Connect with us

Nine features of a dollar debit card

kizinho

Published

8 years ago

on

Follow
NEWS: Nine features of a dollar debit card [New Tech News] » Naijacrawl
Photo: Naijacrawl
Events in the last few days have thrown up the need for a dollar debit card for certain categories of customers, especially those who for one reason or the other must carry out transactions denominated in dollars, pound sterling, euro or any other foreign currency.
Read Also : Benefits of a dollar debit card




Deposit Money Banks on Friday stopped the usage of their naira debit cards (Automated Teller Machine cards) abroad. They also stopped online transactions denominated in foreign currencies. A few banks that allowed online transactions only gave a limit of $100 per month.

The development has made intending travellers applying for visa to the United Kingdom and Canada to experience challenges in making payment for visas. They are also finding it difficult to book for foreign hotels online using their naira debit card or credit card.

Many customers, especially those who travel often or have things to do with foreign currencies, have been besieging banks to get the dollar card.

What is a dollar debit card?

A dollar debit card, in simple terms, is a debit card that does transactions in dollar instead of naira. It is the dollar equivalent of a naira debit card.

While the naira debit card transactions are done in naira, the dollar debit card transactions are done in dollars. A naira debit card is attached to your savings account or current account; but the dollar debit card is attached to your domiciliary account (a foreign currency account).

A dollar debit card is an international debit card that is issued in partnership with MasterCard or Visa; and it is directly linked to the customers domiciliary account. Banks including those in Nigeria have some similar products (prepaid dollar cards) that are not linked to a domiciliary account. They are different from the dollar debit card. The dollar debit card is denominated in the US dollars, but can also be used to settle purchases in other major currencies. All transactions carried out using the dollar card are reflected on the account instantly.

It is important to note that a customer can choose to apply for a pound sterling debit card or a euro debit card, depending on his/her needs or preferences. Most people open dollar debit card because the US dollar is the most popular currency in the world and transactions done in dollars are easily convertible to other currencies.

The following are features of a dollar card:

Accessibility: Customers can access their funds 24 hours worldwide.The card has international use only. However, it may be used in Nigeria for online payments.It can be used on the ATM terminals, PoS and websites that accept Visa or MasterCard.

Worldwide acceptance: The dollar card is acceptable worldwide across the ATMs, PoS terminals and the Internet.Convenience: It makes life convenient. It can be used to book for hotels, buy airline tickets, among other things.

Affordability: Most banks issue the dollar card for a token of $7 or $8.

Security: The card uses Chip and PIN technology to prevent unauthorised transactions.Cardholders name, number and expiry date are printed on the front of the card.The three-digit Card Validation Value (CVV2) is printed on the other side of the card, beside the signature panel.Four disadvantages of a dollar debit card

Dollar scarcity:

Due to the scarcity of dollars in the country, you may need to go to the parallel market to source for dollars to fund your domiciliary account. This often comes at a high exchange rate.

Account maintenance fee:

You will need to pay an annual account maintenance fee on your domiciliary account

Card maintenance fee:

Your bank will also charge you an annual card maintenance fee

Withdrawal fee on your domiciliary account:

Each time you withdraw cash from your domiciliary account across the counter for one reason or the other, your bank charges you a withdrawal fee.

Click Here To Comment




kizinho
 

Adike Kizito is a top-rated software developer, blogger, sports, and entertainment lover. He is the CEO of these popular websites Naijacrawl.com and Mp3ager.com. He operates his software developing task through Kizzsoft.com,... Read More

Continue Reading
Click to comment

Be first to comment


Leave a Reply

Your email address will not be published. Required fields are marked *

Tech News

How to Activate Your Glo Sim Card For 4G LTE Network.

kizinho

Published

8 years ago

on

NEWS: How to Activate Your Glo Sim Card For 4G LTE Network. [New Tech News] » Naijacrawl
Photo: Naijacrawl
With the help of the post about Glo 4G LTE service published at yesterday, you should have known by now if the Glo 4G LTE network is available in your area and I believed that we are all delighted with the announcement due to the fact that we can still be able to flex with Glo's cheap and affordable data bundles as all their plans works with the 4G LTE network.The next step is to activate your SIM or mobile phone for Glo 4G network, which is similar to the way M...
Continue Reading

Tech News

How to Activate Your MTN Sim Card For 4G LTE Services.

kizinho

Published

8 years ago

on

NEWS: How to Activate Your MTN Sim Card For 4G LTE Services. [New Tech News] » Naijacrawl
Photo: Naijacrawl
MTN NG makes their 4G LTE service available for all states in Nigeria. Following the acquisition of Visafone by MTN earlier in 2016, they have launched their 4G network and makes 4G data plans available for Nigerians while some of the users are already enjoying it.MTN 4G LTE only available in selected states before, it is now available in all states. To use MTN 4G data plan, you must be using a compatible phone and must have swapped your sim for MTN 4G sim card f...
Continue Reading

Latest

TECH NEWS: Crypto Influencer Receives $1 Million in $ETH After Simply Asking, Promising Nothing in Return . [New Tech News] » Naijacrawl
1 year ago 249

Crypto Influencer Receives $1 Million in $ETH After Simply Asking, Promising Nothing in Return .
TECH NEWS: BREAKING: MTN Changes Recharge Activation Code From *555* To *311* [New Tech News] » Naijacrawl
1 year ago 416

BREAKING: MTN Changes Recharge Activation Code From *555* To *311*
TECH NEWS: Elon Musk Has Officially Become Twitter’s New Father [New Tech News] » Naijacrawl
2 years ago 426

Elon Musk Has Officially Become Twitter’s New Father

  • NC NEWSLETTER

    Download Naijacrawl App today

    Fastest way to read on the go

    Download the Naijacrawl App.