Since the foundation of saving money in financial institutions, the world has evolved rapidly from traditional banking to a higher need for efficient and effective banking alternatives. Nigeria, one of the top countries in Africa has experienced a surge in capital inflow through the international banks In Nigeria.
However, there has been intense competition between which of these international banks in Nigeria ranks as best and most effective. The answer, however, remains unanswered as each of these financial institutions ensures to provide their customers with quality services at home and abroad.
So whether you are a digital nomad, an entrepreneur, an international business owner, a traveler, or an expatriate, the top international banks in Nigeria will help simplify your finances across borders. Therefore, in this article, we will provide a list of the top international banks in Nigeria and what you need to know about them.
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What To Consider When Choosing An International Bank In Nigeria?
As mentioned earlier, the competition of international banks In Nigeria is intense, and this has enabled most of these banks to offer similar services and rates. However, it is crucial to consider these factors before choosing an international bank in Nigeria.
1. Security
Security utilized is undoubtedly important when deciding on an international bank. Banking across borders is often exposed to cyber security risks and other fraudulent activities. So it is crucial that you opt for a banking institution with high-security measures such as fraud monitoring/sensor technologies, two-factor authenticator, and other measures.
2. Low Fees/Rates
Finding the best cost-effective banks for your transactions will save you from charges that can affect your transactions. Therefore it is crucial that you find an international bank that will offer your low fee/rate structure for your international transactions, especially during ATM cash withdrawals, currency conversion, and other costs attached
3. International Acceptance Rate
While a bank may operate internationally, its operations may be limited to a few countries. Hence,ce it is crucial to consider a bank is widely accepted in various countries and is in partnership with other global banks. This will help reduce bank charges and offer you seamless transactions.
4. Various Currency Options
When deciding on the best international bank for you, consider bank accounts with various currency options. This type of bank will enable you to manage and hold various currencies in a single account and this will be useful when you travel across the world.
5. Digital Banking Services
The world has gone digital, and it is crucial that you opt for banks that provide online banking services with easy-interface features that will help you gain insight into your finances.
6. Customer Support
Customer support and services are important in every business, and that includes banks. Hence, it is vital that you opt for international banks that offer effective customer support through various platforms.
Top International Banks In Nigeria
Here is a list of the top international banks in Nigeria:
1. United Bank For Africa Plc
United Bank for Arica Plc is a multinational pan-African financial services group headquartered in Lagos Island, Lagos.
United Bank for Africa Plc has a global presence in 4 continents, 20 African countries, and over 7 decades of providing uninterrupted banking operations, dating back to 1949 when the British and French Bank Limited (BFB) commenced business in Nigeria. It is among the top international banks in Nigeria.
United Bank for Africa Plc provides a full-service product offering ranging from transactional accounts, overdrafts, and mortgage finance to domiciliary deposits, treasury services, asset management services, and risk management solutions.
2. Citibank
Citibank is undoubtedly one of the best international banks in Nigeria. The bank has been operating in Nigeria since 1984 and it has various bank branches in the country. One of the perks associated with using Citibank is its international presence in Africa, Europe, and other continents, thereby making it easy for travelers. In 2018, it was awarded the World’s Best Investment Bank.
Getting an account with Citibank is quite easy as you can apply online or make a visit to the nearest Citibank branch to open a checking account. Also, note that there is no required minimum deposit to open a new account with Citibank. Nonetheless, accounts with no deposit or zero balance for three months are exposed to being closed
To register for a Citibank account, you will need a National ID card, international passport, driver’s license), Proof of address (utility bills), Passport-sized photographs, and other documents are required.
3. Standard Chartered Bank Nigeria
Standard Chartered is among the top international banks in Nigeria. The bank started operating in Nigeria in 1999 as a wholly-owned subsidiary of the Standard Chartered Bank in the United Kingdom. Also, it operates in over 20 countries, with 28 branches in Nigeria alone.
Standard Chartered Bank’s international presence includes banking solutions, end-to-end wealth management services, and an integrated suite that enables customers to get access to premium services. Also, the bank offers services such as credit cards, loans, mortgages, deposits, investments, insurance, and more.
