Finance

Daily Bank Transfer Limit for Corporate, Current, and Savings Accounts in Nigeria

Daily Bank Transfer Limit for Corporate, Current, and Savings Accounts in Nigeria

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The Central Bank of Nigeria (CBN) has implemented daily bank transfer limits as a safeguard against fraud and money laundering. By restricting the maximum amount that can be transferred per day, the CBN makes it much harder for criminals to pilfer money or launder ill-gotten funds.

Daily Bank Transfer Limit for Corporate, Current, and Savings Accounts in Nigeria
Daily Bank Transfer Limit for Corporate, Current, and Savings Accounts in Nigeria

These daily transfer limits additionally protect banking customers. Even if a hacker manages to access your account, they will be unable to transfer a large sum of money without your knowledge or intervention.

As a business professional or frequent large-sum transaction user, you may be curious about your daily bank transfer limit. In this blog post, we will provide you with information on the daily transfer limit for savings, current, and corporate accounts in Nigeria.

Daily Bank Transfer Limit for Corporate, Current, and Savings Accounts in Nigeria.

Corporate Account Transfer Limit.

It’s essential to know that there are transfer limits set by the Central Bank of Nigeria (CBN). As per the regulations, the general daily transfer limit is N25,000,000. However, various banks may have different limits, depending on the type of corporate account or transactions.

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For instance, banks may offer a higher daily transfer limit for corporate accounts for paying employees’ or vendors’ salaries. On the other hand, daily transfer limits may be lower for corporate accounts meant for personal expenses.

If you’re not sure about the daily transfer limits for your corporate account, contact your bank. Additionally, you can visit your bank branch or call customer care to obtain the latest information about transfer limits. 

Knowing the transfer limits in advance can save you from any inconvenience and help you plan your transactions accordingly. So, get in touch with your bank now and stay informed.

Current Account Transfer Limit

A current account is a type of account that allows individuals to deposit and withdraw money or make transactions.

It is becoming increasingly popular in Nigeria as it offers several benefits that make it convenient and stress-free. An essential feature of the current account is the daily transfer limit.

This limit sets the maximum amount a customer can withdraw or transfer from their account each day, thereby limiting overall spending.

This is an essential part of account management to avoid overspending and ensure responsible financial management.

In Nigeria, the daily transfer limit for a regular current account depends on the bank you do business with.

However, the maximum daily transfer limit for most Nigerian banks ranges from 500,000 Naira to 10,000,000 Naira per day.

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For example, if you bank with Gtbank (Trusty Trust Bank), your daily transfer limit on the online banking platform is 1,000,000 Naira, while the limit for the account holder UBA (United Bank of Africa)  is 5,000,000 Naira per day.

Similarly, Zenith Bank imposes a daily transfer limit of 500,000 Naira for most accounts.

Please note that certain account types may have higher limits, depending on your banking needs or as agreed with your bank account manager.

For example, business current accounts often have higher daily transfer limits to facilitate larger financial transactions.

Daily Bank Transfer Limit for Savings Accounts in Nigeria 

Saving accounts are bank accounts that help individuals save their money and earn interest. They are designed for customers who want to save for a specific goal or to build their savings over time. Many Nigerians opt for savings accounts as it is a secure way to keep their money and access it easily.

When it comes to bank transfers, different types of bank accounts have different limits. The daily transfer limit for savings accounts in Nigeria is set by individual banks and may vary. However, the Central Bank of Nigeria has capped the maximum daily transfer limit at ₦500,000 for savings accounts.

It is important to note that some banks may have a lower daily transfer limit for savings accounts, while some may have a higher limit. For instance, Access Bank has a daily transfer limit of ₦200,000 for savings accounts. On the other hand, Zenith Bank’s daily transfer limit for savings accounts is ₦1,000,000.

The daily transfer limit is the maximum amount that a customer can transfer from their account within a single day. If a customer tries to transfer an amount that exceeds their daily limit, the transaction may be declined or delayed. 

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It’s worth noting that customers can contact their bank to increase their daily transfer limit if they need to transfer a higher amount of money. However, the bank will typically require some verification before making the change.

FAQs on Daily Bank Transfer Limit for Corporate, Current, and Savings Accounts in Nigeria.

1. What is the daily transfer limit for savings accounts in Nigeria?

The daily transfer limit for savings accounts in Nigeria ranges from N50,000 to N500,000 depending on the bank and the type of savings account.

2. What is the daily transfer limit for current accounts in Nigeria?

The daily transfer limit for current accounts in Nigeria varies from N1 million to N5 million depending on the bank and the type of current account.

3. What is the daily transfer limit for corporate accounts in Nigeria?

The daily transfer limit for corporate accounts in Nigeria can range from N5 million to N100 million depending on the bank and the type of corporate account.

4. Can I increase my daily transfer limit for my account?

Yes, most banks allow you to increase your daily transfer limit upon request. However, this is subject to the bank’s approval and may require additional documentation.

5. What happens if I exceed my daily transfer limit?

If you exceed your daily transfer limit, the transaction will be declined and you may be charged a fee by your bank. It is important to ensure that you are aware of your daily transfer limit to avoid any inconvenience or additional charges.

Conclusion

Knowing the daily transfer limit for your account is important to avoid exceeding your limits and to ensure that your transactions are processed smoothly. The limit may vary depending on the type of account, so it is advisable to consult your bank for specific information.

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