ALAT Virtual Dollar Card Monthly Limit
The ALAT Virtual dollar card is a secure and convenient way to transact online globally.
It allows you to make payments and purchases in foreign currency without the need for physical cash or a physical card.
With the ALAT Virtual dollar card, you can shop on international websites, book hotels and flights, pay for goods and services, and more.
One of the essential features of the ALAT Virtual dollar card is the monthly limit. The monthly limit is the maximum amount of funds you can spend or withdraw using your ALAT Virtual dollar card within one month.
This article explains how the monthly limit works and why it matters.
What is the ALAT Virtual dollar card monthly limit?
The ALAT Virtual dollar card monthly limit is the maximum amount of money you can spend or withdraw using your virtual dollar card within a month.
It is a regulatory measure put in place by the Central Bank of Nigeria (CBN) to ensure the safety and security of electronic transactions.
The monthly limit for the ALAT Virtual dollar card is $1,000, which is equivalent to about N408,000 at the current exchange rate of banks.
The limit applies to both online and offline transactions. Once you exhaust your monthly limit, you will not be able to transact further until the next month when the limit resets.
How does the ALAT Virtual dollar card monthly limit work?
The ALAT Virtual dollar card monthly limit works by tracking your spending and withdrawal activities on the card in real-time.
Every transaction you make using the card is recorded and deducted from your available balance, which is the remaining amount you can spend or withdraw within the monthly limit.
For example, if you have a monthly limit of $1,000 and you make a purchase of $500 on an online store, your available balance will reduce to $500, and you can only spend or withdraw $500 or less within that month.
If you try to spend more than $1,000 in a month, your transaction will be declined, and you will have to wait until the limit resets to continue transacting.
Why does the ALAT Virtual dollar card monthly limit matter?
The ALAT Virtual dollar card monthly limit is essential for several reasons.
First, it helps you to manage your spending and keep track of your expenses. By limiting your spending to a specific amount within a month, you can avoid overspending, impulse buying, and financial mismanagement.
Second, the monthly limit protects you from fraud and unauthorized transactions. If someone gains access to your card details and tries to make a transaction beyond your monthly limit, the transaction will be declined, and you will be notified immediately.
This way, you can take necessary steps to protect your account from further abuse.
Third, the monthly limit encourages responsible use of electronic payment systems.
As more people embrace digital payments, there is a need for regulatory measures to ensure that electronic transactions are safe, secure, and transparent.
By imposing a monthly limit on virtual card transactions, the CBN is promoting responsible use of electronic payment systems and reducing the risk of financial fraud and abuse.
