Before opening a gtbank domiciliary account, it is proper to know the charges attached to the bank Dom account to see if the charges are okay by you.
Sometimes I see people getting wowed that opening a gtbank domiciliary account requirements zero account opening balance, but the truth is that, the charges may not necessarily entice you.
Right in this article I will be explaining gtbank domiciliary account charges based on my experience.
I have a Dom account with Guaranty Trust Bank, which I have been using for the past four years now.
So let me go ahead and explain the charges.
Gtbank domiciliary Account Charges
Below are gtbank domiciliary account charges;
- Gtbank charge 0.05% on cash withdrawal.
- Gtbank charge 0.5% on transfers
- They bank charge $10 annual maintenance for their dollar card
Aside from these charges, there’s a vat charges as well.
Let me go ahead and explain the charges to you.
Gtbank domiciliary account transfer charges
Gtbank domiciliary account transfer charges is 0.5%.
The charges is quite high compared to cash withdrawal, and it gets worse if you’re sending money to another bank other than gtbank.
For gtbank to gtbank Dom account transfer charges is 0.5% on any transfers made.
Now let’s do the calculations.
If you’re sending $500 to another gtbank account, you will be charged $2.5.
If you’re sending $1500 from your domiciliary account, you will be charged $7.5 for the transfer.
Aside from the transfer charges, there’s a vat charges for every transfer made.
Right now I can’t really say their current vat as it was increased the previous time I checked. I will try and get their current vat on transfers.
Withdrawal charges
Gtbank charge 0.05% on cash withdrawal for their domiciliary account.
This is quite cost effective compared to transfers, so maybe it is better to withdraw cash and give it to the recipient then making a transfer which attracts 0.5% fee.
So let’s do some calculations;
Examples:
For cash withdrawals;
You will multiply the amount you want to withdraw by 0.05% divide by 100.
$1000 x 0.05 ÷ 100 = $0.5
So this means the bank will charge you 50 cent for every $1000 cash you withdrew from your domiciliary account.
However, it doesn’t end here because there’s a vat for every cash withdrawal both naira and foreign currency.
There’s a vat of $0.02 for any cash withdrawal on gtbank domiciliary account.
To calculate how much the vat will be, that is;
1000 x 0.02 ÷ 100 = 0.20
So the vat will be 20 cent.
Now if you add up the 50 cent, plus the 20 cent it means that gtbank will charge you a total amount of 70 cent for every $1000 cash withdrawal made on a domiciliary account.
This is the current charges as at the time of writing this post, because banks can increase or decrease their charges.
So you can use this examples to calculate the transfer charges and the withdrawal charges depending on the amount you’re transacting.
Gtbank international transfer charges
When it comes to international charges, you should know that it uses swift for the transfer.
So far from my observation, gtbank charges 0.5% plus $25 for swift charges for gtbank international transfer charges
Now let’s do the calculation once again.
Example:
You’re sending $6000 from your gtbank domiciliary account to a bank account in the Uk, US or Canada.
The charges will be as follows;
6000 x 0.5 ÷ 100 = 30
For swift charges = 25
So the sum total amount you will be charged for this type of transaction or sending $6000 from your gtbank Dom account to a bank account abroad, it will be $55.
Remember, I didn’t add vat as I don’t know the current rate but the fee is very little.
Please kindly note that if you’re sending money from your gtbank to any other account that isn’t gtbank, you will be charged $25 for swift payment even for other banks here in Nigeria.
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Card maintenance
For those that have a dollar card or maybe you will apply for a gtbank dollar card in the future, kindly know that the bank will charge you $10 annually for it’s card maintenance.
So far, that’s the amount they are charging as at the time of writing this post. But if there’s any changes or increase in price, I will update it right here.
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Transferring money from Gtbank domiciliary account
I want you to know that for you to be able to transfer money from your gtbank domiciliary account, you must have a token, and probably a hardware token unless the bank now accept software token.
The software token is free, but the hardware token cost N3500.
This token should be linked to your bank account, and will be used to finalize a money transfer from your gtbank domiciliary account.
Without a token, you can’t transfer money from your gtbank domiciliary account. Somehow I love that as it adds extra security to a domiciliary account.
But where the issue lies is when you forget your token or misplaced it, and which you’re desperate in need to make a transfer.
The only option you have is to go the bank.
For access bank domiciliary account, you can transfer money to any other bank account without using a token.
So that’s all I have for gtbank domiciliary account charges, and if you’re confused or have any questions, you can drop your comment below or contact the bank itself.