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The Maximum Amount A Savings Account Can Hold in Nigeria.
We had bring you information about The Maximum Amount A Savings Account Can Hold in Nigeria and all you need to know about Savings account in Nigeria.
A savings account is a bank account where you can deposit and store your money while earning some interest on your balance. While the interest you get is determined by the amount of funds you have in the account, a lot of people may be inquisitive on the limit of money that a savings account can hold in Nigeria. This and all about savings account in the country will be covered in this article.
We cannot stress on the max amount a savings account can hold without knowing what this type of bank account is. First, let’s take a gander at how the savings account is, the eligibility for registration, and subsequently the pros and cons of having an account of this type.
As the name implies, a savings account is designed for the purpose of savings. It is that bank account that makes you to store your funds. Interestingly, you can receive interest on this your savings. Your balance savings is independent on the interest you will receive. All these makes savings account an ideal choice for an individual who earns a regular income as salaried employees. It’s also preferred for small scale business or organizations that would consider it an option to save their profits. Moreso, savings account is a type of account that is also ideal for those who have any short-term financial goals like future vacation, financing a wedding, buying a car etc. The account will help in actualizing these dreams.
Features of Savings Account
It not longer news that a savings account is designed to help customers save their funds with the bank. Aside from the interest you will receive from your savings, there are many other things you might be oblivious of this account.
A savings account allows the holder to deposit money as is convenient. This means that there is no restriction to when you should put your funds into the account.
Holders and users of savings account are open to earning interest from their savings. This interest is dependent on the balance of your saving account. A savings account may be opened by an individual or as an organization.
There is a limit of how less you saving account should have. As such, it requires the holder to usually maintain a pre-specified amount as a minimum balance.
Savings accounts have an interest which ranges between 4% to 6%. The interest rate varies among banks and the interest is a function of the funds you have with the bank.
Savings accounts do usually carry the facility of issuing cheques, but it depends on the bank.
There is a maximum amount your savings account is allowed to hold. This is the aim of this write-up, as we will expound more on these as we progress. However, if you have more than the maximum amount your savings account can hold, you may upgrade the account at any time. This depends on whether your bank has an option for this. After knowing what a savings account really is, the specifications and the intriguing benefits of opening such an account, it’s best to get in to the main issue here. We’ll look at the maximum amount a savings account can hold in any of the banks in Nigeria.
The Most Amount of Money a Savings Account Can Hold in Nigeria
Savings account is an interest-based account. With the interest being a function of your savings balance, there may be a limit (in some cases) of how much you can store in the account. Though it is varying across banks in the country, we will apprise you on the current maximum amount each of Nigeria’s bank savings account can hold.
In Nigeria, there are limits on the amount of money that you can put in a savings account. This makes banks in the country place certain restrictions to their customers using this type of account. However, there is no government law which makes this, but rather it is one of the conditions for using the bank.
The only limits imposed on the amount your savings account can hold are the limits imposed by the bank itself. It is not all the banks that prioritize this, as only few banks impose a limit on your savings account’s balance. In the course of the article, we’ll outline the Banks in Nigeria and their respective maximum amount of savings account. This will help in making a decision on which one to clue in. Nevertheless, you’re unlikely to ever have a bank turn your deposit away, because the banks make money when you put in your money into an account.
Most banks in Nigeria have a limit of N3,000,000 as the maximum amount a savings account can hold. Nonetheless, this amount is dependent upon the bank you are using. Below is the list of popular banks in Nigeria and their respective limits for savings account:
Banks And Max Amount Their Savings Account Can Hold
- Stanbic IBTC Bank N2,000,000
- Access Bank N5,000,000
- First Bank of Nigeria N4,000,000 sometime above
- First City Monument Bank (FCMB)
- Guarantee Trust Bank (GTB)
- United Bank of Africa (UBA)
- Zenith Bank Plc N5,000,000
- Fidelity Bank N4,000,000
- Union Bank N4,000,000
That’s the complete list of some top banks in Nigeria with the maximum amount their Savings account can hold.
If it happened that you have reach your saving limit in any of these banks, No worries, all you need to do is to meet them up in the bank to inquire how and what you need to make an upgrade.
In our today topic we are going to discuss on the topic “the highest currency in the world”
Firstly what is currency?
A currency in the most specific sense is money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins. in other words currency is the legally accepted note or coin use as a medium of ex-change in a country or in a State.
All countries across the world has their own accepted currency which is use for goods ex_change and purchases.
Why do you care about the highest currenies in the world?
If you love traveling or if you are planning to settle abroad or planning to take that most coveted educational course over there or if you are going there for investment or planning a business trip; you need to know about the highest currencies in the world to help you in multiple scenarios, most importantly forex currency exchange while traveling overseas.
While traveling abroad, if you are aware of the highest currency in the world you can easily get your local currency converted to the one which has the highest global value and then get it exchanged to the local currency of that country where you are traveling to. Knowing about the most profitable exchange rate in the world will take away all your financial worries.
