GTBank 737 Money transfer service

Apart from GTBank's innovative Airtime Top-up service, there is also another service bank customers can get from GTBank and that's the Money transfer service.

With a sufficiently funded GTbank account, your ATM card and a GSM network powered mobile phone with some airtime credit, bank customers in Nigeria can transfer money from one bank account to another by dialing the USSD code in the format format *737*1*Amount*NUBAN Account No#.

To transfer money from one GTBank account to another, you just need to dial *737*1*Amount*NUBAN Account No# and that is an intra-bank transfer. However, to transfer to another bank entirely which is called an inter-bank transfer, then you have to dial *737*2*Amount*NUBAN Account No#.

After you dial the USSD code in the required format, you will get a reply such as one requiring your enter the last 4 digits of your card if it's an intra-bank transfer or a number indicating the bank you want to transfer to if it's an inter-bank transfer. Provide the required information and the transfer request would be initiated.

If the request for the transfer was successful, you will receive an immediate OTA message telling you that it is in progress. If successful, you will receive a debit alert for the transaction and the receiver will also receive a credit alert of your transfer.

Are there any charges for using this service? I think there is a charger of about N100 or N105 for this service and there are also small network charges for the USSD request which I think costs about N4 per request.

How long does it take? Well, it's pretty fast and can take as little as 2 to 5 minutes.

Are there any limits? Well, there is a maximum amount of N20,000 and a minimum of N1000 for the transfer per day based on what I read.

Can this service be hacked? Well, I think any service can be hacked most especially if the bank customer exposes his details to thieves and so it's best you keep your phone and card details to yourself. However, even if any of them gets stolen, you won't lose less than the amount transferred which is limited to N20k plus the transfer can easily be traced to the account of the fraudster and so I think it's a pretty safe service to use.

What I'd love GTBank to also do: I like the fact that banks now allow people to do things like bank transfer and airtime top-up using their mobile phones but I would wish they could also allow people to do a payment reversal within a limited time period such as how Paypal or Payza does. I notice that people could actually make a mistake when using this *737* service by using a wrong account number or phone number.

This Money transfer service really rocks and all one really needs is just a mobile phone and an ATM card.