Latest Cost Of Getting A Dollar Dominated ATM Card (MasterCard Or VISA) In Banks

Well ever since the CBN policy that regulates the use of Naira dominated ATM cards abroad and on online channels was made, lots of bank customers are now opting for Dollar dominated ATM card to ease their foreign exchange online transactions.

Many of you out there that maintain one form of domiciliary account or the other in any of the deposit money bank in the country and are yet to get a Dollar dominated ATM card, this might be the right time to do so.

And for those of you that might be thinking of getting one for yourself and don’t know what it will cost you, especially in the local currency rate; we are here for the rescue.

For those of you who still think that the official exchange rate of Dollar to Naira is $1= N198, you should tell somebody to wake you up from slumber because Nigerian banks don’t even apply this rate when billing their customers but they only do so when they are on the receiving  end of their customers foreign currencies.

Must Read: CBN finally lifts ban that restricts deposit of foreign currencies into domiciliary accounts

Though the latest cost of acquiring a Dollar dominated ATM cards in most banks in Nigeria still remains the same old rate of $20 for the card plus $10 annual maintenance fee, summing up to $30.

But since banks are now adopting for the unofficial foreign exchange rate of N300 to a Dollar in billing their customers, what that entails is that for you to get your Dollar dominated 

MasterCard or VISA card, and if you opt to pay in Naira, you should have N6000 ready for the card and additional N3000 for the maintenance fee, totalling N9000.

Though you can opt to foot the bill for your Dollar ATM card in dollars, but what we have above is clearly what you should bear in mind when going to get for yourself a Dollar dominated ATM.