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Ecobank has introduced a 0.3% charge, plus 7.5% VAT, on foreign currency transfers within the bankTransfers to a customer’s own Ecobank account are exempt from the new chargesThe bank advised customers to consider the revised fees when making foreign currency transfers
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Customers sending foreign currency across the Ecobank network in Nigeria will now face new charges as the lender has revamped its pricing for the service, with new fees coming into effect on July 1, 2026.
In a communication to its customers, Ecobank noted that while customers would now pay a fee of 0.3% on the value of foreign currency transfer within Ecobank, Value Added Tax (VAT) of 7.5% will also be levied on the fee.
Ecobank introduces new charges on foreign currency transfers from July 1 Photo:
