Q. What is the Oceanic Verve Debit Card?
A. The Oceanic verve debit card is a chip+PIN card that functions like any other local Chip+PIN debit card. The verve debit card provides access to spend money in your naira account 24/7 via electronic channels
Q. What is a magnetic stripe debit card
A. A magnetic stripe card is a card payment solution that is capable of storing data by modifying the magnetism of the tiny iron-based magnetic particles on the band of magnetic material on the card. This magnetic material can be easily copied. The information stored in the magnetic stripe can be easily compromised.
Q: Why is Oceanic issuing Interswitch verve debit cards in place of the magnetic stripe debit card?
A: Oceanic is issuing Interswitch verve debit cards in place of the magnetic stripe debit cards because the following:
1. They offer greater security
2. Chin+PIN is CBN approved
3. Meet international standards
Q. How secure is the Verve Debit Card?
A. The Interswitch verve debit card is a chip+PIN debit card. It has to be activated before it can be used, and you can select a PIN that only you know. The Verve Card also has a range of security features including a chip that makes the card cloning impossible as well as a ‘CVV2’ security number at the back of the card as well as PIN validation requirements.
Q. What is a CVV2 Code?
A. The CVV2 is a three-digit security code that is printed on the back of your Verve Debit card. Online merchants request this code as a security measure to their customers. Requiring this information helps to ensure that the verve debit card is present at the time of purchase. If you cannot find this code, or it is illegible, please contact us via the contact centre.
Q. What is the difference between a Visa Debit Card and a Visa Dual Currency Debit Card?
A. A Visa Debit card permits you to transact with funds in one local currency only. However, the Visa dual currency card is tied to two different accounts with two different currencies. In Oceanic bank, the Visa dual currency debit cards grant the card holder access to spend from a Naira current or savings account and a US Dollar domiciliary account.
Q. How can I get a Visa Dual Currency Debit card?
A. If you have a Naira Current or Savings account and a Domiciliary account or plan to open one soon, you can walk into any branch of Oceanic bank, ask for a Visa Dual Currency Debit card form, fill it and within 10 working days you shall be issued a card. It is that easy!
Q. What are the costs associated with getting and owning an Oceanic Visa
Dual Currency Debit Card?
A. The cost associated your VISA Dual Currency Debit card is an annual fee of N750, which is taken upfront every year. The monthly maintenance fee on the card is N100. Please see table below for the detailed transactional charges:
International |
| Transaction Type |
ATM |
POS |
Web |
Bal Enquiry |
$0.40 |
n/a |
n/a |
| Cash Withdrawal |
2% of trnx amt + $0.067 |
n/a |
n/a |
Purchase |
n/a
|
2% of trnx amt + $0.381 |
2% of trnx amt + $0.381 |
Local |
| Transaction Type |
ATM |
POS |
Web |
Bal Enquiry |
Free |
n/a |
n/a |
| Cash Withdrawal |
|
n/a |
n/a |
| 1. On Us |
Free |
|
|
| 2. Remoet On Us |
N25.00 |
|
|
| 3. Remote On Us |
N100.00 - N110.00 |
|
|
| |
|
|
|
Note: POS & Web local transaction charges are Merchant/Sector dependent |
| Purchase |
ATM |
POS |
Web |
| International Hotel |
n/a |
4% of transaction value (No ceiling) |
4% of transaction value (No ceiling) |
| Domestic Hotel |
n/a |
2% of transaction value (No ceiling) |
2% of transaction value (No ceiling) |
| Petrol Stations, Religious Bodies |
n/a |
N30.00 Flat |
N30.00 Flat |
| Jewelry |
n/a |
3% of transaction value (No ceiling) |
3% of transaction value (No ceiling) |
| Wholesale/Distributors |
n/a |
1.25% (Maximum of N5000) |
1.25% (Maximum of N5000) |
Lottery/Gaming, Night Club |
n/a |
5% of transaction value (No ceiling) |
5% of transaction value (No ceiling) |
Q. What about monthly maintenance fee?
A. The bank shall debit N100 each month for the card maintenance fee
Q. Can I get a Visa Dual currency Debit card even if I don’t qualify for credit?
A. Yes you can. You do not need to qualify for credit to get a Visa Dual Currency Debit card. All you need is two eligible accounts; Naira Current or Savings and US Dollar Domiciliary. This is because the debit card is just a tool for you to access your own money.
Q. Will I need to activate my Visa Dual Currency Debit Card before I can use it?
A. Yes you will need to activate your Visa card before it can be used. When you receive your card, you’ll need to activate it by changing your PIN at any ATM. It is recommended that the first PIN change be done on an ATM in Nigeria.
Q. What is the daily transaction limit?
A. The table below shows the daily transaction limits on the oceanic channels and the Visa Dual Currency Debit card types.
| Transaction Type |
ATM |
POS |
Web |
| |
|
|
|
Easy Savings card |
100,000 |
250,000 |
250,000 |
MyFirst card |
5,000 |
5,000 |
5,000 |
Silver card |
100,000 |
250,000 |
250,000 |
Gold card |
100,000 |
250,000 |
250,000 |
Platinum card |
100,000 |
250,000 |
250,000 |
OMSA |
100,000 |
250,000 |
100,000 |
|
|
|
|
