Stanbic Bank today revised downwards its monthly limits for foreign transactions to $100 effective October 31, 2017 as foreign currency shortages persist.
Earlier this month the bank had capped payments to $500, $1000 and $1500 per month for its Silver or Blue, Executive and Platinum cardholders respectively.
Stanbic follows other local banks that have made similar approaches in an attempt to cope with the underfunded nostro accounts.
“Please be advised that Online, POS and ATM foreign card payment limits have been revised to $100 per month with immediate effect until 31 October 2017. Thereafter, prior limit arrangements with the Bank will be required,” the bank said in an emailed message to customers.
In February this year, Standard Chartered cancelled the use of Visa cards outside the country. -The Source