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Understanding Transfer Charges in Nigerian Banks

When it comes to moving money in Nigeria, knowing which bank charges the least for transfers can save you a lot of money. Transfer charges, also called transaction fees, are small amounts you pay whenever you send money from one bank account to another. These fees may differ depending on whether you are transferring within the same bank or to a different bank. They also vary based on how you send the money, such as through mobile apps, USSD codes, online banking, or bank branches.

For students, workers, and everyday Nigerians, minimizing these charges is very important. Whether you are sending money to family, paying bills, or shopping online, choosing a bank with low transfer fees can stretch your naira further.

In this article, we will explain what transfer charges are, why they exist, and how they work in Nigeria. We will review the Nigerian banks with the lowest transfer charges in 2025. Also, we will provide helpful tips on how to reduce transfer costs and answer common questions about bank transfers.

What Are Bank Transfer Charges? Definition and Explanation

What Does Transfer Charge Mean?

A bank transfer charge is a small fee a bank charges whenever you move money from your account to another account. This fee helps the bank cover the cost of processing the transaction.

Types of Transfers and Fees

In Nigeria, transfer fees may vary based on:

• Intra-bank Transfers: Moving money to an account in the same bank.

• Inter-bank Transfers: Moving money to an account in a different bank.

• Transfer Method: Fees can differ for transfers done via mobile apps, USSD codes, ATM, or bank branches.

• Transfer Amount: Some banks charge fees based on the amount sent — bigger transfers may cost more.

• Frequency: Some banks have daily or monthly limits for free transfers; beyond that, fees apply.

Why Do Banks Charge Transfer Fees?

Banks need transfer fees to:

• Cover operational costs like processing transactions.

• Pay for network and system maintenance.

• Make profits and stay competitive.

• Manage fraud risks and security.

Even though these fees are small per transfer, they add up over time. That is why many people want to find banks with low or no transfer fees.

How to Save on Transfer Charges: Simple Tips

• Use Mobile Apps or USSD: These are usually cheaper or free compared to branch transfers.

• Make Larger, Less Frequent Transfers: This reduces the number of times you pay fees.

• Choose Banks with Free Intra-bank Transfers: Transferring money within the same bank is often free.

• Take Advantage of Bank Promotions: Sometimes banks offer free transfer periods.

• Compare Fees Before Transferring: Use online fee tables or bank apps to check costs.

Overview of Nigerian Banks with Lowest Transfer Charges in 2025

Let’s look closely at some of the top Nigerian banks with low transfer fees.

1. GTBank (Guaranty Trust Bank)

Why GTBank is Popular for Low Transfer Fees

GTBank is known for having some of the lowest transfer charges in Nigeria. It offers free intra-bank transfers and competitive fees for inter-bank transfers.

Transfer Charges Overview

• Intra-bank transfers: Free

• Inter-bank transfers via GTBank app: ₦10 for transfers up to ₦10,000; ₦50 for transfers above ₦10,000

• Transfers via USSD: ₦10 for transfers up to ₦10,000; ₦50 for transfers above ₦10,000

Other Features

• Fast transfer speed

• User-friendly mobile app and online banking

• Reliable customer support

Pros

• Very low transfer fees

• No charges for same-bank transfers

• Easy-to-use digital platforms

Cons

• Some users report occasional app glitches

2. Access Bank

Access Bank Transfer Fees Explained

Access Bank also offers competitive transfer fees and multiple channels for making transfers.

Transfer Charges Overview

• Intra-bank transfers: Free

• Inter-bank transfers via mobile app: ₦20 for transfers below ₦50,000; ₦50 for transfers above ₦50,000

• Transfers via USSD: ₦20 for transfers below ₦50,000; ₦50 for transfers above ₦50,000

Other Features

• AccessMore mobile app available

• Quick transaction processing

• Frequent banking promotions

Pros

• Low and clear fee structure

• Free transfers within Access Bank

• Strong mobile banking service

Cons

• Slightly higher fees for large transfers compared to some banks

3. First Bank of Nigeria

First Bank Transfer Fees Details

First Bank remains one of the most used banks in Nigeria with a reasonable fee structure.

Transfer Charges Overview

• Intra-bank transfers: Free

• Inter-bank transfers via app or USSD: ₦20 – ₦50 depending on amount

• Transfers done at branches have higher fees (₦100+)

Other Features

• Extensive branch network

• Reliable mobile app and internet banking

Pros

• Free transfers within First Bank

• Multiple transfer options

Cons

• Higher fees for branch-based transfers

4. Zenith Bank

Zenith Bank Transfer Fee Structure

Zenith Bank offers competitive fees and excellent digital banking services.

Transfer Charges Overview

• Intra-bank transfers: Free

• Inter-bank transfers via app: ₦10 – ₦50 based on amount

• Transfers via USSD: ₦10 – ₦50 based on amount

Other Features

• Fast transfer processing

• User-friendly digital platform

• Strong customer service

Pros

• Low fees for digital transfers

• Quick processing time

Cons

• Limited free transfer offers

5. United Bank for Africa (UBA)

UBA Transfer Charges Summary

UBA is known for good service and affordable fees.

