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Money transfers between bank accounts are part of daily life for many Nigerians—students paying school fees, workers sending money home, small business owners paying suppliers. But bank transfer fees can eat into your money. Knowing which banks charge least helps you keep more of your own cash.

In this article, I will:

• Explain what transfer charges are, and why banks charge them

• Compare how much different Nigerian banks charge for transfers (intra‑bank, inter‑bank, USSD, mobile app, etc.)

• Show examples & comparisons

• Give tips on how to avoid or reduce fees

• Answer lots of questions so you understand clearly

What Are Transfer Charges? (Definitions & Key Concepts)

Before we compare banks, we need to understand the terms. These are important to follow so you know what you are paying for.

What is a Transfer Charge?

A transfer charge (or transaction fee) is money a bank charges you when you move money from your account to another account. Sometimes it’s within the same bank (intra‑bank), or to a different bank (inter‑bank). It can depend on how you do it (mobile app, USSD, internet banking, branch, ATM) and how much you are transferring.

Why Banks Charge Transfer Fees

Banks charge transfer fees for many reasons:

• They maintain the infrastructure (servers, network, staff) needed to transfer money

• To cover costs of switching and settlement between banks

• Regulation and stamp duties or levies imposed by government or central bank

• To discourage very small or too many transfers or to manage risk of fraud

Key Terms and Related Keywords To Know

• Intra‑bank transfer: Sending money to someone else who has an account in the same bank.

• Inter‑bank transfer: Sending money to a different bank.

• USSD transfer: Using codes you dial on your phone (e.g. 901…, 737…) to move money.

• Instant transfer / NIP Instant: A system (often via NIBSS) that allows transfers to other banks almost instantly.

• NEFT / RTGS: Higher value or slower transfer methods (less relevant to everyday small transfers, but important for big amounts).

• VAT: Value Added Tax on the fee sometimes.

• EMTL / Stamp Duty: Electronic Money Transfer Levy or stamp duty applied on certain transfers (e.g. N50 on sums of N10,000 or more).

Central Bank of Nigeria Guidelines on Transfer Fees

To protect consumers, the Central Bank of Nigeria (CBN) sets guidelines. It limits what banks can charge for some electronic funds transfers.

Key points:

• For inter‑bank transfers, maximum charge allowed is ₦50 per transaction for amounts above certain thresholds.

• For transfers below ₦5,000, fees are smaller (e.g. ₦10). For ₦5,001 to ₦50,000 usually around ₦25. Over ₦50,000, max is ₦50.

• Banks must also add VAT and Electronic Money Transfer Levy (EMTL) when applicable, especially on transfers of ₦10,000 or more.

So even the “lowest fees” have these regulatory charges added in many cases.

What to Compare: How to Know Which Bank Has Low Transfer Charges

When you compare banks, check:

• Fee for intra‑bank transfers (i.e. bank to same bank)

• Fee for inter‑bank transfers (bank to other bank)

• Fee for transfers via USSD, mobile app, internet banking, and branch

• Any extra levies (VAT, EMTL, stamp duty)

• If there is a minimum / maximum transfer limit

• Hidden fees (e.g. for failed transfers, beneficiary validation, or beneficiary bank levy)

Transfer Charges of Major Nigerian Banks (2025)

Below is a comparison of what some of the major banks charge. Note: fees may vary slightly depending on specific account type, channel (USSD vs app vs branch), and occasional promotions. But this gives a good idea.

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Comparison: Which Bank Has Lowest Effective Transfer Fees?

Given the above, let’s see which bank gives the lowest cost depending on what kind of transfer you make.

Scenario A: Small transfer (under ₦5,000) to another bank

• GTBank: ₦10 + VAT

• Zenith: ₦10.75 + VAT

• Access: ₦10 + VAT

Winner: Access or GTBank (very small difference due to VAT)

Scenario B: Medium transfer (₦5,001‑₦50,000)

• GTBank: ₦25 + VAT

• Zenith: ₦26.88 + VAT

• Access: ₦25 + VAT

Winner: GTBank or Access

Scenario C: Larger transfer (over ₦50,000)

• GTBank: ₦50 + VAT

• Zenith: ₦53.75 + VAT

• Access: ₦50 + VAT

Winner: GTBank or Access

Scenario D: Intra‑bank transfers (same bank)

• All three tend to offer free intra‑bank transfers. That is, moving money between accounts in the same bank is free or very low cost. GTBank, Zenith, Access all have this in many channels. GTBank+1

So, if most of your transfers are within the same bank, the cost is very low or zero.

Other Transfer Costs & Hidden Fees to Watch

Even when transfer fees are low, there are extra costs that can make a difference.

• Value Added Tax (VAT) added to the fee. Usually 7.5%. GTBank+2Access Bank+2

• Electronic Money Transfer Levy (EMTL) or stamp duty. E.g. ₦50 on electronic transfer of ₦10,000 or more. The Cable+2Access Bank+2

• Beneficiary bank or switching platform fees: sometimes the bank that receives or the switching network (NIBSS, Interswitch etc.) may levy extra costs.

