tumababa:


di you inform the bank before travelling?

alakara:
STANBICIBTC: USD: #212 AUG 28: AdekunleIG

tumababa:


so one person can go through our international airport with $10k without being charged for money laundry? i though its 5k per person

Stanley08:


Lol. Laundry. When no be cloth!

alakara:
Due to popular demand, the thread is created to
monitor the forex rates of the following
currencies:
USD =US Dollars $;
CNY =Chinese Yuan ¥;
AED =UAE Dirham D;
GBP= Pound £
Euro €.
The format below should be used:
Bank : Currency : Rate : Date : Nairalander



STANBICIBTC: USD: #212 AUG 26: leyemoshood
STERLING : USD : #220 : AUG 12 : wahwah
DIAMOND : USD : #220 : AUG 24 : besto
ZENITH : USD : #221.5: AUG 18 : naital
ACCESS : USD: #224 :AUG 21 : dalemat
GTB : USD : #226 : AUG 20 : ohans4u
FCMB: USD: #227 AUG 4 : stPete
FIDELITY: USD: #228 : AUG 17 : tayoast
FIRST BANK : USD : #230 : AUG 18 : legalwealth
UBA: USD : #234.1 : AUG 11 : opeyemi5
UNION: USD: #236.88: AUG 16: DIZZYBIZZY


STANBICIBTC: ¥ :#34.6: AUG 3: KODILICh
STANBICIBTC : £: #244.61 : AUG 19 : opeyemmmy
STANBIC : € : #244.61 : AUG 19 : opeyemmmy.

Thanks as you update this thread.

iamord:
first ban killed me

warrenweste:


how?

Beryl15:
@all.. Has anyone got a $ refund on their gtb card recently? If yes, pls at what rate did they refund at.
Thank you.

I would like to join your numerous customers to register my displeasure at your exploitative tendencies with regards to your foreign exchange rates (with particular reference to Naira Mastercard online transactions exchange rate). It is bad enough that you charge 226 naira to the dollar but to charge 199 naira to the dollar when crediting the same account (for instance when there is a reversal or refund for the same transaction) is, to say the least, wicked and down right exploitative.

This practice has been going on for quite a long time but I must complain officially now. Recently, I made an online transaction and paid via Paypal using my Mastercard debit card. I was charged nearly 226 naira to a dollar. A couple of days later, the transaction was cancelled and a refund issued. I was refunded at 199 naira to the dollar. Now lets us assume I make a transaction of $1000 and you debit my account at 225 naira then later the transaction was cancelled and refunded. Then you credit my account at 199 naira to the dollar. That means I would have lost 26,000 naira! Multiply that by, let's say, 100 of such a scenario.

The truth is that many Nigerian banks are defrauding customers via online foreign exchange transactions and it's high time CBN looked into the anomaly. I am copying this email to them to join the countless others they most have received on this matter.

I and many other concerned bank customers have initiated an online campaign to bring this anomaly to the public while hoping that CBN takes necessary actions to halt the trend. We have started on a small scale on Nairaland.com and will start a Facebook and Twitter campaign very soon. I read in the dailies that GTB posted an H1 PBT of 63 billion naira and I could not help but laugh and feel sad at the same time because it is sharp practices like the one I am writing about that translates to profit for banks. At the detriment of customers.

I hope CBN does something about this because, knowing GTB, you will give reasons for charging different rates for buying and selling foreign exchange. The usual excuses. But you should know that Mastercard is the same all over the world. And I do not think they charge different rates for different banks in Nigeria otherwise, why would a bank like Stanbic IBTC charge the lowest dollar rate among Nigerian banks (using the same Mastercard Naira Debit card) and refund at the same rate they debited the card?

Thank you.

Thank you for contacting Guaranty Trust Bank Plc.


The short fall refunded to your account is currently being reviewed for reversal; we will give an update to confirm reversal or otherwise within 48 hours.


Thank you for your patience and continued patronage.

2. The exchange rate applied to International Card transactions is a reflection of the trend in the economy. The banks, by CBN Regulation, are only allowed to settle card transactions with funds sourced from the Interbank Market.The rate applied to our Card is a function of the current daily Interbank rate and not the CBN rate or any other rate you may find on some FX websites.
The rate applied on the card is not any of the public rates that you may find on websites or on a foreign ATM (this is because the ATM will have been programmed with the foreign bank's rate for the day).
Please be reassured that we remain committed to ensuring that our rate is competitive within the industry and always lower than whatever you might get in the Parallel/ Black Market.
Thank you for banking with us.

nnamokenna:


199 naira. Below is an excerpt of the email I sent to them this morning on the issue (I copied CBN):



And their reply:



I think it's high time we commenced a concerted, serious online campaign (using the social media) against this practice by our banks. It's downright outrageous. I believe someone suggested suggested it here. Let's do it.

Stanley08:


Ah! AdekunleIG, you can see the future?! :O

August 28th Ke?!

nnamokenna:


199 naira. Below is an excerpt of the email I sent to them this morning on the issue (I copied CBN):

I think it's high time we commenced a concerted, serious online campaign (using the social media) against this practice by our banks. It's downright outrageous. I believe someone suggested suggested it here. Let's do it.

Youngzedd:
287 USD PayPal funds available @205

Visit www.topupgold.com to place your order.

modath:


Can i use it to buy stuff off aliexpress & credit your naira account?

Mariesio:
Paid for stuff on Amazon via Stanbic Mastercard. I selected pay in Naira Bc it was #208/$ instead of in $

tumababa:


Hmmm are you very sure? Who else tried that?

tumababa:


Hmmm are you very sure? Who else tried that?

alakara:
Stanbic 208. Are u sure?

tonjeola:
on Amazon, if u checkout in naira is cheaper than checking out in dollar

alakara:
Stanbic online card payment is still #212.
Did a transaction now.

Mariesio:


It's 208 if you checked out in Naira. I chose Naira Bc it displayed #208/$. This. was on Amazon, another platform may be #212/$ as payment on Aliexpress. same day was 212

dailydolla4u:


Please I would like to know if you pay. through paypal or direct from your card on Amazon . Thanks

dailydolla4u:


Please I would like to know if you pay. through paypal or direct from your card on Amazon . Thanks