Foreign Currency Outward Transfer (Fx Outflows)
FX Outflows are foreign currency remittances made by GTBank customers to beneficiaries in any other bank within or outside the country via a correspondent bank.
Requirements for Foreign currency Outflow
- Customer must have an operative and sufficiently funded domiciliary account with the bank.
- A Transfer Instruction (properly filled and signed in accordance with customers’ mandate electronically or handwritten).
- Acceptable purpose of payment on the transfer instructions (i.e. Payment for Services, Upkeep Allowance etc.)
Modes of receiving foreign currency transfer instructions to FTU
- Directly from customers who bring their foreign currency transfer instructions to the Bank
- Directly from customers through the internet banking platform
Acceptable modes of funding an account
- Foreign currency telegraphic transfers into a domiciliary account from another bank.
- Cleared Foreign currency cheque proceeds.
- Foreign currency Cash lodgment (Note that single cash lodgment should not exceed $10,000 or its 3rd currency equivalent if customer intends to transfer funds).
- Foreign currency transfer from another GTBank customer
Restrictions on FX Outflow transfers
- CBN regulations states that cash in excess of $10,000 or its equivalent in 3rd currencies lodged into an account can only be withdrawn in cash.
- In any particular week a customer can outflow $50,000 subject to a maximum of $10,000 per day if the sources of funds is cash lodgment.
- When the source of funds is inflow/cleared FX cheques, the customer can transfer up to the value of the inflow received.