The highest currencies in the world
Different currencies all over the world have different exchange value. One of the factors that affect the value of a currency is the economic development of a country. currency value is not constant, but keeps changing with time.
To help you get a better sense about the highest currency values in the world, we have curated a list of highest currencies in the world . You can compare these currencies to the currency exchange rate of your country to make a better sense.
1 Kuwait Dinar – (1 KWD = 3.29 USD)
Kuwaiti Dinar is the world’s strongest currency and has the highest currency value. KWD is the foreign exchange (FX) symbol for the Kuwaiti dinar, the currency for the Middle East nation of Kuwait (an oil-rich country). INR to KWD is the most widely used exchange for the Kuwait Dinar. For every single Kuwaiti Dinar you’ll get around N1200.00
The country has a population of over 4 million people, and it continues to attract more immigrants due to its economic stability and tax exemptions. The secret of the country’s wealth and prosperity lies in oil. It holds 8% of global oil reserves. The Kuwaiti Dinar started circulating in Kuwait in 1961 and since then, its value has continued to increased.
2 Bahraini Dinar – (1 BHD = 2.65 USD)
Bahraini Dinar is the currency of Bahrain. The Bahraini Dinar is the second most valuable currency in the world. It is the official currency used in Bahrain. One Bahraini Dinar currently equals around 965.354 NGN. In 1965, the Bahraini Dinar began circulating and replacing the Persian Gulf Rupee, which was the official money used in Bahrain.
3 Omani Rial – (1 OMR = 2.60 USD)
The currency of Oman is Omani Rial. Most widespread Rial exchange rate is OMR To NGN Rate. The exchange code for Rials is OMR. For every exchanged Omani Rial you receivea bout944.014 NGN.
4 Jordanian Dinar – (1 JOD = 1.41 USD)
It is the currency of Jordan. Jordanian Dinar is an oil-rich middle-eastern country. The exchange code for Dinars is JOD. The currently costs about 511.951 NGN. It started its circulation in Jordan back in 1949 and subsequently replaced the Palestinian Pound. The banknote has a beautiful design that makes it outstanding. The banknote also has inscriptions in Arabic and English.
5 Great Britain Pound – (1 GBP = 1.26 USD)
The British Pound, no strange for anyone, is the currency of the United Kingdom. The most common UK Pound exchange rate is the GBP to EUR rate. One British Pound currently costs approximately 470.595 NGN.
The British Pound is one of the oldest and popular currencies in the world and is often used in international trade operations. It actively circulates in the UK and Northern Ireland.
6 Gibraltar Pound – (1 GIP = 1.23 USD)
The currency of Gibraltar is the Gibraltar Pound. The most common Gibraltar Pound exchange rate is the GIP to EUR rate. The exchange code for Pounds is GIP. It was introduced in 1927 and has stormed into the list of the highest currencies in the world. One Gibraltar Pound costs approximately 470.589 NGN.
7 Caymanian Dollar – (1 KYD = 1.20 USD)
This is the currency of Cayman Islands. The most prevalent Cayman Islands Dollar exchange rate is the KYD to USD rate. One Cayman Islands Dollar currently costs 442.651 NGN. The country has the highest living standard in the Caribbean. The money has denominations of 1, 5, 10, 25, 50 and 100 dollars.
8 Euro – (1 EURO = 1.10 USD)
Euro is the primary currency of the European Union. European Union’s currency Euro which is used in 26 European nations. One EURO TO NIGERIA NAIRA is equal to 400.00NGN.
9 Swiss Franc– (1 CHF = 1.01 USD)
The Swiss Franc is the official money used in Switzerland and Liechtenstein. The most prevalent Switzerland Franc exchange rate is the CHF to EUR rate. One Swiss Franc is equal to 371.226 NGN currently. Switzerland is one of the world’s wealthiest nations.
10 US Dollar
The US Dollar is the currency of the United States. Most powerful and popular currency. One USD is approximately 362.973 NGN.
Summary of the highest currencies in the world.
From the above list if you have the ambition to travel or to do ant international business, I guess it will be easier for you to take a decision of how to change your money to the strongest currency.
For easier understanding here is the summary below:
Here’s a quick recap of the 10 strongest currencies in the world:
- Kuwaiti Dinar – (1 KWD = 3.29 USD)
- Bahraini Dinar – (1 BHD = 2.65 USD)
- Omani Rial – (1 OMR = 2.60 USD)
- Jordanian Dinar – (1 JOD = 1.41 USD)
- Pound Stirling – (1 GBP = 1.26 USD)
- Gibraltar Pound – (1 GIP = 1.23 USD)
- Cayman Islands Dollar – (1 KYD = 1.20 USD)
- Euro – (1 EURO = 1.10 USD)
- Swiss Franc – (1 CHF = 1.01 USD)
- US Dollar
How to Receive PayPal payment from Nigeria
PayPal is one of the world’s most secure and flexible payment methods for individuals who prefer online transactions to handling physical cash. With a PayPal account, you can easily send or receive funds from different people in any corner of the world by a click of a button. Due to its reliability, many freelancers and other online workers are switching to transact via this platform. Do you know how to receive money through PayPal in Nigeria?
