Most bank customers are not aware of the existence of alternative cards that are acceptable internationally and online such as Dollar cards otherwise called Travel money cards.
In recent past, bank customer were bombarded with news of either there was a reduction or increment in USD spending limits on their Naira Cards.
Some banks completely stopped their Naira Cards from being used abroad and allows it after a while. Most bank customers got stranded abroad as a result of this. And because there was no knowledge of the existence alternative to their Naira cards.
These actions by Nigerian banks is not unconnected with the availability of Forex to meet demand for importations and foreign payments at that time. This also affects the ability of Nigerian banks to meet up with repayment for their credit limits with corresponding banks
As an alternative or in addition to Naira Card, Bank customers may request for Dollar Card from their bank.
What is a Dollar Card/ Travel Money Card
A dollar card is a card linked to an account denominated in Dollars. The card may either be linked to the customer’s domiciliary account or linked to a card account (dollar prepaid account).
Bank customer will however have to source for their dollar and deposit into the dollar account as banks are not authorized to sell dollars except for PTA and BTA
Features of a Dollar Card/ Travel Money Card
Higher spending limits
Because the dollar in your dollar account was sourced by yourself and not sourced by the banks on your behalf you have the opportunity of spending your money with little or no restrictions. Spending limit however varies from one bank to another, you may need to contact your bank for limit available on your dollar card.
Dollar cards are acceptable in all part of the world with no exception, unlike Naira card that may be difficult to use in some countries. Dollar cards can be used on ATM, POS and on the Internet to make payments for good and services.
Dollar cards are secured with the chip and pin security just like all other modern bank cards. It is very secure.
Dollar cards or travel money card are affordable, they come with about the same cost as your Naira cards. Card maintenance charges and other international usage fees may however apply.