Costs associated with using an ATM card in Nigeria

Posted by Chidinma on Wednesday October 8, 2014 at 16:46:43:

Automated Transaction Machine popularly known as ATM are machines that can be used for accessing your account and making transactions such as; checking your account balance, withdrawal of money, transfer of money from one account to another; and in order to make this transactions an ATM card is needed. Though using ATM cards makes for a stress free transaction but we tend to forget the other costs that come with using an ATM card here in Nigeria.

Some of the costs associated with using an ATM card in Nigeria;

- Cost Of Acquisition: ATM cards are not given free of charge here in Nigeria, after you apply for an ATM your account will be debited with some amount depending on the bank and the type of account you opened. When I opened my domiciliary account newly, I was charged a fee to get a new Visa card.

- Inter-Bank Transaction Cost: Inter-bank transaction used to be free of charge before now, but a fee of N65 for each transaction has been introduced for every inter-bank transaction you make.

- Transportation To The ATM Location cost: Because of the inter-bank transaction fee, most people now choose to use their bank’s ATM to make the transaction and most time if you are unfortunately, the distance to the location of your bank’s ATM is more than a working distance and requires some sort of transportation to get to and from there.