This post will always give you the latest updates on gtbank dollar to naira exchange rate for those that are using Guaranty Trust Bank for dollar to naira exchange.
Is quite unfortunate that the naira really deprecated to dollar on the parrell market, but you can’t say for such with banks as they use the official dollar to naira exchange rate.
You should know that right now, there’s a big difference between gtbank dollar to naira exchange rate and the black market. The black market is way higher compared to what banks including gtbank are offering.
What i hate most about gtbank dollar rate is that the bank offers low if they buying your dollars, and higher if they are selling it to you.
Some people might get confused based on the statement above, let me explain very clearly.
If you want to receive dollars to your gtbank naira savings account, the bank offers low dollar rate compared to when you want use your gtbank master card to pay for products online, which is in dollars.
For example, gtbank dollar to naira exchange rate today is $1 to N358.5 if you’re receiving the dollar to your naira savings account. However, the case is different if you’re paying for products online which is in dollar, using your gtbank naira debit card.
In this case, the bank offers $1 to N369 which is higher compared to N358.5 if they are buying the dollar from you.
This is the reason why some people go on to open a domiciliary account, which at this moment is very useful.
For those that does not know what is a domiciliary account, let me explain that to you guys. A domiciliary account is a type of savings account, which only receives foreign currencies like dollars, pounds, euro etc to the account.
You can get a dollar mastercard if you have a domiciliary account, and use it to pay for products online or even offline. People tends to go for it, and opening a domiciliary account is free on gtbank, except that you must get a two referees using a current account.
What is gtbank dollar to naira exchange rate today
This is what people or bank customers who receives or make payments online using their naira debit card always ask, and i tell you that this post will always give you the latest updates based on gtbank exchange rate of dollar to naira.
Below is the current gtbank dollar to naira exchange rate today, as at March 15th 2020
Buying = $1 to N358.5
Selling = $1 to N369
You can see the difference between the two are high, this is why i always recommend that you have a domiciliary account if you always receive foreign currency especially dollar to your account.
If you compare gtbank dollar rate to that of the black market before which is N362 per one dollar, the black market is high.
Right now is the worst cause the difference is big, gtbank offering N358.5 for one dollar, while the black market is offering N420 per dollar.
People with domiciliary account are really cashing out a good amount of naira to their local savings account.
In order to get a good dollar to naira exchange rate, you should open a gtbank domiciliary account. This will make you to receive any foreign currency directly to your account here in Nigeria, and the bank will not automatically exchange it to naira.
With domiciliary account, you can withdraw your dollars, pounds, euro or any type of currency that you received.
How do i open a gtbank domiciliary account? Follow this guide below.
The requirements are listed below;
- Filled and signed Domiciliary Account opening form.
- A copy of identification document (Driver’s License, International passport, National I.D Card, or any other acceptable by the bank).
- One passport photograph.
- Two (2) completed reference forms.
- Utility bill issued within the last 3 months.
Features of the gtbank domiciliary account includes the following;
As you have know the requirements, what you’ve to do is to go to any Gtbank branch around you, request that you want to open a domiciliary account.
You’ll be issued a form to complete, with a signature of two referees with gtbank current account. This is where the problem lies, but you can ask a banker there or any trusted banker you know to help you with that if you don’t have any.
Opening a domiciliary account with gtbank is for free, whilst some other banks charges as high as $150 to open such account with them.
Having completed every requirement, your account is set and ready. To request for a dollar card, you have to pay one thousand to request for it, with annual maintenance fee of $20.
The bank charges up to $50 depending on the amount you received to your domiciliary account for maintenance.
For Gtbank prepaid dollars card, the atm withdrawal limit is $1000 (or equivalent in the local currency of any transaction), POS/WEB is $5,000 and finally the annual spending limit is $20,000.
To request for the prepaid dollar card, simply walk into any GTBank branch to pick up a prepaid dollar card Instantly.
Having created your domiciliary account, gtbank dollar to naira exchange rate gets better cause the bank will no longer automatically exchange the money for you.
If you want to make payments online that is in dollar, pound, euro etc, you’ll use the gtbank prepaid dollar card for the payment.
So you don’t have to hesitate in creating your foreign account today, but please know that it must not be guaranty trust bank.
You can choose to do that with other banks, like First Bank Nigeria which is very trusted and reliable when it comes to domiciliary account.
Others that are good include United bank for Africa (UBA), Ecobank, Zenith bank, Fidelity etc.
This is where i round it up on gtbank dollar to naira exchange rate today, and i promise to always update this post with the latest development based on naira to dollar exchange rate with Guaranty Trust Bank 2020.