I am currently in Ghana and have been using my GTB Naira mastercard for ATM withdrawals and other POS transactions in Ghana.The exchange rates of these transactions have been normal.But for the last two transactions,I noticed that the exchange rate GTB used was very high.

In the first case,I made a withdrawal of 800 Ghana cedis from a GTB ATM in East Legon,Accra yesterday evening.From the email notification I got,I noticed they debited me with 52,712.55 naira.Going by the current Naira/Cedi exchange rate at the time of the transaction,the amount was supposed to be not more than 42,000 naira but I was charged in the excess of 10,000 naira more.
This is means the exchange rate they used is 65.89 naira to 1 Cedi.

In the 2nd case,I used my GTB naira mastercard for purchases at Shoprite Westhills Mall Accra POS terminal.The amount is 144.88 cedis but GTB charged me 9,753.02 naira.At the prevailing interbank naira/cedi exchange rate at the time of the transaction,it should be about 7,000 naira.
It means the exchange rate they used is 67.30 naira to 1 cedi.

These rates are way higher than what the local money changers and BDCs in Accra are doing.I have called GTB customer service and the lady told me that it is Mastercard International that fixes the rates and I do not believe Mastercard cannot fix such an astronomical rate way higher than interbank rate.I know for sure that Mastercard uses the interbank rates.So,that is out of the question and it's obvious she doesn't know what she is talking about.She further told me that nothing can be done about it.

With this kind of cut-throat exchange rates,how are we encouraged to go cashless and what is the advantage of using the Naira mastercard outside the shores of Nigeria and travelling with less cash relying on the naira mastercard instead of using cash if the interbank rate is much higher than the black market rate?
If someone that came to Ghana with cash in Naira got a better rate from local money changers than me who is using GTB naira mastercard to withdraw,then the card is useless.

I have been a loyal GTB customer for many years now and have been using them for a lot of transactions both within and outside Nigeria but with this development,I am discouraged that I would be cheated like this.

I intend to follow up with an email to GTB card services and hope they will reverse it and charge me with normal exchange rates for those transactions.

Does anyone know how I can reach out to the appropriate department for faster response?

The amount they charged u is same with ecobank, As for changing 42000 to 800 even the mallams won't change that now 42000=693 from the mallams now.
I have some naira i can't change now due to the exchange rate been not favourable.

emmbet:

I doubt if Gtb will refund a dime.

The mistake you made was not checking the exchange rate on Google before u made the transaction.

Incase you don't know, Cedi appreciated big time against dollar last month while Naira depreciated. This also lead to the fall our almight Naira against Cedi from the previous #45.21 in July to #59.6 (closing rate in July)..

know that the #59.6 is the official forex rate. GTB sell to you with at least #+4 to forex rate with a constant charge of #420 for using Atm in another West Africa country. So the rate you got it was quite fair if you look at it that way.

It might interest you to know that: I experienced a worse transaction with GTB last 2 weeks. Gtb sold to me at #68.7 (33k gave me 480cedi), tho the Forex rate was 61.2 that day. Meanwhile, at a time in June, 41k gave me 800cedi...

So my advice is - Always work with exchange rate when dealing with GTB and if possible, don't withdraw when cedi is fluctuating..

Incase you see a better bank with fair exchange rate and transaction charges, be sure to mention me.

@donifez I see u bro...

peace

Does it mean that ghana cedis is now higher than naira or am i dreaming

holyboss:
I doubt if Gtb will refund a dime.

The mistake you made was not checking the exchange rate on Google before u made the transaction.

Incase you don't know, Cedi appreciated big time against dollar last month while Naira depreciated. This also lead to the fall our almight Naira against Cedi from the previous #45.21 in July to #59.6 (closing rate in July)..

know that the #59.6 is the official forex rate. GTB sell to you with at least #+4 to forex rate with a constant charge of #420 for using Atm in another West Africa country. So the rate you got it was quite fair if you look at it that way.

It might interest you to know that: I experienced a worse transaction with GTB last 2 weeks. Gtb sold to me at #68.7 (33k gave me 480cedi), tho the Forex rate was 61.2 that day. Meanwhile, at a time in June, 41k gave me 800cedi...

So my advice is - Always work with exchange rate when dealing with GTB and if possible, don't withdraw when cedi is fluctuating..

Incase you see a better bank with fair exchange rate and transaction charges, be sure to mention me.

@donifez I see u bro...

peace

I sight you oga mi

emmbet:
I am currently in Ghana and have been using my GTB Naira mastercard for ATM withdrawals and other POS transactions in Ghana.The exchange rates of these transactions have been normal.But for the last two transactions,I noticed that the exchange rate GTB used was very high.

