Q. What is the Oceanic Visa Dual Currency Debit Card?
A. The Oceanic Visa Dual Currency Debit card can be used in Nigeria and abroad. It is issued on the Visa international platform and offers international reach and acceptance. It provides you with access to the money in your account at over 29 million merchant locations, 1.2 million ATMs around the world. The Visa card is a Chip & PIN card, EMV compliant and CBN approved.
Q. What is a Chip and PIN Card?
A. The Chip and PIN card contains a computer chip that gives you increased card security. It makes an already safe payment system more secure. The chip stores encrypted information and can only be used when combined with your Personal Identification Number (PIN).
Q. What is EMV?
A. EMV is acronym for Europay, MasterCard and VISA; and it has defined a common set of standard for smart card based payment applications. These standards allow the card and acceptance device to work seamlessly and securely.
Q: What does ‘Dual Currency’ mean?
A: This means that it is designed to be used for more than one currency. In this case, you can use it for purchases in Naira as well as in US Dollar. The card system is able to determine the currency the transaction is taken place. The Oceanic Visa Debit card is a Dual Currency card.
Q. What is the difference between an Oceanic local debit card and an Oceanic Visa Dual Currency Debit card?
A. The difference is that while your local debit card facilitates transactions ONLY in Nigeria, the Visa Dual Currency Debit card allows you to make purchases and cash withdrawals around the world at any shop or ATM that accept Visa
Q. What’s the difference between a Visa Credit Card and a Visa Debit Card?
A. A Visa Dual Currency Debit card is linked to your Oceanic bank account which is debited on-line real-time for every transaction. On the other hand, a credit card is tied to a revolving overdraft account. Both card types are however indistinguishable when sighted physically.
Q. What is the difference between a Visa Debit Card and a Visa Dual Currency Debit Card?
A. A Visa Debit card permits you to transact with funds in one local currency only. However, the Visa dual currency card is tied to two different accounts with two different currencies. In Oceanic bank, the Visa dual currency debit cards grant the card holder access to spend from a Naira current or savings account and a US Dollar domiciliary account.
Q. How can I get a Visa Dual Currency Debit card?
A. If you have a Naira Current or Savings account and a Domiciliary account or plan to open one soon, you can walk into any branch of Oceanic bank, ask for a Visa Dual Currency Debit card form, fill it and within 10 working days you shall be issued a card. It is that easy!
Q. What are the costs associated with getting and owning an Oceanic Visa
Dual Currency Debit Card?
A. The cost associated your VISA Dual Currency Debit card is an annual fee of N750, which is taken upfront every year. The monthly maintenance fee on the card is N100. Please see table below for the detailed transactional charges:
International |
| Transaction Type |
ATM |
POS |
Web |
Bal Enquiry |
$0.40 |
n/a |
n/a |
| Cash Withdrawal |
2% of trnx amt + $0.067 |
n/a |
n/a |
Purchase |
n/a
|
2% of trnx amt + $0.381 |
2% of trnx amt + $0.381 |
Local |
| Transaction Type |
ATM |
POS |
Web |
Bal Enquiry |
Free |
n/a |
n/a |
| Cash Withdrawal |
|
n/a |
n/a |
| 1. On Us |
Free |
|
|
| 2. Remoet On Us |
N25.00 |
|
|
| 3. Remote On Us |
N100.00 - N110.00 |
|
|
| |
|
|
|
Note: POS & Web local transaction charges are Merchant/Sector dependent |
| Purchase |
ATM |
POS |
Web |
| International Hotel |
n/a |
4% of transaction value (No ceiling) |
4% of transaction value (No ceiling) |
| Domestic Hotel |
n/a |
2% of transaction value (No ceiling) |
2% of transaction value (No ceiling) |
| Petrol Stations, Religious Bodies |
n/a |
N30.00 Flat |
N30.00 Flat |
| Jewelry |
n/a |
3% of transaction value (No ceiling) |
3% of transaction value (No ceiling) |
| Wholesale/Distributors |
n/a |
1.25% (Maximum of N5000) |
1.25% (Maximum of N5000) |
Lottery/Gaming, Night Club |
n/a |
5% of transaction value (No ceiling) |
5% of transaction value (No ceiling) |
Q. What about monthly maintenance fee?
A. The bank shall debit N100 each month for the card maintenance fee
Q. Can I get a Visa Dual currency Debit card even if I don’t qualify for credit?
A. Yes you can. You do not need to qualify for credit to get a Visa Dual Currency Debit card. All you need is two eligible accounts; Naira Current or Savings and US Dollar Domiciliary. This is because the debit card is just a tool for you to access your own money.
Q. Will I need to activate my Visa Dual Currency Debit Card before I can use it?
A. Yes you will need to activate your Visa card before it can be used. When you receive your card, you’ll need to activate it by changing your PIN at any ATM. It is recommended that the first PIN change be done on an ATM in Nigeria.
Q. What is the daily transaction limit?
A. The table below shows the daily transaction limits on the oceanic channels and the Visa Dual Currency Debit card types.
| Transaction Type |
ATM |
POS |
Web |
| |
|
|
|
Easy Savings card |
100,000 |
250,000 |
250,000 |
MyFirst card |
5,000 |
5,000 |
5,000 |
Silver card |
100,000 |
250,000 |
250,000 |
Gold card |
100,000 |
250,000 |
250,000 |
Platinum card |
100,000 |
250,000 |
250,000 |
OMSA |
100,000 |
250,000 |
100,000 |
|
|
|
|
