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Much Ado about Money


Ah money makes the world go round they say. So I decided against opening a Nigerian bank account cos I would lose money when I started exchanging for the other countries currencies that were on my travel list. Withdrawing from the ATM gives me a much better rate and it would be a more authentic experience for someone with a foreign card .
Over the years I have watched the Cash availability situation in Nigeria whilst using my regular master or visa card. I can’t tell if the withdrawal fee for each transaction has always been 1400 Naira but definitely over Easter and now that what it is.
3.5€ for every transaction?!? Here is even the crazier part of it the ATM limits you to a transaction of 20,000 Naira. So I would have to pay 3.5€ for roughly every time I withdraw 50€. I needed a way around this and I found one.

The large sum ATM dispenser and a credit card that allows fee less transactions worldwide. 2016 I had a similar dilemma that the ATMs weren’t even accepting my cards and my brother advised me to go to Transcorp Hilton in Abuja. I did and I could do withdrawals of 40K back then.
So this time around I went back and got introduced to large sum option – till now the max I have done is 100K at once I don’t know if it does more but I am certainly relived that I have an alternative. You can find such large sum ATMs in the larger international Hotels like Sheraton, Park Inn, Transcorp etc

For the credit card I opted for the DKB as a provider and so far so good it has been okay. I love to have the local currency with me cos believe me bus parks and road side vendors operate on cash and I would hate to be in the middle of nowhere with no access to local currency.

So if you are out there wondering how to avoid the 20,000 withdrawal challenge and still need travelling cash check out the large sum ATM’s in some of these hotels.
What’s your preference using the ATM or exchanging your FX ?

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