The internet banking has proven to be very useful to many of the First Bank account owners, as it has several features of which the ‘Transfer’ feature is a part. The First Bank Internet Banking Transfer Limit is the topic that would be discussed in this outline.
The internet banking mode is one that is run through the First Bank Mobile app. Transfer limits are boundaries that are placed on transfers daily. So, once you transfer a particular amount of money, you get barred from making any further transfers.
The transfer limit was recently increased from a sum of five hundred thousand naira (N500,000) to a sum of one million naira daily (N1,000,000). The reason for the boost in the transfer limit was to increase the ease of banking on the side of the customers.
Meanwhile, the limit that your account operates on depends on the kind of account you are working with. For example, if you are using a student account, there would be a different limit to the amount you can transfer.
All of those details will be discussed shortly in this outline.
Daily transfer limit for first bank savings account
The daily transfer limit for first bank savings account depends on the capacity of the account in the first place. There are two categories of savings account. There is one for students and the other standard savings account. The daily transfer limit for students fall within the range of hundred thousand naira (N100,000) in a day, while for those using the more standard account, the limit is also the same.
However, those with standard savings account can make transfers of a wider range online, with the First Bank application. The limit was recently raised from half a million (N500,000) to one million (N1,000,000).
The transfer limit for first bank student account is a financial ceiling that you cannot pass. If you are with a student account, you wouldn’t be able to transfer more than hundred thousand naira (N100,000) in a day. Any trial of a further transfer would lead to failed transactions.
However, if you wish to have your account upgraded to the standard version, head over to the bank branch that is closest to you. The customer service staff would be very happy to respond to you.
On how to increase the First bank daily transfer limit, you would need to visit any branch of the First bank that is closest to you. You should ensure that you head over to the branch with your debit card in hand. Any other document that would validate that you own the account would also be useful.
Usually, the bank can help you to increase the First Bank daily transfer limit to about five million naira ((N5,000,000). Any First Bank user with an active account can get to increase the transfer limit for his or her first bank account.
However, with the First Bank mobile application, you are opportune to transfer even as much as half a million (N500,000). Recently, that figure even got increased to about 1 million (N1,000,000), which makes e-banking even much easier. However, due to the fact that the student account cannot accommodate that much money, such transfers can only be possible by people using the standard accounts.