A few months ago, all the Nigerian banks shut down all international payments using their Niara Cards irrespective of the type, be it Master, Visa, or Verve Card. Many Nigerians find it hard to pay for goods and services online, but the game has changed now because you can easily pay for goods and services using your Naira Master and Visa card from your local bank.
The policies made by the Nigerian Central Bank made it impossible for Nigerians to use their Naira cards to pay for anything in another currency, but that decision has been reversed following the devaluation of the Naira. However, most Nigerian commercial banks have not made an official statement. Regarding the use of Naira cards, but Some have, like of Wema Bank.
Wema Bank was the first to announce the reactivation of Naira Cards for international payments, and just a few minutes ago, I received another good news from Gomoney.com, which is one of the best online banking and payment processors just like clipper-cash, Geegpay, etc.
Below is the message I got from Wema bankHello Collins,
In our bid to fulfill our promise of giving you a seamless experience, we have an important tip to share with you.
When making payments on any website, we want to ensure that you have the smoothest transaction possible. Here's a quick reminder:
Choose the Appropriate Currency for Payment, Not Just Naira!
By selecting the current currency of the country of payment instead of Naira, you can avoid potential discrepancies in the payment notifications you receive. This simple step will greatly enhance your overall experience and provide you with a clearer understanding of the amount debited from your account.
And just a few minutes ago, I got another message from GoMoney which is as follows:Hello Collins,
The wait is finally over as the good times are here again! That's right, you can now continue making international transactions with your gomoney physical and virtual Mastercard!
This time around, you are not limited to just online subscriptions, but you can also make purchases from your favourite online stores and take advantage of our physical cards to make POS payments and withdraw money from ATMs when you travel out of the country.
As we stay committed to simplifying international payments for you, we are starting with a monthly cumulative limit of $100 which we hope to gradually increase over time as we closely monitor this limit.
Make sure you stick around as we have more exciting announcements coming up.
The gomoney team 💙
What happens next?
If you are using Wema Bank or GoMoney then you are good to go because you can now pay for goods and services using their Naira Master or Visa card. However, whether you are using a Virtual card or the physical Card, you can still buy anything online and pay for it using your card. But remember, there are some limitations, like the amount you are allowed to spend per month, and you should keep that in your head when making payments online.
The big question: How much are they charging per dollar?
Being able to pay for dollars ($) using your Naira card is not just enough. The question is, how much are they charging per dollar? The conversation rate is the real game here. However, the current exchange rate right now is between N790 - N835. So to use your Naira card to pay for goods and services in dollars means you will be paying something close to N810 - N845 per dollar because such convenience comes with a cost.Note
: In no time, all the Nigerian commercial bank Naira cards will start working for international payments. You can even try your bank now to see if it works or not, but I am certain that they will follow suit soon. However, it's time to test and find out the bank that charges lesser than others because the competition has already started.Related Posts
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