Zenith Bank PLC has joined a slew of other financial institutions in lowering its international expenditure limit to $20. This was announced in a magazine distributed to its clients via various methods.
UBA made a same change last month, lowering the overseas spending limit on all Naira debit cards from $100 to $20. This basically means that you cannot spend more than $20 (about 10,000) on your naira card in a month.
“Please be informed that we have temporarily suspended the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and POS transactions,”
the publication reads.
“Additionally, the monthly card International Spend Limit for web transactions has been reviewed from $100 to $20. This review is in response to today’s economic realities,” added Zenith Bank.
What exactly does this mean? It means that if you are an avid online shopper on a foreign-based online shopping website (e.g., AliExpress) that accepts payment in USD, want to pay for services online such as domain/hosting renewal, Google advertising, and so on, you will need to find an alternative solution, such as opening a domiciliary bank account.
“If you have larger International spending requirements, simply contact any of our locations and request a foreign currency debit or prepaid card, which are available in US Dollars, Pounds, and Euro variations,” the publication continued.
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