• Bank charges for using non‑digital channels: branch transfers or teller transactions often cost more.

• Token / hardware token costs: some banks require tokens for large transfers. Those might cost ₦1,500–₦3,500. Zenith Bank+1

How to Minimize Transfer Charges

Here are ways students and working class citizens can reduce what they pay in transfer fees.

1. Use intra‑bank transfers when possible
   Because many banks offer free transfers within the same bank.

2. Use digital channels (mobile app, internet banking, USSD) instead of going to the bank branch. Branch operations generally cost more.

3. Group transactions instead of many small ones. For example, sending ₦100,000 once instead of ₦10,000 ten times can save from paying the ₦50 fee many times.

4. Watch for bank‑promotions or account types with free transfers.

5. Choose a bank with low or zero inter‑bank fees especially if you often send to other banks.

6. Know when EMTL / levy / VAT applies, so you factor that in.

7. Keep transfer amounts aligned to thresholds (just below thresholds) where fees are cheaper. For instance if ₦50,000 + triggers higher fee, sending ₦49,999 might be cheaper.

8. Monitor switching platforms & network fees: some banks use cheaper switching providers; some use more expensive ones.

Detailed Bank‑by‑Bank: Lowest Transfer Charges Examples

Here are more detailed examples of what you might pay in each bank in real life, including channels.

GTBank Examples

• If you transfer ₦3,000 via GTBank to another bank using mobile or USSD, fee is about ₦10 + VAT. GTBank+1

• If you transfer ₦30,000 to another bank, fee ~ ₦25 + VAT via Instant Transfer. GTBank+1

• GTBank to GTBank is free for many channels. GTBank+1

Zenith Examples

• Zenith to other banks, if you transfer ₦4,000 via the mobile app, you may pay ₦10.75 + VAT. Zenith Bank+1

• For ₦25,000 transfer to another bank, fee ~ ₦26.88 + VAT. Zenith Bank+1

• For ₦100,000 transfer, fee ~ ₦53.75 + VAT. Zenith Bank+1

Access Bank Examples

• Transfer ₦2,000 to another bank via USSD or app: approx ₦10 + VAT. Access Bank+1

• Transfer ₦25,000: ~ ₦25 + VAT. Access Bank+1

• Transfer ₦100,000: ~ ₦50 + VAT. Access Bank

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Summary Table: Quick Comparison of Transfer Fees in Major Banks

Here is a summary table showing what you’d pay for sending money in certain amounts via inter‑bank transfer versus intra‑bank in GTBank, Zenith, Access.

Pros and Cons of Low vs Higher Transfer Fees

It’s good to understand both sides: low fees are better, but sometimes they come with trade‑offs.

Pros of Low Transfer Charges

• Saves money, especially if you transfer often

• Helps students or low‑income earners keep more of their funds

• Encourages use of digital banking (mobile app / USSD) which is faster and often safer

• Makes budgeting easier when you know what each transfer will cost

Cons or Hidden Risks

• Sometimes “lowest fee” channels are slower or less convenient (e.g. limited USSD usage, need stable internet)

• Small banks or services may not have many branches or good customer service

• Hidden fees like VAT or EMTL still apply

• For large transfers, sometimes a fixed fee (e.g. ₦50) becomes small percentage less favorable vs percentage‑based fees elsewhere

How Recent Changes Have Affected Transfer Charges (2025)

There have been regulatory updates and bank changes:

• The CBN reduced the permitted maximum inter‑bank transfer charge to ₦50 per transaction.

• Banks’ schedule of charges is more closely regulated; many banks updated their “tariff guides” to align with CBN guidelines.

• Some banks or fintechs have begun offering “free transfer promotion” days or waived some fees in certain channels.

Additional Examples: Lesser‑Known / Fintech & Tier 2 Banks

While the major banks are generally similar in their inter‑bank charges (because of the CBN guidelines), some smaller banks or fintechs could offer lower effective costs in certain cases. If you use such a bank:

• Check their rate schedule

• See if they still follow the same ₦10 / ₦25 / ₦50 + VAT model, or if they offer free transfers more often

• See if they charge USSD differently or more for certain uses

Final Thoughts: Which Banks Really Have the Lowest Transfer Charges?

From the data in 2025:

• Best choices with the lowest transfer fees for inter‑bank transfers in the typical bands (₦1‑₦5,000; ₦5,001‑₦50,000; > ₦50,000) are GTBank and Access Bank, which match or beat the typical charges.

• Zenith is very close, slightly higher in small and medium bands in many cases.

• For intra‑bank transfers, most banks (GTBank, Zenith, Access) have nearly free or zero fees.

Thus, for everyday transfers, especially small or medium amounts, using GTBank or Access with their app or USSD is usually cheapest.

FAQs: What People Often Ask About Transfer Charges

Here are 10+ questions and answers to help clarify common doubts.

1: Are all banks required to follow the CBN guidelines for electronic funds transfer fees?
Yes. The CBN issues “Guide to Charges by Banks” which includes limits on what banks can charge for certain types of transfers, including inter‑bank transfers. Banks must not exceed those limits unless they have special approval.

