The Wema bank of Nigeria has announced its resumption of international transactions on Naira cards putting the pin at five hundred dollars.
An international transaction refers to a commercial agreement or financial operation that takes place across national borders and necessitates settlement using a foreign currency
In a letter addressed to its customers for press, the bank declared the end of the suspension on international transactions conducted through naira cards.
Worthy of note was the previous prohibition of Naira cards by commercial banks in Nigeria for international ATM cash withdrawals, web and POS transactions, implying that cardholders cannot make cash withdrawals or payments through those channels outside the country.
However, the released statement has Wema Bank lifted the embargo on international transactions on naira cards, which means that customers can now conduct international transactions and make purchases globally.
Customers can now enjoy seamless transactions and make international purchases using their Naira, ALAT, Mastercard and Visa cards, for international spending, according to the bank.
The lifting of the ban brings an array of benefits to customers. For starters, it enables them to make international purchases, shop at online stores all over the world, and purchase from their favourite international brands.
Wema Bank also stated that it has imposed a $500 monthly spending limit for international transactions to ensure that its customers manage their expenses responsibly and protect them from potential fraudulent activities.
“Your Naira card gives you the convenience of making payments in foreign currencies, eliminating the need for currency conversion or carrying excess cash. It’s a hassle-free and secure way to shop and transact abroad,” it added.