How to Receive PayPal payment from Nigeria
Why i was reading my mail this morning, i came across questions from our users wanting to know if they can receive money through PayPal in Nigeria? or if PayPal works in Nigeria, the answer is Yes, the service is in operational in Nigeria. However, you cannot receive money using PayPal in the country. You can only send money, fund your account, shop online, and perform other tasks that do not involve receiving funds.
NOTE: If you don’t have a PayPal account yet, you can read up how to create a PayPal account in Nigeria Here. If you have already just don’t waste your time continue with this page.
Fees For Transacting Via PayPal In Nigeria.
Though you can’t receive money via PayPal in Nigeria, You can send money to any part of the world. You will be charged if you use your credit or debit card to perform the transaction. It is free to send money from your PayPal account to any part of the world. The recipient will pay for conversion fees necessary to convert the received funds from foreign currency to their local currency.
Once you send money on the platform, the transfer is reviewed manually. This can take anywhere between 3 to 5 business days before the amount is credited to your receiver’s account.
If you need to send the money urgently, you can opt for the instant transfer, which takes 30 minutes to be completed. However, you will pay a 1% fee of the amount being transferred, with the maximum charge being $10.
NOTE: you can only receive a maximum of $5,000 from one of your friends or family in a week and $15,000 in a month.
How to Receive PayPal payment from Nigeria
How to withdraw funds On PayPal
You can cash out any amount on your account. Follow the procedure below to withdraw the money in Nigeria:
- Log into your PayPal: Use your password and email address
- Go to the withdrawal tab: Specify the amount you want to Withdraw.
- Select the withdrawal method: Choose the bank or cards which will be credited with the funds.
- Initiate the process: PayPal will transfer the amount to your account.
Trading from Nigeria? Find out which markets to explore in and out of the African continent and how online trading can help you trade globally.
Lucrative markets for Nigerian traders
The stock market is the ultimate form of capitalism. It provides a platform where businesses can raise capital and people can invest in them with the aim of making money. But with hundreds of companies trading on Nigerian Stock Market (NSE) exchanges, how do you know which stocks to buy? The Nigerian Stock Exchange (NSE) is the largest stock exchange in Africa. The Nigerian economy has experienced rapid growth over the last few years, and foreign investment has increased significantly. This trend is expected to continue, with analysts predicting impressive future growth for the country. A real benefit of trading in today’s high-tech climate is that the act of trading itself has availed itself to so many more people. Online trading is almost ubiquitous thanks to the amount of brokers that now provide such services. It means that Nigerian traders aren’t confined to the movements and markets of the NSE alone, but can instead explore the various global markets and all their financial intricacies. With all this in mind, let us now examine a number of lucrative markets for Nigerian traders.
The NGX Premium
The Nigerian Exhange Group (NGX) is in essence an index market, and can be likened to UK’s FTSE 100 or the US’ S&P 500 – group listings for the most successful or highly valued companies in each respective country. Japan has the Nikkei 225, and Nigeria has the NGX Premium. By way of various international online brokers, trading on NGX and FTSE indexed companies is a feasible practice made better by the fact that most brokers offer demo accounts to beginners and novice traders. The premium board lists and showcases companies that have proven themselves to be industry leaders. Membership to the Premium board requires that companies adhere to the best global practices regarding corporate governance and meet the Premium required standards of liquidity and capitalisation. A company that receives a Premium Board listing will gain access to an international pool of investors with a common goal of focusing on high standards in respective target markets.
The FTSE 100
Online trading allows for Nigerian traders to move well beyond their own borders. The FTSE 100 (Financial Times Stock Exchange 100 Index), commonly referred to as the “footsie”, is a stock market index that represents the 100 companies listed on the London Stock Exchange (LSE) with the highest market capitalisation. Stock market indexes or indices markets are measured in points and are often home to blue chip stock companies such as Unilever, AstraZeneca and Vodafone to name but a few. The FTSE 100 is annually reviewed and companies no longer meeting or complying with their exceptionally high standards are dropped from the list in order to make way for a new comer.
Forex
The foreign exchange market, or forex, is a global decentralized currency market. There are many different platforms out there which allow you to trade in the currency market. The most popular one is MetaTrader4, a trading platform that’s available through a number of established and reputable online brokers. One of the major advantages of using a trading platform like MetaTrader 4 is its automated trading feature, which lets the user integrate it with trading robots based on a specific strategy. Today, forex has become one of the most preferred online investments because it allows people to trade in a free market with minimal restrictions and high liquidity.
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