Guaranteed Trust Bank (GTBank) is among Nigeria’s most modern commercial banks. If you’re a client of this bank, then you might have noticed the incredibly high daily limit on transactions for cash transfers between accounts.
When you transfer money to accounts with other banks, or making the transfer to a different GTBank account, you’ll be hit with similar limitations when you attempt to exceed the threshold that is acceptable.
The daily limit for cash transfer using GTBank in the case of the code #737* for ussd is N200,000 per day, while the limit for ATMs and online banking is quite generous, reaching up to N5 million per day when you have a current account.
Limits could be a problem if you’re a businessperson who performs many transactions throughout the day. This is because when you reach the daily limit it is necessary stay up until following day to do any more transfer.
In this article, we will give you few tricks to boost your daily transactions using GTBank up to N10 million per day. As a rule the transfer limits are greater for current accounts than on savings accounts. However, if you require more transfer limits, you’re probably operating an account that is current.
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Why do banks have transfer limits?
The solution to this comes divided into two components. The first is to protect you in case your account is compromised for example, if someone steals the ussd number, they will not be able to withdraw more than N200,000 out of your account in one day, which will give enough time to make it to your bank and block your account prior to causing more harm.
Another reason is the fact that Banks are operating under what’s known as the”fractional reserve” system. If you deposit any amount of money into your bank accounts, your bank utilizes the majority of it for different things, including consumer credit lines, loans and mortgages for homes. The bank is able to hold only the smallest fraction of its customers deposit. This is how banks earn their money, and therefore, it is not possible to completely empty your account in one go.
How to increase GTBank daily transfer limits to 10 million Naira
The daily limit for transfers on the GTBank account is $200,000 when you use the USSD code *737# and there is a limit of N3 million or five million on savings accounts and current accounts, respectively, for ATMs and online banking.
But, current account holders may raise their daily limit by:
- You can download the Online Banking Limit Indemnity Letter or request an in-person copy at the branch that is closest to you.
- Complete your account information as well as the daily limit you are looking to exceed by N10 million
- Fill out the form to your bank. You will be informed when your account has been boosted.
- This request is only accessible for current accounts holders.
How much does GTBank charge for transfer?
This is the amount GTBank charges for transfers to both their online banking mobile banking app , and *737# ussd number.
If you make a transfer that is less than five thousand Naira, gtbank will charge you N10 for the transfer in addition to a fee of N0.75kb that is an amount of N10.75 and N10.75.
If you transfer between five thousand to ten thousand Naira You are charged a total of N25 as a transfer fee.
If you decide to transfer between N10,000 and above then you are charged a total that is N50 as the fee for transfer.