You may wonder how but it is indeed possible to use Palmpay Nigeria app to avoid paying huge bank charges. I understand it is so annoying to wake up to inexplicable deductions from your bank account. I mean, you aren’t working hard for the banks to randomly make deductions from your hard earned money all in the name of bank charges. Apart from outrageous reasons such as card maintenance, transfer charges, sms alert and VAT, a new one has been added: Stamp duty charges.
It is gradually becoming difficult to do legal business in Nigeria without being exploited by the bank. I mean why deduct ₦50 for issuing an unseen stamped receipt? In simple language, Stamp Duty, according to The Punch refers to a fee charged by the post office as the money paid for stamped receipts that have been legally acquired from financial transactions.
In fact, it is legal to pay Stamp duty and it has been in the law for a long time. Section 89(2) of the Stamp Duty Act says: “Every receipt given by any person in acknowledgement of good produced or services rendered should be denoted by an adhesive postage stamp worth N50 issued by the Nigerian Postal Service.” Section 14(2) of the same Act compels a mandatory receipt to be denoted.
According to Punch, the Government expects to raise about N2.2bn from Stamp Duty fee payment and they won’t hesitate to exploit this avenue for revenue generation.
It makes sense if the transaction is physical and there’s indeed a physical receipt to stamp. However the stamp duty seems cumbersome for someone who frequently does mobile transactions.
Now, for someone who does a lot of daily mobile transactions, there’s high probability that such individuals may incur high bank deductions. For instance, if the person performs 10 transactions in the morning via their bank USSD codes, the bank would deduct a minimum of ₦20 per transaction for using the service code and ₦50 as bank transfer charges if the transfer is to another bank. This calculation is VAT exclusive.
In the morning alone, the person would have been charged about ₦700. ₦20 times 10 would be 200. ₦50 per deduction to another bank for 10 transactions would be ₦500. That would roughly give a total of ₦700 outside of VAT charges. Now, if each of your transactions is more than ₦10,000 you are in for it as you’ll be paying a Stamp Duty of ₦50 for every ₦10,000. Do the rest of the Maths yourself. It’s unfair for the average Nigerian who frequently does mobile transfer via USSD codes as well as online transfer.
As a result of this exploitation, this article would teach you how to avoid paying huge bank charges, VAT and Stamp Duty using Palmpay app.
Now, if you haven’t downloaded the Palmpay app, you are missing big time. Palmpay would help you save your income and you can carry out transactions without worrying about charges of any kind. Instead of being charged, you will in fact receive payment for making transactions online. You can download Palmpay Nigeria app from Google playstore
You may wonder how possible it is to avoid paying bank charges by just using the Palmpay Nigeria app. No worries, friend. Just pay attention to every step in the next section to understand how to avoid bank deductions.
How to avoid bank charges by using Palmpay Nigeria app
In this article, I am going to show you how to send money without paying any bank charges, VAT or Postal Duty Charge. In fact, instead of paying bank charges, you will learn how to make profit from every transaction.
Before I proceed, let me show you a screenshot of a successful transaction done without paying any bank charges.
In the above screenshot, a payment of 38,030 was made without paying any bank charges. In fact, you can see the entire money in the account was withdrawn to zero. Stay glued to this article and follow every step here.
- Step 1: Sign up with Palmpay. Ensure you keep your pin safe as you will be needing it to process your transactions.
- Step 2: Download the Palmpay app from Google Playstore
- Step 3: After Downloading the app, fund your wallet by clicking on fund.
- Step 4: Fund your account by adding a valid Debit card. Note: your debit card detail is absolutely safe with Palmpay. And it’s absolutely free to fund your wallet.
- Step5 : After funding your wallet, you can then proceed to the homepage where you’ll click on send money.
- Step 6: After clicking on send money, you can either send to a bank account or other Palmpay accounts. To send to a bank account, click on bank.
- Step 7: Fill in the appropriate details of the receiver
- Step 8: Confirm the receiver’s details. You’ll see that the fee is free of charge. No bank charges.
- Step 9: Confirm the transaction by inputting your pin. Transaction would be confirmed and the receiver would receive the money instantly.
- Note: Transfer to another bank is free for the first ten transactions. Use palmpoints to avoid bank charges for the remaining transactions
How to earn from Palmpay Nigeria app
More fascinating than sending money without paying any bank charges is the ability to earn money from palmpay app. One Palmpoint is equal to ₦1. And it is quite easy to earn palmpoints. You can earn palmpoints by following:
- You earn 300 palmpoints whenever someone signs up with your referral link.
- You earn up to 4% palmpoints whenever your referral buys airtime
- You earn 100 palmpoints every week when you fund your wallet.
- You earn up to 4% palmpoints whenever you buy airtime or make bill payments.
- You earn palmpoints whenever you pay TV subscriptions
Palmpoints can be used for the following:
- Pay for airtime purchase: This means that instead of you to pay ₦100, if you have 50palmpoints, then, you will pay just ₦50 for purchasing ₦100 airtime.
- Pay TV subscription: Instead of paying 1600 for a TV subscription, if you have 800 palmpoints, then, you will pay just ₦800 for purchasing TV subscription worth of ₦1600
- Pay bills payment: You can also use the palmpoints to pay for other bill payments within the app.
In fact, Palmpay solves payment problems and also increases your income. Signup and Download the app to know how to avoid annoying bank charges.
If you have found this article helpful, kindly like and share with your friends and liberate everyone you know from annoying bank deductions.