Guaranty Trust Bank Limited , the most respected company of the year now in United Kingdom (GTBank UK). Customers who have business and/or personal interests in the United Kingdom and/or Europe are hereby invited to open account with (GTBank UK). www.gtbankuk.com

I was quiet excited to hear that they actually would carry out Personal Banking as other Nigeria Banks have just stuck to Cooperate Banking. A big well done to GTB. I visited the website with the intention to move my account from Barclays and LloydsTSB to GTB but found their fees on the high side and wonder how exactly it plans to compete in the UK banking Sector with those charges.

http://www.gtbankuk.com/files/Standard_tariff_charges.pdf

- 100 pounds fee for a Bank Account? In UK we don't pay for normal Banking charges are for defaults to the Banking Agreement or special facilities
- I have never had to pay for Standing Orders to other Banks its free
- Replacement Card 50.00 pounds? The History of Bank ATM/ Debit Cards in UK and Internet Banking did not come as a favour to the customer but to the Banks. While in customer Services years ago in a high street bank we had targets to get customers to move from using the Branches (which costed a lot to run) to using ATM and Internet / Telephone banking. The whole idea was that it reduced significantly the overheads. To be charged if my Cards are damaged or lost would be a shock to the culture we have become accustomed to.

- Lets assume GTB is targeting Nigerians in UK who want to move money to Nigeria. It would cost me between 20 to 35 pounds to get the funds to a GTB account in Nigeria. I can achieve the same result free with my Diamond Reach Account. How? Internet Transfer to any UK Account is free. Diamond Bank uses CitiBank as its intermediary Bank so it cost me nothing to send funds from any UK Bank Account I own to my Diamond Reach Account in Nigeria. Other Non Resident Nigeria products have laid claims to this market as well.

- Can someone please tell GTB to rethink this. I'll love for GTB to have my money rather than any UK Bank.

Some of those charges make me wonder if their target market is the Nigerians/Africans in the UK. They are definitely not cheaper than UK banks.

As regards the £50 charge for issuing a bank card, it's simply not attractive at all. I have never paid a dime for bank cards and I can get up to 5 free replacements in a year.

As regards the £100 per annum for current accounts, not bad at £8.95/ month. Most UK banks charge pretty much the same amount or more monthly for current account. 1 or 2 banks throw in free annual travel insurance or other extras as an attraction.

seyibrown:

Some of those charges make me wonder if their target market is the Nigerians/Africans in the UK. They are definitely not cheaper than UK banks.

As regards the £50 charge for issuing a bank card, it's simply not attractive at all. I have never paid a dime for bank cards and I can get up to 5 free replacements in a year.

As regards the £100 per annum for current accounts, not bad at £8.95/ month. Most UK banks charge pretty much the same amount or more monthly for current account. 1 or 2 banks throw in free annual travel insurance or other extras as an attraction.

@ seyi £100 pounds not bad, am sure u were joking abi. Yeah i pay £6.95 on my lloyds monthly i get, free AA cover worth about 9.99 a month, phone insurance worth about £7.00 ( i have actually lost my phone twice and all i did was call and next day a brand new phone delivered), travel & health insurance round the world (each time i apply for schegen i don't bother buying travel insurance for me that will be like £8 every 6 months, and some others i dont use.

So i know what am paying for its not the current account but the ad ons at a bargain, very good bargain. Please what will i be paying £100 a year for to keep my money with GTB? This COT mentality hasnt left Nigerian banks, they are taking it overseas. They are even going to charge for card replacement and transfers within GT accounts and to other accounts. How ridicolous. So if i have a GT account and i want to transfer to HSBC they will charge me.What a laugh?

My money remains in HSBC and Lloyds, these guys are time wasters. Am not their target market anyway, the politicians will fund these accounts for them and they can make their money.

I wonder what they are doing here anyway, considering the volume of total trade Nigeria does, one just wonders the strategy of these banks. Intercontinental is here, Oceanic, Access, UBA geez its now like fashion.

Question: How many chinese banks, Brazillian banks in the UK even Japanese? Yet we are having like 6-7 of the 22 Nigerian banks in the UK. Well its not all gloom some folks like Alistar Darlin and Brwon will be happy more tax for them.

I am sure all their overpriced products is as a result of them not being used to thie same level of taxation that applies here in the UK. They are only transfering it to the consumer.

Maybe their target market are Nigerian politicians who need to stash money away abroad.

I hope all these banks won't soon be found out to be flouting the rules of practice that apply here.

seyibrown:

I am sure all their overpriced products is as a result of them not being used to thie same level of taxation that applies here in the UK. They are only transfering it to the consumer.

Maybe their target market are Nigerian politicians who need to stash money away abroad.

I hope all these banks won't soon be found out to be flouting the rules of practice that apply here.

That has already started happening. UBA New York has already been fine $15 million for not reporting a suspicious transaction by the US authorities. its just the reputation for Nigeria that is going to be sad.

The movie will play out itself.

i can not help but laugh off my head. you dudes are very funny lol.

I think gt bank have good intention to establish in the UK, lets watch their performance, they may eventually get in line with the way banks in the UK operates and instead of putting in the so called Nigeria factor of exploitation. I must must state that i reckoned with their branch at Bodija, Ibadan ,Nigeria. It is a very standard and well presented model with good staff attitudes at work. If they carry on, would beat peoples imagination. for now i an proud of what they do.

seyibrown:

I am sure all their overpriced products is as a result of them not being used to thie same level of taxation that applies here in the UK. They are only transfering it to the consumer.

Maybe their target market are Nigerian politicians who need to stash money away abroad.

I hope all these banks won't soon be found out to be flouting the rules of practice that apply here.

why targeting their customers for their tax problems instead of taking advantage of the tax loophole (tax planning)
Except they are targeting Nigerian Politicians like you said else,

Anyone has any idea on the GTB-UK tariffs of transferring money from UK to Nigeria? GTB-UK website is not straightforward regarding their savings & current account tarriffs. Or is Western Union & Moneygram the best options?

Thanks a mil.

try xoom.com or any other money transfer services like travelmoneynow.com or sendmoneynow.com

@ arbitrage. Thanks but the exchange rates are quite high. Heard Naija pips are trooping to GTB in London for money transfers so I was thinking there was more that meets the eye.