opeyemmmy:
Going by what StanbicIBTC rates are, why are the cargo guys on other threads charging NLers ridiculous rates, like N220 to a dollar? Beside their service charge, why the exorbitant rates? I just wish to know the rationale behind it... thanks guys.

koredex4love:



shippers will always charge you at that rate or just a bit lesser,banks rate is the regulating foca point for trading,as dey also will wants to make little gain from it.and that is why i keep saying abokis rate is suspicious.

koredex4love:
shippers will always charge you at that rate or just a bit lesser,banks rate is the regulating foca point for trading,as dey also will wants to make little gain from it.and that is why i keep saying abokis rate is suspicious.

opeyemmmy:
Going by what StanbicIBTC rates are, why are the cargo guys on other threads charging NLers ridiculous rates, like N220 to a dollar? Beside their service charge, why the exorbitant rates? I just wish to know the rationale behind it... thanks guys.

opeyemmmy:
The Stanbic dollar rate of 199.50 seems too good to be true. I expect it to be around N201-203. I can confirm the Pound rate is correct as I was charged N299.67 for a transaction just some days ago.

Beside dollar which has remained relatively stable over the past weeks, other currencies change every day and new rates are advised.

Stanley08:

Chinosxl charges at 210 i believe. Which is plenty fair. We can never tell with these things, so stop worrying ur head mate.

The question being asked to them is what they charge on their Mastercard. And not official rate. i think it's accurate. Lol. I think it's VERY accurate actually.

opeyemmmy:


While I'm a bit lost on their modus operandi, I want to assume they pay for their goods through debit cards as against physical cash. If that's the case, there is no justification to charge N215/220 for a dollar. Thanks for your reply.

Those mallams are doing a bit of speculation with their rates.

omoteamac:
when buying from an international e-commerce website that allows payment through mastercard or visacard,it is a norm for those websites to charge a lil bit above official exchange rate...i do not know why...

guente02:




Ah ah someone among should just take the plunge na.

Stanley08:
EUGENE4GOO saw it lol.
But what interested me more is their Naira to Euro rate. I've tweeted at them asking for their naira to pound rate, hope they reply soon.

opeyemmmy:

N210 seems not fair to me. If they don't pay physical cash, why charge your customers for foreign exchange and also service charge?
Bro, I'm talking about Mastercard rate which is a reflection of Stanbic official rate loaded on their e-banking channels. If the official rate is 199.5, Mastercard rate can never be 199.5... you have every reason to doubt me though. I'll be back on Tuesday to give a detailed analysis.

Jeffy1206:
I'm hoping very soon to get my card next week... We will all confirm it.
While is a .boki referred to as northerners it doesn't sound welk to me at all... Kind of trabalistic. Seun please correct cos it doesn't mean insult.

opeyemmmy:
Rates are not determined by those websites but rather by banks. You will be charged your bank's Mastercard rate. A case in point, on 31st March, the offer rate for pound on Stanbic internet banking was N296. I made a payment of £103.85 with my Stanbic Mastercard on that day and I was debited N31098... giving N299.46 as the rate.
To me, the cargo guys on NL are simply ripping NLers off with their ridiculous rates.
I should call you later in the day. Trust you are fine.

EUGENE4GOO:

Thanks for keeping this thread updated

tyconcepts:
Anyone has an idea of exchange rate in Access bank today??

Stanley08:
I want to open a new account online. GTBANK. GTCrea8 or GTSave?

biggboy:
I use a GTCrea8. It's a cool account for students. It's also a zero account. They pay good interest too. But Diamond SWAG account is better.

opeyemmmy:


To me, the cargo guys on NL are simply ripping NLers off with their ridiculous rates.

I should call you later in the day. Trust you are fine.

Stanley08:
StanbicIBTC as always, keeping us up to date.

$ - 199.50
€ - 219.45
£ - 299.77

Cheers!

opeyemmmy:
Going by what StanbicIBTC rates are, why are the cargo guys on other threads charging NLers ridiculous rates, like N220 to a dollar? Beside their service charge, why the exorbitant rates? I just wish to know the rationale behind it... thanks guys.

koredex4love:



shippers will always charge you at that rate or just a bit lesser,banks rate is the regulating foca point for trading,as dey also will wants to make little gain from it.and that is why i keep saying abokis rate is suspicious.

Stanley08:


I don't disagree with u. I'm saying they charge 199.5 for transactions on the MasterCard not that they exchange with/from CBN at that amount. Afterall DiamondBank refunded me at 194.2 just last week. If they sell at that, it means they buy at lower. No idea, just makes sense. Stanbic might be buying lower too. I don't know. All will be answered when i get my mitts on That Stanbic Mastercard on Tuesday. Lol.



Me too, a.boki isn't an insult. Even if, it's nothing major. Seems me and u are getting it on Tuesday together afterall. Did they come to ur house for address verification too? Maybe they do it only in Lagos tho... They came to mine.

They didn't cine for verification though.


Lol what's the websites own? As long as they get their money in the currency they requested and it's complete. If ur bank likes, they should charge u 1 kobo to $1. Them no send. So u are right. Rates are decided by card issuer ERGO! Your bank.



No problem mate. That's how it's meant to be. Cheers!

koredex4love:

@ stanly ,pls can help confirm from ibtc ,if they buy dollars?

Stanley08:
Btw, Ecobank yesterday... bought an app for 0.99 from Apple store.
Was charged 235.68.

$1 = 1 x 235.68 / 0.99
$1 = 238.06

Lol. Evacuate from Ecobank!

biggboy:
I use a GTCrea8. It's a cool account for students. It's also a zero account. They pay good interest too. But Diamond SWAG account is better.

Stanley08:

Thanks, I'll choose Crea8.
Lol. SWAG ke? Abeg I'm done with school, i don't need SWAG, I need DOUGH!

Mizzzbeee:
smh gbese bank

frebor:
The GTCrea8 is not the best choice.
According to their website "The GTCrea8 e-Savers account is a flexible card account for students
Account holders can only perform transactions via e-channels (ATMs, Internet Banking, POS, and GTMobile). No Transaction can be processed in branches"

All savings account don't yield any interest after you might have carried out transactions up to 4 times in a month so if na interest rate dey interest you, you don sabi say e get condition.

jereal:
Date: 6th April
BANK: GTbank
CARD TYPE: MasterCard
Currency: $
Rate: 207.4