This post was last updated on July 17th, 2021 at 10:35 pm
It’s longer news to Nigeria bank’s customer that they can now transfer money, buy airtime and pay bills from their mobile phone using USSD (Unstructured Supplementary Service Data)code and mobile app as well online banking.
There one major aspect bank customer’s need to know is the transfer limit per day and how they can also increase their limit when transferring money. Lately i have been receiving series of mail from my readers asking for transfer limit per day for various banks in Nigeria?
Transfer limit is dependent on the bank thresholds to meet risk analyst for both institution and the customer. Some will ask you to generate hardware token or the last six digits of your debit card before you can increase your transfer limit
However, before you can transfer fund from your bank, you need to register for mobile transfer via USSD Or mobile app.This content is tailored to provide transfer limit for all Nigeria banks and how to increase limit.
What is Instant Electronic Funds Transfer?
Instant Electronic Funds Transfer is a form of funds transfer by which money is transferred instantly from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based or mobile systems, without the direct intervention of bank staff.
Transfer charges using USSD
Effective March 16, 2021, USSD services for financial transactions conducted at DMBs (Deposit Money Banks) and all CBN-licensed institutions will be charged at a flat fee of N6.98 per transaction.
The CBN and the NCC had in a joint statement said that the introduction of the new USSD charges is to promote transparency adding that it would be collected on behalf of Mobile Network Operators (MNOs), who provide infrastructure for the services to operate, directly from customers’ bank accounts.
1. Access bank
The transfer limit for Access bank is N20,000 at once and N150,OOO per day, but to make transfers above N20,000, a hardware token or the last six digits of your debit card is required. You can request a token from any branches nearest to you.
For Access bank mobile banking transfers, a limit of N2,000,000 is applicable in four tranches of N500,000
The transfer limit for Ecobank is N50,000 daily limit and N500,000 for instant banking
3. Fidelity Bank ussd transfer limit
Fidelity Bank Single transaction limit is N20,000. Daily Limit is N100,000, while Airtime purchase Single transaction limit is N20,000. Daily Limit is N100,000 To increase your limit to N500,000 – N1,000,000 visit the nearest branch to request for it.
The daily limit for fidelity bank online banking is N1,000,000 which can as well be increased to N5,000,000
4. First bank Nigeria Transfer Limit
FirstBank customers can transfer up to N100,000.00 per day and recharge airtime up to N10,000.00 per day. Without a token daily transfer limit is N500,000 on first bank mobile app using a token on FirstMobile you can transfer up to N1,000,000 This can however be increased to N5,000,000 at the branch
Also read: How to Block Gtbank and Polaris Bank account
5. First City Monument Bank Transfer Limit
First City Monument Bank customers has a daily transaction limit of up to N500,000 and transfer of up to N100,000 at once on their ussd *329# platform. But to transfer up to N500,000.00 daily via FCMB USSD you have TO created your transaction code, simply follow these simple steps:
2.Select Create/Reset code
3.Select your ATM Card (for customers with multiple cards)
4.Enter your ATM Card PIN
5.Create a 4-digit Transaction Code e.g. 1234
6.Enter your USSD PIN
7.Transaction code created successfully
6. Guaranty Trust Bank USSD transfer limit
Gtbank has daily cumulative limit of N200,000 is allowed for transfers to GTBank and other bank accounts. But to increase gtbank *737# ussd code limit, you will need to get a hardware token or visit bank for assistant
7. Heritage Bank ussd transfer limit
The maximum Transfer Limit for Heritage bank per day is:
– N2,000,000.00/day and N500, 000.00/transfer using the NIBSS Instant Pay and
– N2,000,000.00/day and N500, 000.00/transfer using the Quickteller Platforms.
8. Key Stone Bank ussd transfer limit
The daily limit of keystone bank is N20,000 while mobile banking limit is N5,000,000 daily for individual accounts and N10,000,000 daily for corporate accounts
9. Polaris Bank transfer limit
The transaction limit for Transfers and Bill Payments on Polaris bank *833# Smart Banking is N50,000 for transfers and payments and you do not need to visit the branch to increase your transaction limit if you have not already done so on PolarisMobile
The limit on Polaris mobile application is N500,000 using your debit card to register
1o. Stanbic IBTC Bank transfer limit
Stanbic IBTC transfer limit Daily is N100,000 with a single maximum transfer limit of N20,000. On internet and Mobile banking, it’s N1,000,000 daily on the other hand, Daily transfer limit on the ATM is N500,000 and you will be charged N100 per transfer.
11. Standard Chartered Bank Nigeria transfer limit
Standard Chartered Bank Nigeria customers make a single transfer of up to N100,000 but to know maximum daily funds transfer limit, please login to online banking and check limits under My preferences > Funds Transfer Limit menu.
12. Sterling Bank transfer limit
Sterling Bank customers Default transfer transaction limit is N20,000, and daily limit is N100,000. Customer can transfer up to N100,000 by creating a new PIN. Works with phone numbers registered with customer’s Sterling Bank account.
13. Union Bank of Nigeria transfer limit
Union Bank of Nigeria transfer limit on UnionOnline Daily transfer is N250, 000. However, you can request for a limit increase but you will have to complete an indemnity form for this request to be granted. For Union Online
With union bank USSD, You can transfer up to N100,000 in tranches of N20,000 daily. To transfer more than this, you will need to accept the indemnity prompt. N200,000 daily and N1,000,000 with an SMS token.
14, UBA Transfer Limit
UBA daily transfer for account maintained by individual/companies is N1,000,000.00/10,000,000.00 respectively. For ussd banking PIN- N20,000 per day Secure pass/hard or soft token – N100,000 Secure pass + Indemnity form – N1,000,000.
On UBA mobile banking, the transfer limit for First three days after activation, transaction limit is N20,000. Fourth to sixth day transaction limit is N200,000 Seventh day transaction limit increases to N1,000,000
15.Unity Bank Transfer Limit
The daily cumulative limit of Unity Bank USSD transfer code is 100,000 naira but you can transfer N500,000 on increasing your limit that’s for *329*215#
But For Unity Mobile, the limit is N1,000. If you fill the limit increase form, it will be increased to N500,000.
16. Wema Bank transfer limit
Wema Bank transfer limit with Wemamobile savings by default is N1 millon maximum inter bank transfer is N2 million naira. For Wema Online current account the maximum inter bank transfer is N5 million why by desfault is N1 million
The daily cumulative limit of Wema Bank USSD transfer code is 20,000 naira. You can increase this to 500,000 naira on Wema Mobile app or by visiting any Wema Bank branch near you.
17. Zenith Bank Transfer limit
Daily transfer limit on Zenith bank is N100,000 for non internet without a hardware token and and N1,000,000 with a hardware token device.
Zenith bank daily transfer limit via the mobile banking app registered as an OTP user is N20,000 as an ATM card user N1,000,000 and as a hardware token device user is N5,000,000