How to Setup your GT Bank Internet Banking Account to Transfer FX

Do you know you can send foreign currencies (FX) from your GT Bank domiciliary account without visiting any GT Bank branch? Before now, I usually visit Bank branches any time I want to withdraw funds from my domiciliary account. Sometimes, the bank branches tell me they don’t have enough currencies. To stop these frustrating excuses, I started looking for better alternative ways to withdraw funds from my domiciliary account without visiting any bank branch. Luckily, I found a better and stress free alternative, which is to send the foreign currency directly from your domiciliary account to the receiver’s account. You will learn in this guide, how to setup your GT Bank domiciliary account to send foreign currencies (USD, GBP, EUR, etc.), how to transfer foreign currencies from your GT bank domiciliary account to any bank’s domiciliary account.

how to transfer foreign currencies from gt bank domiciliary account via internet banking


Why you Should Setup your GT Bank Domiciliary Account to Transfer Foreign Currencies (Benefits)

There are many reasons and benefits of setting up your domiciliary account to be able send out foreign currencies. One of the benefits is the ease and convenience of making transaction. With this you can now transfer funds at your convenience, without stress. Even in times of emergency (whether in midnights, weekends, etc.), you are covered.

Also, you can send funds to any domiciliary account holder in any part of the world, regardless of the bank.

Lastly, for those who sell their funds to foreign currency exchangers, you get a higher exchange rate when you sell your funds via direct transfer from your domiciliary account.

What is a Domiciliary Account?

Domiciliary account (popularly called Dom Account) is a type of savings or current account which allows you to send and receive foreign currencies from any part of the world. It is specially meant for those who earn in foreign currencies, and business men who use foreign currencies to import and export goods. Domiciliary is simply any type of bank account that runs on foreign currencies.

GT Bank gives you the option to create dollars, pounds and euros domiciliary accounts all at once. While most banks, you can only create one domiciliary account at a time.

Check:

How to Setup your GT Bank Domiciliary Account to Send and Receive Foreign Currencies without Visiting any Bank Branch

First, you need to get a hardware token (popularly called hard token). A hardware token is a small (portable) hardware device that generates a 6-digit, time-based code used for authenticating any transaction in your online banking account. Go to any GT bank branch and request for hardware token. You will be charged a one-time fee of 2,700 naira. A form will be given to you. Fill and return it for processing. Below is an image of a hardware token.

how to transfer fx funds from gtbank dorm account: front view of a hardware token

Login to GTWorld app, then use your hardware token ID to link your hardware token to your bank account.

NOTE: Your hardware token ID is a 10-digit number or code located at the back of the hardware token.

how to transfer fx funds from gtbank dorm account: back view of a hardware token

To link your hardware token to your GT Bank account, login to your GTWorld app. From menu, go to Settings. Then tap the Confirm Token link.

how to link your gtbank hardware token to your bank account

Enter your hardware token ID, and tap the Confirm Token button.

input your hardware token id and tap the confirm token button

GTWorld will confirm your hardware token ID and link it to your bank account.

NOTE: Once you have linked your hardware token to your bank account, you need to provide a 6-digit, time-based code from the hard token before any transaction you perform in your online banking account platform will be authenticated, processed and approved.

Next is to activate your hardware token. Open your GTWorld app. Tap the Sign in GTWorld button (but don’t login yet). 

gtworld fx transfer online banking guide

Then tap the Sign up link. 

gtbank online banking sign up guide

Next, tap the Get Online Banking Details (For Existing GTBank Customer) link.

how to retrieve your gtbank online banking login details from gtworld app

Then go to the Token tab and fill in the required details. Input the 6-digit, time-based code from your token hardware (hard token). Finally, tap the Submit button.

how to get your gtbank online banking details from gtworld app


Your username and a new time-based password will be sent to the email address linked to your bank account. Use these details to login to your GTWorld app, and then change your password.

Now go to GT Bank InternetBanking Platform, and login with the updated login details of your GTWorld app.

guide on how to transfer usd eur and gbp from domiciliary account in gtbank  online banking

Congrats! You can now make transfers in your online banking account with your hard token.

NOTE: Before you can make third party transfers to another bank’s account from your GT Bank account via online banking, you need to first add the recipient as a beneficiary using your token device. This is to help secure your third party transactions.

How to Transfer Foreign Currencies from GTBank Account via Internet Banking

Login to GTBank online banking platform. From the menu, scroll down and tap the FX Transactions. Then select either FX Transfer to any GTBank A/C or FX Transfer to other Banks.

how to transfer foreign currencies from gt bank online banking

Tap the New Request button.

how to make fx transfer request in gtbank online banking platform

Now provide the required transfer detail (account to debit, transfer amount, purpose of transfer, add either a new beneficiary or select from stored beneficiaries, etc.). Answer your secret question. Agree to Terms and Conditions. Then tap the Continue button.

Now provide the time-based, 6-digit code from your hardware token needed to authenticate the transaction.

The recipient will receive the transferred foreign currency once the transaction is authenticated, processed and approved.

Details of GTBank Charges per Transaction for FX Transfers

·         Commission: 0.5% of Transaction Amount.

·         VAT: 7.5% of Commission.

·         Telex: 6,000 naira (or its equivalent in the currency being transferred).

·         Off Shore Charges: For USD - $25; For GBP - £12; For Euro – €20.

NOTE: For third party transfer/payment in USD, BIC/Routing Number is required. All Forex payments to the UAE require “Special Purpose Codes” and IBAN (Internet Banking Account Number). Pounds Sterling transfers require Sort Code (a 6-digit number that identifies the bank). While Euro transfers require IBAN and BIC (also called swift code – an 8 to 11 character code that identifies your country, city, bank, and branch).

Always ensure that your account is funded up to the required amount including the transaction charges, to avoid your transactions being rejected.

Also note that a hardware token is required to complete third party transfers.

gt bank online banking fx transfer charges details and notes

How to Add a Beneficiary to your GT Bank Domiciliary Account via Internet Banking Platform

Login to GTBank online banking platform. From the menu, scroll down and tap the FX Transactions. Then select either FX Transfer to any GTBank A/C or FX Transfer to other Banks.

Tap the New Request button.

In the Sender Details form, scroll down to the Account to Debit for Commission, VAT and Telex section. Tap the New Beneficiary button.

Now provide the needed details of the beneficiary (name, address, nature of business, bank BIC/SWIFT code, bank address, bank account number/IBAN, bank routing number/sort code, etc.

gtbank add new beneficiary form

You can also check the Store Beneficiary Details for Subsequent Transactions box.

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Conclusion

You have learnt how to setup your GTB internet banking account to transfer foreign currencies, why you should set up your domiciliary account to send out FX, how to add a new beneficiary to your GTBank internet banking platform, etc. Now enjoy a stress free internet banking in your GT Bank domiciliary account as a foreign currency earner.

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