With the many digital banks available, customers should know how to transfer funds between digital banks in Nigeria to be able to manage their finances without traditional banking methods.
Are you paying bills, sending money to family, or making purchases? Knowing how to go through these digital banking channels smoothly can make a big difference in your financial life.
Digital banking in Nigeria has services for personal, SME, and corporate banking. Banks like Zenith Bank, UBA, First Bank, and Sterling Bank have gone digital to make their services available to their customers.
From mobile apps to USSD codes, these platforms allow users to do transactions conveniently and securely.
This article will outline the steps to transfer funds between different digital banks, focusing on popular banks and their transfer methods.
Digital Banking in Nigeria
Digital banking has changed the way Nigerians do their transactions. It allows users to access banking services anytime, anywhere through mobile apps, websites, and USSD codes.
Digital banking is especially useful in a country where time is of the essence. But with many banks offering their own services, knowing how to transfer funds effectively can be a game-changer.
Choose Your Digital Bank
Before you can transfer funds, you need to choose a digital bank that suits you. Each bank has its own features, transaction limits and fees. Here are some of the popular digital banks in Nigeria and their offerings:
- Zenith Bank: Zenith Bank is known for its digital banking services and offers online account opening, mobile banking and USSD banking via *966#. You can do transactions, check your balance and pay bills with ease.
- UBA (United Bank for Africa): UBA’s USSD code *919# allows customers to open accounts, transfer funds and pay bills directly from their mobile devices. The bank also has a user-friendly mobile app for more advanced banking features.
- First Bank: First Bank has various online banking platforms including FirstOnline and FirstMobile app which makes fund transfer, bill payment and account management easy.
- Sterling Bank: Sterling Bank’s OneBank app gives you a full banking experience, you can transfer funds, request cards and manage your finances all in one place.
How to Transfer Funds Between Digital Banks in Nigeria
Transferring funds between digital banks is pretty easy. Here are the ways to do it across different banks:
1. Mobile Banking Apps
Most digital banks have mobile apps that allow you to transfer funds to other banks. Here’s how to do it using popular apps:
Zenith Bank Mobile App:
- Log in to your Zenith Bank app.
- Go to the ‘Transfer’ section.
- Click on ‘Transfer to Other Banks’.
- Enter the recipient’s bank details, including their account number and amount.
- Confirm the transaction and enter your e-token.
UBA Mobile App:
- Open the UBA app and log in.
- Click on ‘Funds Transfer’.
- Choose ‘Transfer to Other Banks’.
- Fill in the recipient’s details and amount.
- Confirm and authorize.
First Bank Mobile App:
- Open the First Bank app and log in.
- Click on ‘Transfer’.
- Choose ‘To Other Banks’.
- Enter the recipient’s account information.
- Confirm and authorize.
2. USSD Codes
If you don’t have a smartphone or prefer a faster way, USSD codes are the way to go. Here’s how to use USSD for transfers:
Zenith Bank:
- Dial *966# and select ‘Transfer’.
- Choose ‘Transfer to Other Banks’ and fill in the details.
UBA:
- Dial *919# and select ‘Funds Transfer’.
- Follow the prompts to enter the recipient’s information and amount.
First Bank:
- Dial *894# to access First Bank USSD banking.
- Select ‘Transfer’ and then ‘To Other Banks’.
3. Internet Banking
Most banks have Internet banking that allows for fund transfers. Here’s how to transfer funds using internet banking:
Zenith Bank Internet Banking:
- Log in to your internet banking.
- Go to the ‘Transfers’ section.
- Click on ‘Transfer to Other Banks’.
- Fill in the details and authorize the transfer.
UBA Internet Banking:
- Sign in to your UBA internet banking.
- Go to ‘Funds Transfer’.
- Click on ‘Interbank Transfer’ and fill in the recipient’s details.
First Bank Internet Banking:
- Log in to the First Bank internet banking.
- Go to ‘Transfers’ and click on ‘Other Banks’.
- Enter the recipient’s account details and amount to transfer.
Fees and Limits
When transferring between digital banks, you should know the fees and limits. Each bank has its own policy on transfer charges. Here are the fees:
- Zenith Bank: Charges a small fee for interbank transfers which varies based on the amount.
- UBA: Free transfers between UBA accounts, but charges apply for interbank transfers.
- First Bank: Charges for transfers to other banks, fee depends on the amount.
Conclusion
Transferring funds between digital banks in Nigeria is easy and seamless. With mobile banking apps, USSD codes, and internet banking, you can send money, pay bills, and make transactions without visiting a physical bank. Knowing the features and processes of each digital bank will help you choose the right one for you.
The secret to successful fund transfers is knowing each bank’s process and fees. Digital banking saves time and gives you control of your finances.
