There are a lot of banks in Nigeria and, to be honest, all of them have different charges depending on the transaction you carry out. So I’m going to be enlightening you on the Banks with lowest Charges in Nigeria for 2022 as you read on.
Charges occur from checking of your account balance, transferring of money to either the same bank your banking with or to other banks.
Now you need to understand that, charges within the same bank is cheaper while transferring to other banks is way high.
Also, another area where you could be charge is through your ATM withdrawal. Are you a victim of this circumstance and then in search for the Banks with Lowest Charges in Nigeria for 2022? Then never to worry as we have got you covered.
In this article i will be exposing you to various banks in Nigeria and their ATM charge rates, bank transfer rate, checking of account balance rate and so on so just relax as i will be proceeding with you. At the end of the day, you are free to ask us any question and we will do well to give answers to them to the best of your understanding.
Whatever questions we cant answer, we will contact the customer care centers of those various banks and whatever feedback we get we will relate with you.
Now we have given you a clue, you are at liberty to send your request as well to those banks either through their customer representatives, by email, Facebook verified pages of those banks, by call, whatsApp and so on – instead of waiting for us.
Now lets get started.
Table of Contents
What are the Banks with Lowest Charges in Nigeria
I think that banks charge less, when you do transaction within the same bank. The hike charges comes as a result of making transactions outside the ambiance of the bank to other banks. Before looking at the banks with lowest charges in Nigeria, you should consider putting certain things into consideration.
You should consider looking at; banks with lowest charges in Nigeria for online transactions, bank charges for transfer of money to other banks in Nigeria, and charges procured for ATM transaction in other banks – which this will be our main focus.
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Banks with Lowest Charges in Nigeria for Online Transactions, (Conventional Banks)
Below are the list of all the commercial banks in Nigeria and their charges for online transactions. At the end of the day, this will help you to figure out which is the lowest for you.
This is because it varies depending on your choice or interest.
Access Bank Plc charges for online transactions
How much does it cost to use Instant Electronic Funds Transfer? Any request will incur a transaction fee of N52.50 (VAT included).
Fidelity Bank Plc charges for online transactions
Sending and receiving EFTs are free at Fidelity, however the receiving bank may charge a fee. Wire transfers to a bank or other recipient are also free of charge at Fidelity.
Use *770#, a value-added service that makes it simple to do online banking operations.
First City Monument Bank Limited charges for online transactions
When it comes to electronic transfers or digital banking, with respect to money deposit in any bank or financial institution, for a deposit of $10,000.00 or more, a levy of $50 is charged.
All you have to do is to dial *329#. Buy airtime, transfer money, get a loan, and more on the go using your mobile banking app. It is that simple
First Bank of Nigeria Limited charges for online transactions
When you make an automatic transfer, you will be charged a cost of $20.00 each year and $10.00 per day. Customers of FirstBank have many options for managing their accounts and avoiding overdrafts.
Individual accounts that register with FirstBank USSD code banking are subject to a daily transfer limit.
The daily limit is set at N100,000, and if it is over, the consumer must wait until the next day to do further transactions.
Guaranty Trust Bank (GTBank) charges for online transactions
Fees on 737 for GTBank to GTBank transactions are N20. 00 + N2. 50, whereas transfers through all other traditional banking are free.
The daily transfer limit on a GTBank account is N200,000 if you use the *737# USSD number, whereas the maximum on online banking and Automated teller machine is N3,000,000 and N5,000,000 million for savings and current accounts.
Union Bank of Nigeria Plc charges for online transactions
Cash transactions to and from your Union Bank account are credited instantly. Transferring Money to Other Local Banks Paying Bills are for Free.
Union bank also gives free Transfers to Union Bank Accounts. And then lastly you can Schedule Transfers to Other Banks and its free. Dial *826# to get started!
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United Bank for Africa Plc charges for online transactions
UBA charges 1% for international money transfers. That implies you’ll be charged 1% of every money you send through the UBA Africard service. It is really low, and it applies to any amount you transfer.
For Sending money: Complete and submit a MoneyGram’send form’ with the details of your transfer at any UBA bank. A Reference Code is generated once the transaction is completed.
The Beneficiary receives the money at a UBA Branch after the Sender delivers this code to them.
Dial *919# to get started!
Zenith Bank Plc charges for online transactions
With exception of online fund transfers, there are no fees. There are no fees for Zenith to Zenith transfers, but there is a 210 cost for Local Money Transfer (LMT) transfers.
Depending on the switching platform used to execute the transfer, a transfer from a Zenith account to another bank will involve NEFT or Interswitch charges.
Each day you are allowed to transfer only 50,000 Naira
The limit per each transaction is 20,000 Naira.
Citibank (FCMB) charges for online transactions
The highest amount that can be sent using FCMBMobile in a single day is N200,000. You can, however, request a N500,000 increase in your limit by phoning the contact center or visiting any FCMB branch.
Take control by dialing *329#. Buy airtime, transfer money, get a loan, and more on the road using your mobile chevalier.
Ecobank Nigeria charges for online transactions
All the patrons of Ecobank Mobile, Ecobank Online, will continue to pay no fee for digital money transactions under N5,000.
Now dial *326# (Ecobank transfer code)
So what do I need to receive an Ecobank transfer code?
