For a while, Nigerians have faced difficulty making international/dollar purchases or payments with their naira cards due to the ban placed on these cards by the Central Bank of Nigeria. Nigerians have since had to resort to virtual dollar cards and domiciliary account dollar cards for international transactions. However, Providus Bank naira cards are still licensed to carry out dollar payments up to $3,000 a month. Here’s what you need to know:
Overview of opening your Providus Bank account to benefit from their naira cards for dollar payments perk
Providus Bank requires a minimum opening balance of ₦100,000 for their savings account and you can apply for a Classic MasterCard immediately. If you’re a frequent international spender looking to open a Providus Bank savings account, consider the ₦250,000 deposit option; This makes you eligible for immediate issuance of the Platinum Naira Mastercard, offering a higher limit for your dollar payments or transactions.
As of May 2024, you can easily open your Providus Bank account fully online and even have your preferred ATM card delivered to your chosen location. You can read the full steps here and the requirements too.
Choosing your Providus Bank naira cards with international transactions/payments in mind
For starters, you can make use of two of Providus Bank’s naira card options:
- Classic Naira Mastercard: This naira card issuance costs only ₦1000 and it caters to basic international payment needs with a $1,200 monthly transaction limit. It’s perfect if you don’t require high (dollar transactions) spending power.
- Platinum Naira Mastercard: This naira card allows a $3,000 monthly transaction or payment limit, ideal for frequent international transactions. However, it comes with a ₦5,000 issuance fee and requires a ₦250,000 deposit that will be held for 3 months. Please note that any other deposits after the ₦250,000 on hold will be available for spending through the three months and beyond.
You can apply for any card of your choice immediately after you open your account with all requirements met. Simply reach out to Providus Bank customer service channels like 070077684387 for calls, 09153933333 for Whatsapp, via their social media handles, or email – businessconcierge@providusbank.com. Your card will be processed and sent to you within days depending on your location. If there’s a Providus Bank branch close to you, you can also walk in and get an instant card issued to you immediately.
Exchange rate considerations
While Providus Bank’s exchange rates are based on the prevalent parallel market rates, it’s important to note they may be slightly higher. For instance, on April 29th, 2024, the parallel market rate on platforms like Aboki FX was about ₦1,350 to a dollar. However, Providus Bank quoted a rate of approximately ₦1,457. This means you may be spending more naira per dollar compared to getting the dollar offline or from BDCs.
Providus Bank does not publish its daily exchange rates, as such if you must know the exchange rate before carrying out your payment, you can only know it by contacting their customer service on 070077684387, 09153933333 on WhatsApp, their social media handles, or via email – businessconcierge@providusbank.com.
Final thoughts
Providus Bank naira cards offer convenience for international payments. The Classic Mastercard is immediately accessible once you open your bank account with Providus Bank with the opening deposit. Their Platinum Naira Mastercard offers a higher (dollar transactions) spending limit but requires a higher initial time-bound investment as a new customer.
Additionally, it’s important to compare Providus Bank’s exchange rate with the prevailing market rate to ensure you’re getting the best value for your money. By considering your spending habits and comparing exchange rates, you can choose the Providus Bank savings account and naira card combination that best suits your international payment needs.