In the first case,I made a withdrawal of 800 Ghana cedis from a GTB ATM in East Legon,Accra yesterday evening.From the email notification I got,I noticed they debited me with 52,712.55 naira.Going by the current Naira/Cedi exchange rate at the time of the transaction,the amount was supposed to be not more than 42,000 naira but I was charged in the excess of 10,000 naira more.
This is means the exchange rate they used is 65.89 naira to 1 Cedi.

In the 2nd case,I used my GTB naira mastercard for purchases at Shoprite Westhills Mall Accra POS terminal.The amount is 144.88 cedis but GTB charged me 9,753.02 naira.At the prevailing interbank naira/cedi exchange rate at the time of the transaction,it should be about 7,000 naira.
It means the exchange rate they used is 67.30 naira to 1 cedi.

These rates are way higher than what the local money changers and BDCs in Accra are doing.I have called GTB customer service and the lady told me that it is Mastercard International that fixes the rates and I do not believe Mastercard cannot fix such an astronomical rate way higher than interbank rate.I know for sure that Mastercard uses the interbank rates.So,that is out of the question and it's obvious she doesn't know what she is talking about.She further told me that nothing can be done about it.

With this kind of cut-throat exchange rates,how are we encouraged to go cashless and what is the advantage of using the Naira mastercard outside the shores of Nigeria and travelling with less cash relying on the naira mastercard instead of using cash if the interbank rate is much higher than the black market rate?
If someone that came to Ghana with cash in Naira got a better rate from local money changers than me who is using GTB naira mastercard to withdraw,then the card is useless.

I have been a loyal GTB customer for many years now and have been using them for a lot of transactions both within and outside Nigeria but with this development,I am discouraged that I would be cheated like this.

I intend to follow up with an email to GTB card services and hope they will reverse it and charge me with normal exchange rates for those transactions.

Does anyone know how I can reach out to the appropriate department for faster response?

I changed today and it was better,the mallam rate is 172, so 42000=722 cedis,I just pray it keeps getting better.

holyboss:
I doubt if Gtb will refund a dime.

The mistake you made was not checking the exchange rate on Google before u made the transaction.

Incase you don't know, Cedi appreciated big time against dollar last month while Naira depreciated. This also lead to the fall our almight Naira against Cedi from the previous #45.21 in July to #59.6 (closing rate in July)..

know that the #59.6 is the official forex rate. GTB sell to you with at least #+4 to forex rate with a constant charge of #420 for using Atm in another West Africa country. So the rate you got it was quite fair if you look at it that way.

It might interest you to know that: I experienced a worse transaction with GTB last 2 weeks. Gtb sold to me at #68.7 (33k gave me 480cedi), tho the Forex rate was 61.2 that day. Meanwhile, at a time in June, 41k gave me 800cedi...

So my advice is - Always work with exchange rate when dealing with GTB and if possible, don't withdraw when cedi is fluctuating..

Incase you see a better bank with fair exchange rate and transaction charges, be sure to mention me.

@donifez I see u bro...

peace

My dear,I checked the exchange rate on google before I made the transaction.The GTB rate is just way too high.
Anyway,lessons learnt.I withdrew 180 ghs today from Standard Chartered at Dzorwulu and was charged 10,871 naira.Maybe GTB decided to reduce it after my email and phone protests.

Wow, AKWAABA to all Nigerians in Ghana.

emmbet:


My dear,I checked the exchange rate on google before I made the transaction.The GTB rate is just way too high.
Anyway,lessons learnt.I withdrew 180 ghs today from Standard Chartered at Dzorwulu and was charged 10,871 naira.Maybe GTB decided to reduce it after my email and phone protests.

The thing seems to getting better.
I also got 60.8 last two days..

Hello all, please I need someone with a Nigerian MasterCard to avail me of the current rate at which ECOBANK and GTB convert from Naira to CEDI's when one withdraws. Today 14th of March, 2016, official rate is 51.3699. Expecting a response. Thanks.

needinfo:
Does it mean that ghana cedis is now higher than naira or am i dreaming

their grammar tire me too oo

I wish to know the black market rate of cedi/naira in ghana as of today. the rate GTB charged my friend now, which he just forwarded to me is GHS 1.00 to #80.00 see below.


BANK ATM RATES

DATE LOCATION BANK RATE CUR
15/05/16 Ghana GTB N80 GHS

I change at 1000 naira for 115 cedis