How to Stop Losing Money to Bank Charges in Nigeria

Bank charges in Nigeria, whether it’s ₦10 here or ₦50 there, add up faster than most of us realise. From ATM withdrawal fees to SMS alerts and transfer charges, your money can quietly drain away unless you’re aware and proactive. You can avoid these excessive bank charges with a few smart habits.Here are nine practical ways to significantly reduce excessive bank charges in Nigeria, so you keep more of what you earn. 1. Pick a Zero- or Low‑Fee Account Many banks offer special account types (savings or salary accounts) with little to no monthly maintenance fees. Choosing the right one can immediately cut your bank charges.Tips:Compare banks online. Most publish detailed fee breakdowns.Look for accounts that waive charges if you pay in your salary or maintain a minimum balance.Consider opening a “salary savings account” with your current bank. These accounts often come with built-in fee waiver. 2. Use USSD Codes Instead of ATM Withdrawals Most Nigerian banks allow only a limited number of monthly free ATM withdrawals. After that, fees kick in. USSD (*XXX#) banking is often cheaper and faster.Tips:Use USSD to send money or buy airtime instead of withdrawing cash.Check how many free ATM withdrawals your bank offers monthly and stay within that limit.Make your next electricity payment using USSD instead of going to the ATM. Check if it saves you ₦35 or more. Read Also: OPay USSD Codes To Check Balance, Transfers, Airtime, and More 3. Embrace Online & Mobile Banking Bank apps and internet banking often have lower or zero transfer charges compared to teller-assisted transactions or ATM transfers.Tips:Set up and regularly use your bank’s app.Look for transfer discounts within the app. Many offer cheaper rates for intra-bank or bulk transfers.Batch your monthly payments into one app session to save time and money. 4. Turn Off Paid SMS Alerts Many Nigerian banks charge ₦4 to ₦10 per SMS. That may not seem much until you’re hit with a ₦250 charge at month-end.Tips:Switch to free email alerts in your account settings.Some banks offer consolidated SMS notifications to reduce charges.Log in to your online banking and toggle SMS alerts off. It takes less than 3 minutes. 5. Monitor Your Account Closely Bank errors, duplicate fees, or hidden charges often go unnoticed. A quick monthly review could save you thousands of naira over time.Tips:Download and scan your e‑statements regularly.Report unexplained charges (like stamp duty or “maintenance fees”) immediately.Set a monthly “money check” reminder on your phone to scan your account in 10 minutes or less. 6. Limit Inter‑Bank Transfers Sending money to accounts in other banks attracts higher transfer fees than intra-bank transactions.Tips:Stick with one or two banks, especially for friends or family you regularly send money to.Try fintech apps like Kuda, Opay, or Palmpay, which often offer free or discounted transfers.Download a digital bank app with free transfer offers. Some even offer cashback on transactions. 7. Avoid Over-the-Counter Transactions Teller services can carry hidden fees for deposits, cheque processing, or over-the-counter withdrawals.Tips:Deposit money using an ATM or app, not at the banking hall.Use mobile cheque deposit features where available.Use your bank’s cardless ATM deposit feature—it’s often faster and cheaper. 8. Know the Stamp Duty Thresholds CBN mandates a ₦50 stamp duty on deposits or electronic payments above ₦10,000 into current accounts.Tips:Know which transactions attract stamp duty and which don’t (e.g., savings accounts are often exempt).Splitting a large transfer into two smaller ones (below ₦10,000) may help for personal use. But only if other transfer fees don’t cancel the savings.Don’t over-split. Balance your savings with convenience. 9. Negotiate a Flat-Rate Bundle If You’re a Heavy User If you make frequent transfers or deposits, your bank may offer a fixed-fee account bundle that covers most transactions under one affordable rate.Tips:Talk to your bank’s customer relationship officer or branch manager.Check if your account qualifies for student, premium, or salary packages with fee exemptions.Ask your bank rep about available flat-rate plans tailored to high-transaction users. Bonus Tip: Stay Updated on CBN Rules and Promos The Central Bank of Nigeria (CBN) occasionally revises fee regulations. Banks also run fee-free promos or reduced-charge periods to encourage app usage.Tips:Follow your bank’s social media or sign up for their newsletter.Visit www.cbn.gov.ng to keep track of new banking directives.Some banks slash fees during festive seasons. Perfect timing for bulk transfers or large bill payments. Final Thoughts Saving on bank charges in Nigeria is possible, no matter your income level. All it takes is a mix of smart account choices, embracing digital tools, and staying informed. With these 9 tips, you’ll save money and gain more control over your financial habits.✅ Want more savings hacks like this? Follow our weekly deals content and on Instagram for weekly updates.