I recently applied for and got my GTBank Dollar MasterCard and it has been a breath of fresh air. In recent times, it has been very difficult making transactions in foreign currencies in Nigeria due to restrictions on spending limits by banks.
Just over a week ago, GTBank and other banks like UBA and Zenith bank raised the monthly spending limit on its Naira MasterCard to $1000, an upgrade from the previous $100 limit. Even with this new development, there are still some limitations to the Naira MasterCard as it does not work with PayPal anymore. If you are making a payment on foreign websites that charges in dollars, banks like GTBank charge you as much as N380 to $1. If you receiving a wire transfer in dollars to your Naira account, GTBank sells to you in Naira for as low as N315; with explanations above it makes every sense to open a Dollar account and have a Dollar MasterCard
How to Get GTBank Dollar MasterCard in Nigeria – Requirements
First of all, since it’s a Dollar debit card you need to domiciliary account to allow you receive funds in foreign currencies. You need to open a domiciliary account first to get a dollar card; if you do not have one click here to see the full procedure on how to open a domiciliary account with GTBank and other banks in Nigeria.
Now that you have a Dom account, follow the procedures below:
- Visit any GTBank branch closest to you and ask for the Accounts/Customer Service unit.
- Tell them you want a Dollar Card. You will be given a GTBank Dollar MasterCard form to fill. Fill the form immediately and give it back.
- Please note – You must have a minimum of $50 in your domiciliary account for you to request for a Dollar Card.
Your GTBank Dollar MasterCard will be ready after 3 working days; you will be sent an SMS to come pickup at the bank.
How to activate GTBank Dollar Debit MasterCard
Immediately when you pick up the new Dollar MasterCard you will be given a pin paper and an envelope with instructions just like when you are collecting a new Naira debit card. You will be required to call GTConnect immediately to activate the card. In my case, there is a toll free land line inside the bank which I used to call GTconnect.
A GTBank rep will speak to you on phone and ask personal information relating to your account just to confirm if you are truly the account owner. After confirming he will tell you to use one of the ATMs in the bank to change your PIN. After this, your Dollar MasterCard is activated and ready to be used anywhere in the world and online.
GTBank Dollar MasterCard Transaction Limits and Charges
- ATM Withdrawal – $1000 (or equivalent in local currency of any transaction)
- ATM withdrawal fee – $3.50
- Online/POS – No Limit
- No limitation on spending.
- $20 Annual Card Maintenance Fee
That’s how you get your GTBank Dollar Debit MasterCard. To use the Card online or anywhere, you will need to move funds to the Card using the Mobile banking app or the Internet banking platform. Henceforth, any transaction you make online will be deducted in dollars.
How much is the lowest amount I can withdraw from my dollar account.
I don’t think there is a fixed amount, but it may look somehow if you go into the bank just to withdraw $50.
Pls what is the exchange rate as of now when using a GTB dollar card
You are paid directly in Dollars, its a Dollar account.
Thanks for the concise and beautiful write-up.
What exchange rate would apply if you make an “ATM Withdrawal – $1000 (or equivalent in local currency of any transaction)” from the local Naira ATM?
What would you recommend as the method for receiving the best exchange rate available, compared to the example of GTBank selling to you in Naira for as low as N315 as against their selling it to you for foreign payment charge of as much as N380 to $1?
I haven’t tried to withdraw with the Dollar Card from local ATMs and I doubt if the ATMs would actually dispense Dollar. Even if the ATMs dispense Dollar, it’s dangerous security-wise to withdraw outside, I normally go inside the bank and fill the Dollar withdrawal form to withdraw the amount I want, after which I now call my Mallam who gives me N360 to $1.
I created the account recently. How can find the account to get my card.
Hi , i obtained my gtb dollar mastercard but can’t seem to use it to shop online , don’t know if its the Billing Address that has issues cos I’m shipping to an address in the US. Please kindly help if you can
What error message are you getting?
Payment error- your payment could not be processed pls verify your card details are correct and that your billing address matches what the bank has on file.
Do you know what rate is used if you want to deposit naira into the account? It’s a dollar account so they have to convert the naira to dollar. What rate is used?
I’m not really sure if you can deposit naira, you would have to change to Dollar at BDC.
Linking my GTB dollar card to PayPal account does it mean whenever I make payments online the cash will be deducted from my GTB dollar card or from my PayPal account
From your Dollar account via PayPal
Hello…Are you sure this still works? I am getting a “This card is not accepted. Please use a different card.” error message. Got my dollar master card today.
My Dollar Card is currently linked to my PayPal and it works. Make sure you enter the right information as requested.
Okay, great it works then. I should probably check in with my the bank then, maybe the account is not activated. Do domiciliary accounts allow Naira deposits? or do have to go convert it first.
Please what’s the billing address for a GTB dollar card?
Please us there any charges through pos /online dollar card and withdrawal per go through ATM is how much?
Can I receive a wired transfer from the US to my saving Naira account?? And what are the details to receive a dollar wire transfer to my Savings account??
No, you can’t. Only a dollar account.
Pls can i use the card to receive wire transfer in dollar?
How much can I be charged from zenith bank for my ATM Master card , I just applied for it
What information is require for dollar account wire transfer from the usa. to by gtb bank domiciliary account.
The USA person should tell you what he requires from you.
What can you do with your domiciliary account without having a dollar card. Can you withdraw on the counter or do transactions online without a card?
Yes, you can.
Hi biodun thanks for your post I have been wondering why am not having access to send or receive internet or online transactions.
Am an afiliate and internet marketer will like to see your post more as I have know what to do next when receiveing or making online transactions.
Nice write up. Even though it’s been here for a while.
Please what are the current charges on Dollar debit card? Is there a charge if deposit dollar into the dom account?
Thanks for this wonderful post, I understood it clearly but I just have some few questions and advise to ask.
1. How much do think gtbank can charge me for own account transfer from current or savings to my domiciliary account? (how much do you think they will sell me the dollar from my local bank account, is it ₦315, ₦380 or in-between per $1??)
2. Let’s say I use my dollar card only to buy stuff online and sometimes to receive refunds via linked PayPal account, what other charges should I possibly incurred apart from the annual maintenance fee of $10 based on recent CBN regulations?
could you explain the POS/web no limit point? Does it mean that I can pay a Usd tuition fee of 7k usd at once?