What is the banks’ ATM Card withdrawal limits in Nigeria and outside Nigeria?
Many people have asked me this question. For those who might not know, there is an adjustment in the Nigerian bank ATM card withdrawal limits.
In the new adjustment, all ATMs that were enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60, 000 per day while foreign currency is $300 per day.
The domestic withdrawal limit is N150, 000 per day. The cash can be withdrawn from ATM machine in multiples of 20000, 25000, 30000 or 35000 depending on the bank’s ATM.
The new adjustment has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.
A single ATM card serves for transactions for both domestic and abroad.
The adjusted cards now have spending limits on POS and eCommerce (online shopping) pegged at $300 (that is about N60, 000) per day. On December 2016, some banks further limits online shopping spending limit to $100 per day. Unlike before, the limit was N2 million per day.
In this new arrangement, a bank customer with multiple debit cards (ATM cards) can only transact abroad with one linked to the primary transactional account. Such customers could also transact with any of the cards that is funded.
However, banks are working hard to ensure that there are alternatives in these adjustments for customers who are now being directed by their banks to reapply for a new card arrangement to suit their purposes.
N.B: This post will be updated if there is change or adjustment in above mention ATM cards withdrawal limits