Welcome, In thus article I would be talking about the List of Banks that Charge Zero Transfer Fees in Nigeria.
Making payments and transferring money conveniently without incurring huge charges has become essential today.
While most traditional banks still levy fees for NEFT/RTGS bank transfers, there are some digital banks that enable fee-free fund transfers.
This article provides a list of Nigerian banks that offer zero transfer fees for money transfers to other banks. It highlights key details of these banks along with tips for smooth, affordable fund transfers.
Overview of Bank Transfer Charges in Nigeria
Traditionally, Nigerian banks charge between 50 to 750 Naira for interbank transfers to accounts in other banks. Additional charges may apply for SMS notifications, stamp duty etc.
However, the growing competition from fintechs and digital banks has pushed down transfer charges. A few player have introduced zero fees to attract customers.
The maximum transfer amount per day also varies vastly across banks, ranging from 100,000 to infinity limits set by some banks.
List of Key Banks Offering Zero Transfer Fees
Here are the best banks that do NOT charge any fees for transferring money to other Nigerian banks either via app/website or USSD channel:
1. VFD Microfinance Bank
VFD MFB is a popular digital bank that offers zero charges for interbank transfers. It has flexible products for savings, investments and loans along with secure mobile banking services.
2. Kuda Bank
Kuda Bank is a leading digital bank in Nigeria that enables affordable banking services through mobile apps. It offers free instant money transfers to any Nigerian bank.
3. Eyowo
Eyowo is an advanced digital banking platform with zero transfer fees offered across multiple options – app/web, card, USSD etc. Eyowo also provides convenient payments, automated plans and earned interest.
4. Carbon
Carbon is an innovative digital bank providing next-gen financial services via mobiles. It allows customers to freely transfer money to any local bank account directly from its app/website.
How To Transfer Money for Free From These Banks
Most banks offer multiple channels for interbank transfers including:
Mobile Apps/Netbanking
The Bank’s mobile app or online banking portal enables you to seamlessly transfer money to any bank, fill recipient details, confirm transfer and authenticate via OTP in just a few seconds.
Unstructured Supplementary Service Data (USSD)
USSD codes can be dialled from your phonebook directly to access the bank’s platform and initiate instant money transfers on-the-go without needing mobile data.
Debit Cards
Debit card-to-bank account transfers also facilitate direct money remittance from one bank to another instantly without any cost at member banks.
Choose the transfer mode per your convenience and requirements.
Factors to Consider When Choosing Zero Fee Bank
When selecting your bank for fee-free money transfers, assess these parameters:
- Transfer limits imposed – daily, per transaction etc.
- Convenience and ease of transferring money
- Reasonable minimum balance requirements
- Overall charges and fee structure
- Digital features and payment options integration
- Customer service responsiveness
Check if the bank meets your holistic banking needs besides just zero transfer charges.
Factors Influencing Transfer Fees Charged by Banks
While the list of banks above charge zero fees for transfers, other banks may impose fees depending on factors like:
- Type of account held – Premium accounts often come with fee waivers
- Preferred channels used – App/net banking vs branch transfers
- Transfer instrument – NEFT, IMPS, RTGS etc.
- Destination bank and account type
- Timing and frequency of transfers
Customers should check exact charges on bank website or by contacting customer care before making transfers.
FAQs on List of Banks that Charge Zero Transfer Fees in Nigeria
Here are the answers to FAQs on theList of Banks that Charge Zero Transfer Fees in Nigeria.
Which bank offers the highest instant transfer limit?
GTBank offers up to N1 million daily transfer limit for instant interbank transfers using Instant Pay.
Do banks charge less for bulk transfers?
Sometimes banks give concession on large value corporate bulk transfers negotiating charges on a case basis.
Can dormant bank account do bank transfers?
No. You need to reactivate your dormant account first before being eligible to make any kind of online transfer.
Is there any fee for failed transactions?
Typically no fee is charged in case submitted transfer fails for reasons like incorrect details entered.
Which bank has lowest minimum balance rule?
Multiple digital banks like ALAT, Kuda etc. allow zero minimum balance to be maintained in account.
Can transfer charges be waived?
Yes. Some banks do waive transfer charges selectively for senior citizens, loyalty program members, privilege customers, etc.
What is the maximum transfer limit on these banks?
Daily transfer limits are generally upwards of 500,000 Naira with some banks even having unlimited transfer caps.
How quickly does money get transferred?
Transfers via digital channels get reflected in beneficiary accounts almost instantly or under an hour in most cases.
Is there a limit on number of transfers?
Most banks allow unlimited instant transfers with zero fees to linked and non-linked banks via mobile/net banking.
Can I transfer funds overseas for free?
No, international outbound money transfers still attract applicable forex conversion and transfer charges.
What details are required to transfer money?
You need recipient’s account number, bank name/code, transfer amount and remark/narration (if needed) to send money.
Are these banks reliable like traditional banks?
Yes, the listed banks are licensed by CBN and leverage robust security systems to offer reliable services on par with bigger banks.
What if money gets debited but not credited?
Extremely rare. But contact your bank’s customer care who will resolve such failed transfer issues on priority.
Conclusion
New age digital banks like Kuda, Eyowo, VFD and Carbon make money transfers completely free, easy and instant across Nigeria.
Ditch expensive traditional bank transfers and opt for these innovative banks with no transfer fees and forward-looking offerings tailored for your needs.
After reading this blog, you know the list of Banks that Charge Zero Transfer Fees in Nigeria. Read more on how to list of Banks that gives loans.
