Guaranteed Trust Bank (GTBank) is one of Nigeria’s most innovative commercial banks has daily transfer limits on their accounts to protect their customers in case of un authorized access.
These transaction limits are designed to mitigate the damage to your account in case someone gained unauthorized access to it, they cannot transfer more than your daily limits. But the default settings of these limits can be a hinderance if you need to transact more than the set limit.
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 does GTbanks 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.
Another reason GTbank has transaction limit is because banks are subject to a number of regulations that govern the amount of money that can be transferred in a single transaction. These regulations are designed by the CBN and other government agencies to prevent money laundering and other financial crimes.
How to increase GTBank daily transfer limits to 10 million Naira
As discussed above, 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 further increase their daily transaction limits to 10 million Naira 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 money 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.
If you transfer from N10,000 upward, you will be charged a total amount of N50 as the transfer fee.
Lastly, there is a N50 stamp duty deducted from your account every time you receive transfer of N10,000 and above.