For registration, you’ll need the following;
- * A mobile device. (It doesn’t have to be a smartphone; a basic phone will suffice.)
- * An Ecobank account is required.
- * A phone number that has been registered with Ecobank and is linked to the account.
- * A debit card from Ecobank that’s all.
Heritage Bank Plc charges for online transactions
Heritage bank when doing transactions within the bank charge free or very less. But when you bank outside the bank to other banks, the fee is a bit high.
For all your mobile banking, from transfer to checking of account balance, please dial up – *745#. It will really allows you to conduct smooth digital transactions.
So how do you cub charges on wire transfers?
- **Choose a financial institution or account that does not charge fees for wire transfers.
- **To send money for free, use a payment or money transfer app.
- **Please send a cheque (if time permits).
- **Send money for free by using online bill pay.
- **Using a checking, money market, or savings account, initiate a wire transfer.
Keystone Bank charges for online transactions
There are certain key ponts to note when it comes to banking with Keystone bank and they are;
1. Its Maximum transaction payout amount (Western Union)
The maximum reward is $10,000.00. (naira equivalent). If the amount to be redeemed exceeds $10,000, please contact the Money Transfer Services team.
2. MoneyGram’s maximum payout amount
Within a 30-day period, the maximum payout amount is $8,000 (Naira equivalent).
3. Transactions using proxy
Money transfer recipients must be physically present when the proceeds are collected. Payments made through proxy are not permitted.
Type *7111*Amount*Account Number# from the mobile number associated with your account and confirm your transaction with your PIN. To send N10,000 to that account, dial *7111*10000*1234567890#.
The Keystone Bank USSD service (*7111#) is one of the bank’s financial inclusion programs. It’s a simple, secure, and convenient way for all Keystone Bank customers to conduct transactions whenever and wherever they want, irrespective of your mobile phone.
Polaris Bank Limited (Skye Bank) charges for online transactions
*833# is a mobile banking number. Instantly open an account, purchase airtime, transfer funds, and pay your bills. All with the Smart Code *833#. No data?
Daily transaction limit: 50,000 Naira maximum. Daily and monthly recharge limits are 5,000 Naira and 20,000 Naira, respectively. 52.5 Naira for transfers to other banks, 10.5 Naira for transfers to other Skye bank accounts
For transferring funds in Nigeria, the Polaris Bank USSD transfer code is *833#. Use it to send and receive funds in Nigeria.
Stanbic IBTC Bank Plc charges for online transactions
For interswitch, 0.75 percent capped at N1,200.00. Unified Payment Local – 0.75 percent with a cap of N1,200.00, and 0.75 percent without a cap for airline operators. Unified Payment International – 3% unlimited.
To get started, dial *909# on your phone.
Sterling Bank Plc charges for online transactions
When making use of the Sterling Bank USSD transfer code, the daily cumulative limit is 100,000 naira. The transfer limit is simply 50,000 naira per transaction.
In other words, you can’t transmit more than 100,000 naira in a single day. Furthermore, each transaction is limited to 50,000 characters. As a result, if you want to send $100,000 to someone, you’ll need to split it into two transactions (50,000 naira each).
Transfers to other Sterling Bank accounts cost 21 naira per transaction (VAT included), whereas transactions to other Nigerian banks demand 52 naira per transaction (VAT inclusive).
That’s it!
Unity Bank Plc charges for online transactions
There are no fees for transfers between Unity Bank accounts. A transfer from a Unity Bank account to another bank incurs a fee of N52.50k.
Should you wish to use Unity Bank’s mobile banking services, you must first activate your phone’s USSD code. Unity Bank’s USSD transaction code is *799#.
Wema Bank Plc charges for online transactions
Everybody who is a customer of the Wema bank has access to the Wema USSD banking code, which is *945#.
However, in order to use it, you must have a Wema bank account (create an online account with WEMA here if you don’t already have one).
And once it’s done, all you have to do now is register your phone and verify the code. N100,000 daily digital transaction limit
Bank Charges for Transfer of Money to Other Banks in Nigeria – Central Bank of Nigeria Policy
1. Customers now will pay N10 for electronic transactions under N5,000 and N25 for electronic payments between N5,000 and N50,000, according to the CBN. Only electronic transfers above N50,000 will incur a N50 fee. Customers used to be charged N50 for money transfers under N500,000.
2. Since customers accounts now have an account maintenance charge, the current account card maintenance has been eliminated. Savings accounts will now be charged a $50 card management fee every quarter instead of $50 every month.
3. The yearly card maintenance fee has been reduced from $20 to $10 for cards denominated in foreign currency (FCY).
4. ATM costs are reduced to 35 from 65 after the third withdrawal within a month.
5. The cost recovery-based charge for a hardware token will be restricted at 2,500, down from the previous maximum price of 3,500.
Charges Procured for ATM Transaction in Nigeria
ATM card acquisition, replacement, and renewal costs have remained steady at N1000. After three transactions, withdrawals from other bank ATMs remain unchanged at N65.
Customers of FirstBank Nigeria are not charged a fee to activate their ATM cards. All you have to do is go to the local branch or ATM and get your issued ATM card activated for free.
I hope this has help a lot. I know so, but if you still have any question to ask, please do well to put it down on the comment section and we will answer it for you. Thanks 🙂
LMA Team.
