All Nigerian Banks transfer limit via USSD and Mobile Banking

All Nigerian Banks transfer limit via USSD and Mobile Banking

Raphael Orji Raphael Orji November 5, 2019

All Nigerian Banks transfer limit via USSD and Mobile Banking

Transfer limit – The arrival of digital banking in Nigeria no doubt puts to an end a lot of stress associated with banking.

It’s no longer a news that you do not need to visit the bank to carry out simple transactions like cash deposit, transfer and cash withdrawals.

However, digital trend comes with its own stress and challenges.

To this end, I’ve continued to receive a handful of mails from my loyal readers, enquiring on different banks transfer limit both on USSD code and Mobile Banking alike.

If you’ve tried to enroll on your bank’s USSD transfer or Mobile Banking platform, you’d sure agree that you most often are required to either increase your limit or transfer declined.

Well, this is not in any way an attempt to deny you access to your hard earned money, rather to enhance the safety of your funds at any time.

Do well to understand that giving to the volatility of the internet and the Unstructured Supplementary Service, you could have your bank account attacked, thus results to loss of funds at any instance.

It’s on this premise that your bank finds it pertinent to introduce transfer limits to as well put you at the right side of caution in case you get over-run.

Case study:

Assuming you by any means get your bank details and phone compromised under theft or whatsoever, they might not have much access to your entire funds giving the fact your bank has already set a threshold which you cannot exceed per day. Within the period of unauthorized withdrawals and debit alerts, you can reach out to your bank to forestall further damage with a limit threshold in place.

This is more like a security strategy to limit the extent which an unauthorized user can have access to your funds.

Some banks will allow you to send only N1k onboarding, you may however increase your limit as you will get to understand in this guide.

This guide will likewise treat the below:

  • How much money can I transfer between banks
  • How to increase first bank transfer limit
  • First bank transfer limit per day
  • Domestic wire transfer limit
  • First bank mobile transfer daily limit
  • ATM transfer limit in Nigeria
  • First bank ATM transfer limit
  • CBN policy on money transfer etc.

Kindly check the full list of Nigerian banks USSD code in the below table:

 

BANK USSD CODE
Access *901#
Citi Bank *****
Ecobank *326#
First bank *894#
FCMB *389*214#
Fidelity bank *770#
GTBank *737#
Heritage bank *322*00#
Jaiz bank *389*301#
Keystone bank *7111#
Polaris bank *833#
Sterling bank *822#
Sun trsut  bank ****
Stanbic IBTC *909#
Unity bank *7799#
UBA *919#
Union bank *826#
Wema bank *945#
Zenith bank *966#
********** *****

 

 

Having kept the USSD codes handy, it’s time to keep you abreast with the daily transfer limit of the aforementioned banks in Nigeria.

BANK USSD LIMIT MOBILE BANKING LIMIT
Access bank Daily limit for fund transfer is N20,000 For mobile banking transfers, a limit of N2,000,000 is applicable in four tranches of N500,000
Ecobank N50,000 daily limit N500,000 for instant banking
First bank N100,000 daily The daily transfer limit is N500,000 without a token and N1,000,000 using a token on FirstMobile. This can however be increased to N5,000,000 at the branch
FCMB N20,000 daily, however can be increased App depends on individual choice, however can be increased.
Fidelity bank N20,000 per transaction and N100,000 per day. This implies that you can transfer N20,000 up to 5 times daily. You can still initiate your transfer of up to N1,000,000 or N5,000,000 upon limit increase at the branch The daily limit for online banking is N1,000,000 which can as well be increased to N5,000,000
GTBank You can transfer above N100,000 daily with the use of token- To be updated soon
Heritage bank N20,000 daily N200,000 cumulative for all transactions. You can however increase this limit to N1,00,000 by completing indemnity form at any of the Experience Centres
Jaiz bank N20,000 daily limit N150,000 daily
Keystone bank N100,000 daily N5,000,000 daily for individual accounts and N10,000,000 daily for corporate accounts
Polaris bank N20,000 daily limit The limit on Polaris mobile application is N500,000 using your debit card to register
Sterling bank Default transfer transaction limit is N20,000 and daily limit is N100,000 by creating a new PIN. To be up dated soon
Stanbic IBTC Daily transfer limit is N100,000 with a single maximum transfer limit of N20,000 On internet and Mobile banking, it’s N1,000,000 daily
Unity bank You can transfer N1,000, but can transfer N500,000 on increasing your limit that’s for *329*215#

and for *7799#, the limit is N2,000, but when you onboard with your ATM card, it’s increased to N100,000. When you as well fill the increase limit form, it becomes N500,000

For Unity Mobile, the limit is N1,000. If you fill the limit increase form, it will be increased to N500,000.
UBA For magic banking:

  • PIN- N20,000 per day
  • Secure pass/hard or soft token – N100,000
  • Secure pass + Indemnity form – N1,000,000.
First three days after activation, transaction limit is N20,000.
Fourth to sixth day transaction limit is N200,000
Seventh day transaction limit increases to N1,000,000
Union bank You can transfer up to N100,000 in tranches of N20,000 daily. To transfer more than this, you will need to accept the indemnity prompt. N200,000 daily and N1,000,000 with an SMS token.
Wema bank N20,000 daily limit, you can as well increase your limit by visiting any Wema bank brach The limit on the app is mostly dependent on the account type. Maximum is N5,000,000 for interbank transactions –
Zenith bank Daily transfer limit with ATM card details is N100,000 and N1,000,000 with a hardware token device. Daily transfer limit via the mobile banking app registered as an OTP user is N20,000 as an ATM card user N1,000,000 and as a hardware token device user is N5,000,000

 

FAQ on Transfer Limit

How much money can I transfer between banks?

Well, CBN being the apex bank has regulated the amount you can deposit or withdraw from your account daily.

It stands that for personal savings account, you cannot withdraw above N500k or deposit above N500k daily. Charges of 3 and 2 percent apply respectively in excess. Corporate account accepts N3m deposit daily.

However, you can transfer any amount on the FT/NIBBS provided the account type can accept such threshold. This backs up the cashless economy.

How to increase First bank transfer limit

You can increase first bank transfer limit as well as other banks by visiting the branch and filling a limit increase form which is order wise referred to as indemnity form.

This is giving your express approval, these documents are archived just in case you deny your consent tomorrow.

This is applicable to other banks in Nigeria.

First bank transfer limit per day

This depends on the channel or platform. For USSD and FirstMobile banking, kindly refer to the table above.

Conclusion

Transfer limit is dependent on the bank and e-channel platform in question. Banks have stationed specific thresholds to meet risk appetite for both the institution and the customer. You however are at leverage to increase these thresholds to meet your risk appetite, business and finance modifications.

 

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