UBA ATM Card Holders Can Now Perform FOREX Transactions
After Central Bank of Nigeria (CBN) restricted naira-denominated ATM card from accessing forex starting from Jan 1, 2016. The United Bank for Africa (UBA) seems to have devise a means to lessen the burden of forex transactions for its customers travelling abroad.
According to the message sent to all customers on Thursday, the Nigerian multinational financial institution, with business offices in 20 African countries said customers can now use its UBA card at over 30 million retail stores and pay for goods and services across the world.
“Save yourself the hassles of looking for foreign exchange, your UBA Card gives you better rates”, said the message.
However, current annual limit across all channels is put at $25,000, while daily limit remains $300. Cardholders will be able to perform POS and Web transactions without limits, but in Asia and other African countries cash withdrawal is not enabled, according to the message.
Travelers to US, Europe and other parts of the world can perform forex transactions through POS, Web and ATM withdrawals within the approved limits.
Customers are advised to inform the bank ahead of their schedule travel, at least 24 hours before in advance.
UBA ATM Card Holders Can Now Perform FOREX Transactions.