Stop Getting Ripped Off By Banks, Dollar Dominated MasterCard Is Now A Must
The online
world is getting more and more robust each day and people are continuously expanding
and shifting their offline businesses to the online arena.
Credit/Debit
cards have continued to provide one of the best means of transacting online and
the growth of credit/debit cards usage is almost proportionally to the recent growth
of online businesses.
We understand
that the country is currently passing through serious economic crises and the
financial institutions even appear the most hit in this economic meltdown.
As we write
this now, the country’s currency has been on the dwindle against major foreign currencies
of the world, since the prices of crude oil, which is the country’s major foreign
exchange earner in the international market have also been on the downward
curve from the past 2 years to present.
In the recent
and bold move adopted by the Central Bank of Nigeria (CBN) in order to arrest
the falling value of its currency, CBN decided to float the Naira as to allow
the natural forces of demand and supply take its course at determining the true
face value of the country’s currency against other foreign currencies.
Must Read: How to open a GTBank domiciliary account
But as it
stands now, the Naira floating move handed by CBN seems to be yielding little
or no fruit as other factors within the country’s economy and financial sectors
continue to play out on the Naira, making the Naira fall appearing unending at
the moment.
The
implications of all these, which forms the bulk of the topic of discussion
today is that the financial institutions in the country (Banks) have craftily
hijacked the situation and are now ripping the hell off their customers, by
charging them exorbitant exchange rate on Naira to foreign currency exchange
transactions.
And the easiest
way the banks are achieving this is on transactions made online by their
customers with Naira dominated ATM cards (MasterCard/VISA) on foreign sites.
It will beat
your imaginations that many online merchants, shoppers and other individuals
are recently complaining bitterly on the outrageous exchange rates that these
banks have imposed on their Naira ATM cards transactions against foreign
currencies.
Recent
reports show that the banks now charge somewhere between N430 to N480 per
Dollar transaction online with Naira ATM cards, which is even far beyond what
the currencies are obtainable in the parallel/black-market section.
As it stands
currently, the black-market selling rate of Naira-Dollar transaction is
somewhere around N395 to N400 per dollar; meaning that you can presently obtain
$1 in the black-market for N400.
If you can
confidently walk to the black-market section and buy a Dollar for N400, why on
earth do you now have to pay N430 to N480 (Bank rip-off rate) for a Dollar in
online transaction with your MasterCard?
The only
solution now, to stop the banks rip-off in that manner is to opt for
foreign/Dollar currency dominated MasterCard/VISA as against the Naira
Dominated Cards.
an
By so doing,
it doesn’t even matter again whether you earn in Naira or in foreign
currencies, since you will always get a good bargain in buying Dollar at the
readily available black-market section than what you will get with the banks.
The idea now
after getting your Dollar dominated MasterCard, for those that don’t earn in Dollars;
you can easily walk up with your cash in Naira to the black-market, buy your
Dollar at N400 and deposit it into your Dollar MasterCard and finally use it
for your online transactions instead of paying far above N400 that the banks
will charge you.
For those
that earn in Dollars, you can equally do the same or even better use your money
earned in Dollars to carry out your online transactions without banks
outrageous exchanges.
Finally, we
have in the past discussed on the cost of getting dollar dominated MasterCard/VISA for your online transactions, and the cost still stand the same
presently.
Stop Getting Ripped Off By Banks, Dollar Dominated MasterCard Is Now A Must
Reviewed by Edwin Akwudolu
on
12:08:00 PM
Rating:
![Stop Getting Ripped Off By Banks, Dollar Dominated MasterCard Is Now A Must](https://2.bp.blogspot.com/-YA9wQVlPNN4/VrnFcR200YI/AAAAAAAAEWQ/CMsnbQwO-v8V1scMR5RpZ-VxiIS7ZxyhACPcB/s72-c/cost%2Bof%2Bdollar%2Batm%2Bcards.jpg)
Banks don't accept dollar deposits.
ReplyDeleteAnd who said so? Banks do accept Dollar deposits.
DeleteDollar deposit was temporarily suspended about 6 months ago, but the suspension has since been lifted and they now accept Dollar deposit.