet transactions, saying it is “In compliance with the earlier communicated Central Bank of Nigeria (CBN) directive to reduce the spending limit on Naira denominated cards for overseas transactions.”
It further said, “The following changes will be effective immediately:
· International Spend Limit on your Naira debit and credit card
– Cash withdrawal limit: $300 per day
– Total spend: $50,000 per annum
· Your international POS/eCommerce spend limit on your Naira debit card is also $300 per day.
· If you have multiple debit cards with us, please note that only the card linked to your primary transactional account will be enabled for use abroad.
· If you are a credit card holder, only your credit card will be enabled for use abroad, while your Naira Debit card(s) will be for domestic use. Should you want to enable international spend on your debit card instead, please visit your branch or contact your Relationship Manager (RM).
As a result of the $300 daily international cash withdrawal limit, please note that your domestic ATM withdrawal limit has also reduced to N60, 000 per day
To ensure that your transaction plans are not affected both locally and internationally please request for:
· A free complementary Naira debit card enabled for domestic use only. This gives you your original daily ATM cash limit of N150, 000 and eCommerce/POS limit of N2, 000,000
“· A foreign currency denominated debit card on your domiciliary account. This has no daily or annual international transaction limits allowing you spend as much as you desire anywhere in the world,” the bank said.
