Every individual having one ore more bank account is expected have sound knowledge of t the daily limit.
Just imagine initiating a very important transaction only to discover that you’ve exceeds the permissible limit, which makes the transaction unsuccessful, you won’t feel good right?
That’s why I have decided to make a well researched article about “Daily Bank Transfer Limit for Corporate, Current and Savings Account in Nigeria”.
So, make sure you read to the end, otherwise you might not have the required knowledge.
Let’s get started.
What is Daily Bank Transfer Limit
A daily bank transfer limit is a restriction placed by banks on the maximum amount of money that can be transferred from one account to another in a single day.
In Nigeria, the Central Bank of Nigeria (CBN) has implemented regulations governing daily transfer limits to promote financial stability and safeguard against fraud.
Daily Transfer Limits for Corporate Accounts
Corporate accounts are designed for businesses and organizations that handle large volumes of transactions.
As such, they typically have higher daily transfer limits compared to individual accounts.
However, the specific limits vary depending on the bank and the customer’s profile.
For electronic transfers (online, mobile, POS), the daily limit for corporate accounts can range from ₦10 million to ₦50 million.
For over-the-counter (OTC) transfers, the limit may be lower, typically around ₦1 million to ₦5 million.
For large-value transfers, such as those involving international transactions or payments to government entities, additional approval from the bank may be required.
Daily Transfer Limits for Current Accounts
Current accounts are commonly used by individuals and businesses for everyday transactions. They offer flexibility and convenience for managing finances. However, they have lower daily transfer limits compared to corporate accounts.
For electronic transfers (online, mobile, POS), the daily limit for current accounts can range from ₦1 million to ₦10 million.
For over-the-counter (OTC) transfers, the limit may be lower, typically around ₦200,000 to ₦500,000.
Similar to corporate accounts, large-value transfers involving current accounts may require additional approval from the bank.
Daily Transfer Limits for Savings Accounts
Savings accounts are primarily designed for saving money, and they have the strictest daily transfer limits among the three account types.
This is to encourage customers to use savings accounts for long-term savings goals rather than everyday transactions.
For electronic transfers (online, mobile, POS), the daily limit for savings accounts can range from ₦10,000 to ₦200,000. For over-the-counter (OTC) transfers, the limit may be lower, typically around ₦10,000 to ₦50,000.
Large-value transfers involving savings accounts are generally not allowed or may require special authorization from the bank.
Factors Affecting Daily Transfer Limits
Several factors can influence the daily transfer limits for different types of accounts. These factors include;
Type of account (corporate, current, savings): As mentioned earlier, corporate accounts have the highest transfer limits, followed by current accounts and then savings accounts.
- Bank policy: Each bank has its own policies and procedures for setting daily transfer limits. These policies may vary based on the bank’s risk assessment and regulatory requirements.
- Regulatory requirements: The Central Bank of Nigeria (CBN) sets certain guidelines for daily transfer limits to ensure the stability and security of the financial system. Banks must adhere to these guidelines when determining their individual transfer limits.
- Customer profile and transaction history: Banks may consider factors such as the customer’s creditworthiness, transaction history, and account balance when setting their daily transfer limits. Customers with a good track record and a higher account balance may be eligible for higher limits.
How to Increase Daily Transfer Limits
If you find that your daily transfer limit is insufficient for your needs, you may request an increase from your bank.
However, banks will carefully consider your request and may require you to provide supporting documentation, such as:
- Proof of income or financial statements: For businesses, this could include audited financial statements, bank statements, or tax returns.
- Details of the planned transactions: Explain the nature of the transactions you need to make and the justification for a higher transfer limit.
- Supporting documents for large-value transfers: For transfers involving large amounts, provide additional documentation, such as invoices, contracts, or purchase orders.
In some cases, banks may require you to meet certain criteria to be eligible for a higher transfer limit, such as maintaining a higher minimum balance or upgrading to a premium account package.
Consequences of Exceeding Daily Transfer Limits
Exceeding your daily transfer limit can result in several consequences, such as;
- Transaction decline: Your transfer may be declined altogether, causing delays or disruptions to your planned transactions.
- Additional fees: Banks may charge additional fees for exceeding transfer limits, which can add to your transaction costs.
- Account suspension: In severe cases, your account may be temporarily suspended if you repeatedly exceed your transfer limits. This can restrict your access to your funds and make it difficult to conduct financial transactions.
Thanks for reading to the end. Very good of you. Now, you know the daily transfer limit and you can spot yourself in tight spot again. Happy banking!
What is the transfer limit for corporate account?
The maximum daily transfer limit for corporate accounts in Nigeria is ₦250 million. This limit is set by the Central Bank of Nigeria (CBN) to protect customers from fraud and unauthorized access to their accounts.
The CBN also requires banks to obtain indemnity from customers for amounts above ₦1 million transferred online for individual accounts and ₦10 million for corporate accounts.
This is to ensure that the bank is not liable for any losses that may occur as a result of a fraudulent transaction.
Do business accounts have transaction limits?
Yes, business accounts generally have higher transaction limits than individual accounts.
This is because businesses typically have larger financial transactions, so they need to be able to move money more easily. The specific limits for business accounts will vary depending on the bank and the type of account. However, they can range from ₦500,000 to ₦10,000,000 per day.
What is the daily transfer limit for Zenith bank?
The daily transfer limit for Zenith bank depends on the channel you are using to make the transfer.
- ATM: ₦40,000 per transaction, up to a cumulative limit of ₦200,000 per day.
- POS: ₦3,000,000 per day.
- WEB: ₦3,000,000 per day.
- Mobile App: ₦3,000,000 per day.
- *USSD (966#): ₦100,000 per day.