2: Do I pay VAT on transfer fees?
Yes. When a bank charges you a fee (e.g. ₦25, ₦50), VAT is usually added. So the actual cost you pay is a little more.

3: What is the Electronic Money Transfer Levy (EMTL) or stamp duty?
It’s a fixed or small levy (for example ₦50) that applies on electronic transfers or deposits of ₦10,000 or more. This is separate from the bank’s transfer fee.

4: If I transfer money between accounts in the same bank, do I pay a fee?
Usually no. Intra‑bank transfers (same bank) are often free via mobile apps, USSD, internet banking. Branch transfers might sometimes incur something but mostly free. GTBank, Zenith, Access have this.

5: Is USSD or mobile app cheaper for transfer?
Usually both follow the same fee schedule for inter‑bank transfers. But sometimes USSD may have some extra small cost; mobile app may be more user-friendly. Always check the exact prompt before confirming.

6: What is the daily limit for transfers? Does it affect cost?
Yes. Banks set daily or per‑transaction limits. When you transfer beyond certain limits, the bank may require you to upgrade account or use token/hardware which may cost. But the fee per transaction usually stays the same. It doesn’t usually increase just because amount is large (unless stepping into a higher band). Zenith, GTBank have hardware token charges for high‑risk / high‑limit tasks.

7: Are there banks that offer free inter‑bank transfers?
Rare, because inter‑bank transfer fees are regulated and banks still need to obey the CBN guide. Some fintechs or payment service banks may offer promotions or free transfers among their platform. But standard banks generally still charge the CBN‑set fees plus VAT/levy.

8: What happens if a transfer fails or is reversed? Are there refund of fees?
If the bank initiates a transfer failure (system error etc.), often the amount plus the fee (if wrongly charged) is reversed or refunded. But you must contact customer support. If failure is due to wrong account details, banks may still charge the fee or deduct extra.

9: Do banks charge more for branch or teller transfers than digital?
Yes. Transferring via branch or teller is often more expensive, slower, more paperwork. Digital channels (app, USSD, internet banking) are usually cheaper.

10: For very large inter‑bank transfers (say over ₦1,000,000), do banks use the same fee bands?
Sometimes banks have specific charges, or percentage‑based charges for very large amounts, especially for RTGS or non‑instant transfers. But for many everyday transfers, up to certain limits, the same CBN‑guided flat fees apply. Check with your bank if dealing in large sums.

11: Can I avoid the EMTL / stamp duty or VAT on transfer fees?
No. These are government/regulator imposed. Banks will include them in cost. But you can minimize amount of transfers to reduce total paid. Or choose accounts exempt from some levies (if any), though this is rare.

Example Cases: Transferring in Real Life

Here are some concrete examples showing you exactly what you might pay:

• Example A: Mary sends ₦3,000 from her GTBank account via mobile app to someone in another bank. Fee: ₦10 + VAT (≈ ₦10 + ₦0.75) ≈ ₦11.

• Example B: Tai sends ₦30,000 via Zenith app to a different bank. Fee: ₦26.88 + VAT (~₦2) ≈ ₦29.

• Example C: Ada sends ₦100,000 via Access Bank USSD to another bank. Fee: ₦50 + VAT (~₦3.75) ≈ ₦53.75.

These examples show small absolute differences but they add up over many transfers.

Which Bank Has the Lowest Transfer Charges Overall?

From all the data above, the banks that tend to have the lowest effective transfer fees are:

1. GTBank — very competitive in all bands, free intra‑bank, and matching lowest inter‑bank (₦10, ₦25, ₦50 plus VAT).

2. Access Bank — similarly low in many cases. In many standard daily use transfer amounts, it ties with GTBank.

3. Zenith — slightly higher in some medium bands due to decimals (₦10.75, ₦26.88, ₦53.75) but still close and acceptable.

So if your priority is minimizing cost, especially for sending to other banks, GTBank or Access are very good picks. Zenith is still decent, but you pay a little extra in some bands.

Summary Table Before Conclusion

Here is a comparative summary for quick glance:

Things to Check & Confirm Before You Use a Bank

To make sure you don’t get surprised by extra costs, check:

• The latest tariff guide from the bank (they publish “Rates Guide” or “Schedule of Charges”)

• Whether channel matters (some banks charge differently for USSD vs app vs branch vs teller)

• Whether extra charges like hardware token / soft token are required for your transaction size

• Whether your account type has special conditions (student, premium, corporate)

• Daily / transaction limits (if you exceed, sometimes higher charges or requirement to upgrade)

Conclusion

Banks in Nigeria in 2025 generally charge similar fees for inter‑bank transfers: ₦10 + VAT for small amounts, ₦25 + VAT for medium, ₦50 + VAT for larger ones. The real differences are small decimals and channel differences.

If you want the lowest transfer charges, especially for everyday inter‑bank transfers, these suggestions help:

• Use GTBank or Access Bank if possible

• For small sums, always check you are not charged more than approx ₦10 + VAT

• For larger sums, ₦50 + VAT is the standard top band — find bank that doesn’t charge more.

  By choosing well and using digital channels wisely, you can save a lot over time.