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states that cash in excess of $10,000 or its equivalent in 3rd currencies lodged into an account can only be withdrawn in cash.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.