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Fashion / Re: Miss Nigeria-Universe National Costume Causes Outrage On Twitter by sucaba: 8:26am On Dec 22, 2015 |
Blame it on GEJ |
Technology Market / Re: Exchange Rates Of International Currencies >>>Updates on First Page<<< by sucaba: 10:32pm On Dec 11, 2015 |
Ymodulus: You are right. I used Access today and it was 225. Unfortunately they have a limit of $1000 per month. |
Technology Market / Re: Exchange Rates Of International Currencies >>>Updates on First Page<<< by sucaba: 2:55pm On Dec 09, 2015 |
Being told by multiple banks that annual spending has been restricted to $10,000. |
Technology Market / Re: Exchange Rates Of International Currencies >>>Updates on First Page<<< by sucaba: 8:03pm On Dec 04, 2015 |
mavinc4u: Visa |
Technology Market / Re: Exchange Rates Of International Currencies >>>Updates on First Page<<< by sucaba: 8:02pm On Dec 03, 2015 |
Union Bank has reduced ATM withdrawal to $200 per day. |
Technology Market / Re: Exchange Rates Of International Currencies >>>Updates on First Page<<< by sucaba: 4:00pm On Oct 30, 2015 |
Omotweezy: Same thing happened with First Bank. I have also used GTB and Access for the same purchases and they never charged me extra at a later date. These lousy banks are just reaping where they did not sow. 1 Like |
Technology Market / Re: Exchange Rates Of International Currencies >>>Updates on First Page<<< by sucaba: 8:42am On Sep 21, 2015 |
Here's the info I got from banks that I spoke with for online or POS outside the country. GTB $1000 FBN equivalent of N2.5MM Access Bank - $4,000 Heritage - Equivalent of N500,000 1 Like |
Technology Market / Re: Exchange Rates Of International Currencies >>>Updates on First Page<<< by sucaba: 8:56am On Sep 19, 2015 |
First Bank charged me 222 on 17 Sep. |
Technology Market / Re: Exchange Rates Of International Currencies >>>Updates on First Page<<< by sucaba: 8:51am On Sep 19, 2015 |
I notice that Visa alerts are usually almost immediate, but MasterCard takes some time. 3 Likes |
Technology Market / Re: Exchange Rates Of International Currencies >>>Updates on First Page<<< by sucaba: 8:32am On Sep 17, 2015 |
Here's what my research has shown. A bit of background to this first. Debit and credit cards can be used wherever you see the Mastercard or Visa symbol, depending on what your card is branded. But, when you use it overseas, your card issuer has to translate your purchase into Naira– the base currency of your card. There are two factors that have an effect: 1. The card issuer's exchange rate. If you look at any credit card, it'll have a MasterCard or Visa logo. This is the card issuer, and both set their own exchange rates, which is the rate your bank gets when you use a card overseas. 2. The non-Naira transaction fee. This is set by your card provider - i.e. your bank e.g. GTB or Stanbic So, when you spend overseas, your bank or credit card provider first uses the wholesale rate set by MasterCard or Visa on the day you make the purchase to make the exchange. Then it adds its commission, typically between 2.5% and 3% for most banks in Europe and North America, but for Nigerian banks they are charging way more than that, even up to 15%. You will also see other fees for cash withdrawals which are fixed at a maximum of N420 by CBN but some banks like Access charge N240. If you look at the rates charged by Master card and visa to the banks, it comes to N199+, but less than N2000 right now, but in turn the banks charge us N220 or more, representing 10% or more. That's where the problem lies. The banks are making unwholesome profits as foreign exchange fees. That's why you typically see when you get a refund, it's usually at the rate they were charged by visa or MasterCard and unless you complain, they chop the foreign exchange fees. Excuse my pun, but the banks are laughing to the bank! 5 Likes 2 Shares |
Technology Market / Re: Exchange Rates Of International Currencies >>>Updates on First Page<<< by sucaba: 7:51am On Sep 16, 2015 |
GTB and First Bank charged 220 15Sep. |
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