Transfer Charges Overview

• Intra-bank transfers: Free

• Inter-bank transfers via mobile app: ₦15 – ₦50 depending on amount

• Transfers via USSD: ₦15 – ₦50 depending on amount

Other Features

• Easy-to-use app and online platform

• Multiple transaction channels

Pros

• Affordable transfer fees

• Reliable transfer processing

Cons

• Occasional network downtime reported

6. Polaris Bank

Polaris Bank Transfer Fees

Polaris Bank offers a simple fee structure with competitive rates.

Transfer Charges Overview

• Intra-bank transfers: Free

• Inter-bank transfers via app or USSD: ₦15 – ₦50 depending on amount

Other Features

• User-friendly app

• Fast transfer execution

Pros

• Low and transparent fees

• Convenient digital platforms

Cons

• Smaller branch network than bigger banks

7. Fidelity Bank

Fidelity Bank Transfer Fees

Fidelity Bank provides affordable transfer fees and multiple channels.

Transfer Charges Overview

• Intra-bank transfers: Free

• Inter-bank transfers via app: ₦20 – ₦50 depending on amount

• USSD transfers: Same fee range

Other Features

• Fast transaction processing

• Good customer support

Pros

• Competitive fees

• Easy online access

Cons

• Less popular app compared to bigger banks

Detailed Comparison Table of Nigerian Banks with Lowest Transfer Charges

Pros and Cons of Nigerian Banks With Low Transfer Charges

Pros

• Save money on regular transfers

• Convenient mobile and online transfer options

• Free transfers within the same bank

• Competitive fees encourage use of digital platforms

• Fast and secure transactions

Cons

• Fees may increase for large amounts

• Transfer charges vary depending on the method used

• Some banks charge extra fees for branch transactions

• Network downtime can delay transfers

• Occasional hidden charges or taxes (e.g., stamp duties)

How to Avoid Hidden Transfer Charges in Nigerian Banks

• Always check your bank’s fee schedule

• Use mobile apps or USSD rather than branches

• Avoid multiple small transfers; consolidate payments

• Monitor your account regularly for unexpected fees

• Contact your bank customer service if unsure

How to Choose the Best Bank for Low Transfer Charges

1. Compare Fees: Look at the fee schedule for both intra-bank and inter-bank transfers.

2. Check Transfer Limits: Make sure the bank’s daily/monthly limits meet your needs.

3. Look for Free Transfer Promotions: Some banks waive fees during promotions.

4. Consider Convenience: Mobile app ease, USSD availability, and branch access.

5. Evaluate Customer Service: Prompt support helps resolve transfer issues quickly.

6. Consider Other Bank Benefits: Such as interest rates, ATM access, and security.

Examples of Transfer Fees Calculation

Example 1: Sending ₦5,000 via GTBank Mobile App (Inter-bank)

• Transfer fee = ₦10

• Total debited = ₦5,010

Example 2: Sending ₦100,000 via Access Bank USSD (Inter-bank)

• Transfer fee = ₦50

• Total debited = ₦100,050

Example 3: Sending ₦20,000 within First Bank Mobile App (Intra-bank)

• Transfer fee = Free

• Total debited = ₦20,000

FAQs: Nigerian Banks with Lowest Transfer Charges

1: Which Nigerian bank charges the least for transfers?
GTBank typically has the lowest transfer fees, with charges as low as ₦10 for small inter-bank transfers and free intra-bank transfers.

2: Are transfers within the same bank free in Nigeria?
 Yes, almost all Nigerian banks offer free intra-bank transfers.

3: Do USSD transfers cost less than app transfers?
Fees are usually similar but can vary by bank. Both USSD and app transfers are often cheaper than branch transfers.

4: Can I avoid transfer charges entirely?
Only by using free intra-bank transfers or taking advantage of bank promotions.

5: Why do some banks charge different fees for USSD and mobile app?
 Banks may have different processing costs for each channel, reflected in fees.

6: Are transfer fees fixed or percentage-based?
Most Nigerian banks charge fixed fees that vary by transfer amount brackets, not percentages.

7: Can transfer fees be refunded?
Generally no, unless there was a system error or fraud.

8: Are there extra charges for international transfers?
Yes, international transfers usually have higher fees and different processes.

9: How fast are transfers between Nigerian banks?
A9: Instant or within a few minutes if done digitally.

10: Do all banks have USSD transfer services?
Most banks do, but some smaller banks may not.

Conclusion

Understanding transfer charges in Nigerian banks is important for managing your finances wisely. GTBank, Access Bank, First Bank, Zenith Bank, UBA, Polaris Bank, and Fidelity Bank all offer some of the lowest transfer charges in 2025, with free intra-bank transfers and affordable inter-bank transfer fees.

Choosing a bank with low transfer fees, reliable mobile apps, and convenient transfer options can help you save money and time. Always compare fees, use digital platforms, and plan your transfers to avoid unnecessary charges. By doing so, you can make the most of your money in Nigeria.