Daily Bank Transfer Limit for Corporate, Current and Savings Account in Nigeria (2024)

Daily Bank Transfer Limit for Corporate Account in Nigeria 2024

If you are a corporate bank account owner, you need to keep in mind that the transfer limit is differ to other types of accounts and based on the CBN guidelines, corporate account owners can access or transfer more funds than other types.

This is done to ensure security and prevent fraudulent activities. Note that the limit is influenced by regulatory guidelines set by the Central Bank of Nigeria (CBN).

As with the amount you can transfer from your corporate account, it is common to find daily transfer limits for corporate accounts ranging from N5 million to N10 million or more.

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However, some banks may offer higher limits based on individual agreements with their corporate clients.

Daily Bank Transfer Limit for Current Account in Nigeria 2024

For current accounts in Nigeria, the daily bank transfer limit is generally lower compared to corporate accounts.

Again, the specific limit will depend on individuals and between banks, but it is usually set within a range to ensure security and compliance with regulatory requirements.

In most cases, the daily bank transfer limit for current accounts in Nigeria ranges from N500,000 to N2 million.

However, some banks may offer higher limits based on factors such as account activity, customer relationship, and transaction history.

Daily Bank Transfer Limit for Savings Account in Nigeria

The daily bank transfer limit for savings accounts in Nigeria is generally lower compared to both corporate and current accounts.

This restriction is mainly aimed at encouraging individuals to maintain savings rather than using their savings accounts for large-scale transactions.

Most times, the daily bank transfer limit for savings accounts in Nigeria ranges from N200,000 to N500,000.

However, you need to note that this limit may vary between banks and can be subject to change based on regulatory guidelines.

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FAQs On Daily Bank Transfer Limit for Corporate, Current and Savings Account in Nigeria

Here are some helpful frequently asked questions on Daily Bank Transfer Limit for Corporate, Current and Savings Account in Nigeria with their respective answers:

What are the transfer limits for corporate accounts?

The transfer limit for a corporate account in Nigeria usually ranges from N5 million to N10 million.

This means that a corporate account holder can transfer funds up to this specified amount in a single transaction.

Note: As mentioned earlier, the exact transfer limit will depend on the bank and the specific terms and conditions of the corporate account.

What is the transfer limit for a current account in Nigeria?

For current accounts in Nigeria, the transfer limit usually ranges from N500,000 to N2,000,000.

This means that current account holders can transfer funds within this specified range in a single transaction.

What are the transfer limits for savings accounts?

In Nigeria, savings accounts according to the CBN guidelines have a transfer limit ranging from N200,000 to N500,000.

This means that individuals with savings accounts are allowed to transfer funds within this specified range in a single transaction.

Similar to current accounts, the actual transfer limits may differ among banks and individual account agreements.

What Are The Reasons for Transfer Limits on Savings Accounts?

Savings accounts often have transfer limits for several reasons:

Security: By imposing transfer limits, banks aim to protect their customers from unauthorized transactions and potential fraud.

Limiting the amount that can be transferred in a single transaction reduces the risk of large-scale financial losses in case of fraudulent activities.

Regulatory Compliance: Banks are required to comply with various regulations, including anti-money laundering and anti-terrorism financing laws.

Implementing transfer limits on savings accounts helps banks monitor and report any suspicious transactions that may occur.

Customer Protection: Transfer limits also serve to protect customers from potential mistakes or errors.

By setting a maximum transfer limit, banks ensure that customers do not accidentally transfer large sums of money and face financial difficulties.

What Are The Top 5 Banks In Nigeria 2024?

In Nigeria, there are numerous banks operating in the financial sector, providing various services to customers.

However, some banks stand out due to their exceptional performance, customer service, and innovative solutions. Here is a list of the top 5 banks in Nigeria for 2024:

Zenith Bank Plc is a financial institution that has consistently ranked as one of the best banks in Nigeria. The bank offers a variety of banking services, including personal banking, corporate banking, and investment services.

First Bank of Nigeria Limited First Bank of Nigeria Limited is one of the oldest and largest banks in the country, with a rich history dating back to 1894.

It offers a wide range of financial products and services, including personal banking, corporate banking, and investment services.

First Bank has consistently received numerous awards for its excellent services and customer satisfaction.

Guaranty Trust Bank (GTB) Guaranty Trust Bank (GTB) is a leading financial institution in Nigeria, known for its strong corporate governance, customer-centric approach, and robust digital banking services.

GTB offers various banking services such as retail banking, corporate banking, investment banking, and more.

It has won several awards for its innovative digital services and exceptional customer experience.

United Bank for Africa (UBA) United Bank for Africa (UBA) is a leading pan-African financial institution with operations in 20 African countries and offices in three global financial centers – London, New York, and Paris.

UBA provides a comprehensive range of banking products and services, catering to individual and corporate customers. The bank has received numerous awards for its services and operations.

Access Bank Plc Access Bank Plc is a full-service commercial bank with a wide range of products and services, including personal banking, business banking, and investment banking.

The bank has a strong focus on digital banking and has won several awards for its innovative digital services. Access Bank has expanded its operations across Africa and has a presence in several countries.