Guaranteed Trust Bank (GTBank) is one of Nigeria’s most innovative commercial banks. If you’re a customer of this bank, you must have noticed some of their pesky daily transaction limits on cash transfer between accounts.
Whether you are transferring money to accounts in other banks, or you’re making the transfer to another GTBank account, you experience the same limits once you try to go beyond the acceptable threshold.
The daily limit on cash transfer with GTBank if you’re using the #737* ussd code is just N200,000 daily while the limit for ATM and internet banking is a bit generous at up to N5 million daily if you have a current account.
These limits can be a hindrance if you’re a business person who makes a lot of transactions in a day because once you hit the daily limits, you would have to wait until the next day to make any further transfers.
Lucky this article will share with you a few hacks on how to increase your daily transaction limits with GTBank to up to N10 million a day. As a general rule, transfer limits are higher on current accounts than they are on savings account. But if you need higher transfer limits, you most likely operate a current account anyways.
Why do banks have transfer limits?
The answer to this is in two parts. First, it is to protect you if your account is compromised, for instance if someone stole your ussd code they won’t be able to transfer more than N200,000 from your account in a single day which should give you enough time to get to your bank and freeze your account before they do further damage.
The other reason is that Banks operate under what’s called a fractional reserve system. When you deposit any amount of money in your bank account, the bank uses most of that money for other things, such as consumer loans, credit lines, and home mortgages. The bank holds only a small fraction of its customers’ deposits. This is how banks make their profits and thus, you’re limited from emptying your account at a go.
How to increase GTBank daily transfer limits to 10 million Naira
The daily transfer limit on a GTBank account is N200,000 if you’re using the *737# USSD code, while the limit is N3 million and N5 million for savings account and current accounts respectively on online banking and ATM.
However, current accounts holders can increase their daily limits by:
- Download the Online Banking Limit Indemnity Letter, or request for one at the branch nearest to you
- Fill out your account details and the daily limit you want up to N10 million
- Submit the form at your bank and you will be notified when your account limit has been increased
- This request is only available to current account holders.
How much does GTBank charge for transfer?
This is how much GTBank charges for their transfer on both internet banking, mobile banking app and the *737# ussd code.
If you make a money transfer below five thousand naira, gtbank will charge you N10 for the transfer, plus a vat of N0.75kb which amounts to a total of N10.75 respectively.
If you transfer from five thousand to ten thousand naira, you will be charged a total amount of N25 as the transfer fee.
Lastly, if you transfer from N10,000 upward, you will be charged a total amount of N50 as the transfer fee.