I have a GTBank debit naira mastercard but i find it difficult to use it for online payment via paypal. Is there a way around it am not seeing?
The solution to this problem is very simple. You simply need to get on GTBank’s side of this FX economics to solve the problem. If GTBank’s system receives your charge in dollars and not Naira for a transaction originating from the US, then it can use a rate decided by GTBank to convert the transaction to Naira before passing the charge to your account.
In this way, GTBank can ensure that they apply a rate to your transaction that is sufficiently higher than their dollar-sourcing rate to make them a good profit margin off of it after settling the merchant.
Hence, the solution is for you to instruct PayPal to not convert your transaction to Naira and instead, send the original transaction currency (e.g. dollars) like that to your bank. The process is very simple, but the interface to do it is inexplicably well-hidden away in their menu system. In fact, I noticed that the web page to make this setting change has the old PayPal look-and-feel. Not surprisingly, there’s currently no way to navigate to this page on the modern PayPal UI menu.
Follow the three-step process below to remove the restriction on using your GTBank Naira Mastercard on PayPal.
Visit the PayPal card setting management page on your internet browser by clicking here (you might have to log on to your PayPal account if you’re not already logged in). To ensure that this is not a phishing attempt on your PayPal account, please verify that the certificate on the loaded page belongs to PayPal.
PayPal secure Certificate
PayPal card currency conversion settings page
2. Click the Conversion Options link beside your GTBank Naira Mastercard in the list of cards
Ask Paypal to use Mastercard/VISA’s currency conversion process, not theirs. This is what your bank wants
3. Most likely, the first option is selected on your GTBank card. The first option enables PayPal’s currency conversion process which is what causes the whole DCC problem. Just select the second option (Bill me in the currency listed on the seller’s (merchant’s) invoice) and submit the form.
That’s it! Just ensure your GTBank Naira Mastercard is well funded enough, then retry your PayPal transaction. It will be successful. At least, so it was in my case. I followed this same process and not up to 5 minutes after, I was able to make a successful payment to the same Digital Ocean where my transaction had previously failed multiple times.
I have stopped using GTBank naira mastercard for paypal and even paying for goods online because their rates are rather outrageous. I will definitely come back when they fix this issue because they are still the innovators of e-banking in Nigeria.