GTBank, or Guaranty Trust Bank, is one of the leading Nigerian financial institution that offers various banking and financial services to individuals and businesses.
One of the innovative features that GTBank provides to its customers is the ability to convert US dollars in their GTBank domiciliary account to Naira instantly via the GTBank online portal. In this article, we will explain how this feature works, what are the benefits and limitations, and how to use it step by step.
What are the benefits of converting Dollar to Naira on GTBank?
Converting Dollar to Naira on GTBank has several advantages for customers who have a GTBank domiciliary account and a GTBank Naira account. Some of the benefits are:
It is fast and convenient. Customers can convert their dollars to Naira within seconds, without having to visit a bank branch or an exchange bureau. They can do it anytime and anywhere, as long as they have access to the GTBank online banking platform.
It is secure and transparent. Customers can avoid the risks and uncertainties associated with dealing with black market traders or unlicensed operators. They can also see the exchange rate and the equivalent amount before confirming the transaction.
What are the limitations of converting Dollar to Naira on GTBank?
Converting Dollar to Naira on GTBank also has some restrictions and conditions that customers need to be aware of. Some of the limitations are:
It is only available for GTBank customers who have both a GTBank domiciliary account and a GTBank Naira account. Customers who have a domiciliary account with another bank or a Naira account with another bank cannot use this feature.
It is only available for US dollars. Customers who have other foreign currencies in their domiciliary account, such as Euro, Pound, or Yuan, cannot use this feature. They have to convert their foreign currency to US dollars first, either through the GTBank online portal or through another channel, before they can convert it to Naira.
It is subject to a daily transaction limit of USD 50,000. Customers cannot convert more than USD 50,000 per day, regardless of the number of transactions or the balance in their domiciliary account.
It is subject to a service charge of 0.5% of the transaction amount. Customers have to pay a fee of 0.5% of the amount they are converting, which will be deducted from their domiciliary account. For example, if a customer converts USD 10,000 to Naira, they will pay a fee of USD 50, and receive NGN 7,640,000 in their Naira account.
How to convert Dollar to Naira on GTBank step by step?
The conversion process is simple and straightforward, and it takes the same amount of time as a regular account transfer. The service is available from Monday to Friday, from 9 a.m. to 4 p.m.
To convert Dollar to Naira on GTBank, customers need to follow these steps:
Log in to the GTBank online banking platform using their user ID and password.
Look for and select ‘FX Transactions’ from the menu.
From the options provided, choose ‘FX Sales’.
Choose the domiciliary account to debit and the Naira account to credit.
Enter the amount of US dollars to convert and click ‘Continue’.
The system will display the exchange rate and the equivalent amount in Naira. Review the details and click ‘Confirm’.
The system will ask for a secret question or a token code to authenticate the transaction. Provide the correct answer or code and click ‘Submit’.
The system will display a confirmation message and a reference number. The transaction is completed and the Naira account will be credited instantly.
FAQs
Here are some of the frequently asked questions and answers about converting Dollar to Naira on GTBank:
Q: Can I convert Dollar to Naira on GTBank using the mobile app or the USSD code?
A: No, you can only convert Dollar to Naira on GTBank using the online banking platform. The mobile app and the USSD code do not support this feature.
Q: Can I convert Dollar to Naira on GTBank on weekends or public holidays?
A: No, you can only convert Dollar to Naira on GTBank on working days, from Monday to Friday, between 9 a.m. and 4 p.m.
Q: Can I convert Dollar to Naira on GTBank at any exchange rate I want?
A: No, you can only convert Dollar to Naira on GTBank at the prevailing I & E FX window rate, which is determined by the market forces. You cannot choose or negotiate the exchange rate.
Q: Can I reverse or cancel a conversion transaction after confirming it?
A: No, you cannot reverse or cancel a conversion transaction after confirming it. The transaction is final and irreversible.
