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ATM, Banking

What does your bank charge for ATM withdrawals using your Dollar VISA Card

I had to bring up this topic with regards to the charges I get to pay whenever I make an ATM withdrawal using my dollar denominated Visa Card in Nigeria.

I use Intercontinental Bank’s dollar denominated VISA Debit Card and whenever I use the automated teller machine (ATM), I get automatically debited to the tune of US$2 per transaction, plus additional 1% of the total withdrawal per transaction.

Intercontinental Bank allows a maximum withdrawal of N20,000 per transaction, therefore if you want to withdraw the naira equivalent of N60,000 (Sixty Thousand Naira) from your dollar Visa Card; that means you would have to make 3 (three) withdrawals of N20,000 each and you would be charged US$2 + 1%  of each  N20,000 Meaning, if withdrawing  the max of N20,000 per transaction, you would also be debited an equivalent of N516 (Five Hundred and Sixteen Naira) for each transaction as bank charges.

Lets know what your bank charges for withdrawing using your dollar denominated VISA Card on naira-based Automated Teller Machines (ATMs).


About Eta Uso Jr

You won't be wrong in defining me as a combination of creativity, humility and discipline. People say I am Young, Smart and Incredibly Intelligent. An outstanding Electrical / Electronic Engineer with a Masters in Artificial Intelligence and Computing. Also possessing great passion for Information Technology and an ever active Delegate at the yearly GITEX Technology Week, Dubai, UAE - The Middle-East's most prestigious Information Technology event.


4 thoughts on “What does your bank charge for ATM withdrawals using your Dollar VISA Card

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    Posted by fraudulent charges | June 19, 2011, 6:51 pm
  2. Oh my goodness! an incredible write-up dude. Thanks a lot Nevertheless I will probably be experiencing issue with ur rss . Don’t know why Cannot enroll in it. Possibly there is anybody obtaining identical rss problem? Anybody who knows kindly respond. Thnkx

    Posted by luoluo123 | September 9, 2011, 9:04 am
  3. Pls,i sent a money to urkraine 4 admission n i used a frmd domicinary account with GT BANK. He sent d money n he gave me fx request via internet banking slip..n told me i wil pay 4 telex copy,so i wan 2 b sure weather the fx request internet banking is a payment slip? And do GT bank charge 4 telex copy?

    Posted by Banas | November 28, 2012, 12:46 pm
    • Most banks, in fact, all Nigerian banks do charge for Telex copy. Most charge little as $20. Fx request internet banking is not a payment slip, once payment has been sent to Ukraine, you should get something from your bank called a Telex Copy, the telex copy contains full details of your transaction from start to finish and this Telex Copy can as well be called a payment slip

      Posted by Eta Uso Jr | December 3, 2012, 1:08 pm

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