Before now, I can imagine the frown on the faces of online business transaction users when the monthly international spending limit was tagged at $100. It was not an easy period because most buyers find it difficult to pay for goods or services that exceeds the $100 monthly limit. This situation forced so many online business men and women to go as far as owning a Payoneer account, so that can easily purchase goods and services internationally with no tagged limits.
International Spending Limit On Naira and Dollar Cards
In a move to make international transactions and purchases much easier for online business men and women in Nigeria, First Bank, GTBank, Ecobank and UBA have raised the international spending limit on their Naira Cards. We hope other banks in Nigeria will join the bandwagon so as to provide a smooth online transaction experience to their respective customers. You shall be getting updates of various Nigerian banks spending limit on online transactions as they are announced from the respective banks. At the moment, you can set your eyes on the latest limits from the available banks below:
First Bank Of Nigeria International Spending Limit
This is one of the banks I transact with (actually the first bank I opened an account with in my life) and it makes me glad that their monthly limit for international transactions have been increased. The First Bank of Nigeria international spending limit on their Naira cards for a month is now tagged at $1,100 across ATMs, POS and various online channels, with their daily ATM withdrawals now raised to $300. However, customers in UAE and China are limited to a monthly transaction of $250 for POS and online transactions.
UBA International Spending Limit
The United Bank for Africa Plc (UBA) have reviewed its monthly international spending limit on its debit and prepaid cards and have raised it from $100 to $2,000. This will enable their customers to spend up to $2,000 per month as against the previous $100 spending limit.
Ecobank International Spending Limit
Prior to this moment, the Ecobank Mastercard was suspended from carrying out international transactions. The good news is that the limits have been lifted, and Ecobank customers can now carry out online international transactions by using their various Naira cards. The Ecobank Mastercard international spending limit is now tagged at $1,000. The bank also placed a $750 and $300 limits for its Gold and Standard cards users respectively.
GTBank International Spending Limit
The GTbank international spending limit for the month was recently rasied from $100 to $1,000. This message was officially communicated to their various customers through emails (of which I am also one of them). Below are the summary of the new monthly international spending limit for all GTBank customers:
International POS Transaction – $1,000 per month
International Online Transaction – $1,000 per month
International ATM Withdrawal – Not allowed
Fidelity Bank International Spending Limit
Just like other banks, the Fidelity Bank monthly international spending limit on their Naira Visa credit and debit cards have been raised to $1,000.
Diamond Bank International Spending Limit
Diamond Bank issues a foreign currency (USD or GBP) denominated card to their customers, and it is been linked to their domiciliary accounts. The card serve as an accepted means or payment across all channels like; ATM, POS and WEB. The Diamond Bank International spending limit for a Dollar card is $1,000 while that of Pound Sterling is £680. You cannot exceed this limit in your monthly transactions.
Zenith Bank International Spending Limit
The Zenith Bank International Spending Limit is sucked at $1,000 per month, and it can be used on various channels as well. On the ATM channel, the Zenith Bank card has a daily limit of $300 on ATM withdrawals, while on a POS and WEB, it has a daily limit of $1,000.
While some of the Nigerian Banks made a claim that the increase is as a result of the demand of their various customers in removing the limitations for online transactions, other sources claim that the increase is as a result of the improved foreign exchange supplies for Nigerian banks.
Whatsoever the reason may be, we all hope that other banks in Nigeria will follow the same way. You shall be seeing updates of other banks on this page so you can easily bookmark it for easy reference. For now, let us await other banks like Zenith bank, Sterling bank, Access bank, Diamond bank, FCMB, Stanbic IBTC and the rest as they announce their monthly international spending limit.