Good evening folks, I'm not one to come online to spite an organisation but I think what I'm about to say would be useful for internet marketers, importers etc.

I recently started using a UBA account (early this year) I've always been a GTBank favourite, but then I learnt that UBA and a few other banks don't require a dorm account to receive wire transfers. As a blogger, I thought it was awesome, so I opened an account with UBA.

Fast-forward to around last week/ last two weeks, the USD - Naira rates became something of a problem as there were discrepancies in currency exchange rates. I made a transaction with my UBA MasterCard and was charged a whooping 242naira to a USD. As a blogger, I thought it was... well, good? since I was going to be paid in a few days time with expectancy of rate of about 220+ naira to 1USD. Sadly, wire transfer came in and I was paid an exchange rate of 196Naira to a USD.

I wasn't so pleased, but I was a bit curious if the exchange rate has dropped, so I made a purchase online immediately (renewed one of my domains), waited for the alert, it never came. Last night, the alert I was waiting for entered, and shockingly, UBA charged me a whooping 269.69naira for 1USD (I spent 6USD @ 1617.54 naira debited!)

Angry, I complained to them on Facebook and was told " Please be informed that the discrepancy in the rate is as a result of the instability of the exchange rate."


Summary of my epistle is UBA are ripping off Nigerians with this dollar-naira problem. Be wise, boycott using your UBA card for purchases online for now.

Regards,

Uche Charles...


cc @lalasticlala @Seun

OK

Tanx for the info dear

kkkk...noted