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Saturday, March 2, 2024

Nigerian Banks Stop The Use of Atm Card Abroad

Too Bad – Nigerian Banks Stop The Use of Atm Card Abroad & To Shop on Foreign Site

Some of you might have seen this on press but its still necessary we dialogue about it. This is too bad to be starting the year 2016 with. I’m pretty sure a lot of you buy on foreign sites like Ebay, Amazon, gearbest or best buy and the likes…

A lots of you even host your domain with foreign hosting company like Namecheap, Godaddy, bluehost etc. How will you feel when you want to pay for goods on AliExpress and you are told that your card is decline? Or you want to renew your domain with Godaddy and you are told that your card is invalid?

Let me explain this in layman’s language. . . A new Policy has been pass by Deposit Money bank to stop all customers from using their payment cards, popularly known as Automated Teller Machine cards, for dollar-denominated transactions when they travel abroad with effect from January 1, 2016. This means bank customers will not be able to use their cards to buy products from foreign e-commerce sites like e-bay, AliExpress and amazon.com in which payments are made in forex.

To tell you how serious this is, Standard Chartered Bank has notified its customers that from January 1, 2016, they will not be able to use their naira-denominated ATM cards for transactions that are denominated in foreign currencies, either locally or when they travel abroad.

Let me cut the story short, From January 1st, your local Master naira card becomes useless on AliExpress, Gearbest, best buy or any foreign site.

What of PayPal?

I don’t know about PayPal, but since its linked to your Master Card, I guess it will be useless to but I’m not too sure about it.

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