The Complete Guide to Transferring Money Using Polaris Bank
Sending and receiving money conveniently is essential in today’s digital world. Polaris Bank offers its customers seamless money transfer services through multiple channels including USSD and mobile banking. This guide provides a comprehensive overview of the two main ways to transfer funds using Polaris Bank.
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Ussd Code for Polaris Bank Transfer
Transferring Money via USSD
Polaris Bank has a dedicated *833# USSD code that allows customers to easily transfer money to other Polaris Bank accounts as well as accounts in other Nigerian banks. The USSD platform offers a fast, secure and affordable way to transfer money without internet connection. Follow these steps to transfer money via USSD:
Step 1: Dial *833#
Using your registered mobile number, dial *833# to access the Polaris Bank money transfer menu. This short code is available on all mobile networks in Nigeria.
Step 2: Select Option 3 for Transfers
You will be presented with various options for services on the USSD menu. To initiate a money transfer, select option 3 designated for transfers. Alternatively, you can dial 8333# directly to go straight to the money transfer menu.
Step 3: Select the Debit Account
You will be prompted to select the Polaris Bank account you wish to debit the transfer amount from. This is usually your primary account linked to the mobile number. Input the account number followed by the hash key.
Step 4: Select Recipient’s Bank
After selecting the debit account, you will be required to input the bank where the recipient’s account is domiciled. The various bank options will be displayed. Select the appropriate bank by inputting the corresponding code.
Step 5: Enter Recipient’s Account Number
Next, input the 10-digit account number of the recipient you are transferring money to. This is a crucial step so be sure to enter the correct details. Cross-check and validate the account number before proceeding.
Step 6: Input Transfer Amount
When prompted, carefully enter the transfer amount you wish to send to the recipient. Confirm the amount is correct before moving to the next step. Take note of transaction charges that will be applied.
Step 7: Input Your Transaction PIN
To complete the transfer, you will be required to input your unique transaction PIN. This PIN is usually a 4-digit code provided by the bank for confirming sensitive transactions. Input the PIN and confirm to complete the money transfer.
Step 8: Await Confirmation Message
A confirmation message will be sent indicating the success of the transaction. This will include key details like the transfer amount, recipient’s account details, transaction ID and applicable charges. Save this message for record keeping.
And that’s it! By following these easy steps, you can seamlessly send money to any bank account in Nigeria using the Polaris Bank USSD code.
Transferring Money via Mobile App
In addition to USSD, Polaris Bank also allows money transfers via their mobile banking application. The app provides greater convenience and flexibility in managing transfers. Follow these steps:
Step 1: Download and Login to the App
First, download the Polaris Mobile app from the iOS App Store or Android Play Store. Install and open the app then login with your account credentials. Your BVN, PIN and OTP will be required for verification.
Step 2: Select the Transfer Option
On the mobile app menu, select the “Transfer” option. This will open the interface for initiating new transfers to registered and unregistered beneficiaries.
Step 3: Choose the Debit Account
Just like the USSD process, you need to pick the account that will be debited for the transfer. Tap on the account details to select it as the debit account.
Step 4: Enter the Recipient’s Details
Next, input the details of the recipient using one of two options:
- Registered Beneficiary: Select an already saved beneficiary and verify the details.
- New Beneficiary: Manually enter the new BVN, bank and account number of the recipient.
Step 5: Input the Transfer Amount
Carefully enter the transfer amount and double check that it is correct. Take note of applicable transfer charges. You can also include a short description for the transaction.
Step 6: Confirm and Authenticate Transfer
Review all the inputted details and tap Confirm to proceed. Authenticate with your transaction PIN or biometric verification like fingerprint to complete transfer.
Step 7: Get Transfer Notification
A notification will be sent indicating the success of the mobile transfer. Details like amount sent, recipient account, date/time and transaction ID will be displayed.
The mobile banking app makes it easy to manage transfers anywhere without relying on USSD codes. Key benefits include:
- Secure app encryption and biometric authentication
- Save multiple beneficiaries for quicker transfers
- Initiate scheduled and recurring transfers
- View detailed transfer reports and statements
Transfer Limits Imposed by Polaris Bank
While Polaris Bank offers flexible money transfer options, there are limits imposed on transactions for risk and fraud management. Customers should be aware of the following transfer limits:
USSD Transfers
- Maximum single transfer limit of N150,000
- Daily transfer limit of N1,500,000
- Monthly transfer limit of N25,000,000
- Minimum transfer amount of N100
Mobile App Transfers
- Maximum single transfer limit of N200,000
- Daily transfer limit of N2,500,000
- Monthly limit of N25,000,000
- Minimum of N100 per transfer
While self-imposed limits can be set lower, any upward adjustments must be authorized by the Bank. Default limits apply for new accounts and customers.
High-value transfers above the set thresholds will need to be processed over the counter at a Polaris bank branch. Proper verification and documentation will be required.
Transfer Charges and Fees
Polaris Bank applies a transaction fee for both USSD and mobile app transfers to recipients in other banks. The fee structure is indicated below:
| Transfer Amount | USSD Fee | Mobile App Fee |
|---|---|---|
| N100 to N5,000 | N10 | N15 |
| N5,001 to N50,000 | N25 | N35 |
| Above N50,000 | N50 | N100 |
Note that transfers to recipients within Polaris Bank are free. But transfers to other Nigerian banks will attract the above charges. Customers must factor this in when sending funds.
Frequently Asked Questions (FAQ)
Below are some common questions regarding money transfers on Polaris Bank:
What network can I use the USSD code?
The *833# USSD code works on all major mobile networks in Nigeria including MTN, Airtel, Glo and 9Mobile.
Can I transfer money to international banks?
Unfortunately, you cannot transfer money to international banks using the USSD or mobile app. You will need to visit a Polaris branch for international transfers.
Is there a maximum limit per day?
Yes. The maximum daily transfer limit is N1.5 million for USSD and N2.5 million for mobile app. High-value transfers above this will require bank authorization.
How long do transfers take to reflect?
Most transfers reflect in the recipient’s account within a few minutes. Interbank transfers may take 1-2 hours during peak periods.
Can I reverse a transfer on Polaris Bank?
No, you cannot reverse a transfer once authorized. However, inform the bank immediately if you transferred funds erroneously so they can try retrieval or take other measures.
How do I retrieve my transaction PIN?
You can retrieve your forgotten PIN by calling the Polaris customer care line or by visiting your home branch. Proper identity verification will be required before resetting your transaction PIN.
Can I save beneficiaries on the USSD menu?
Unfortunately, saving recipient details is currently only available on the mobile banking app. The USSD platform does not store beneficiary information.
Conclusion
Polaris Bank offers seamless avenues for money transfers across Nigeria. Customers can leverage the *833# USSD code or Mobile Banking App to send funds conveniently. However, applicable limits and charges need to be noted when initiating transfers. Follow the step-by-step guide outlined above to complete successful transfers on Polaris Bank with ease. Reach out to the bank’s customer care for any assistance required during the process.