Indeed, the arrival of online banking in Nigeria has no doubt puts to an end a lot of stress that is connected to banking.
Truly, it is no longer news that you do not need to visit any bank branch to carry out simple transactions such as cash deposit, transfer, and cash withdrawals.
The truth is that digital trend comes with its own stress and challenges. A lot of people enquire about union bank’s transfer limit both on USSD code and mobile Banking. So in case you’ve tried to enroll on your bank’s USSD transfer or through a mobile banking platform, then you will agree that most times, you are required to either increase your transfer limit.
Transfer limit is not an attempt to deny you access to your money, but a way to enhance the safety of your funds at any time. So you need to understand that giving to the volatility of the online banking platform, you could have your bank account attacked by someone, which might result in the loss of funds at any instance.
However, with Union Bank, you can transfer up to N100,000 in tranches of N20,000 daily. But for you to transfer more than this, you will need to accept the indemnity prompt. But you can transfer N200,000 daily and N1,000,000 with an SMS token.
UNION BANK TRANSFER LIMITS FOR DIFFERENT ACCOUNTS
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The Unionsave Account
This is an account you can open with just N2,500, and you don’t need any documents. Note that with the UnionSave account, there is the ability to get a safe and fast banking platform.
The Account Benefits
- You get an N2,500 minimum account opening balance
- A daily minimum operating balance of N1,000
- A maximum single deposit of N50,000
- A maximum cumulative daily balance of N300,000
- You have access to online banking and debit cards
- You earn 1.15% interest
- The transfer limit is N200, 000 daily
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The Unionsave more Account
This is another account that you can have access to secure, quick, and convenient 24/7 banking on UnionOnline and UnionMobile. With it, you also have access to online banking and debit cards and also earn 1.15% interest per annum. You can get this account with just N2,500.
The Account Benefits
- You get N2,500 minimum account opening balance
- A daily minimum operating balance of N1,000
- A maximum single deposit of N100,000
- A maximum cumulative daily balance of N500,000
- You get access to online banking and debit cards
- You earn 1.15% interest
- Transfer limit of N200,000 daily
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The Savings Account
If you have just N2,500, you can open a Union Bank savings account. Having this account will give you access to secure, quick and convenient 24/7 banking with Uniononline and Unionmobile. This is one of the best accounts in Union bank.
The Account Benefits
- You can earn 1.15% interest.
- You get an account opening balance of N2,500.
- You get a daily minimum operating balance of N1,000.
- You have access to mobile and internet banking.
- You have access to a debit card.
- You get a cheque deposit of up N2m
- Transfer limit of N1,000,000 daily
The Unionsilver Account
Here is an account that is a unique savings account which offers concessions and other benefits. Once you have an account opening balance of N20,000, ability to use mobile and internet banking platforms, you get a premium debit card and also interest rates based on the available minimum daily balance.
The Account Benefits
- You get a premium debit card
- You get mobile and internet banking platform
- You get account opening balance of N20,000
- You earn 1.15% interest
- You have a daily minimum operating balance of N20,000
- An interest rate that is based on available minimum daily balance
- Transfer limit of N500,000 daily
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The Payroll Savings Account
This is a customized salary account meant for employees in the formal and informal sector that has special offers and benefits. As an employee, there is the ability to use mobile and internet banking platforms and also a personalized 3rd party withdrawal booklet.
The Account Benefits
- Ability to use mobile and internet banking platform
- You get a personalized 3rd party withdrawal booklet
- You earn 1.15% interest
- You have access to debit card
- You get a zero balance
- You get a cheque
- Transfer limit is N200,000 daily
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The Unionhybrid Enterprise Account
This account is designed for businesses with low turnover. Owners can earn interest on this account.
The Account Benefits
- Owners earn 1.25% interest.
- There is no maximum debit turnover.
- You get a customized cheque book.
- An account opening balance of N20,000.
- You get a third party withdrawals across the counter
- The daily minimum operating balance is N5,000.
- The transfer limit is N1,000,000
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Domiciliary Account
This a foreign currency-denominated account that allows you to save in US Dollars, Euros and Pounds.
The Account Benefits
- There is a zero daily balance
- There is opening balance of $100
- You can use your MasterCard or Visa debit card for worldwide withdrawals in ATM centers and online transactions
- You earn interest with a limited monthly withdrawal (though interest will be forfeited after 3 withdrawals)
- The transfer limit is $1000 daily
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Fixed Deposit Account
This fixed deposit gives you a higher degree of investment whether short, medium or long-term. Union bank’s termed deposits can either be re-invested or paid to any customer with the earned interest at the agreed time.
The Account Benefits
- The minimum tenor is 30 days
- The minimum deposit of N100,000
- There is no transfer limit
Conclusion
Indeed, transfer limit depends on the bank account you are operating. Many banks have stationed specific thresholds of transfer to meet risk appetite for both their institution and the customer. So you can at any time leverage to increase these transfer thresholds to meet your risk appetite, business and finance modifications.
