I know GTBank is the official bank of US Embassy for the payment of Visa fees. The fees are fixed which are $160, $190, $205 and $265 depending the category of Visa you're paying for. Naira is between 305-315 per dollar in interbank rate and 360-365 in parallel market. Please, I need a good explanation from GTBank as to why they charge Nigerians #400 per $1 for every Visa transaction.
B1/B2 VISA of $160 is #64,000
H-1B VISA of $190 is #76,000
E Visa of $205 is #82,000
K Visa of $265 is #106,000
Why are Nigerians being charged #400 per $1 for Visa transactions GTBank?

I paid #54,400 in 2016 for my F1 Visa. I guess they used about #340 as a benchmark then. Uncle Lalastica please do the needful. We need explanations from GTB.

I listened to the interview of the Consulate General some months ago. He said about 1000 persons visit the Lagos Embassy daily for interviews while about 400 visit the Abuja Embassy. Let's do the maths:
Using #315 per $1 as the official interbank rate.
GTBank makes #85 per $1
1400 * $160 = $224,000
224,000*#85
#19,040,000
GTBank steals #19,040,000 daily from Nigerians.

#gtbankcomeandexplain
cc: Seun, Lalastica, Mynd44

.

They are just putting themselves into more more mess. They better wise up before fidelity bank uses dis as a way of getting customers

caringsce:
I listened to the interview of the Consulate General some months ago. He said about 1000 persons visit the Lagos Embassy daily for interviews while about 400 visit the Abuja Embassy. Let's do the maths:
Using #315 per $1 as the official interbank rate.
GTBank makes #85 per $1
1400 * $160 = $224,000
224,000*#85
#19,040,000
GTBank steals #19,040,000 daily from Nigerians.

Imagine. And they do dis every day.
19,040,000 x 12=228480000 per year ��

Haniel18:

Imagine. And they do dis every day.
19,040,000 x 12=228480000 per year ��

That's what they steal daily not monthly. This is what they steal per year,
19,040,000 x 22 working days = #418,880,000 per month
418,880,000 x 12 = 5,026, 560, 000
That's Five Billion, twenty six million five hundred and sixty thousand naira.

caringsce:
I listened to the interview of the Consulate General some months ago. He said about 1000 persons visit the Lagos Embassy daily for interviews while about 400 visit the Abuja Embassy. Let's do the maths:
Using #315 per $1 as the official interbank rate.
GTBank makes #85 per $1
1400 * $160 = $224,000
224,000*#85
#19,040,000
GTBank steals #19,040,000 daily from Nigerians.

This is only on visa application and has caught our attention because of the huge disparity. What about the plethora of other sundry charges we oftentimes overlook? Yes those few kobos and naira.
The way I see it is that these people wether corporate or government have the same agenda to milk the masses dry in anyway possible while the complacent regulatory agencies look the other way.

Sadly, the much we can do is to complain, grumble and at best demonstrate while the sleaze continues unabated
Sighs

LibertyRep:


This is only on visa application and has caught our attention because of the huge disparity. What about the plethora of other sundry charges we oftentimes overlook? Yes those few kobos and naira.
The way I see it is that these people wether corporate or government have the same agenda to milk the masses dry in anyway possible while the complacent regulatory agencies look the other way.

Sadly, the much we can do is to complain, grumble and at best demonstrate while the sleaze continues unabated
Sighs

My dear, the major challenge of this country is that the weapon of the masses is being controlled by same corporate and government parastatals. The media has been high jacked and propaganda is now the order of the day. Nairaland forum has been taken over by charlatans because the mods keep promoting articles with little or no substance (Snake, Nudes and all forms of things suitable for the recycle bin) I weep for my countrymen.

Dear,the issue of $1 to N400 is not from gtbank but US embassy. That is the dollar exchange rate they use.

Op,you're biased in your reportage. Snap a little above what you posted for the world to see.

onlyme07:
Dear,the issue of $1 to N400 is not from gtbank but US embassy. That is the dollar exchange rate they use.

Op,you're biased in your reportage. Snap a little above what you posted for the world to see.

This is where you get it wrong. GTBank does not remit Naira to US Embassy. US Embassy doesn't even have a problem with you paying in $ for your Visa fee. GTBank declined my offer of paying from my Domiciliary account, they insisted I pay in Naira.

slimsce:

My dear, the major challenge of this country is that the weapon of the masses is being controlled by same corporate and government parastatals. The media has been high jacked and propaganda is now the order of the day. Nairaland forum has been taken over by charlatans because the mods keep promoting articles with little or no substance (Snake, Nudes and all forms of things suitable for the recycle bin) I weep for my countrymen.

Hmmn! Two things are involved in Nairaland's case (or so I think)
1. Fashion, celebrity and entertainment gossips attract more patronage. Hence you see such threads gracing the front page traffic.
2. Dearth of topics that might provoke intellectual discussion devoid of unnecessary bickering and abuses.

I chuckled yesterday when three threads about Yussuf Buhari bedecked the front page in succession.. Damn!

I hope all of those will go with 2017.

BTW all govt agencies and private Corporations stealing from the poor masses SHALL face the wrath of the people in the coming year and beyond.

caringsce you have three options:

1. Withdraw dollars from your Dom account, then march over to the embassy and pay (do they accept USD cash?)

2. FX transfer using their online "FX Transfer to other banks" or "FX transfer to any GTBank A/C"

3. Suck it up and pay at the exchange rate posted by the embassy.

Option 2 seems the most viable, and I've been able to use this for other transactions (not to the embassy though). You need a token.