Zenith Bank Reduces International Spending Limit and Suspends ATM/POS Transactions
Zenith Bank PLC joins a host of other banks to reduce its International spending limit to $20. This was announced through a publication sent to its customers through various channels.
A similar move was made by UBA last month, they announced a reduction in international spending limit from $100 to $20 on all Naira debit cards. This simply means that in a month, you can’t spend more than $20 (about ₦10,000) on your naira card.
“Please be informed that we have temporarily suspended the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and POS transactions,” the publication reads.
“Additionally, the monthly card International Spend Limit for web transactions has been reviewed from $100 to $20. This review is in response to today’s economic realities,” added Zenith Bank.
What does this imply? It means that if you are an ardent online shopper on a foreign-based online shopping website (e.g AliExpress) that accepts payment in USD, want to pay for services online such as renewal of domain/hosting, pay for Google advertising and many more, then you will have to find an alternative solution such as to get a domiciliary bank account.
The publication further read, “if you have higher International spending requirements, simply visit any of our branches and request for a foreign currency debit or prepaid card which are available in US Dollars, Pounds and Euro variants.”
A similar move was made by UBA last month, they announced a reduction in international spending limit from $100 to $20 on all Naira debit cards. This simply means that in a month, you can’t spend more than $20 (about ₦10,000) on your naira card.
“Please be informed that we have temporarily suspended the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and POS transactions,” the publication reads.
“Additionally, the monthly card International Spend Limit for web transactions has been reviewed from $100 to $20. This review is in response to today’s economic realities,” added Zenith Bank.
What does this imply? It means that if you are an ardent online shopper on a foreign-based online shopping website (e.g AliExpress) that accepts payment in USD, want to pay for services online such as renewal of domain/hosting, pay for Google advertising and many more, then you will have to find an alternative solution such as to get a domiciliary bank account.
The publication further read, “if you have higher International spending requirements, simply visit any of our branches and request for a foreign currency debit or prepaid card which are available in US Dollars, Pounds and Euro variants.”