GTBank (Guaranty Trust Bank) is a top Nigerian bank providing a wide range of banking and financial services to retail and corporate customers across the country.
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Need to convert US dollars to Naira quickly and safely? Look no further than GTBank’s online platform!
This guide explains everything you need to know: benefits, limitations, step-by-step process, and FAQs.
Benefits of Converting Dollar to Naira on GTBank
- Speed and Convenience: Experience the swiftness of converting dollars to Naira within seconds, sans the need to visit a physical bank branch or an exchange bureau. Accessible anytime, anywhere via the GTBank online banking platform.
- Security and Transparency: Eliminate the risks associated with informal channels by leveraging GTBank’s secure and transparent system. View exchange rates and equivalent amounts upfront before confirming transactions, ensuring peace of mind.
Limitations of Converting Dollar to Naira on GTBank
- Eligibility Requirement: Exclusive to GTBank customers holding both a domiciliary and Naira account with GTBank. Customers with accounts in other banks are ineligible.
- Currency Specificity: Limited to US dollars only. Customers with other foreign currencies must convert them to US dollars before initiating the conversion to Naira.
- Transaction Limits and Charges: Subject to a daily transaction limit of USD 50,000 and a service charge of 0.5% of the transaction amount.
Step-by-Step Guide to Converting Dollar to Naira on GTBank
- Log in: Access the GTBank online banking platform using your user ID and password.
- Navigate: Select ‘FX Transactions’ from the menu and choose ‘FX Sales’.
- Select Accounts: Indicate the domiciliary account to debit and the Naira account to credit.
- Enter Amount: Input the amount of US dollars to convert and proceed.
- Review and Confirm: Review the exchange rate and equivalent Naira amount, then confirm the transaction.
- Authenticate: Provide the necessary authentication, such as a secret question or token code.
- Confirmation: Upon successful confirmation, receive a reference number, and witness instant crediting of your Naira account.
FAQs: Your Burning Queries Answered
- Mobile App and USSD: Can I convert Dollar to Naira on GTBank using the mobile app or USSD code?
- No, this feature is exclusively available on the online banking platform.
- Weekend Availability: Can I convert Dollar to Naira on GTBank on weekends or public holidays?
- No, transactions are limited to working days, Monday to Friday, between 9 a.m. and 4 p.m.
- Exchange Rate Flexibility: Can I choose my preferred exchange rate?
- No, conversions are executed at the prevailing I & E FX window rate, determined by market forces.
- Transaction Reversal: Can I reverse or cancel a transaction post-confirmation?
- No, transactions are irreversible once confirmed.
