In this post we will present to you list of banks that charge zero transfer fees, because when you calculate the amount of charges your local banks take from your account on monthly basis you will discover you have lost so much funds on only charges.
Benefits of using banks with zero transfer fees
Firstly, I will will analyze the benefits of making use of these charge free banking options before going into main topic for this post, these are the types of banks you can use to avoid excess charges.
Save money on transfer fees
Actually, I will say that transfer fees will vary depending on the bank you are using and also the amount of money being transferred will also affect the fees. You may think all these charges does not matter but even small transfer fees can add up over a period of time within a month or even a week, especially if you make frequent transfers.
Let’s take for an instance, if you always pay a NGN 10 transfer fee every time you send money to your friend or a family member, you would be spending more than NGN 1000 per month on transfer fees if you make transfers frequently.
So, these banks with zero transfer fees can help you save money on transfer fees, especially if you make frequent transfers. This can be really beneficial for people who live and work in different countries, as international transfer fees are always very high.
Get faster transfer speeds
Transfer speeds can also vary depending on the bank and the type of transfer, so these banks I am going to analyze in this post also have high transfer speed. However banks with zero transfer fees often have more efficient transfer processes, which can lead to faster transfer speeds.
For example, some banks can process zero-fee transfers instantly, while other banks may take a few minutes some even hours to process transfers to other banks.
Faster transfer speeds can be important for people who need to transfer money quickly, such as in an emergency or to pay bills on time maybe in an eatery to avoid washing plates.
Enjoy more convenient and flexible transfer options
Banks with zero transfer fees often offer more convenient and flexible transfer options than banks that charge transfer fees. For example, some banks allow you to make zero-fee transfers online, through their mobile app, or by phone. They may also allow you to make zero-fee transfers to other banks, to international accounts, or even to mobile wallets.
More convenient and flexible transfer options can be beneficial for people who want to be able to transfer money from anywhere and at any time. For example, if you are traveling abroad, you can use a zero-fee transfer service to send your money back home without having to worry about high transfer fees.
List of banks that charge zero transfer fees in Nigeria
Now, let’s check out the best banks with zero transfer fees. These banks are more than 10 banks but I will recommend these 10 banks 5 in domestic and 5 in international for your transaction.
Domestic banks with zero transfer fees
These banks with zero transfer fees have been recognized for their often have low fee structures, including zero transfer fees.
- Kuda Bank: Starting from Kuda Bank, this is a Nigerian digital bank that operates without physical branches though it is very popular in Nigeria. They offer various financial services, including account management, savings, and payment services.
- Kuda has been known for providing zero fees on transfers and other banking activities within their platform, making them an attractive and one of the best options for individuals who want to avoid regular banking fees.
- Rubies Bank: Rubies Bank is another digital bank in Nigeria that provides different range of financial services through their mobile app. They have really low-cost banking services, which often includes zero transfer fees within their ecosystem.
- ALAT by Wema Bank: ALAT by Wema is the digital banking platform of Wema Bank, one of the popular Nigeria’s domestic banks like first bank and Eco bank. ALAT offers a variety of services, and they have been recognized for their zero fees, including transfer fees within the ALAT platform.
- Paycom: Paycom is a fintech company in Nigeria that also offers various financial services, including digital banking which involve transfers also. While Paycom is not a traditional bank, it provides financial solutions, including low-cost or zero transfer fees for its users.
- VBank: VBank, which is powered by VFD Microfinance Bank, is a digital banking platform in Nigeria without physical offices. VBank is known for offering mobile banking services with zero transfer fees, among other competitive features.
International banks with zero transfer fees
Now, coming to international banks. We all know international banks cost a lot of extra fees when transactions are made, nevertheless I can recommend some platform to save your funds from unnecessary expenses.
Wise (formerly TransferWise): Starting from Wise, this is an international money transfer service that offers competitive exchange rates and transparent fees. Nigerian users can access Wise online or via its mobile app to send and receive money internationally. Wise is known for its low and transparent transfer fees, though not totally free.
WorldRemit: WorldRemit is an online money transfer service that allows Nigerians to send and receive money from abroad. They offer various transfer options, including bank transfers, mobile money, and cash pickups. While WorldRemit has competitive fees and exchange rates, the specific costs may vary depending on the country and payment method. But in general, I will say they don’t charge much.
Remitly: Remitly is another online money transfer service available to Nigerians. It offers both economy and express options for sending money internationally. Remitly provides fee transparency, and the costs can vary based on the transfer speed and destination. Remitly is also very advisable as it’s charges are considerable.
Azimo: Azimo is an international money transfer service with a presence in Nigeria, though not really popular. They offer competitive exchange rates and a range of options for sending money overseas, including bank deposits and mobile money. Azimo’s fees may vary based on factors like the destination country and the chosen payout method.
N26: N26 is not actually in Nigeria but a digital bank based in Europe that offers its services to customers in various countries, which includes Nigerians. N26 provides an online bank account with features such as international money transfers and currency conversion. The fees for international transfers are often competitive.
Actually, when you receive instant bank transfers in this platform, it will be free when you use SEPA Instant Credit Transfers. This is not free for all transactions but free for all N26 Smart, N26 Business Smart, N26 You, N26 Business You, N26 Metal, and N26 Business Metal customers.
Frequently asked questions about Nigerian banks and fees
Now, let’s check out some questions commonly asked by Nigerians about banks and charges which you might be interested in.
What Nigeria bank is best for international transactions?
For this question, I will recommend you make use of wema bank so that you can make use of ” ALAT by Wema” card.
Which bank has the lowest charges in Nigeria.
If you wish to use regular domestic banks but need the bank with lowest charges, I will recommend Stanbic IBTC Bank. As they charge lowest even in loans.
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I believe you have gotten full insight about Nigerian banks and fees from this my post. The banks with zero fees is beyond these 10 banks in my list of banks that charge zero transfer fees, but I choose these best five for you.