Like almost every other bank in the country, GTBank allows you to transfer money to anyone with a bank account instantly, even if they don’t use GTBank. However, instant money transfer is not a free service, as the bank charges a fee for every transaction.
While no one likes to pay a surcharge on the money they’re trying to transfer, the available options aren’t abundant. You can either choose to pay the little amount or spend the rest of your day creating bank accounts with banks that promise free transfers.
If you’ve resolved to settle for the former, I can help. In this article, I’ll outline the GTBank transfer charges for transactions within and outside the network. If you’ve always wanted to know precisely how much you pay to send money with GTBank, here’s the guide you need.
Does GTBank Charge for Transfers to Other Banks?
Given the minute nature of the charges on transfers from GTBank to other Nigerian banks, it’s difficult to tell if there’s even a charge unless you’re looking closely. That said, you must have noticed the presence of transaction charges if you pay attention to your transaction notifications.
In short, your fear is real: GTBank does charge for transactions to banks outside its network. Also, it isn’t a bad thing, as almost every Nigerian bank charges for out-of-network transfers. You shouldn’t have to worry about it, however, as the charge is usually negligible compared to the average amount you’ll be transferring.
Before making a transfer, however, you may want to confirm how much you’ll have to forfeit to GTB as charges for the transaction to avoid the funny (but possible) scenario where you pay more than the amount you’re transferring.
In the following section, you’ll learn about the GTBank transfer charges to other banks when using all the possible transfer channels that the bank offers. That way, you’ll understand the economical options as well as those you should avoid.
What are GTBank’s Transfer Charges to Other Banks?
The preceding section has clarified that GTBank charges users for transferring to someone holding an account with another bank. However, what the section did not clarify was how much GTB charges users for out-of-network transfers, but I’ll help you out in this section.
GTBank charges a fixed fee of N50.00 on transfers to other banks, excluding VAT. The bank’s website lists the VAT as N2.50, but since the federal government recently increased the VAT rate from 5% to 7.5%, so the N2.50 is likely N3.75 today.
While that is the general transfer charge listed on the GTBank website, information from another section of the website seems to contradict the data provided above, specifically when it comes to 737 transfers. For the uninitiated, a 737 transfer refers to the process of sending money via USSD, which is used by most GTBank customers.
According to this page, sending money from GTBank to an account with a different bank will cost you a whopping N80! While I believe that to be the case, I also believe it’s inclusive of VAT. Since GTBank hasn’t responded to our request for clarification, we still aren’t sure how the charges work with USSD transactions.
Summarily, you should expect an N80 charge when sending money from a GTB bank account to an out-of-network account via USSD. If you’re using the other banking channels, however, you’ll have to forgo around N53.75, inclusive of VAT of course.
What are the Charges for GTBank to GTBank Transfers?
We’ve discussed the GTBank transfer charges to other banks, but that’s not the only category of transfers that customers make. It’s also possible to send money from one GTB account to another, and contrary to what you’re hoping, such transfers aren’t free either.
GTBank is pretty clear about the charges for transfers within the bank’s network: the bank charges you N20 for GTBank to GTBank transfers, which is expected. Frankly, I expected transfers within the network to be free, but a N20 charge doesn’t seem excessive either.
Does GTBank Charge for Receiving Money?
This question is surprisingly common, given that the answer should be pretty obvious. Charging users to receive money isn’t a good business model, as the bank shouldn’t be burdening you with what you have no control over.
In short, no, GTBank doesn’t charge its users for receiving the money to their bank accounts. However, you may have noticed the bank deducting money sent to you, especially if you had nothing in your bank account before receiving the money.
What happened there is actually very easy to explain: you’ve likely accumulated charges that you couldn’t pay. As long as you have enough money to cover the transaction amount itself, GTBank will not decline your transfer request, even if you don’t have enough funds to cover the charges.
However, the bank will record it for you as a debt that you have to pay as soon as the money arrives in your account. I think that’s enough explanation for the mysterious charges you incur when you receive money in your GTBank account.
GTBank charges users for sending money to other banks, but the charge is pretty negligible. This article has explained all the weird deductions you notice each time you send money to others.