Daily Bank Transfer Limit For Corporate, Current, And Savings Accounts In Nigeria
Many people are not conversant enough to read the terms and conditions of a particular account. The transfer limits for most banks are not well known. Thus, it has caused some to regret the reasons for banking with such financial institutions. The CBN being the Apex Bank in the country has given some directives on the way cash is circulated in the country. This article discusses this topic and more
The Central Bank of Nigeria (CBN) has increased the transfer limits for corporate, current, and savings accounts in Nigeria. The new limits are as follows:
Corporate Account: N100,000,000 per day
Current Account: N10,000,000 per day
Savings Account: N5,000,000 per day
These limits apply to all transfers made through electronic channels, such as mobile banking, internet banking, and ATMs. However, there may be additional limits imposed by individual banks.
How to increase your transfer limit
If you need to transfer more than the daily limit, you can request a temporary increase from your bank. This will usually involve providing your bank with the following information:
1. The amount you need to transfer
2. The purpose of the transfer
3. The recipient’s account details
Your bank will then review your request and decide whether to approve it. If your request is approved, you will be given a temporary increase in your transfer limit. This increase will usually be valid for a specific period, such as 24 hours or 7 days.
If you need to transfer more than the daily limit regularly, you may want to consider opening a corporate account. Corporate accounts have higher transfer limits than current and savings accounts.
READ ALSO: How To Check First Bank Account Balance Without ATM Card
Transfer Limits for Different Banks
The following table shows the transfer limits for different banks in Nigeria:
| Bank | Corporate Account | Current Account | Savings Account |
| Access Bank | N100,000,000 | N10,000,000 | N5,000,000 |
| First Bank | N100,000,000 | N10,000,000 | N5,000,000 |
| GTBank | N100,000,000 | N10,000,000 | N5,000,000 |
| Zenith Bank | N100,000,000 | N10,000,000 | N5,000,000 |
| UBA | N100,000,000 N10,000,000 N5,000,000
It is important to note that these limits may change from time to time. It is always best to check with your bank for the latest transfer limits.
Tips for Staying Safe when Transferring Money
Here are some tips for staying safe when transferring money:
1. Only transfer money to people you know and trust.
2. Be careful about clicking on links in emails and text messages. Phishing attacks are a common way for scammers to steal your personal and financial information.
3. Make sure you are using a secure internet connection when transferring money online.
4. Be aware of the transfer limits for your account and be prepared to provide your bank with additional information if necessary.
By following these tips, you can help protect yourself from fraud and keep your money safe.
For Microfinance Bank
Transfer Limit for Corporate Axcounts in MFBs
The transfer limit for corporate accounts in MFBs is typically higher than the limit for current and savings accounts. This is because corporate customers often need to make larger transfers for business purposes.
The specific transfer limit for corporate accounts will vary depending on the bank. However, most MFBs offer transfer limits of N2 million or more for corporate accounts.
Transfer Limit for Current Accounts in MFBs
The transfer limit for current accounts in MFBs is typically lower than the limit for corporate accounts. However, it is still high enough to meet the needs of most individuals and small businesses.
The specific transfer limit for current accounts will vary depending on the bank. However, most MFBs offer transfer limits of N1 million or more for current accounts.
Transfer Limit for Savings Accounts in MFBs
The transfer limit for savings accounts in MFBs is typically the lowest of the three account types. This is because savings accounts are generally used for smaller transactions and to save money.
The specific transfer limit for savings accounts will vary depending on the bank. However, most MFBs offer transfer limits of **N500,000** or more for savings accounts.
FAQ
What is the transfer limit for accessing a bank savings account?
The access bank limit for transfers is N5,000,000. Yes, with this amount an individual can carry out transfers with it.
What is the transfer limit for Microfinance Bank for a current account?
The specific transfer limit for current accounts will vary depending on the bank. However, most MFBs offer transfer limits of N1 million or more for current accounts.
Who owns UBA Bank?
UBA Bank is owned by Tony Elumelu
Who is the owner of Zenith Bank?
According to various reports, the owner of Zenith Bank is Jim Ovia. Jim Ovia is an entrepreneur and philanthropist.
What are the tips for staying safe when transferring money?
Only transfer money to people you know and trust.
2. Be careful about clicking on links in emails and text messages. Phishing attacks are a common way for scammers to steal your personal and financial information.
3. Make sure you are using a secure internet connection when transferring money online.
4. Be aware of the transfer limits for your account and be prepared to provide your bank with additional information if necessary.
Conclusion
You have seen in the extension that you must comply with the rules given by the Central Bank. This rules out regulations on the Daily Bank Transfer Limit for Corporate, Current, and Savings Accounts in Nigeria. Also, it reduces the rate of hoarding cash illegally. Thanks for reading.
