GTBank Tells Customers To Get Dollar Card, Suspends International Transactions On Mastercards

Customers of Guaranty Trust Bank have been urged to obtain dollar cards for all their international transactions as they will no longer be able to carry out any international transaction on their naira-denominated ATM card.

This came as the bank announced the suspension of international online and PoS transactions on naira Mastercard effective from December 31, 2022.

While the bank did not give any reason for this action, GTBank in a letter to its customers on Thursday wrote:

“Dear Customer, we write to inform you that you will no longer be able to use your Naira Mastercard for international online and POS transactions effective 31st December 2022.

"Kindly note that you can use your GTBank dollar card for all your international spending requirements.

According to the bank, the dollar card allows ATM Withdrawal of $1,000 daily or the equivalent in the transaction’s local currency.

It added that with the dollar card, there is no limit to international PoS or online transactions. There will also be no annual spending limit.

A dollar card is an international debit card that is issued in partnership with MasterCard or Visa, which is directly linked to customers' domiciliary account (a foreign currency account) and can also be used to settle purchases in other currencies. 

While the naira debit card transactions are done in naira, the dollar debit card transactions are done in dollars.