Bank rates per dollar using naira debit card transaction online

Miah Michaels
Posted by Miah Michaels July 1, 2017 3 Min Read 73 Views

Making payments online for any kind of transaction is becoming increasingly popular and everyday, many people tends to troop in based on the cheap price of good quality stuffs found online. Payments for goods purchased either from eBay, Amazon, Aliexpress, etc. or for services rendered like paying for your web hosting usually require e-payments (Paypal or using debit cards: Visa, mastercards, etc).

Therestrictions of Paypal in Nigeria is well documented, opening and funding a domiciliary account is super inconvenient and expensive, Western Union is another story, what then is the alternative for those intending to start a small business, those that simply want to buy a $200 item on aliexpress or pay for an international service rendered on the internet?

Our banks have put so much restrictions on using the naira debit card internationally, whether it is their fault or not is a discussion for another day. Some do not allow spending internationally at all, some have killer rates that you wouldn’t even dare to consider….

Three banks, GTBank, UBA and Access bank, to some extent, have provided an escape route for light spenders. But lately, things became worst as those three banks have decided to worsen things by increasing their dollar rate.

Initially​, GTBank charges N320/ dollar using their naira mastercard with a monthly limit of $100. But now, the current rate is dancing between N390-400/ dollar.

Access Bank used to go for N325/dollar using their naira Visa card or mastercard with same $100 monthly limit. Now, Access bank current rate is N375/ dollar. UBA is another case. This bank used to charge N315.99/ dollar using their naira Visa card or mastercard, giving $3,000 daily limit for all it’s customer and one needs to be awake at around 12:00am to get its $100 share for the day. But recently, they choosed to join the wagon by increasing their rate to N385/ dollar.

Wether these conditions will change positively or negatively soon, only time will tell. For now, the trending solution is the application of Payoneer mastercard which can be used in making online payment and purchases. Price of its dollar or funds depends on who owns it and how much he/ she is willing to sell. You can get your own Payoneer MasterCard here for free and shipped from abroad without any charge and use to make online transaction

What do you think, do you know any other better way of making international e-payments, how much does your bank charge you for these transactions? Let us know in your comments below.