“Not More Than €5,000”: UBA Sets New Limit for Daily Forex Withdrawal as CBN Issues Guideline
- The United Bank of Africa has made changes to its domiciliary MasterCard limits and fees on transactions involving foreign currencies
- This comes after the IMTO said International Money Transfer Operators said they are halting dollar transfers due to CBN's new directive
- The banks have also introduced a 2.5% transaction amount payable when a card is used for other currency transactions
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
The United Bank of Africa has announced some adjustments to its domiciliary MasterCard limits and fees, according to a notice sent to customers.
Source: UGC
It stated that the move would help to keep customers updated on the changes that may impact their services.
The review by UBA occurred after International Money Transfer Operators (IMTO) disclosed in a report on February 9 that they would halt dollar transfers to Nigerians due to a directive from the CBN.
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In compliance with a recent directive from the Central Bank of Nigeria (CBN), Sendwave, another IMTO said:
"we regret to inform you that Sendwave, along with all money transfer operators, is no longer able to support USD transfer to Nigeria. We’d encourage you to switch to sending Naira transfer instead.”
Another IMTO, Worldremit, said transfers would not be paid out in dollars.
UBA sets new limits
Outlining the new limit, TheCable reported that for UBA's Euro card, the daily automated teller machine (ATM) withdrawal limit on its gold MasterCard is €1,000, while the daily web limit is €3,000 and the point of sale (POS) limit is €3,500.
The bank stated that the daily ATM limit for its platinum MasterCard is €1,500, while the daily web and POS limits are €5,000 and €5,000, respectively.
UBA also stated that the daily ATM, web, and point-of-sale limits for its World MasterCard are €1,500, €8,500, and €15,000, respectively.
Also mentioned in the overview is the daily web limit of €3,000 for the gold card, €5,000 for the platinum card, and €7,500 for the globe MasterCard.
Customers with gold cards would receive €3,000, platinum cardholders would receive €5,000, and world MasterCard holders would receive €15,000, according to information provided by UBA.
For its dollar cards, the bank capped its ATM limit for gold at $1,000, while the platinum and world MasterCard users could not withdraw more than $1,500 per day.
According to UBA, the daily web limit for a gold MasterCard is $5,000, a Platinum card is $6,000, and a World card is $10,000.
The bank said its daily ATM POS limit is $5,000 for gold MasterCard users, $10,000 for platinum customers and N20,000 for world MasterCard users.
According to the bank, a minimum of $3.5 or equivalent will be charged for each ATM cash withdrawal or POS cash advance. The cost will be assessed at 0.6% of the transaction value (VAT Exclusive).
When a card is used for other currency purchases, 2.5% of the transaction value is due, according to UBA.
Customers will pay $0.01 (or comparable in other currencies) for the short messaging service (SMS).
CBN unveils international money transfer operators
Legit.ng reported that the Central Bank of Nigeria has released the names of International Money Transfer agents in Nigeria for seamless remittances into the country.
The new list contains about 62 names and has been updated with 47 new names.
International Money Transfer Operators (IMTOs) are firms or organizations the CBN allows to ease funds transfer from individuals living abroad to recipients in Nigeria.
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Source: Legit.ng
