Bank transfer is one of the most common ways to send and receive money in Nigeria. It is a convenient and secure way to transfer money to friends, family, or businesses. However, there are limits on how much money you can transfer in a day. These limits vary depending on the type of account you have.
In this article, we will discuss the daily bank transfer limits for corporate, current, and savings accounts in Nigeria. We will also discuss the factors that affect these limits and how you can increase your daily transfer limit.
Daily Bank Transfer Limit for Corporate Account In Nigeria
The daily bank transfer limit for corporate accounts in Nigeria refers to the maximum amount of money that a corporate entity can transfer from its account to another account within a single business day. These limits are set by regulatory authorities and individual banks to ensure the security and integrity of financial transactions. Understanding the daily bank transfer limit for corporate accounts is essential for businesses to effectively manage their financial operations and ensure smooth transactions.
The specific daily bank transfer limits for corporate accounts varies based on factors such as the type of corporate account, the bank’s policies, and the nature of the transaction. It’s important for businesses to consult directly with their respective banks to obtain accurate and up-to-date information regarding their specific daily transfer limits.
Businesses should also be aware that exceeding the daily bank transfer limit for corporate accounts may require additional verification, approval, or may trigger additional scrutiny to prevent fraudulent or unauthorized transactions. This is a security measure implemented by banks to protect both the account holder and the financial institution.
Daily Bank Transfer Limit for Current Account In Nigeria
The daily bank transfer limit for current accounts in Nigeria varies depending on the bank. However, most banks have a daily transfer limit of between 500,000 naira and 100 million naira.
The daily bank transfer limit for current accounts is typically lower than the daily transfer limit for corporate accounts. This is because current accounts are typically used for personal transactions, which often involve smaller sums of money.
If you need to transfer more money than your daily transfer limit allows, you can try splitting the transaction into multiple transfers. You can also try contacting your bank and requesting a higher limit.
Daily Bank Transfer Limit for Savings Account In Nigeria
The transfer limit for savings account depends on your account verification level, and the type of bank you are using.
Typically, the transfer limit for savings accounts ranges from #50k to #50 million which is based on the verification level of your account.
How To Increase The Daily Limit For Your Accounts In Nigeria
Increasing the daily limit for your accounts in Nigeria requires a combination of communication, verification, and adherence to regulatory guidelines. Here’s a step-by-step guide to help you navigate the process:
- Contact Your Bank: Reach out to your bank’s customer service or visit a local branch. Inquire about the possibility of increasing your daily transfer limit. Banks have varying procedures and requirements, so it’s essential to gather accurate information from your specific bank.
- Provide Necessary Documentation: Your bank might request additional documentation to support your request. This could include proof of income, business documents (for corporate accounts), identification documents, and any other information that demonstrates your need for a higher limit.
- Explain Your Reason: Clearly articulate why you need an increase in your daily limit. Whether it’s for business transactions, investment opportunities, or any other legitimate reason, explaining your purpose can help the bank assess your request.
- Verify Your Identity: Banks prioritize security, especially when it comes to higher transaction limits. Be prepared to verify your identity through various means, such as providing your BVN, undergoing biometric verification, or providing additional identification documents.
Doing the above will make it possible to increase the daily limit for your account type.
Read Also: How to Cancel Pending Transaction on Trust Wallet in 2023
FAQS
What is the transfer limit for corporate account?
The transfer limit for corporate accounts in Nigeria varies depending on the bank. However, most banks have a daily transfer limit of between 1 million naira and 5 million naira.
For example, Access Bank has a daily transfer limit of 1 million naira for corporate accounts, while First Bank has a daily transfer limit of 5 million naira.
Is there a transfer limit on current account?
Yes, there is a transfer limit on current accounts in Nigeria. The daily transfer limit for current accounts varies depending on the bank. However, most banks have a daily transfer limit of between 50,000 naira and 1 million naira.
For example, Access Bank has a daily transfer limit of 50,000 naira for current accounts, while First Bank has a daily transfer limit of 1 million naira.
What is the daily limit for transactions in Nigeria?
The daily limit for transactions in Nigeria is 10 million naira. This means that you cannot make a single transaction that exceeds 10 million naira.
However, you can make multiple transactions that add up to 10 million naira. For example, you could make 10 transactions of 1 million naira each.
What is the daily transfer limit for CBN 2023?
The daily transfer limit for CBN 2023 is 10 million naira. This is the same as the daily limit for transactions in Nigeria.
What is the online transfer limit for CBN?
The online transfer limit for CBN is 5 million naira. This means that you cannot make a single online transfer that exceeds 5 million naira.
However, you can make multiple online transfers that add up to 5 million naira. For example, you could make 10 online transfers of 500,000 naira each
Conclusion
The daily bank transfer limits in Nigeria vary depending on the type of account you have. Corporate accounts have higher limits than current and savings accounts. Your bank’s policies and your credit history may also affect your daily transfer limit.
If you need to increase your daily transfer limit, you can contact your bank. They may be able to increase your limit based on your credit history and the amount of money you have in your account.
