The free fall of exchange rates between the Nigerian Naira (NGN) and other currencies has prompted the Central Bank of Nigeria to take necessary actions that should boost the value of the Naira over the dollar, EURO etc.
Some of the policies includes tax deductions for companies that use local content, Ban on importation of some raw materials / products that can be locally sourced, restrictions placed on online shopping using Naira denominated cards to pay for Dollar denominated products.
Despite all efforts of the Federal government being implemented and enforced by Commercial Banks, Nigeria Customs Service and CBN – the value of the dollar against the Naira has still climbed to hit a record high of N500 to 1$ in the parallel market (Black market) and N315 to 1$ as official rate.
If you used to buy goods online from popular sites such as EBay, Aliexpress, Amazon, etc that accepted Card payments using Naira MasterCard and ship to Nigeria, you may have noticed that payments using the Naira MasterCard of any bank in Nigeria is now declined due to Dollar spending restrictions.
This has affected lots of businesses negatively and in turn caused an increase in prices of imported Electronics, cloths because of the hoops Merchants now have to jump through to get the goods.
If your business is highly dependent on making payments Online in USD and is affected by the current restrictions on Naira MasterCard – We highly recommend you get a Dollar MasterCard available at any bank upon request.
We recently requested and received the GtBank Dollar MasterCard and would like to share some of it’s features, incurred charges and more with you.
FEATURES OF GTBANK DOLLAR MASTER CARD
- Convenient Online Shopping: Your Black Card does not ever get declined at ATM worldwide, Online Shopping websites as long as you have sufficient balance for payment.
- Safe:Your Dollar MasterCard is NOT linked directly to any of our accounts. A separate Dollar domiciliary account is created and linked to your new card. This ensures that only Money you transfer into the Dollar Card account is spent for transactions.
- Transactions are secured with a Card PIN and Card Secure TM feature for online transactions.
- No Spending Limitations: There’s no limit to the amount of Online shopping or POS payments that you can make using the Dollar MasterCard.
However, withdrawals of Dollar or local currency equivalent at ATM machines worldwide with the card is restricted to $1000.
How to Request for GTBank Dollar MasterCard:
There are two ways to request for the GTBank Dollar MasterCard
- Local Branch:Visit the Customer care unit of any GTBank Branch near you to fill out the Dollar MasterCard Request form.
- GTBank Internet Banking Request: If you have access to the GTBank Internet Banking, Login and click on CARDS, then select “Dollar Card Request” from the drop-down menu.
Your Card will be available for pickup at your Specified Branch 1 Week after request is made / Charged.
DOLLAR MASTERCARD CHARGES
- A Card request charge of N6,155 to be deducted from specified account is applicable.
- Annual Card maintenance fee applies.
- Withdrawals of Dollar at ATMs worldwide will also incur a small charge.
For further inquiries and assistance, don’t hesitate to contact GTBank Card Services unit
Phone: +234 700 48266 6328
Email: [email protected]
Hope this page was helpful, you can drop a question in the comment section.