4. Stanbic IBTC Holdings
Stanbic IBTC Holdings, also known as Stanbic IbTC is among the top international banks in Nigeria. It has subsidiaries in banking, investment advisory, investor services, stock brokerage, pension management, assets m, management, and others. Also, it is a member of the Standard Banking Group with operations in over 20 countries.
Stanbic offers various financial services to customers at home and abroad. It also offers online financial services as well as currency conversion for travelers. This bank remains one of the top best international banks in Africa and beyond.
5. Zenith Bank
Zenith Bank is an International Bank with a physical presence in over 10 countries, including the United Kingdom. It is a full-service commercial bank that offers corporate banking, personal and private banking, commercial and consumer banking, trade services, and foreign exchange and treasury and cash management services.
To register for a Zenith Bank account, you will need a National ID card or Voter’s card, driver‘s license, International Passport, proof of address, BVN & NIN, and other required documents.
6. Ecobank Nigeria
Ecobank Nigeria is a commercial bank that began operations in 1989. It operates as a universal bank, providing wholesale, retail, investment, corporate, and transaction banking services to its customers. This bank is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator.
Ecobank has a network of over 1,000 branches, with offices in 32 countries, including Ghana, Guinea, Mali, Liberia, Nigeria, Guinea Bissau, Uganda, and many more. Thereby, making it one of the top international banks in Nigeria.
Ecobank also maintains a banking subsidiary in Paris and representative offices in Johannesburg, Dubai, and London.
7. Access Bank
Access Bank is a Nigerian multinational commercial bank founded in 1989. Access Bank is one of the biggest banks in the world, operating in over 22 countries and having approximately 60 million customers worldwide. It is among the top international banks in Nigeria.
The Bank offers a variety of banking services to individuals and businesses, including cash management, lending services, and mortgages for exclusive properties. The Bank is licensed by the Central Bank of Nigeria, the national banking regulator.
8. First Bank Of Nigeria
The First Bank of Nigeria is a multinational bank and financial services company. Founded in 1894, its headquarters is located in Lagos, Nigeria. It is among the top international banks in Nigeria.
What started as one of the biggest banks in Nigeria has expanded internationally and now has a global reach. With operations in almost 15 countries, with nine subsidiary companies that provide a comprehensive range of retail and corporate financial services, including commercial banking, pension fund management, and mortgages
9. Fidelity Bank Plc
Fidelity Bank is one of the top international banks in Nigeria. The bank began operations in 1988 as a Merchant Bank. In 1999, it converted to commercial Banking and then became a universal Bank in February 2001. The current Fidelity Bank is a result of the merger with the former FSB International Bank Plc and Manny Bank Plc in 2005.
Fidelity Bank offers various financial services to customers at home and abroad. It also offers outstanding online financial services as well as investment services. This bank operates in over 58 countries.
10. Guaranty Trust Holding Company Plc
Guaranty Trust Holding Company (GT Bank) is a multinational investment bank and financial services group. The bank was founded in 1988 in Nigeria and has its headquarters located in Victoria Island, Lagos. It is among the top international banks in Nigeria.
Guaranty Trust Holding Company operates across 10 African countries and the United Kingdom. It also offers a wide variety of financial services, which include retail and investment banking, corporate banking, pension management, asset management, payment services, and more.
Which Bank In Nigeria Is Best For International Transactions?
Some of the best banks for international transactions in Nigeria are United Bank for Africa, First Bank of Nigeria, Access Bank, Zenith  Bank, Stanbic IBTC Holdings, Standard Chartered Bank Nigeria, Citibank, and others.
Which Nigerian Bank Card Can Be Used Internationally?
Some of the Nigeria bank cards You can use in Nigeria and abroad are GTBank Naira MasterCard, Zenith Bank Pounds, Zenith Euro Visa Debit Cards, Access Prepaid, Visa Infinite Debit Card from Standard Chartered, GTBank NRN Naira MasterCard, FirstBank Naira MasterCard, FCMB International Debit Card, and Visa Infinite Debit Card from Standard Chartered.
Conclusion
International banks in Nigeria have helped to make international digital transactions faster and more effective. This article has listed some of the top international banks in Nigeria and we hope they are helpful to your search.
Reference
- Wikipedia.org
- Zenithbank.com
- relbanks.com
