By SpringNewsNG – March 3, 2025

Standard Chartered Bank has announced a revised fee structure for ATM withdrawals, in line with the Central Bank of Nigeria’s (CBN) directive. Effective March 1, 2025, the new charges will affect customers using Standard Chartered VISA Debit and Credit cards at ATMs outside the bank’s network.

Revised ATM Fees

According to the updated policy, withdrawals made at Standard Chartered ATMs will remain free of charge. However, customers withdrawing from other banks’ ATMs will be charged ₦100 for every ₦20,000 withdrawn, or for any amount below that threshold. Additionally, off-site ATMs—those located outside bank branches—will carry an extra surcharge of up to ₦500 per ₦20,000 withdrawn.

For international transactions, Standard Chartered customers will be subject to the exact charges set by the foreign ATM operator, without additional fees from the bank.

Cash Withdrawal Limits and Processing Fees

The bank has also reiterated its withdrawal limits and processing fees:

• Daily ATM withdrawal limit: ₦70,000
• Weekly withdrawal limit: ₦500,000 for individuals, ₦5 million for corporate accounts
• Exceeding withdrawal limits: Individuals will be charged a 3% processing fee, while corporate entities will incur a 5% fee. Additional regulatory documentation may be required for such transactions.

Encouraging Digital Banking

Standard Chartered has advised its customers to use its ATMs and digital banking services for more cost-effective and convenient transactions. The bank’s move aligns with broader efforts to promote electronic payments and reduce reliance on cash transactions.

Customers are encouraged to stay informed about the new fee structure and plan their withdrawals accordingly to minimize extra charges.